The global solar power market size projected to grow USD 373.84 billion 2029 from its value USD 234.86 billion in 2022, exhibiting a CAGR of 6.9%. This solar power market growth is attributed to factors such as, technological advancements in solar technology, rising electricity costs, growing adoption in developing countries, increasing demand for renewable energy. This information is presented by Fortune Business Insights inn its recently published report “Global Solar Power Market, 2022-2029”
Increasing concerns to reduce the dependency on fossil fuels and minimize carbon emissions from burning them are expected to propel the market course in a growing direction. The growing adoption of renewable sources for power generation is expected to facilitate market development.
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Drivers and Restraints
Increase the Limit of Average Surface Temperature to Drive Market Expansion
Countries and governments aiming to increase the limit of global surface temperature to below 2° Celsius is anticipated to drive the solar power market growth. Increase in the number of installations of renewable sources of energy has led to achieve the targets for green energy. Brazil has sets its goal to get 42.5% of its primary energy supply from renewable sources by 2023. New energy targets introduced by various governments to encourage a shift toward sustainable energy is expected to propel market size. Growing adoption of renewable sources for power generation is also set to push market growth.
However, high investment costs and the absence of proper infrastructure are projected to obstruct market growth.
Segments
Solar Photovoltaic to Dictate Due to Rising Investments in Solar Photovoltaic Projects
On the basis of technology, the market is divided into solar photovoltaic and concentrated solar power. Solar photovoltaic segment is anticipated to dominate owing to rising investments in solar photovoltaic projects due to rising increasing electricity consumption. Solar PV system has a long lifecycle with low maintenance and no fuel cost.
Utility Segment to Lead the Segment Owing to Increasing Installations
Based on application, the market is divided into residential, non-residential, and utility. The utility segment is expected to have a major share due to increasing installation targets and high operating efficiency of PV panels compared to other counterparts. Solar energy adoption across residential segments is increasing due to increasing energy demand.
List of Key Players Profiled in the Report
Trina Solar (China)
First Solar (U.S.)
Yingli Solar (China)
Tata Power Solar System Ltd (India)
Abengoa (Spain)
Canadian Solar Inc. (Canada)
Waaree Group (India)
General Electric Company (U.S.)
BrightSource Energy, Inc. (U.S.)
SunPower Corporation (U.S.)
Convert Italia (Italy)
Urja Global Limited (India)
eSolar Inc (U.S.)
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