Solar Power Market size was valued at US$ 179.6 billion in 2023 and is poised to grow at a CAGR of 20.6% from 2024 to 2030. The global market provides a detailed overview of the market and that can be segmented by technology, by application. By technology, the solar power market has been segmented into solar photovoltaic, concentrated solar power. The solar photovoltaic segment is likely to be the largest and fastest-growing segment in terms of type. Based on the application, the next generation solar cells power market is segmented into residential, non-residential, and utility. Among these, the residential segment is expected to have the fastest-growing market during the forecast period 2022-2028 according to Precision Business Insights.
In April 2020, the world's largest solar wafer manufacturer LONGi Group, which manufactures mono products, announced its plan to expand mono ingot/wafer capacity from 42 GW at the end of 2019 to 75 GW by the end of 2020.
Study Period
2024-2030Base Year
2023CAGR
20.6%Largest Market
North AmericaFastest Growing Market
Asia-Pacific
The demand for solar cells has gained major traction owing to surge in rooftop installations, followed by increase in applications in the architectural sector. Furthermore, the demand for parabolic troughs and solar power towers in electricity generation is expected to boost the demand for concentrated solar power systems.
By region, the North America market is expected to witness the highest market share during the forecast period. Most of the research in North America and Europe has been focused on maximizing solar potential. Solar energy uses for electricity generation, agriculture, and architecture have grown in popularity across the Middle East and Africa.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 179.6 billion |
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Market CAGR |
20.6% |
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By Technology |
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By Application |
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By Region |
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The global solar power market size was valued at US$ 179.6 billion in 2023 and is projected to grow at a CAGR of 20.6% from 2024 to 2030.
The major players in the global Solar Power market are Waaree Group, Canadian Solar Inc., Abengoa, Brightsource Energy, Inc., Tata Power Solar Systems Ltd, First Solar, Trina Solar, Yingli Solar, eSolar Inc, Sun Power Corporation, Acciona Energia S.A., Urja Global Limited, Wuxi Suntech Power Co.Ltd, Nextera Energy Sources, Azure Power, Vivaan Solar, Others
North America is the fastest-growing region for Solar Power Market
| 1. Executive Summary |
| 2. Global Solar Power Market Introduction |
| 2.1. Global Solar Power Market Taxonomy |
| 2.2. Global Solar Power Market Definitions |
| 2.2.1. By Technology |
| 2.2.2. By Application |
| 2.2.3. By Region |
| 3. Global Solar Power Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Solar Power Market Dynamic Factors - Impact Analysis |
| 3.6. Global Solar Power Market Competition Landscape |
| 4. Global Solar Power Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 |
| 4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Solar Power Market, By Technology Type, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 5.1. Solar Photovoltaic |
| 5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.1.4. Mono-Si |
| 5.1.5. Thin-Film |
| 5.1.6. Multi-Si |
| 5.1.7. Others |
| 5.2. Concentrated Solar Power |
| 5.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.2.4. Parabolic Trough |
| 5.2.5. Power Tower |
| 5.2.6. Linear Fresnel |
| 6. Global Solar Power Market, By Application, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 6.1. Residential |
| 6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Non-Residential |
| 6.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Utility |
| 6.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7. Global Solar Power Market Forecast, By Region, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Latin America |
| 7.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Europe |
| 7.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Asia-Pacific |
| 7.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Middle East and Africa |
| 7.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Global Solar Power Market - Opportunity Analysis Index, By Mechanism Type, By Fertilizer, By Application, and Region, 2023 - 2029 |
| 8. North America Global Solar Power Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 8.1. Mechanism Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1. Solar Photovoltaic |
| 8.1.1.1. Mono-Si |
| 8.1.1.2. Thin-Film |
| 8.1.1.3. Multi-Si |
| 8.1.1.4. Others |
| 8.1.2. Concentrated Solar Power |
| 8.1.2.1. Parabolic Trough |
| 8.1.2.2. Power Tower |
| 8.1.2.3. Linear Fresnel Air-Forced |
| 8.1.2.4. Electrical Operated |
| 8.2. By Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1. Residential |
