According to the report by Expert Market Research (EMR), the Global Solar Power Market Size reached a value of USD 217.07 billion in 2022. Aided by growing number of solar farms and environmental regulations by several government, the market is projected to further grow at a CAGR of 7.10% between 2023 and 2028 to reach a value of USD 327.6 billion by 2028.
Solar power, derived from the sun’s radiant light and heat, is harnessed using a range of ever-evolving technologies such as solar heating, photovoltaics, solar thermal energy, solar architecture, molten salt power plants, and artificial photosynthesis. Known for its renewability and sustainability, solar power offers a robust solution to meet global energy needs without depleting natural resources or contributing significantly to carbon emissions.
The escalating consumer preference for clean and renewable energy sources is driving the global solar power market growth. As awareness about the environmental implications of traditional energy sources broadens, consumers are increasingly gravitating towards renewable energy alternatives. Solar power, with its sustainability and reducing setup costs, has emerged as a preferred choice, giving rise to a steep demand curve for solar-based solutions.
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Additionally, the rising trend of green building and sustainable infrastructure has further boosted the popularity of solar power market. As architects and builders seek to integrate renewable energy solutions into their designs, solar power systems – from solar panels to solar thermal systems – are finding a place in residential, commercial, and industrial structures alike.
The expanding applications of solar power in various sectors also significantly contribute to the rising solar power market demand. In the utility sector, solar power is being used for electricity generation, reducing dependence on fossil fuel-based power plants. The transportation sector explores solar power for electric vehicle charging stations, fostering a greener mobility future. The agricultural sector uses solar power for irrigation and other farm operations. Further, solar power finds applications in off-grid solutions for remote and rural areas, thereby extending the reach of energy accessibility.
Moreover, the growing focus on energy diversification and security has led to an increased spotlight on solar power as a viable contributor to the energy mix. Governments worldwide are encouraging the adoption of solar power through incentives and supportive policies, strengthening the solar power market outlook. Such initiatives align with the global aim of reducing carbon footprints and combatting climate change, making solar power a critical component in the path towards a sustainable future.
The market can be divided based on technology, application, and region.
Market Breakup by Technology
- Solar Photovoltaic
- Thin Film
- Concentrated Solar Power
- Parabolic Trough
- Power Tower
- Linear Fresnel
Market Breakup by Application
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global solar power companies. Some of the major key 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
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