Solar Power Market (By Technology: Photovoltaic Systems and Concentrated Solar Power Systems; By Application: Residential, Commercial and Industrial; By End Use: Electricity Generation, Lighting, Heating, Charging; By Solar Module: Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030


The global solar power market size was valued at US$ 197.23 billion in 2021 and is expected to hit around US$ 368.63 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 7.2% during the forecast period 2021 to 2030.

Solar Power Market Size 2022-2030

Growth Factors

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 Scope of the Solar Power Market

Report Coverage Details
Market Size USD 368.63 Billion by 2030
Growth Rate

CAGR of 7.2% from 2022 to 2030

Base Year 2021
Largest Market Asia Pacific
Fastest Growing Market North America
Forecast Period 2022 to 2030
Segments Covered Technology, Application, End User, Solar Module, Region
Companies Mentioned Abengoa Se, Acciona S.A., Canadian solar, Inc., Esolar, Inc., United renewable energy co. Ltd., Sunpower corporation, Kaneka corporation, Tata power solar systems ltd., Wuxi suntech power co., ltd., Brightsource energy, Inc.

 

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.

Technology Insights

Based on the technology, the Photovoltaic (PV) systems segment dominated the global solar power market, garnering a market share of around 70% in 2020. 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.

Application Insights

Based on application, industrial segment has generated a revenue share of more than 35% and dominated the global solar power market in 2020. 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.

Region Insights

Asia Pacific was the leading solar power market that garnered a market share of more than 30% in 2020. 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.

Solar Power Market Share, By Region, 2020 (%)

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.

Key Market Developments

  • In 13 January 2022, the key player named Billionaire Gautam  Adani's logistics-to-energy conglomerate set up a new subsidiary, named ANIL in order to undertake projects of green hydrogen, manufacture of wind turbines and generation of low carbon electricity, batteries and solar modules as it looks to become the world's largest company of renewable energy and manufacture the very less costly hydrogen.

Some of the prominent players in the global solar power market include:

  • Abengoa Se
  • Acciona S.A.
  • Canadian solar, Inc.
  • Esolar, Inc.
  • United renewable energy co. Ltd.
  • Sunpower corporation
  • Kaneka corporation
  • Tata power solar systems ltd.
  • Wuxi suntech power co., ltd.
  • Brightsource energy, Inc.

Segments Covered in the Report

By Application

  • Residential
  • Commercial
  • Industrial

By Technology

  • Photovoltaic Systems
    • Moni-Si
    • Thin Film
    • Multi-Si
    • Others
  • Concentrated Solar Power Systems
    • Parabolic trough
    • Solar power tower
    • Fresnel reflectors
    • Dish Stirling

By End Use

  • Electricity Generation
  • Lighting
  • Heating
  • Charging

By Solar Module

  • Monocrystalline
  • Polycrystalline
  • Cadmium Telluride
  • Amorphous Silicon Cells
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions

What is the current size of solar power market?
According to Precedence Research, the solar power market size was reached at US$ 197.23 billion in 2021 and is anticipated to surpass US$ 368.63 billion by 2030.
The solar power market is growing at a CAGR of 7.2% over the forecast period 2021 to 2030.
A major growth factor behind the surge of green hydrogen has been the declining costs of renewable energy which is a critical input in the production process.
The major players operating in the solar power market are Abengoa Se, Acciona S.A., Canadian solar, Inc., Esolar, Inc., United renewable energy co. Ltd., Sunpower corporation, Kaneka corporation, Tata power solar systems ltd., Wuxi suntech power co., ltd., Brightsource energy, Inc..
Asia Pacific region will lead the global solar power market in near future.
  • Report Code:1574
  • Category:Energy and Power
  • No. of Pages:150+
  • Format:PDF/PPT/Excel
  • Status:Published

PROCEED TO BUY

   USD 4500
   USD 7000
   USD 9000

ASK FOR SAMPLE

No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client

Get a Sample