Solar Power Market Outlook
According to the report by Expert Market Research (EMR), the global solar power market size reached a value of USD 232.48 billion in 2023. Aided by the rising adoption of renewable energy sources and the increasing applications of solar power across diverse sectors, the market is projected to further grow at a CAGR of 7.1% between 2024 and 2032 to reach a value of USD 431.02 billion by 2032.
Solar power harnesses energy from the sun using photovoltaic (PV) cells and concentrated solar power (CSP) systems. As a clean, renewable energy source, it contributes significantly to reducing carbon emissions and dependency on fossil fuels. The growing interest in environmental sustainability and the global push toward renewable energy are key drivers for the solar power market, which has seen rapid technological advancements and increased investments over the past decade.
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Governments and organisations are increasingly investing in clean energy solutions to combat climate change and reduce greenhouse gas emissions. Solar power offers a versatile solution, applicable across residential, commercial, and industrial sectors. This growing demand for clean energy is a primary driver of solar power market growth.
Supportive government policies and incentives, such as feed-in tariffs, tax credits, and subsidies, are significantly driving solar power installations. Countries worldwide are implementing renewable energy targets and creating conducive regulatory environments, providing a robust framework for the market development.
Technological advancements in photovoltaic and concentrated solar power systems have led to a dramatic reduction in solar energy costs. Improved efficiency and mass production have made solar power increasingly competitive with traditional energy sources. As countries seek to reduce their dependence on imported energy, solar power is emerging as a reliable and sustainable solution. The decentralised nature of solar installations enhances energy security and provides resilience against supply disruptions.
The development of efficient energy storage systems, such as batteries, is critical to overcoming the challenges of solar power intermittency. Innovative storage technologies are expected to open new avenues for solar power utilisation. Distributed solar power, including rooftop solar installations, is gaining traction as a viable solution for residential and commercial applications. This trend empowers consumers to generate their own electricity and sell excess power back to the grid. Additionally, hybrid energy systems, combining solar power with other renewable sources like wind or hydropower, are being explored to provide more stable and reliable energy, leading to solar power market development.
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Solar photovoltaic technology has a significant presence in the market due to the high number of new installations of solar photovoltaic projects worldwide. The decreasing costs of photovoltaic technologies, along with improved energy yield and panel efficiency, have contributed to the increasing adoption rate of solar photovoltaic technology, driving market growth. Among the different types of solar photovoltaic technology, mono-Si is expected to experience rapid growth due to its superior durability, efficiency, and compact design. Since photovoltaic solar panels directly produce direct electric current, they are known for their high efficiency, leading to solar power market expansion.
Concentrated solar power technology is also projected to grow in the upcoming years as it has the capability to store energy for future use. This technology utilises solar power to heat substances that then power engines and generators. The parabolic trough type of concentrated solar power technology is widely used in various end-use sectors, solidifying its position in the market.
As per the solar power market analysis, rapid economic growth and rising energy demands in emerging markets, particularly in Asia-Pacific, Africa, and Latin America, offer significant opportunities for solar power adoption. Asia-Pacific leads the global solar power market, primarily driven by rapid installations in China and India. North America and Europe follow closely, benefiting from strong government support and corporate adoption.
Market Segmentation
The market can be divided based on the technology, application, and region.
Market Breakup by Technology
- Solar Photovoltaic
- Mono-Si
- Thin Film
- Multi-Si
- Others
- Concentrated Solar Power
- Parabolic Trough
- Power Tower
- Linear Fresnel
Market Breakup by Application
- Residential
- Non-Residential
- Utility
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global solar power market. Some of the major players explored in the report by Expert Market Research are as follows:
- Waaree Energies Ltd.
- BrightSource Energy, Inc.
- SunPower Corporation
- Enkay Solar Power and Infrastructure Pvt. Ltd.
- Tata Power Solar Systems Limited
- Others
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