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Global Solar Power Market Share, Size, Trends, Analysis, Growth: By Technology: Solar Photovoltaic, Concentrated Solar Power; By Application: Residential, Non-Residential, Utility; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028

Global Solar Power Market Outlook

The global solar power market size a value of more than USD 217.07 billion in 2022. The market is further expected to grow at a CAGR of 7.10% between 2023 and 2028, reaching a value of USD 327.6 billion by 2028.

 

Key Trends in the Market

Solar power refers to the energy that is emitted from the sun which can be converted into thermal or electrical energy, either directly or indirectly. There are three types of solar energy systems, namely solar thermal, solar photovoltaic, and concentrated solar power. While solar thermal is used at a small scale for heating, solar photovoltaic and concentrated solar power are used for electricity on a larger scale for utility, residential, and non-residential applications.

 

  • Solar power is growing in popularity as a clean and abundant renewable source for electricity generation. Growing population and economic development is increasing the demand for electricity all across the world. Further, improved standard of living and infrastructural development is also enhancing the demand for electricity generation.
  • Environmental regulations have encouraged several end-users to install renewable energy plants based on solar power. Countries are now focussing on installing eco-friendly power generation stations in order to reduce carbon emissions and are thus investing heavily in solar power.
  • Supportive policies by various governments such as investment tax credits and capital subsidies are fuelling the growth of solar installations in the European Union and in countries such as India and the United States, which is further helping in the growth of solar power market.

 

Market Analysis

Based on technology, the market can be bifurcated into solar photovoltaic and concentrated solar power. Solar photovoltaic is further divided by type into mono-Si, thin film, and multi-Si, among others. Concentrated solar power is further classified by type into parabolic trough, power tower, and linear Fresnel. On the basis of application, the solar power market is segmented into residential, non-residential, and utility. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. 

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global solar power market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

 

  • Waaree Energies Ltd.
  • BrightSource Energy, Inc.
  • SunPower Corporation
  • Enkay Solar Power and Infrastructure Pvt. Ltd.
  • Tata Power Solar Systems Limited
  • Others

 

Market Share by Technology

Solar photovoltaic technology holds a significant share in the solar power market because of high number of instalments of new solar photovoltaic projects all around the globe. The reduced cost of the photovoltaic technologies and improved energy yield and panel efficiency has further enhanced the adoption rate of solar photovoltaic technology fuelling the growth of the market. Among the solar photovoltaic technology types, mono-Si is expected to observe rapid growth because of its better durability, efficiency, and compact design. As photovoltaic solar panels directly generate direct electric current, they are considered to offer superior efficiency.

 

Concentrated solar power technology is also expected to observe growth in the coming years as it is capable of storing energy for later use. It uses solar power to heat substances which then drive engines and generators. The parabolic trough type of concentrated solar power technology is widely commercialised with numerous applications in end use sectors, solidifying its market presence. 

 

Market Share by Region

Asia Pacific has been dominating the solar power market and is expected to continue its strong position in the forecast period as well. Improved standards of living, suitable solar irradiance, growing populations, presence of key market players, and increasing demand for electricity have been supporting the growth of the market in the Asia Pacific region. China specifically has a substantial capacity for solar power production and is a manufacturing base for multiple components for solar panels. 

 

Europe has also been observing growth in the market owing to the installation of a large number of solar photovoltaic projects in European Union countries. Moreover, growing number of solar farms, supportive regulations by various governments, and renewable energy targets are further contributing to the growth of the solar power market in Europe.  

 

Competitive Landscape

Waaree Energies Ltd. was established in 1989 and is headquartered in Maharashtra, India. It is a renewable energy semiconductor manufacturing company that deals with the production and supply of solar PV modules and provides consumers all around the globe with solar energy solutions such as solar inverters, energy storage solutions, and lithium-ion batteries, among others. 

 

BrightSource Energy Inc. founded in 2004 is headquartered in California, United States. It is a solar power corporation that is involved in the designing, building, financing, and operations of utility scale power plants. They are working on advancing solar technologies further in order to create cleaner energy for future generations. 

 

SunPower Corporation is a solar energy company that manufactures and markets battery energy storage products and photovoltaic solar energy generation systems. Founded in 1985 and based in California in the United States, SunPower Corporation offers their products to residential customers and believe that backup storage and clean energy should be accessible for every consumer. 