| 8.2.2. Non-Residential |
| 8.2.3. Utility |
| 8.3. By Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1. United States |
| 8.3.2. Canada |
| 8.4. North America Global Solar Power Market - Opportunity Analysis Index, By Technology Type, By Application, and By Country 2023 - 2029 |
| 8.5. North America Global Solar Power Market Dynamics Trends |
| 9. Europe Global Solar Power Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 9.1. Mechanism Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Solar Photovoltaic |
| 9.1.1.1. Mono-Si |
| 9.1.1.2. Thin-Film |
| 9.1.1.3. Multi-Si |
| 9.1.1.4. Others |
| 9.1.2. Concentrated Solar Power |
| 9.1.2.1. Parabolic Trough |
| 9.1.2.2. Power Tower |
| 9.1.2.3. Linear Fresnel Air-Forced |
| 9.1.2.4. Electrical Operated |
| 9.2. By Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. Residential |
| 9.2.2. Non-Residential |
| 9.2.3. Utility |
| 9.3. By Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1. Germany |
| 9.3.2. United Kingdom |
| 9.3.3. Spain |
| 9.3.4. Italy |
| 9.3.5. France |
| 9.3.6. Russia |
| 9.3.7. Norway |
| 9.3.8. Rest of Europe |
| 9.4. Europe Global Solar Power Market - Opportunity Analysis Index, By Technology Type, By Application, and By Country 2023 - 2029 |
| 9.5. Europe Global Solar Power Market Dynamics Trends |
| 10. Asia-Pacific Global Solar Power Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 10.1. Mechanism Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Solar Photovoltaic |
| 10.1.1.1. Mono-Si |
| 10.1.1.2. Thin-Film |
| 10.1.1.3. Multi-Si |
| 10.1.1.4. Others |
| 10.1.2. Concentrated Solar Power |
| 10.1.2.1. Parabolic Trough |
| 10.1.2.2. Power Tower |
| 10.1.2.3. Linear Fresnel Air-Forced |
| 10.1.2.4. Electrical Operated |
| 10.2. By Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Residential |
| 10.2.2. Non-Residential |
| 10.2.3. Utility |
| 10.3. By Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1. China |
| 10.3.2. India |
| 10.3.3. Japan |
| 10.3.4. South Korea |
| 10.3.5. Australia & New Zealand |
| 10.3.6. Rest of Asia-Pacific |
| 10.4. Asia-Pacific Global Solar Power Market - Opportunity Analysis Index, By Technology Type, By Application, and By Country 2023 - 2029 |
| 10.5. Asia-Pacific Global Solar Power Market Dynamics Trends |
| 11. Latin America Global Solar Power Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 11.1. Mechanism Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Solar Photovoltaic |
| 11.1.1.1. Mono-Si |
| 11.1.1.2. Thin-Film |
| 11.1.1.3. Multi-Si |
| 11.1.1.4. Others |
| 11.1.2. Concentrated Solar Power |
| 11.1.2.1. Parabolic Trough |
| 11.1.2.2. Power Tower |
| 11.1.2.3. Linear Fresnel Air-Forced |
| 11.1.2.4. Electrical Operated |
| 11.2. By Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Residential |
| 11.2.2. Non-Residential |
| 11.2.3. Utility |
| 11.3. By Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1. Brazil |
| 11.3.2. Mexico |
| 11.3.3. Argentina |
| 11.3.4. Rest of Latin America |
| 11.4. Latin America Global Solar Power Market - Opportunity Analysis Index, By Technology Type, By Application, and By Country 2023 - 2029 |
| 11.5. Latin America Global Solar Power Market Dynamics Trends |
| 12. Middle East and Africa Global Solar Power Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 12.1. Mechanism Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Solar Photovoltaic |
| 12.1.1.1. Mono-Si |
| 12.1.1.2. Thin-Film |
| 12.1.1.3. Multi-Si |
| 12.1.1.4. Others |
| 12.1.2. Concentrated Solar Power |
| 12.1.2.1. Parabolic Trough |
| 12.1.2.2. Power Tower |
| 12.1.2.3. Linear Fresnel Air-Forced |
| 12.1.2.4. Electrical Operated |
| 12.2. By Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Residential |
| 12.2.2. Non-Residential |
| 12.2.3. Utility |
| 12.3. By Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1. Middle East |
| 12.3.2. South Africa |
| 12.3.3. Israel |
| 12.3.4. Argentina |
| 12.3.5. Rest of Latin America |
| 12.4. Middle East and Africa Solar Power Market - Opportunity Analysis Index, By Technology Type, By Application, and By Country 2023 - 2029 |
| 12.5. Middle East and Africa Solar Power Market Dynamics Trends |
| 13. Competition Landscape |
| 13.1. Strategic Dashboard of Top Market Players |
| 13.2. Company Profiles (Introduction, Financial Analysis, Product & Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 13.2.1. Waaree Group |
| 13.2.2. Canadian Solar Inc. |
| 13.2.3. Abengoa |
| 13.2.4. Brightsource Energy, Inc. |
| 13.2.5. Tata Power Solar Systems Ltd |
| 13.2.6. First Solar |
| 13.2.7. Trina Solar |
| 13.2.8. Yingli Solar |
| 13.2.9. eSolar Inc |
| 13.2.10. Sun Power Corporation |
| 13.2.11. Acciona Energia S.A. |
| 13.2.12. Urja Global Limited |
| 13.2.13. €˜Wuxi Suntech Power Co.Ltd |
| 13.2.14. Nextera Energy Sources |
| 13.2.15. Azure Power |
| 13.2.16. Vivaan Solar |
| 13.2.17. Others |
| 14. Research Methodology |
| 15. Key Assumptions and Acronyms |
Key Market Players
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