The ‘Global Solar Power Market Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global solar power market, assessing the market based on its segments like technology, applications, and regions.
Solar Power Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 217.07 Billion
• Forecast CAGR (2023-2028): 7.10%
• Forecast Market Size (2028): Nearly USD 327.6 Billion
The transformation or conversion of sunlight or solar energy into electricity is called solar power. This is done either directly by utilising photovoltaics or PV or indirectly with the usage of distilled or condensed solar power. Photovoltaic cells change light into an electric current with the application of photovoltaic effect. With the use of lenses or mirrors and solar tracking systems, a sizable area of sunlight is brought to a hot spot by the concentrated solar power systems, usually to run a steam turbine. Initially, photovoltaics was only utilised for small and medium-sized applications as a source of electricity such as calculators operated by one solar cell and distant homes operated by an off-grid rooftop PV method, but its applications has significantly increased in the past few years.
Solar power is gaining great popularity as a pure and plentiful renewable source of electricity production. Rising population and the economic growth are leading to the surging demand for electricity globally. In addition, enhanced living standards and development of infrastructure are also leading to the increase in demand for electricity generation, which, in turn, is leading to the expansion of the global solar power market.
Owing to the stringent environmental laws, numerous end-users are setting up renewable energy plants like solar plants. Various nations are now aiming to set up environmentally friendly power producing stations to bring down the carbon emissions and are hence investing heavily in solar power, leading to the growth of the solar energy market.
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In addition, encouraging policies and regulations introduced by several governments like investment tax credits and capital subsidies are driving the development of solar installations in European Union and in nations like India and the United States, supporting in the progress of the solar power market.
Solar Power Industry Definition and Major Segments
When the energy of sun either used directly as heat energy or indirectly using photovoltaic cells in solar panels and translucent photovoltaic glass is applied to produce electricity, it is defined as solar power. Three kinds of solar energy systems are solar thermal, solar photovoltaic, and concentrated solar power. Though solar thermal is utilised on a small scale for heating, solar photovoltaic and concentrated solar power are put to use to generate electricity on a large scale for residential, non-residential, and utility usages.
Based on technology, the market can be segmented into:
• Solar Photovoltaic
• Concentrated Solar Power
On the basis of applications, the market has been classified into:
• Residential
• Non-Residential
• Utility
Based on regions, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Solar Power Market Trends
A substantial share of the global solar power market is held by the solar photovoltaic technology, owing to a large number of installations of new solar photovoltaic plants globally. The decreased cost of the photovoltaic technologies and enhanced energy production and the productivity of the panel have improved the implementation rate of solar photovoltaic technology, encouraging the progress of the market.
Amongst the types of the solar photovoltaic technology, mono-Si is anticipated to witness faster development owing to its better resilience, effectiveness, and compact model. Since photovoltaic solar sections produce direct electric current, they are believed to provide higher efficiency.
Besides, concentrated solar power methodology is also projected to witness progress in the upcoming years since it can store energy that can be used later. It utilises solar power to heat up materials which then power engines and generators. The concentrated solar power technology’s parabolic channel type is extensively commercialised with number of usages in end use sectors, which is strengthening its presence in the global solar power market.
Region-wise, the Asia Pacific is leading the solar power market and is projected to maintain its strong hold in the future years. The enhanced living standards, appropriate solar irradiance, increasing population, and existence of primary market players, along with the growing demand for electricity are supporting the development of the market in the Asia Pacific region. Meanwhile, the European region is also witnessing the progress in the market.
Key Market Players
The major players in the global solar power market report are Waaree Energies Ltd., BrightSource Energy, Inc., SunPower Corporation, Enkay Solar Power and Infrastructure Pvt. Ltd., and Tata Power Solar Systems Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
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