Solar Power Market to Reach Valuation of USD 256.2 Billion by 2028 – Growth in Investments in Solar Energy Drives the Market

In terms of revenue, the Global Solar Power Market is expected to reach USD 256.2 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 6.40% from 2022 to 2028.

Various businesses are building renewable energy facilities as a result of environmental laws. Several nations likewise concentrate on environmentally friendly power generation options to lower carbon pollution. One of the affordable options for sustainable energy is Solar Power. As a result, many nations are making significant investments in solar energy. New solar projects of more than 67 GW were installed in Asia Pacific in 2019. As a result, the amazing annual solar capacity installation promotes the expansion of the global market.

Market-boosting government initiatives and supportive policies are crucial for installing renewable energy. Policies like the Federal Investment Tax Credit (FiT), Investment Tax Credits (ITC), and Capital Subsidies are important policies promoting solar installation in many nations, including the U.S., China, and EU nations. For instance, the National Development and Reform Commission of China (NDRC) announced solar FIT payments for large-scale projects in May 2019. In addition, commercial and industrial solar PV installations with excess energy delivered back into the grid initially built for individual use are subject to a FiT of RMB 0.10/kWh.

Key Highlights from Report

• Based on Technology, the Photovoltaic Systems segment dominates the Solar Power market with the maximum market share and will continue its dominance in the forecast period. More than half of the installed capacity of photovoltaic systems in 2021 came from rooftop solar systems.
• Among Applications, the residential segment accounted for the highest CAGR in the forecast period. This results from rooftop solar system installation capacity growing in residential applications.
• Geographically, Asia Pacific is anticipated to experience the highest growth in Solar Power installations due to rising renewable energy investments across several of the region's countries.

Market Dynamics

Solar energy is the radiant energy that the sun emits and may be harnessed by various technologies, including photovoltaic cells, solar heating, and more. It is a viable renewable energy source that effectively combats rising greenhouse emissions and global warming. Environmental degradation, increased government incentives, and duty rebates for solar panel installation are the main factors driving the market growth for solar energy. Additionally, the reduced water footprint of solar energy systems has increased demand in the electricity-producing sectors. Increased rooftop installations have significantly increased the need for solar cells, which has, in turn, led to increased activity in the architectural industry.

Similarly, it is projected that the demand for Solar Power halls and parabolic troughs in creating energy will drive the market need for concentrated Solar Power systems. The growing price of fossil fuels is one of the significant aspects driving the expansion of the global Solar Power market—the rising environmental worries over carbon emissions and greenhouse gases. Also, it is projected that the worldwide market for solar energy will rise within the anticipated time frame due to growing government activities and encouraging laws to lessen the adverse effects of hazardous gas emissions.

Growing government incentives and tax breaks to install solar panels, as well as rising environmental pollutants, are driving the expansion of the solar energy business. Additionally, solar energy systems' reduced water footprint has increased demand for them in the power generation industries. The need for solar cells has risen dramatically due to an increase in rooftop installations, followed by the rise in applications in the architectural industry. Additionally, it is projected that the need for Solar Power towers and parabolic troughs in electricity production will fuel the demand for concentrated Solar Power systems.

However, massive amounts of land are needed for large solar projects, such as large industrial or utility-scale installations. Additionally, any considerations like the availability of solar radiation limit the choice of land. Due to poor accessibility and unstable soil, solar projects cannot be erected on agricultural or forest property. Distance from the power grid and equipment transportation are other considerations influencing where to build.

More than half of the world's population resides in Asia Pacific, creating a sizable consumer base. China, Japan, and India are the top three nations that use solar energy the most. Some of the essential macroeconomic drivers driving the growth of the Solar Power market in Asia Pacific are growing urbanization, rising disposable income, busy and hectic lifestyles, rising internet penetration, and rising smartphone adoption. Additionally, the industry is supported by a sizable youth population and an increased desire for sustainable development and renewable energy. Due to the region's robust economic expansion, nations like China and India offer market players great growth opportunities.

The Global Solar Power Market is Segmented as follows

• Technology
  • Photovoltaic Systems
  • Concentrated Solar Power Systems
• Solar Module
  • Monocrystalline
  • Polycrystalline
  • Cadmium Telluride
  • Amorphous Silicon Cells
  • Other Solar Modules
• Applications
  • Residential
  • Commercial
  • Industrial
• End Uses
  • Electricity Generation
  • Lighting
  • Heating
  • Charging
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Solar Power Market is

Abengoa SE (Spain), Acciona SA (Spain), Canadian Solar Inc. (Canada), Esolar Inc. (US), United Renewable Energy Co. Ltd. (Taiwan), Sunpower Corporation (US), Kaneka Corporation (Japan), Tata Power Solar Systems Ltd. (India), Wuxi Suntech Power Co. Ltd. (China), Brightsource Energy Inc. (US)

The Global Solar Power Market Scope can be Tabulated as below