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Solar Power Market to Showcase 6.9% CAGR till 2028; Advancements in Photovoltaic Technologies to Spawn Promising Opportunities in the Market

April 29, 2021 | Energy & Power

The global solar power market size is projected to reach USD 293.18 billion by 2028 owing to supportive government policies incentivizing the adoption of solar energy systems, observes Fortune Business Insights™ in its report, titled “Solar Power Market Size, Share and COVID-19 Impact Analysis, By Technology (Solar Photovoltaic {Mono-Si, Thin Film, Multi-Si, and Others}, and Concentrated Solar Power {Parabolic Trough, Power Tower, and Linear Fresnel}), By Application (Residential, Non-Residential and Utility) and Regional Forecast, 2021-2028”. As per the report, the value of the market was estimated to be USD 170.55 billion in 2020, and the market is expected to register a CAGR of 6.9% from 2021 to 2028.

The COVID-19 pandemic has hindered the solar power market growth, with the market value reaching USD 184.03 billion in 2021. This is mainly due to the unprecedented supply chain disruptions caused by trade restrictions and lockdown measures, especially to and from China, which is currently the world’s leading supplier of solar equipment and components. Further, large-scale solar projects, such as the floating solar PV plant project in Seychelles, have gotten delayed as a consequence of the upheavals triggered by the coronavirus pandemic.

Canadian Solar Sells Flagship Solar Projects to BluEarth

In January 2021, Canadian Solar announced the sale of its ownership interest in the Hays and Jenner solar power projects in Alberta to BluEarth Renewables, which will also now manage the projects. Sized at 31 MW each, the two projects are collectively owned by Conklin Métis Local 193, an indigenous community in southeast Alberta, and will start commercial operations in 2021. Moreover, the projects will utilize Canadian’s single-axis trackers and bifacial modules, in a bid to speed up their commercialization in Canada. BluEarth also owns Canadian Solar’s Suffield Solar Project, which also deploys Canadian’s trackers and modules. With this purchase, BluEarth will gain a firmer foothold in the solar-rich province of Alberta and bolster its position in Canada’s burgeoning solar market.

To get a detailed report summary and research scope of this market, click here:


Growing Solar Power Capacity Worldwide to Accelerate Market Expansion

Solar capacity additions have gained considerable momentum over the past few years, as countries are speeding up their transition to renewable energy resources, with solar being at the forefront. According to the International Energy Agency (IEA), solar energy was set to overtake wind by the end of 2020, with solar PV capacity additions poised to touch 107 GW compared to 65 GW of wind. Data released by the International Renewable Energy Agency (IRENA) in March 2020 showed that solar capacity stood at 586 GW at the end of 2019, increasing by 20% from 2018 levels. The largest capacity addition, according to the IRENA, in solar was seen in Asia, led by China and India. These additions are a result of sustained investments in renewables over the past decade or so. For instance, between 2013 and 2018, the IRENA data show solar PV attracted 46% of global investments in renewables. These investments are set to intensify in the coming years as countries worldwide attempt to mitigate the adverse effects of global warming and climate change by switching to renewables.

Dominant Players to Concentrate on Investing in Tropical Countries

Receiving sunlight almost throughout the year and bearing the worst effects of climate change, tropical countries are taking urgent steps to enhance the adoption of this type of power. With governments in these countries providing strong policy and financial support to solar technologies, a vast array of profitable opportunities are being created in these countries. The key players in this market are intent on tapping these and expanding their presence in these rapidly evolving solar markets.

Industry Development:

  • September 2020: Singapore LNG Corporation and Total Solar entered into an agreement to implement a solar power system at the Singapore LNG Terminal in Jurong Island. The agreement will require Total to finance, build, and operate 600 MW rooftop solar systems that will be deployed on various buildings of the terminal.

List of Key Players Profiled in this Market Report:

  • Azure Power (India)

  • Wuxi Suntech Power Co. Ltd. (China)

  • Acciona Energia S.A.(Spain)

  • eSolar Inc. (U.S.)

  • Trina Solar (China)

  • Tata Power Solar Systems Ltd. (India)

  • Abengoa (Spain)

  • Waaree Group (India)

  • Vivaan Solar (India)

  • Nextera Energy Sources LLC (U.S.)

  • Urja Global Limited (India)

  • SunPower Corporation (U.S.)

  • Yingli Solar (China)

  • First Solar (U.S.)

  • BrightSource Energy, Inc. (U.S.)

  • Canadian Solar Inc. (Canada)

Further Report Findings

  • The utility segment is anticipated to lead the market during the forecast period on account of the initiation of a large number of utility-scale solar projects worldwide. The segment held a share of 34.8% in 2020.

  • Asia Pacific is expected to dominate the solar power market share in the forthcoming period owing to the increasing investments in solar energy by China and India. In 2020, the Asia Pacific market size stood at USD 80.06 billion.

Table of Segmentation



Study Period


Base Year


Forecast Period


Historical Period



   Value (USD Billion) & Volume (MW)


By Technology, Application, and Region

By Technology

  • Solar Photovoltaic

    • Mono-Si

    • Thin Film

    • Multi-Si

    • Others

  • Concentrated Solar Power

    • Parabolic Trough

    • Power Tower

    • Linear Fresnel

By Application

  • Residential

  • Non-Residential

  • Utility

By Region

  • North America

    • By Technology

    • By Application

    • By Country

      • The US

      • Canada

  • Europe

    • By Technology

    • By Application

    • By Country

      • Germany

      • The UK

      • France

      • Spain

      • Netherland

      • Rest of Europe

  • Asia Pacific

    • By Technology

    • By Application

    • By Country

      • China

      • India

      • Japan

      • Australia

      • South Korea

      • Rest of Asia Pacific

  • Latin America

    • By Technology

    • By Application

    • By Country

      • Brazil

      • Mexico

      • Rest of Latin America

  • The Middle East & Africa

    • By Technology

    • By Application

    • By Country

      • South Africa

      • UAE

      • Israel

      • Egypt

      • Rest of the Middle East & Africa

Solar Power Market
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