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Solar Power Market Size Worth USD 293.18 Billion, Globally, by 2028 at 6.9% CAGR

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Pune, India, Sept. 06, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the global solar power market size is projected to hit USD 293.18 billion by 2028 and exhibit a CAGR of 6.9% during the forecast period. The market size stood at USD 170.55 billion in 2018 and USD 184.03 billion in 2021 respectively. Artificial intelligence (AI) has proliferated across a wide range of industries and is transforming the solar industry as well. Governments and private companies are increasingly utilizing the power of AI to optimize the operations of solar power plants and augment solar projects. For example, the US Department of Energy (DOE) has deployed IBM’s AI software for its SunShot Initiative. The software combines cloud information, sensor networks, and local weather stations derived from sky cameras and satellite imageries.

Industry Developments:

September 2020: Abengoa announced the completion of first of the three solar fields the company is building in the Mohammed bin Rashid Al Maktoum Solar Park, the world’s largest solar complex based in Dubai. The company is providing technology, engineering, and construction services of three parabolic trough plants of 200 MW each.

August 2020: Canadian Solar announced the start of the construction of one of the biggest commercial & industrial rooftop solar projects in Malaysia in partnership with Antah Solar and Eleaps. The project will have a capacity of 5 MW and cover and area of 26,000sq.m.

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List of Solar Power Key Players Covered in the Market Report:

  • 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)
  • 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)

Report Scope and Segmentation :

Report Coverage Details
Forecast Period 2021-2028
Forecast Period 2021 to 2028 CAGR 6.9%
2028 Value Projection USD 293.18 billion
Base Year 2020
Market Size in 2021 USD 184.03 billion
Historical Data for 2017-2019
No. of Pages 240
Segments covered By Technology, By Application and Regional Forecast
Growth Drivers Increasing Research into Solar Power Storage to Boost the Market
Skyrocketing Demand for Electricity to Power the Market in Asia Pacific

Market Driving Factors

Increasing Research into Solar Power Storage to Boost the Market

Solar energy is at the forefront of renewable energy sources, owing to its abundant availability and high reliability. With their hearts full of hope, scientists are intensely engaged in researching the potential of solar power in providing sustainable energy for the world and curbing the worsening effects of climate change and global warming. For example, in March 2021, researchers at Duke University, USA discovered how the molecular structure of halide perovskites can help deliver the more favorable properties for wider solar energy applications.

Another study conducted by scientists at the Linköping University in March 2021 found that the efficiency of solar cells can be improved from the current 33% to 40% by tapping a phenomenon known as singlet fission. The team also solved the problem of energy being lost during this process, a finding that can significantly augment the potential of solar cell technology. These researches are playing an instrumental role in deepening the presence of solar in energy generation and storage.

COVID-19 Impact on Solar Energy Industry

The economic fallout of the COVID-19 pandemic is being experienced by multiple industries and with major economies undergoing unprecedented contraction businesses are going to take a long time to return to pre-pandemic growth levels. The solar power market growth is experiencing considerable setbacks as well due to supply chain disruptions and delayed projects, driven by social distancing measures and staggered lockdowns. As a result, the market displayed a low growth rate in 2020 and reached a value of USD 184.03 billion in 2021.

Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/solar-power-market-100764

Market Segmentation

Based on technology, this market has been divided into solar photovoltaic (PV) and concentrated solar power (CSP). On the basis of application, the market has been trifurcated into residential, non-residential, and utility. Among these, the utility segment led the market with a share of 34.8% in 2020. By geography, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Highlights of the Report

The report offers a critical examination of each individual market segment, along with a piecemeal analysis of the factors driving and restraining the market growth. Further, the report also incorporates accurate projections of upcoming trends and opportunities in the market and delivers detailed research into the regional developments and competitive environment of the market.

Regional Insights

Skyrocketing Demand for Electricity to Power the Market in Asia Pacific

Asia Pacific, with market size of USD 80.06 billion in 2020, is expected to dominate the solar power market share during the forecast period on the back of escalating demand for electricity in the region. The principal reason for this is the rapid economic development, mainly in India and China, which is creating a huge demand for energy in these countries. Moreover, ambitious clean energy targets by countries in this region are also set to produce enormously profitable opportunities for the market in the upcoming years.

Competitive Landscape

Expansion in Fledgling Markets to be the Top Growth Strategy for Key Players

Key players in the solar power space are embracing opportunities to expand their businesses in burgeoning markets, especially in tropical countries, where sunlight is received for long periods of time. This growth strategy is enabling companies to broaden their sales horizons, diversify distribution networks, and ultimately strengthen their global market presence.

