Solar Power Market Share, Size, Trends, and Forecast by 2031

Historic Data: 2021-2023   |   Base Year: 2024   |   Forecast Period: 2025-2031

Coverage: Solar Power Market covers analysis By Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP)); Application (Residential, Non-residential, Utility) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Date : Aug 2025
  • Report Code : TIPRE00027617
  • Category : Energy and Power
  • Status : Upcoming
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 150

MARKET INTRODUCTION


Solar power is the conversion of renewable energy from sunlight into electricity, either directly using photovoltaics (PV), indirectly using concentrated solar power, or a combination. Concentrated solar power systems use lenses or mirrors and solar tracking systems to focus a large area of sunlight into a small beam. Photovoltaic cells convert light into an electric current using the photovoltaic effect.


MARKET DYNAMICS


The most important factors that stimulate the growth of solar power market on the whole are unpredictable fossil fuel prices, need for disassociation of dependence on fossil fuel imports from areas of political volatility, environmental concerns over the greenhouse gas emissions associated with fossil fuel use, government incentives, other support programs making solar power more cost competitive, and shift in consumer preference. There is a high demand for solar energy in most of the residential areas due to its low maintenance costs and the reduction in the electricity bills, which is one of the major factors responsible for the growth of this market. Further, the development of various infrastructure projects across the world and the constantly increasing population worldwide has given rise to the use of solar energy on a large scale, which has resulted in this market's growth.


MARKET SCOPE


The ˜Global Solar Power Market Analysis to 2031" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the solar power market with detailed market segmentation by technology, and application. The global solar power market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading solar power market players and offers key trends and opportunities in the market.



MARKET SEGMENTATION


1. By Technology: On the basis of technology, the global solar power market is categorized into Solar Photovoltaic (PV) and Concentrated Solar Power (CSP).
2. By Application: On the basis of application, the solar power market is categorized into residential, non-residential and utility.

REGIONAL FRAMEWORK


The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The solar power market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the solar power market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the solar power market in these regions.
IMPACT OF COVID 19
The COVID-19 impact was mainly witnessed on the supply of solar panels resulting in delays in solar projects. The world was hit hard by the COVID-19 outbreak, which forced the governments to employ either complete or partial lockdown, resulting in disruption of the solar panels manufacturing industry during the first half of 2021. Most projects of 2021 already got the finance clearances in 2021. However, the lockdown affected the construction and the availability of the solar panels resulting in project delays. However, this situation is expected to recover in the coming years.

MARKET PLAYERS


The report covers vital developments in the solar power market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the solar power market are anticipated to have lucrative growth opportunities in the future with the rising demand for solar power in the global market. Below mentioned is the list of a few companies engaged in the solar power market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the solar power market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.

  •   Abengoa
  •   Acciona Energia S.A.
  •   Azure Power
  •   BrightSource Energy, Inc.
  •   Canadian Solar Inc.
  •   eSolar Inc.
  •   Nextera Energy Sources LLC
  •   Tata Power Solar System Ltd
  •   Trina Solar
  •   Yingli Solar


The Insight Partners dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Solar Power Report Scope

Report Attribute Details
Market size in 2024 US$ XX million
Market Size by 2031 US$ XX Million
Global CAGR (2025 - 2031) XX%
Historical Data 2021-2023
Forecast period 2025-2031
Segments Covered By Technology
  • Solar Photovoltaic
  • Concentrated Solar Power
By Application
  • Residential
  • Non-residential
  • Utility
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Abengoa
  • Acciona Energia S.A.
  • Azure Power
  • BrightSource Energy, Inc.
  • Canadian Solar Inc.
  • eSolar Inc.
  • Nextera Energy Sources LLC
  • Tata Power Solar System Ltd
  • Trina Solar
  • Nivedita Upadhyay
    Nivedita Upadhyay
    Manager,
    Market Research & Consulting

    Nivedita is an accomplished research professional with over 9 years of experience in Market Research and Business Consulting. Currently serving as a Project Manager in the ICT domain at The Insight Partners, she brings deep expertise in managing and executing Syndicated, Custom, Subscription-based, and Consulting research assignments across diverse technology sectors.

    With a proven track record of delivering data-driven analysis and actionable insights, Nivedita has been a key contributor to several critical projects. Her work involves end-to-end project execution—right from understanding client objectives, analyzing market trends, to deriving strategic recommendations. She has collaborated extensively with leading ICT companies, helping them identify market opportunities and navigate industry shifts.

    Nivedita holds an MBA in Management from IMS, Dehradun. Prior to joining The Insight Partners, she gained valuable experience at MarketsandMarkets and Future Market Insights in Pune, where she held various research roles and built a strong foundation in industry analysis and client engagement.

