Solar Power Market Size [2022-2029] worth USD 373.84 Billion by 2029 | Exhibiting CAGR of 6.9%

The global solar power market size was valued USD 167.83 billion in 2021 and USD 234.86 billion in 2022 respectively. The global market size is expected to reach USD 373.84 billion by 2029, growing at CAGR of 6.9% during forecast period of 2022 to 2029.

India, Pune, Jan. 16, 2023 (GLOBE NEWSWIRE) -- 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.

Request a Sample Copy of the Research Report:

Report Highlights:

Report CoverageDetails
Forecast Period2021-2029
Forecast Period 2021 to 2029 CAGR6.9%
2029 Value ProjectionUSD 373.84 billion
Base Year2021
Market Size in 2022USD 234.86 billion
Historical Data for2018-2020
No. of Pages240
Segments coveredFuel Type, By End-User, Application and Region
Growth DriversIncrease the Limit of Average Surface Temperature to Drive Market Expansion
Solar Photovoltaic to Dictate Due to Rising Investments in Solar Photovoltaic Projects

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.

COVID-19 Impact:

Impact on Solar Activity During Pandemic to have Negative Market Growth

The COVID-19 pandemic significantly impacted various verticals of the industry. It slowed down economic activities, transport, and trade, bringing energy usage down by 4%. According to the Solar Energy Industries Association, the number of solar permits issued in the week beginning March 30th, 2020, in the U.S. was 32% lower than the first week of February, which indicated the impact on solar activity due to restrictions and decreased business and consumer confidence.  

Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit:


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.

Quick Buy -  Solar Power Market Research Report:

Report Coverage

The report provides a detailed analysis of the top segments and latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and strategies undertaken by the market's key players.

Regional Insights

Asia Pacific to Lead Market Share Due to Increasing Dependency on Renewable Sources

Asia Pacific is expected to govern the solar power market share due to increasing demand from China. The country is one of the major producers and consumers of solar energy. The region reached a valuation of USD 69.94 billion in 2021 due to reduction in the dependency on conventional resources and installing more renewable sources. Solar energy installations have increased owing to rapidly growing energy demand from various sectors.

North America is also set to hold a noteworthy position in the market due to increasing energy demand from various sectors.   

Competitive Landscape

Acquisition Strategies by Key Players to Advance Market Course

Various players of the market have been focusing on the adoption of various renewable sources. The industry is also set to witness the involvement of critical global and regional players and several small & medium-scale system integrators. In April 2022, Trina Solar achieved the milestone of having shipped 100 GW of modules in 25 years. In addition, companies have been entering into acquisition strategies to increase the demand for solar power energy sources. Canadian Solar announced that its subsidiary, Recurrent Energy, LLC, has entered into a purchase and sale agreement with Appalachian Power for the Recurrent Firefly Energy solar project in Pittsylvania County, Virginia.

Have Any Query? Ask Our Experts:

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.)

Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends
    • Key Developments: Mergers, Acquisitions, Partnership, etc.
    • Latest Technological Advancement
    • Regulatory Landscape
    • Porters Five Forces Analysis
  • Qualitative Analysis – Impact of COVID-19
    • Impact of COVID-19 on the Solar Power Market
    • Steps Taken by the Government to Overcome the Impact
    • Key Developments in the Industry in Response to COVID-19
    • Potential Opportunities and Challenges due to COVID-19 Outbreak

Get your Customized Research Report:

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them in addressing various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.


U.S. :+1 424 253 0390

U.K. : +44 2071 939123

APAC : +91 744 740 1245