 

Other market players include Enkay Solar Power and Infrastructure Pvt. Ltd., and Tata Power Solar Systems Limited, among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and
Forecast Market Analysis by Segment:

  • Technology
  • Application
  • Region
Breakup by Technology
  • Solar Photovoltaic
  • Concentrated Solar Power
Breakup by Application
  • Residential
  • Non-Residential
  • Utility
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Waaree Energies Ltd.
  • BrightSource Energy, Inc.
  • SunPower Corporation
  • Enkay Solar Power and Infrastructure Pvt. Ltd.
  • Tata Power Solar Systems Limited
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface  
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Solar Power Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Solar Power Historical Market (2018-2022) 
    8.3    Global Solar Power Market Forecast (2023-2028)
    8.4    Global Solar Power Market by Technology 
        8.4.1    Solar Photovoltaic 
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
            8.4.1.4    Breakup by Type
                8.4.1.4.1    Mono-Si
                8.4.1.4.2    Thin Film
                8.4.1.4.3    Multi-Si
                8.4.1.4.4    Others
        8.4.2    Concentrated Solar Power
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
            8.4.2.4    Breakup by Type
                8.4.2.4.1    Parabolic Trough 
                8.4.2.4.2    Power Tower
                8.4.2.4.3    Linear Fresnel 
    8.5    Global Solar Power Market by Application
        8.5.1    Residential
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Non-Residential 
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Utility 
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
    8.6    Global Solar Power Market by Region
        8.6.1    North America
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022) 
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Europe
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022) 
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Asia Pacific
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022) 
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Latin America
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022) 
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Middle East and Africa
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2018-2022) 
            8.6.5.3    Forecast Trend (2023-2028)
9    North America Solar Power Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Solar Power Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Solar Power Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Solar Power Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Solar Power Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Waaree Energies Ltd. 
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    BrightSource Energy, Inc.
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    SunPower Corporation 
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Enkay Solar Power and Infrastructure Pvt. Ltd.
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Tata Power Solar Systems Limited
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Others
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Solar Power Market: Key Industry Highlights, 2018 and 2028
2.    Global Solar Power Historical Market: Breakup by Technology (USD Million), 2018-2022
3.    Global Solar Power Market Forecast: Breakup by Technology (USD Million), 2023-2028
4.    Global Solar Power Historical Market: Breakup by Application (USD Million), 2018-2022
5.    Global Solar Power Market Forecast: Breakup by Application (USD Million), 2023-2028
6.    Global Solar Power Historical Market: Breakup by Region (USD Million), 2018-2022
7.    Global Solar Power Market Forecast: Breakup by Region (USD Million), 2023-2028
8.    North America Solar Power Historical Market: Breakup by Country (USD Million), 2018-2022
9.    North America Solar Power Market Forecast: Breakup by Country (USD Million), 2023-2028
10.    Europe Solar Power Historical Market: Breakup by Country (USD Million), 2018-2022
11.    Europe Solar Power Market Forecast: Breakup by Country (USD Million), 2023-2028
12.    Asia Pacific Solar Power Historical Market: Breakup by Country (USD Million), 2018-2022
13.    Asia Pacific Solar Power Market Forecast: Breakup by Country (USD Million), 2023-2028
14.    Latin America Solar Power Historical Market: Breakup by Country (USD Million), 2018-2022
15.    Latin America Solar Power Market Forecast: Breakup by Country (USD Million), 2023-2028
16.    Middle East and Africa Solar Power Historical Market: Breakup by Country (USD Million), 2018-2022
17.    Middle East and Africa Solar Power Market Forecast: Breakup by Country (USD Million), 2023-2028
18.    Global Solar Power Market Structure

Key Questions Answered in the Report

The global market size for solar power reached a value of USD 217.07 billion in 2022.

The market is expected to grow at a CAGR of 7.10% between 2023 and 2028.

The global market size for solar power is expected to reach a value of USD 327.6 billion by 2028.

The major market drivers are growing demands for renewable energy sources, improvements in solar power technology, population growth, and usage of solar power in mainstream utility applications.

The key trends of the market are increasing demand for electricity owing to economic development, growing investments in solar power infrastructure, and supportive initiatives by various governments.

Key players in the global solar power market include Waaree Energies Ltd., BrightSource Energy, Inc., SunPower Corporation, Enkay Solar Power and Infrastructure Pvt. Ltd., and Tata Power Solar Systems Limited, among others.

Solar power is a form of energy obtained from sun by converting the solar energy into power using direct or indirect methods.

The primary technologies for solar power in the market are solar photovoltaic and concentrated solar power.

The different types of solar photovoltaic technology are mono-Si, thin film, and multi-Si, among others.

The various applications of solar power include residential, non-residential, and utility.

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