Solar Power Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Solar Power Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Solar Power Market

The solar power market size was valued at USD 253.69 billion in 2023, and the market is now projected to grow from USD 273billion in 2024 to USD 436.36 billion by 2032, exhibiting a CAGR of 6% during the forecast period of 2024-2032.

The impacts of COVID-19 on solar power have been huge and probably even better than we had envisioned given the low demand that solar power was bound to have compared to before the COVID-19 pandemic. Finally, the development in the economic recovery and stimulus programs to be focusing on clean energy will maintain the firm position of the clean energy by expanding the market and installation hence leading to the solar power market growth.

The transition from the current energy mix to a new generation is essential and should be done as soon as possible on a global scale, considering the need to limit temperature increases to below 2 degrees on average throughout the globe’s surface. Therefore the regeneration of renewable energy sources will be significantly enhanced for several years, which will give the market growth. However, in the future the transition from fossil fuels to low-carbon solutions will be vital energy-related carbon dioxide emissions account for two-thirds of all greenhouse gases.With the increase in population particularly in developing countries, energy consumption and generation are highly interfered with. The increase in carbon reduction makes renewable energy generation the best replacement possible for conventional sources of power. All these factors drove the solar power market share to increase.

Strategies for the development of technology for new methods in PV and Concentrated Solar Power (CSP) methods as carried out by major players will contribute substantially to the market opportunities during the period under review. Protected solar energy has enormous potential to establish the renewable energy era and other new technologies such as AI, big data, IoT, sensors, and distributed ledger technology could help achieve this.

Comprehensive Analysis of Solar Power Market

The thorough research of the solar power market shows the top players divided into two main segments: Solar Photovoltaic (PV) and Concentrated Solar Power (CSP). It is also classified according to the applications used which include the residential, non-residential, and utility markets that are at different levels of adoption and investment attraction. Regionally, the analysis covers North America, Europe, Asia-Pacific, Latin America & Middle East, and Africa which comprehended conceptually the diverse changes in the solar energy market including differences in policy support and its corresponding market changes.

Solar power market share in Asia Pacific is projected to account for the major share with a value of USD 104. 79 billion in the year 2023 and the demand is expected to mainly come from China. It is one of the key manufacturers and consumers of solar energy worldwide. It is an over-dependent country on traditional resources and more adoptions of renewable resources.

Trina Solar (China), First Solar (U.S.), Yingli Solar (China), Tata Power Solar System Ltd (India), Abengoa (Spain), Canadian Solar Inc. (Canada), Waaree Group (India),General Electric Company (U.S.), BrightSource Energy, Inc. (U.S.),SunPower Corporation (U.S.),Convert Italia (Italy), Urja Global Limited (India), and eSolar Inc (U.S. are some major players in this industry. These groups of companies who are leaders within the discipline offer a stage playing field for all their competitors as they guarantee increase and set requirements for the arena.

Solaria is expected to release the new PowerXT 430R-PL (430-watt) solar panel in March 2023. The panel will be tuned for next-generation Module-Level Power Electronics (MLPE). MLPE devices are micro-inverters and DC power optimizers used to increase the efficiency of the solar power system.

Segmentation Table

Global Solar Power Market Scope

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6% from 2024 to 2032

Unit Value (USD Billion) and Volume (GW)

By Technology Solar Photovoltaic

- Mono-Si

- Thin Film

- Multi-Si

- Others

CSP

- Parabolic Trough

- Power Tower

- Linear Fresnel

By Application

Residential

Non-Residential

Utility

By Region North America (By Technology, By Application, By Country)

- U.S.

- Canada

Europe (By Technology, By Application, By Country)

- U.K.

- Germany

- Spain

- Netherlands

- France

- Italy

- Poland

- Belgium

- Ukraine

- Russia

- Rest of Europe

Asia Pacific (By Technology, By Application, By Country)

- China

- Japan

- India

- South Korea

- Taiwan

- Vietnam

- Australia

- Kazakhstan

- Rest of Asia Pacific

Latin America (By Technology, By Application, By Country)

- Brazil

- Mexico

- Chile

- Argentina

- Rest of Latin America

Middle East & Africa (By Technology, By Application, By Country)

- Turkey

- UAE

- South Africa

- Israel

- Jordan

- Egypt

 Rest of Middle East and Africa


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