The global solar power market size is projected to show robust growth by reaching $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 $167,83-billion and reached $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.

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% to 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 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.


Integration of new technologies

One of the latest trends in the market is the integration of new technologies. Artificial intelligence (AI) offers a better prediction capability, which offers better forecasting and asset management.

In February 2021, the US Department of Energy (DOE) announced a project that involves the utilisation of 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.


Additional findings

  • The market in Asia Pacific stood at $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.