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The global solar power market size was USD 253 billion in 2023, estimated at USD 269.07 billion in 2024 and is anticipated to reach around USD 495.12 billion by 2034, expanding at a CAGR of 6% from 2024 to 2034.
The global solar power market size accounted for USD 269.07 billion in 2024 and is predicted to reach around USD 495.12 billion by 2034, growing at a CAGR of 6% from 2024 to 2034.
The Asia Pacific solar power market size reached USD 91.08 billion in 2023 and is expected to be worth around USD 178.24 billion by 2034, at a CAGR of 6.29% from 2024 to 2034.
Asia Pacific was the leading solar power market that garnered a market share of more than 30% in 2023. Asia Pacific is the home to more than half of the global population which provides a huge consumer base. Furthermore, China, Japan, South Korea, and India are the top countries among the highly utilizing solar power countries. The rapid urbanization, rising disposable income, busy and hectic lifestyle, the rising penetration of the internet, and the increasing adoption of the smartphones are some of the significant macroeconomic factors that drives the growth of the solar power market in Asia Pacific. Moreover, the presence of huge youth population and the rising demand for renewable energy and sustainable development again fostering the market growth. The countries like China and India are showing promising growth opportunities for the market players owing to the strong economic growth in the region.
North America is estimated to grow at a considerable pace during the forecast period. U.S. is the prominent country with major share of solar power consumption in the region. In addition, increasing buying power, improved access to the digital technologies, higher penetration of internet, and increased adoption of the smart devices are some of the major factors that has propelled the growth of the North America solar power market.
Solar energy is the radiant energy emitted from the sun, which is exercised by using numerous technologies similar as photovoltaic cells, solar heating, and others. It's an effective form of unconventional energy and an accessible renewable solution toward growing greenhouse emigrations and global warming. The growth of the solar energy market is majorly driven by rise governmental provision of impulses & duty rebates to install solar panels and environmental pollution. In addition, drop in footprint of water is associated with solar energy systems has propelled their demand in power generation sectors. The solar cells demand has gained huge traction due to rise in rooftop installations, which is further followed by rise in operations in the sector of architecture. Likewise, the demand for solar power halls and parabolic troughs in the generation of electricity is anticipated to propel the concentrated solar power systems demand in the market. One of the prominent factors contributing towards the growth of the global solar power market is the growing prices of fossil fuels. The growing environmental concerns regarding greenhouse gases and carbon emissions. In addition, the growing government initiatives and favorable policies in order to curb the adverse effects of the toxic gases emissions is driving the growth of the global solar power market during the forecast period.
The solar energy market growth is driven by rise provision of government incentives and tax rebates in order to install solar panels and growing environmental pollution. Furthermore, decrease in footprint of water associated with systems of solar energy has driven their demand in the sectors of power generation. The solar cells demand has gained huge traction due to rise in rooftop installations, which is further followed by rise in architectural sector applications. In addition, the demand for solar power towers and parabolic troughs in the generation of electricity is expected to propel the demand for concentrated solar power systems.
| Report Coverage | Details |
| Market Size in 2023 | USD 253 Billion |
| Market Size in 2024 | USD 269.07 Billion |
| Market Size by 2034 | USD 495.12 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 6% |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Technology, Application, End User, Solar Module and Region |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Solar energy has endured spectacular growth over the once two decades. But the crises caused by the COVID-19 could vastly disrupt this momentum. Further, governments will be central more than other while determining the pace of deployment of solar energy and diving these challenges in the upcoming time period.
The impact of the COVID-19 pandemic had significant impact on the global solar power market. The growing demand for power and electricity generation is driving the growth of the global solar power market during 2020. The supply chain disruptions and halt of manufacturing units had adversely affected the growth of the global solar power market.
Furthermore, the development of storage systems named as photovoltaic (PV) is essential in order to increase the capability of photovoltaic systems in order to replace the existing conventional sources. Also, with the growth in demand for photovoltaic installations, the adoption of storage grid is likely to surge, which will drive the demand for solar energy storage lithium ion-powered battery and will also drive the growth of the solar energy market.
The underdeveloped and developing regions face issues regarding load shedding a lot. The market players are substantially taking efforts in those regions for the growth and development of the solar power market. The solar power is regarded as efficient and cost-effective option for the generation of electricity. In addition, the government is taking constant efforts for the development and expansion of the energy industry. This factor is directly impacting the growth and development of the global solar power market during the projection period.
Based on the technology, the Photovoltaic (PV) systems segment dominated the global solar power market, garnering a market share of around 70% in 2023. Photovoltaic systems can differ greatly in terms of size from portable systems or small rooftop to utility-scale generation plants massive in nature which is attributing to high market demand of photovoltaic system.
On the other hand, the concentrated solar power systems segment is estimated to be the most opportunistic segment during the forecast period. The growing requirement of solar energy is huge amount is making this segment the fastest growing in the solar power market.
Based on application, industrial segment has generated a revenue share of more than 35% and dominated the global solar power market in 2023. The rapid growth industrial sector and cost friendly renewable energy has offered a huge growth opportunity to the solar power application in the industrial segment. However, the residential segment is the fastest growing segment owing to the rise in customer awareness regarding the monitory and environmental benefits associated with solar power which is likely to foster its market growth in the residential segment.
Segments Covered in the Report
By Application
By Technology
By End Use
By Solar Module
By Geography
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