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Solar Power Market to Surge Exponentially Due to Reduction in Dependency on Fossil Fuels

January 12, 2023 | Energy & Power

The global solar power market size is projected to show robust growth by reaching USD 373.84 billion by 2029. Fortune Business Insights™ in its report titled “Solar Power Market Size, Share & COVID-19 Impact Analysis, By Technology {Solar Photovoltaic (PV) (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, 2022-2029” observes that the market size in 2021 stood at USD 167.83 billion and reached USD 234.86 billion in 2022. The market is expected to witness a strong CAGR of 6.9% during 2022-2029. Growing concerns regarding the reduction of the dependency on fossil fuels and reducing the carbon emissions from burning are projected to drive market growth. Growing adoption of renewable sources for power generation is expected to expand market development.

 Decline in Various Activities Led to a Negative Market Growth

The COVID-19 pandemic significantly impacted various sectors. It slowed down the economic activities, transport, and trade bringing energy usage down by 4%. About 70 % of the world’s solar panel is manufactured in China, and around 10-15% of the reserve is accommodated by Chinese companies working in Southeast Asia. In February, solar PV manufacturing facilities in China paused or declined production due to lockdowns in several areas.  

Growing Adoption of Renewable Sources of Energy to Propel Market Improvement

Growing adoption of renewable sources of energy for the generation of power is anticipated to drive the solar power market growth. Renewable sources of energy help in the reduction of carbon emissions. They act as an economical source of everyday power and are being looked upon as the best possible replacement for conventional power sources such as coal and oil products. The growing population in developing countries impacts energy consumption and generation. The construction of new grids and mass storage systems by utilities that make use of the captured energy from such sources of energy is set to propel market development.

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Integration of New Technologies to Expand Demand for the Product

One of the latest trends in the market is the integration of new technologies. Artificial intelligence offers a better prediction capability, which offers better forecasting and asset management. In February 2021, the U.S. DOE announced a project that involves the utilization of Artificial Intelligence (AI) diagnostic ability to increase performance in solar power systems. Along with technological innovations, new methods in PV and Concentrated Solar Power (CSP) methods by prominent players are set to push market growth.

Establishment of New Organizations by Key Market Players to Drive Market Share

Key players in the market have opted for expansion by establishing new organizations. In December 2021, Sunpower Corporation announced SunPower Financial, a financial services establishment that is designed to make renewable energy affordable for more American homeowners. In addition, SunPower Financial will also expand access to different types of people by supporting a new line of financial products featuring expanded eligibility as well as 0% interest in Annual Percentage Rate (APR) product for qualified customers.

Notable Industry Development

  • March 2022: Canadian Solar announced it had signed two 10-year Power Purchase Agreements (PPA) with Axpo Italia to buy 70% of the energy produced by two solar power plants under development, totaling up to 84 GWp.

List of Key Companies 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.)

Further Report Findings

  • The market in Asia Pacific stood at USD 69.94 billion in 2021 due to growing demand from China. The country is one of the major manufacturers and consumers of solar energy due to which it is expected to hold the largest part in the solar power market share.

  • High dependency on traditional resources and installations of more renewable sources and solar energy installations have increased owing to rapidly growing energy demand from various sectors.

  • North America is also set to have noteworthy growth due to increasing energy demand from various sectors.  

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion) and Volume (GW)


By Technology, Application, and Region

By Technology

  • Solar Photovoltaic

    • Mono-Si

    • Thin Film

    • Multi-Si

    • Others

  • CSP

    • Parabolic Trough

    • Power Tower

    • Linear Fresnel

By Application

  • Residential

  • Non-Residential

  • Utility

By Geography

  • North America (By Technology, By Application, By Country)

    • U.S.

    • Canada

  • Europe (By Technology, By Application, By Country)

    • U.K.

    • Germany

    • Spain

    • Netherlands

    • France

    • Italy

    • Poland

    • Belgium

    • Ukraine

    • Russia

    • Rest of Europe

  • Asia Pacific (By Technology, By Application, By Country)

    • China

    • Japan

    • India

    • South Korea

    • Taiwan

    • Vietnam

    • Australia

    • Kazakhstan

    • Rest of Asia Pacific

  • Latin America (By Technology, By Application, By Country)

    • Brazil

    • Mexico

    • Chile

    • Argentina

    • Rest of Latin America

  •  Middle East & Africa (By Technology, By Application, By Country)

    • Turkey

    • UAE

    • South Africa

    • Israel

    • Jordan

    • Egypt

    • Rest of Middle East and Africa

Solar Power Market
  • PDF
  • 2023
  • 2019-2022
  • 225


  • 4850

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