Industry Development:

October 2020: Total Solar announced that it has successfully installed a 3 MW rooftop solar system for Danone-AQUA, the Indonesian drinking water company. The solar unit is the largest of its kind in the Central Java province and is forecasted to save 3,340 tons of carbon dioxide emissions annually.

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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 – For Major Countries
    • 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
  • Global Solar Power Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Technology
      • Solar PV
        • Mono-Si
        • Thin Film
        • Multi-Si
        • Others
      • Concentrated Solar Power
        • Parabolic Trough
        • Power Tower
        • Linear Fresnel
    • Market Analysis, Insights and Forecast – By Application
      • Residential
      • Non-residential
      • Utility
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa
  • North America Solar Power Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028

Continued…

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Frequently Asked Questions:

1. Who has the best Solar Power?

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), 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)

2. How big is the Solar Power Market?

Market will exhibit a stagnant growth of 4.18% in 2020 as compared to the average year-on-year growth during 2017-2019

3. Which region held the highest share in the market?

Asia Pacific dominated the market share in 2020.

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245

Email: [email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

IG Canada Announces Enhanced Trading Platform for Enhanced User Experience

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Meta description : Explore IG Canada’s advanced trading platform, educational resources, and robust security features. Achieve your trading goals with the innovative tools.
NOTTINGHAM, England, April 25, 2024 /PRNewswire/ — IG Canada, a premier online trading platform, is pleased to announce significant enhancements to its trading technology, designed to empower both novice and experienced traders with superior tools and resources. This development is part of IG Canada’s commitment to providing the best trading experience in the Canadian market.

IG Canada has upgraded its platform with advanced features that streamline trading processes and improve the accuracy of trade execution. These enhancements include customizable charts, a wider range of indicators, and improved mobile access, ensuring traders can operate efficiently from anywhere at any time.
Recognizing the importance of education in trading success, IG Canada has expanded its educational resources. The brokerage now offers a comprehensive learning center featuring webinars, tutorials, and articles that cater to various skill levels. These resources are designed to help traders develop robust trading strategies and improve their market knowledge.
Security remains a top priority for IG Canada. The latest updates include enhanced encryption and multi-factor authentication to protect client data and funds. These security measures provide peace of mind for traders, knowing their investments are safeguarded against potential threats.
IG Canada is a leading online brokerage that provides trading services across multiple asset classes, including forex, stocks, commodities, and indices. With a focus on innovation and customer service, IG Canada is committed to helping Canadian traders achieve their investment goals through a transparent and efficient trading environment.
In addition, IG Canada is committed to engaging with the community through upcoming webinars, live events, and partnerships with local financial experts. These initiatives are designed not only to support the growth and education of the clients but also to foster a stronger, more connected trading community in Canada.
Press Contact:Contact Name: Timothy C. SherwinEmail: [email protected] Phone: +447 441425053

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Sentrycs Now Part of the UK National Protective Security Authority Catalog of Security Equipment

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This inclusion into the NPSA CSE marks a significant milestone in the company’s commitment to enhancing national and international airspace security and to leading the C-UAS market toward multi-layer strategy optimization and excellence.
TEL-AVIV, Israel, April 25, 2024 /PRNewswire/ — Sentrycs, a leading innovator in adaptive counter-drone solutions, is proud to announce its inclusion in the prestigious UK National Protective Security Authority Catalogue of Security Equipment (NPSA CSE).
 
