Global Solar Power Market Size & Share to Surpass $256.2 Billion by 2028 | Vantage Market Research
Vantage Market Research
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WASHINGTON, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Global Solar Power Market is valued at USD 175.6 Billion in 2021 and is projected to reach a value of USD 256.2 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.5% over the forecast period 2022-2028.
Market Overview
The key factors anticipated to accelerate the Solar Power Market growth over the forecast period are stated ahead. The unpredictability of fossil fuel prices, the need to reduce reliance on fossil fuel imports from unstable political regions, environmental concerns about the greenhouse gas emissions caused by fossil fuel use, government incentives, and other support programs that make Solar Power Market more cost-competitive, and changes in consumer preference are the significant factors driving the growth of the Solar Power Market as a whole.
We forecast that the residential category in Solar Power Market sales will account for more than 37% of total sales by 2028. The industrial sector's rapid growth and the availability of affordable renewable energy have created enormous growth potential for the use of Solar Power Market in the industrial sector.
Increased Solar Industry Investments by Nations Pursuing Green Energy Goals
To keep the average increase in the earth's surface temperature to around 2° Celsius, a worldwide energy shift is urgently required. As a result, the market will grow as the installation of renewable energy sources rises dramatically over the coming years. Since carbon dioxide emissions related to energy account for two-thirds of all greenhouse gases, switching from fossil fuels to low-carbon alternatives will be crucial. The size of the market has benefited by introducing new energy targets by various governments to promote a switch to sustainable energy. By the end of 2023, Brazil wants to derive 42.5% of its main energy from renewable sources.
Growing Use of Renewable Energy Sources Will Boost the Market
Considered the best feasible replacement for traditional power sources like coal and oil, renewable energy sources assist in minimizing carbon emissions and serve as an affordable supply of daily power. Over 29% of the electricity produced worldwide comes from renewable sources. It is anticipated to increase significantly and expand the market in the upcoming years. Energy production and consumption in developing nations are directly impacted by population growth. With the increased need to reduce carbon emissions, power generation from renewable sources is the best viable replacement for conventional power sources. For instance, the price of coal and oil goods is rising steadily. Another option for expanding the Solar Power Market sector is building new grids and mass storage systems by utilities to use the energy produced from renewable sources.
One trend that Vantage Market Research (VMR) expects to see in the Solar Power Market industry is expanding environmental worries. According to estimates, the demand for solar energy will increase due to the emission of dangerous greenhouse gases that cause air pollution and the fact that it is a renewable and clean energy source.
Another trend that VMR predicts will continue in the Solar Power Market industry is a growing development in technology. Solar Power Market technology breakthroughs have led to various solar-powered products, including solar-powered water purifiers, solar air conditioners, solar-powered trees, solar outlets, and others. These are expected to create enormous growth potential in the coming years.
Top Report Findings
Based on Technology, most of the Solar Power Market's revenue is controlled by the photovoltaic systems category. Due to the huge market demand for solar systems, the size of photovoltaic systems can range widely, from a small rooftop or portable systems to massive utility-scale production plants.
Based on Solar Module, most of the Solar Power Market's revenue is controlled by the polycrystalline category. One photovoltaic cell in a polycrystalline solar cell has several silicon crystals, making them more environmentally friendly than monocrystalline solar cells because no waste is created during production.
Based on the Applications, most of the Solar Power Market's revenue is controlled by the industrial category. The industrial sector's rapid growth and the availability of affordable renewable energy have created enormous growth potential for using Solar Power Market in the industrial sector.
Based on End Uses, most of the Solar Power Market's revenue is controlled by the electricity generation category because of the developing economies' rising demand for electricity and increased urbanization. The government's increasing efforts to promote renewable energy sources and lessen reliance on coal-generated energy are expected to fuel the market's expansion. These efforts are intended to reduce emissions and improve air quality.
Recent Developments in the Global Solar Power Market
The International Renewable Energy Agency (IRENA) has stated that renewable energy must provide at least 30% of global electricity by 2030. To meet this goal, solar PV will need to grow to almost 200 gigawatts installed by 2030.
Photovoltaic Systems Category in Solar Power Market to Generate Over 59% Revenue
Solar Power Market are an expensive investment. Vantage Market Research has analyzed the market for Solar Power Market to understand its current state and potential future growth factors. For better understanding, based on the technology, the Solar Power Market is divided into photovoltaic systems and concentrated Solar Power Market systems.
During the forecast period, the market for Solar Power Market is anticipated to experience the highest CAGR for the photovoltaic systems category. A sustainable approach that aids in utilizing renewable energy is employing photovoltaic cells in the building of solar panels for a residential installation or for the installation of solar streetlights. Both economic viability and environmental sustainability are provided by solar photovoltaic cells.
On the other hand, the concentrated Solar Power Market systems category is anticipated to grow significantly over the forecast period. This is mostly attributable to the large-scale Solar Power Market producing industry's utilization of concentrated solar electricity. The functioning of concentrated Solar Power Market is free of carbon pollution. It can store energy outside of daylight hours and has excellent efficiency and low operating costs.
Asia Pacific Region in Solar Power Market to Generate More 53% Revenue
Asia Pacific dominates the market for Solar Power Market, and this trend of dominance will continue throughout the projection period. One of the key factors driving the growth of the Solar Power Market in the Asia Pacific is the growing urbanization, rising disposable income, busy lifestyle, rising internet penetration, and rising smartphone adoption. Additionally, the industry is being supported by a sizable youth population and an increased desire for sustainable development and renewable energy.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Solar Power Market Forecast Report (2022-2028).
Abengoa SE, Acciona SA, Canadian Solar Inc., Esolar Inc., United Renewable Energy Co. Ltd., Sunpower Corporation, Kaneka Corporation, Tata Power Solar Systems Ltd., Wuxi Suntech Power Co. Ltd., Brightsource Energy Inc.
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