Solar Power Market Growth, Size, Share, Trends, and Forecast 2032

According to the report published by Zion Market Research, the global Solar Power Market size was valued at USD 253.06 Billion in 2023 and is predicted to reach USD 431.19 Billion by the end of 2032. The market is expected to grow with a CAGR of 6.10% during the forecast period. The report analyzes the global Solar Power Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Solar Power Market industry.

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Global Solar Power Market: Overview

Solar power is the conventional source of energy that is inhabited from the sun. It can be converted into electricity by using photovoltaic’s or concentrated solar power. Concentrated solar power systems consist of mirrors and tracking systems that focus a large area of sunlight on a small area. Photovoltaic cells convert light into electric current with the help of photovoltaic effect. Solar power is generated by using various resources such as solar thermal, concentrated PV, concentrated solar thermal power and solar PV.

Global Solar Power Market: Growth Factors

Increasing environmental concerns of the greenhouse gas emission gave the global rise to the solar power market. The growing awareness among population regarding renewable energy benefits boosted the global market growth. Increasing government spending to encourage renewable energy generation anticipates contributing towards the market growth in the future. Solar power is gaining popularity due to its energy source and low maintenance & operation cost. Favorable environmental regulation is implemented to control greenhouse gas emission which is driving the global solar power market. The considerable shift in consumer preference towards a clean source of energy has encouraged the global market significantly. Solar energy is an economical and efficient source of renewable energy. Unstable fossil fuel prices and depleting resources of the fossil fuel is expected to further propel the global market growth. Stringent government regulations implemented to control the usage of coal-generated energy and environmental pollution has triggered the growth of the global solar power market.

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Global Solar Power Market: Segmentation

Based on the application, the global solar power market is classified as residential, commercial and industrial.

Based on the solution, the global market is categorized into asset management, network monitoring, remote metering, SCADA, meter data management, and analytics.

Based on the services, the global solar power market is fragmented as demand, response and consulting.

Solar Power Market : Report Scope

Global Solar Power Market: Regional Analysis

Asia Pacific contributed for the largest market chunk owing to rapid urbanization and strong economic growth. Latin America also expects to fuel the demand for the solar power over the next few years. Concentrated solar power is gaining wide acceptance as emerging leading technology and is implemented in the several pipeline projects in Latin America. It is also extensively used niche market which includes Brazil, China, Canada, India, and France. Diminishing resources of the fossil fuel compel the governments and energy agencies to shift towards alternative sources of energy thus fueling the demand in the North American market. Government and power companies initiated to provide subsidy on solar power energy generation in the regions such as Canada and Germany thus expecting to provide immense opportunities for companies in the future. Increasing urbanization in the Russia and UAE is expected to witness strong demand for the solar power market in the next few years.

Global Solar Power Market: Competitive Players

Some of the prominent players dominating the global solar power market include:

• Solsonica
• Tebian Electricity
• XL Energy
• Emmvee Solar Systems
• Tata Power Solar
• Centrosolar Inc.
• Shunfeng Photovoltaic 
• Hanergy Solar.

Other key players influencing the global market are

• OCI Company
• Mitsubishi Solar Inc.
• Solar Power Industries
• REC Silicon
• ENN Solar
• Helios Technology
• Neo Solar Power 
• SunEdison.

The Global Gas Turbine Services Market is segmented as follows:

By Application 

• residential 
• commercial
• industrial 

By Solution 

• asset management
• network monitoring
• remote metering 
• SCADA
• meter data management 
• and analytics

By Services 

• demand response
• consulting

Global Solar Power Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Report Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.