Following a rigorous assessment process, Sentrycs’ cutting-edge Counter Unmanned Aerial Systems (C-UAS) solution has met the high standards set by the NPSA for Detection, Tracking, and Identification (DTI). The testing, conducted at the NPSA’s designated testing facilities in August 2023, rigorously evaluated the Sentrycs system against the NPSA’s DTI Testing and Evaluation Standard v3.1.
Sentrycs elected to be assessed under Configuration D as a 3D system with Ground Control Station (GCS) detection capability and platform identification capability, which is the most demanding test scenario with the highest number of scored parameters.
The Sentrycs system demonstrated exceptional capabilities in various security scenarios, showcasing its robustness in detecting and tracking with high accuracy and zero false alarms. The system’s innovative use of cyber techniques to extract data from targets and its streamlined human-machine interface were especially noted for their efficiency and ease of use.
“Our team is proud to have Sentrycs recognized by the UK National Protective Security Authority,” said Yoav Zaltzman, CEO of Sentrycs. “Being listed in the CSE is not just an honor; it’s a testament to our technology’s reliability and effectiveness in contributing to the ever-changing airspace security landscape.”
Sentrycs’ technology is now accessible through the NPSA CSE, providing security practitioners with verified solutions that meet the UK’s rigorous security standards. This inclusion not only underscores Sentrycs’ role in advancing security technology but also enhances its visibility and credibility on a global stage.
For more details on Sentrycs’ solutions and their impact, visit www.sentrycs.com.
For further information regarding the NPSA and the Catalog of Security Equipment, please visit the NPSA’s official website.
About Sentrycs
Sentrycs is a leader in adaptive counter-drone solutions, supported by innovative technology designed to passively identify, mitigate, and where necessary, intercept unauthorized drones custom-built for various environments – including airports, borders, prisons, critical infrastructure, and mass events. Founded in 2017, Sentrycs’ has offices in Israel and the US, serving customers worldwide. By uniting its field-proven technology and expertise in global drone environments, Sentrycs is leading the way towards a safer and more secure drone-driven future. Learn more at www.sentrycs.com
Video – https://www.youtube.com/watch?v=YBuhpTq5QuM

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Homestyler to Recruit First Batch of Global Partners in 20 Countries

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MILAN, April 25, 2024 /PRNewswire/ — Homestyler, a leading all-in-one 3D Design platform and creative community for global designers invested by Easyhome New Retail Group and Alibaba Group, successfully hosted the Homestyler Global Partners Conference and Gorgeous Home Imported Brand Investment Promotion Conference from April 18 to 19 on the sidelines of the 2024 Salone del Mobile Milano, the world’s leading furniture fair.

Easyhome is at the forefront, driving the transformation of the home furnishing industry into a full-service platform. It has developed a tailored solution for global brands called Gorgeous Home, which includes supportive policies and has established local distribution and service networks in international markets. During the conference, Homestyler unveiled a suite of digital products enhanced by 3D and AI technologies, including cloud-based design tools, virtual livestreaming that can alter and restore furnishing scenes to true-to-life scale, a 3D Floor Planner, a 3D Virtual Studio, and a 3D Interactive Panorama, among others. The event also marked the signing ceremony with the first group of global partners.
The Global Partners Program is a key milestone of Homestyler’s roadmap towards global commercialization. It has established close partnerships with around 1,000 global home furnishing companies and design institutions to provide solutions for digital transformation. The first global partners from more than 20 countries and regions will collaborate to explore content creation and marketing potential to deliver effective growth.
In addition, Homestyler shared the unique advantages of its software and cloud designing tools, particularly in cloud rendering, free modeling capabilities, 3D model and material libraries, one-stop workflow, and user-friendliness.
“The core technologies and products of Homestyler extend through all links both online and offline and deeply converge physical experience with digital technologies, such as attracting customers, content design and creation, interactive scene, check-out tracking and more, and we continue to optimize and enhance the 3D scenario shopping experience to empower the transformation and upgrading of the global home furnishing industry,” said Ma Xingjian, head of Homestyler’s overseas business.
Looking ahead, Easyhome and Homestyler aims to establish an international service, regional distribution and dealership system, serving as a bridge between global designers and home furnishing companies worldwide to enable designers residing in different countries and regions to highlight their 3D design solutions and boost shopping experience for the consumers.
As a creative hub for global designers, Homestyler continually expands its model library with home furnishing products from around the world and provides the latest in 3D and AI technologies to help companies promote their products across various channels. Companies such as P Life Concept London, Lahoma Ltd., and Tecnobit S.r.l. are leveraging Homestyler products to enhance the online shopping experience and increase efficiency on their websites. Homestyler plans to introduce more B2B digital products and services, including advanced 3D tools for designing, modeling, rendering, virtual studio shooting, and livestreaming. “Homestyler will further advance our international development: we are planning to establish industry-academy cooperation with Italy’s top design institution, the Polytechnic University of Milan, and the relationship with ADI. With the launch of Global Partners Program, Homestyler will continue to invest in supporting policies and boost international influence through various cooperation programs, to achieve the goal of providing better design services for users globally,” said Xu Min, general manager of Homestyler.
For more information, please visit https://www.homestyler.com.
About Homestyler
Homestyler was jointly invested in by Easyhome New Retail Group and Alibaba Group. It is dedicated to provide 3D cloud design tools for designers worldwide and delivering a comprehensive suite of 3D+AI digital solutions to the furniture and home furnishing industry.

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