Solar Power Market Size, Share, Growth Analysis, By Technologies(Solar PV Technologies, CSP Technologies), By Application(Lighting, Heating, Charging), By Vertical(Residential, Commercial, Industrial), By Region - Industry Forecast 2024-2031

Global Solar Power Market size was valued at USD 96.2 billion in 2022 and is poised to grow from USD 108.13 billion in 2023 to USD 275.47 billion by 2031, growing at a CAGR of 12.40% during the forecast period (2024-2031).

The solar power market is highly fragmented due to a robust product range and a significant distribution network in both developed and developing countries. Companies are extending their manufacturing capacities by constructing new plants or expanding existing ones. Companies are expanding their production capabilities by building new plants or expanding existing ones. For instance, In January 2021, Sterling and Wilson Solar Limited (SWSL) successfully installed a 25 MW solar project in Oman. Sonnedix completed the acquisition of 9 solar operating plants with a combined capacity of 8.2 MW . 'Acciona Energia SA (Spain)  ', 'Borrego Solar System Inc (US)  ', 'Brightsource Energy Inc (US)  ', 'Canadian Solar Inc (Canada)  ', 'First Solar Inc (US)  ', 'Gintech Energy Corp (Taiwan)  ', 'Kyocera Solar (Japan)  ', 'Motech Industries Inc (Taiwan)  ', 'Nextera Energy Sources LLC (US)  ', 'Novatec Solar (Germany)  ', 'Renesola Ltd (China)  ', 'Schott Solar AG (Germany)  ', 'Sharp Corp (Japan)  ', 'Siemens AG (Germany)  ', 'Solarreserve LLC (US)  ', 'SunPower Corp (US)  ', 'Tata BP Solar India Ltd (India)  ', 'Trina Solar Ltd (China)  ', 'JinkoSolar Holding Co., Ltd. (China)  ', 'LONGi Green Energy Technology Co., Ltd. (China)  ', 'SMA Solar Technology AG (Germany)  ', 'Enphase Energy, Inc. (US)  ', 'REC Group (Norway)'

Many businesses are building renewable energy facilities as a result of environmental laws. In order to lower their carbon emissions, several nations are concentrating on eco-friendly power generation techniques. 

Rising electricity demand: The rise in population and economic growth have significantly boosted the world's demand for power. Increased infrastructure needs and rising living standards are driving up demand for power production. Countries are building new solar power facilities to  expand the capacity of their current ones in order to satisfy the rising demand. 

Based on the region, Asia Pacific currently dominates the global solar power market with respect to market share. More than half of the world's population resides in Asian countries creating a sizable consumer base. Additionally, the top three nations that use solar energy the most are China, Japan, and India. Some of the important macroeconomic drivers driving the growth of the solar power market in Asia Pacific are growing urbanization, rising disposable income, busy and hectic lifestyles, rising internet penetration, and rising smartphone adoption. Additionally, the industry is being supported by a sizable youth population as well as increased desire for sustainable development and renewable energy. Due to the region's robust economic expansion, nations like China and India are offering market players great chances for growth.