Solar Power Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Solar Power Market grew at a CAGR of 13.8% between 2017-2021 and is estimated to be US$ 1,64,834.1 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 12.1 % and is expected to reach a valuation of US$ 5,16,539.1 Mn by 2032 end.
Throughout the projected period, population growth, Increased infrastructure needs, and rising living standards are driving up demand for power production. Most nations are building new solar power facilities or expanding the capacity of their current ones to satisfy the rising demand. During the projected period, this is expected to fuel the expansion of the solar power market.
THE RISE IN INVESTMENT IN SOLAR ENERGY DRIVES THE MARKET
Solar energy is the cleanest and most sustainable energy source. Due to environmental regulations, several countries are installing renewable energy plants. Several companies also focus on eco-friendly power generation solutions to reduce their carbon emissions.
THE AVAILABILITY OF RESOURCE LAND HAMPER THE MARKET GROWTH
Land for solar power plants is very limited. The land selection process is affected by the availability of solar radiation, the cost and size of a project, and being constrained by factors such as the distance from one or few areas of power generation to other regions with consumers of power and other factors.
GROWING GOVERNMENT INITIATION PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
Government support plays a key role in the growth of renewable energy. FiT and other subsidies, such as investment tax credits, are among the most important policies that boost solar installation. In the last decade, fuel cells are witnessing tremendous growth due to the increasing demand for data rates and a wide range of applications. The distributed power generation method is being adopted for both civilian and military sectors, which includes SOFC and hydrogen. We expect this trend to continue in the coming years as well.
The CoVID-19 Lockdown in most countries globally due to the COVID-19 have made economies squelch, disturbed supply chains, and suspended most projects. In India, 80% of solar products, such as inverters, are imported from China. In India, most of our solar projects are delayed because there is a shortage of equipment due to this pandemic and leading to huge backlogs in accomplishing orders.
Market Segments Covered in Report
By Current Charging Capacity :
By Battery Type:
By Region and Country:
Why is Solar PV Technology projected to ensure the most revenue during the forecast period?
In 2020, the Solar PV Technology Segment held the largest revenue share at 60.0%. Solar photovoltaic (PV) and concentrated solar power are the two technological segments that make up the global market for solar energy (CSP). The mono-si, thin-film, multi-si, and other solar PV systems are further divided, and the parabolic trough, power tower, and linear fresnel are further divided for CSP. In 2021, the solar PV market had a disproportionately large market share. In 2020, new solar PV projects of over 120 GW were installed.
Why is the utility segment expected to expand the fastest during the forecast period?
In 2021, In 2020, the utility market accounted for 59.0% of the total global solar power market. Following significant growth in new installations, the utility line segment is projected to expand at a CAGR of 11.8% by 2032. Gaining popularity from investments in solar infrastructure and government policies, this segment is projected to grow faster than all other markets.
The adoption of environmentally friendly sources such as rooftop solar systems, meters for tracking customer behavior, and smart home appliances are expected to give a fillip to the residential segment’s growth during this period.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Due to a wide range of products and a sizable distribution network in established and developing nations, the solar power market is fragmented. Canadian Solar Inc., Trina Solar, and First Solar now dominate the market.
Some of the key developments that have taken place in the Solar Power Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Current Charging Capacity, Battery Type, Technology, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 12.1 %.
Government regulations, supportive policies, and the race to meet renewable energy targets are the main factors propelling the market’s expansion.
Major global Solar Power Market players are Waaree Group, Canadian Solar Inc., Abengoa, BrightSource Energy, Inc., Tata Power Solar Systems Ltd., First Solar, Trina Solar, Yingli Solar, eSolar Inc., SunPower Corporation, Acciona Energia S.A., Urja Global Limited, Wuxi Suntech Power Co. Ltd., Nextera Energy Sources LLC, Vivaan Solar.
It is difficult for solar projects to be installed on agricultural or forest land owing to the low accessibility and instability of that land.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Solar Power market.
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