Solar Power Market: By Technology (Solar Photovoltaic, Concentrated Solar Power), By Application (Residential, Non-Residential, Utility) and Geography  

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Solar Power Market size was valued at USD 179.6 billion in 2022 and is poised to grow at a  CAGR of 20.6% from 2023 to 2029. 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.

Solar Power Market Key Developments:

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.

Solar Power Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

20.6%

Largest Market

North America

Fastest Growing Market

Asia-Pacific
Solar Power Market Drivers

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.

Solar Power Market Segmentation

By Technology
  • Solar Photovoltaic
  • Concentrated Solar Power
By Application
  • Residential
  • Non-Residential
  • Utility
By Geography
  • North America
  • Latin America
  • Europe
  • Asia-Pacific
  • Middle East and Africa

Frequently Asked Questions

The Solar Power Market is projected to expand at a CAGR of 20.6% during the forecast period.

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

Key Features of the Reports

  • The Solar Power Market report provides granular level information about the market size, regional market share, historic market (2018-2022) and forecast (2023-2029)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
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
  • 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

Adjacent Markets