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

    Testimonials

    user

    I wish to appreciate your support and the professionalism you displayed in the course of attending to my request for information regarding to infectious disease IVD market in Nigeria. I appreciate your patience, your guidance, and the fact that you were willing to offer a discount, which eventually made it possible for us to close a deal. I look forward to engaging The Insight Partners in the future, all thanks to the impression you have created in me as a result of this first encounter.

    DR CHIJIOKE ONYIA, MANAGING DIRECTOR, PineCrest Healthcare Ltd.
    user

    The Insight Partners delivered insightful, well-structured market research with strong domain expertise. Their team was professional and responsive throughout. The user-friendly website made accessing industry reports seamless. We highly recommend them for reliable, high-quality research services

    Yukihiko Adachi CEO, Deep Blue, LLC.

    Reason to Buy

    • Informed Decision-Making
    • Understanding Market Dynamics
    • Competitive Analysis
    • Customer Insights
    • Market Forecasts
    • Risk Mitigation
    • Strategic Planning
    • Investment Justification
    • Identifying Emerging Markets
    • Enhancing Marketing Strategies
    • Boosting Operational Efficiency
    • Tracking Industry Innovations
    • Aligning with Regulatory Trends
    Your Key Concerns Addressed - Question & Answer
    Can I view a sample of the report before purchasing?

    Yes! We provide a free sample of the report, which includes Report Scope (Table of Contents), report structure, and selected insights to help you assess the value of the full report. Please click on the "Download Sample" button or contact us to receive your copy.

    Is analyst support included with the purchase?

    Absolutely — analyst assistance is part of the package. You can connect with our analyst post-purchase to clarify report insights, methodology or discuss how the findings apply to your business needs.

    What are the next steps once I place an order?

    Once your order is successfully placed, you will receive a confirmation email along with your invoice.

    • For published reports: You’ll receive access to the report within 4–6 working hours via a secured email sent to your email.
    • For upcoming reports: Your order will be recorded as a pre-booking. Our team will share the estimated release date and keep you informed of any updates. As soon as the report is published, it will be delivered to your registered email.

    Can the report be tailored to suit my specific needs?

    We offer customization options to align the report with your specific objectives. Whether you need deeper insights into a particular region, industry segment, competitor analysis, or data cut, our research team can tailor the report accordingly. Please share your requirements with us, and we’ll be happy to provide a customized proposal or scope.

    In what format is the report delivered?

    The report is available in either PDF format or as an Excel dataset, depending on the license you choose.

    The PDF version provides the full analysis and visuals in a ready-to-read format. The Excel dataset includes all underlying data tables for easy manipulation and further analysis.
    Please review the license options at checkout or contact us to confirm which formats are included with your purchase.

    How secure is the payment process on your platform?

    Our payment process is fully secure and PCI-DSS compliant.

    We use trusted and encrypted payment gateways to ensure that all transactions are protected with industry-standard SSL encryption. Your payment details are never stored on our servers and are handled securely by certified third-party processors.
    You can make your purchase with confidence, knowing your personal and financial information is safe with us.

    Do you provide special pricing for buying multiple reports?

    Yes, we do offer special pricing for bulk purchases.
    If you're interested in purchasing multiple reports, we’re happy to provide a customized bundle offer or volume-based discount tailored to your needs. Please contact our sales team with the list of reports you’re considering, and we’ll share a personalized quote.

    Can I connect with your team to discuss the report before buying?

    Yes, absolutely.
    Our team is available to help you make an informed decision. Whether you have questions about the report’s scope, methodology, customization options, or which license suits you best, we’re here to assist. Please reach out to us at sales@theinsightpartners.com, and one of our representatives will get in touch promptly.

    Will I get a billing invoice upon purchase?

    Yes, a billing invoice will be automatically generated and sent to your registered email upon successful completion of your purchase.
    If you need the invoice in a specific format or require additional details (such as company name, GST, or VAT information), feel free to contact us, and we’ll be happy to assist.

    Is there support available if I can’t access my report?

    Yes, certainly.
    If you encounter any difficulties accessing or receiving your report, our support team is ready to assist you. Simply reach out to us via email or live chat with your order information, and we’ll ensure the issue is resolved quickly so you can access your report without interruption.

    Our Clients
    The List of Companies

    1.Abengoa
    2.Acciona Energia S.A.
    3.Azure Power
    4.BrightSource Energy, Inc.
    5.Canadian Solar Inc.
    6.eSolar Inc.
    7.Nextera Energy Sources LLC
    8.Tata Power Solar System Ltd
    9.Trina Solar
    10.Yingli Solar
    Sales Assistance
    US: +1-646-491-9876
    UK: +44-20-8125-4005
    Email: sales@theinsightpartners.com
    Chat with us
    DUNS Logo
    87-673-9708
    ISO Certified Logo
    ISO 9001:2015
    ISO Certified Logo