Global Solar Power Market Size & Share to Surpass $256.2

Global Solar Power Market Size & Share to Surpass $256.2

WASHINGTON, Jan. 31, 2023 (GLOBE NEWSWIRE) — The Global Solar Power Market is valued at USD 175.6 Billion in 2021 and is projected to attain a price of USD 256.2 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.5% over the forecast interval 2022-2028.

Market Overview

The key elements anticipated to speed up the Solar Power Market progress over the forecast interval are acknowledged forward. The unpredictability of fossil gasoline costs, the necessity to cut back reliance on fossil gasoline imports from unstable political areas, environmental considerations concerning the greenhouse fuel emissions attributable to fossil gasoline use, authorities incentives, and different help packages that make Solar Power Market extra cost-competitive, and adjustments in shopper desire are the numerous elements driving the expansion of the Solar Power Market as an entire.

We forecast that the residential class in Solar Power Market gross sales will account for greater than 37% of whole gross sales by 2028. The industrial sector’s speedy progress and the supply of reasonably priced renewable power have created huge progress potential for the usage of Solar Power Market within the industrial sector.

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Market Dynamics

Increased Solar Industry Investments by Nations Pursuing Green Energy Goals

To hold the typical enhance within the earth’s floor temperature to round 2° Celsius, a worldwide power shift is urgently required. As a outcome, the market will develop because the set up of renewable power sources rises dramatically over the approaching years. Since carbon dioxide emissions associated to power account for two-thirds of all greenhouse gases, switching from fossil fuels to low-carbon alternate options can be essential. The measurement of the market has benefited by introducing new power targets by numerous governments to promote a swap to sustainable power. By the tip of 2023, Brazil desires to derive 42.5% of its predominant power from renewable sources.

Growing Use of Renewable Energy Sources Will Boost the Market

Considered the very best possible alternative for conventional energy sources like coal and oil, renewable energy sources help in minimizing carbon emissions and function an reasonably priced provide of day by day energy. Over 29% of the electrical energy produced worldwide comes from renewable sources. It is anticipated to enhance considerably and increase the market within the upcoming years. Energy manufacturing and consumption in growing nations are instantly impacted by inhabitants progress. With the elevated want to cut back carbon emissions, energy era from renewable sources is the very best viable alternative for standard energy sources. For occasion, the value of coal and oil items is rising steadily. Another choice for increasing the Solar Power Market sector is constructing new grids and mass storage methods by utilities to use the power produced from renewable sources.

Top Players within the Global Solar Power Market

  • Abengoa SE (Spain)
  • Acciona SA (Spain)
  • Canadian Solar Inc. (Canada)
  • Esolar Inc. (US)
  • United Renewable Energy Co. Ltd. (Taiwan)
  • Sunpower Corporation (US)
  • Kaneka Corporation (Japan)
  • Tata Power Solar Systems Ltd. (India)
  • Wuxi Suntech Power Co. Ltd. (China)
  • Brightsource Energy Inc. (US)

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Top Trends in Global Solar Power Market

  • One pattern that Vantage Market Research (VMR) expects to see within the Solar Power Market business is increasing environmental worries. According to estimates, the demand for photo voltaic power will enhance due to the emission of harmful greenhouse gases that trigger air air pollution and the truth that it’s a renewable and clear power supply.
  • Another pattern that VMR predicts will proceed within the Solar Power Market business is a rising growth in expertise. Solar Power Market technology breakthroughs have led to numerous solar-powered merchandise, together with solar-powered water purifiers, photo voltaic air conditioners, solar-powered timber, photo voltaic shops, and others. These are anticipated to create huge progress potential within the coming years.

Top Report Findings

  • Based on Technology, a lot of the Solar Power Market’s income is managed by the photovoltaic methods class. Due to the large market demand for photo voltaic methods, the scale of photovoltaic methods can vary extensively, from a small rooftop or moveable methods to large utility-scale manufacturing crops.
  • Based on Solar Module, a lot of the Solar Power Market’s income is managed by the polycrystalline class. One photovoltaic cell in a polycrystalline photo voltaic cell has a number of silicon crystals, making them extra environmentally pleasant than monocrystalline photo voltaic cells as a result of no waste is created throughout manufacturing.
  • Based on the Applications, a lot of the Solar Power Market’s income is managed by the commercial class. The industrial sector’s speedy progress and the supply of reasonably priced renewable power have created huge progress potential for utilizing Solar Power Market within the industrial sector.
  • Based on End Uses, a lot of the Solar Power Market’s income is managed by the electrical energy era class due to the growing economies’ rising demand for electrical energy and elevated urbanization. The authorities’s growing efforts to promote renewable power sources and reduce reliance on coal-generated power are anticipated to gasoline the market’s growth. These efforts are supposed to cut back emissions and enhance air high quality.

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Recent Developments within the Global Solar Power Market

  • The International Renewable Energy Agency (IRENA) has acknowledged that renewable power should present a minimum of 30% of worldwide electrical energy by 2030. To meet this objective, photo voltaic PV will want to develop to virtually 200 gigawatts put in by 2030.

Photovoltaic Systems Category in Solar Power Market to Generate Over 59% Revenue

Solar Power Market are an costly funding. Vantage Market Research has analyzed the marketplace for Solar Power Market to perceive its present state and potential future progress elements. For higher understanding, based mostly on the expertise, the Solar Power Market is split into photovoltaic methods and concentrated Solar Power Market methods.

During the forecast interval, the marketplace for Solar Power Market is anticipated to expertise the best CAGR for the photovoltaic methods class. A sustainable method that aids in using renewable power is using photovoltaic cells within the constructing of photo voltaic panels for a residential set up or for the set up of photo voltaic streetlights. Both financial viability and environmental sustainability are offered by photo voltaic photovoltaic cells.

On the opposite hand, the concentrated Solar Power Market methods class is anticipated to develop considerably over the forecast interval. This is generally attributable to the large-scale Solar Power Market producing business’s utilization of concentrated photo voltaic electrical energy. The functioning of concentrated Solar Power Market is freed from carbon air pollution. It can retailer power outdoors of daytime and has wonderful effectivity and low working prices.

Asia Pacific Region in Solar Power Market to Generate More 53% Revenue

Asia Pacific dominates the marketplace for Solar Power Market, and this pattern of dominance will proceed all through the projection interval. One of the important thing elements driving the expansion of the Solar Power Market within the Asia Pacific is the rising urbanization, rising disposable earnings, busy way of life, rising web penetration, and rising smartphone adoption. Additionally, the business is being supported by a large youth inhabitants and an elevated need for sustainable growth and renewable power.

Browse market information Tables and Figures unfold by means of 149 Pages and in-depth TOC on Solar Power Market Forecast Report (2022-2028).

Global Solar Power Market Segmentation

By Technology

  • Photovoltaic Systems
  • Concentrated Solar Power Market Systems

By Solar Module

  • Monocrystalline
  • Polycrystalline
  • Cadmium Telluride
  • Amorphous Silicon Cells
  • Other Solar Modules

By Application

  • Residential
  • Commercial
  • Industrial

By End Use

  • Electricity Generation
  • Lighting
  • Heating
  • Charging

By Region

North America

  • United States
  • Canada
  • Mexico


  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • South Korea
  • South-East Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Middle East & Africa

  • GCC Countries
  • South Africa
  • Rest of MEA

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Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 175.6 Billion
Revenue Forecast by 2028USD 256.2 Billion
CAGR6.5% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersAbengoa SE, Acciona SA, 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.
Customization OptionsCustomized buy choices can be found to meet any analysis wants. Explore customized purchase options

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