Solar Power Generation System Industry

How has solar energy changed the energy industry?

By end-use, the utility end-use segment led the industry in 2011 and accounted for the largest share of more than 66.30%. The declining costs of solar energy systems have made solar energy more competitive in the energy generation industry.

How has solar impacted global power generation?

Regarding global power generation, solar nearly doubled its share over the past 3 years, growing by 1.3 percentage points only last year to a 7% share in the world’s electricity mix. This growth continued to drive renewable penetration and pushed additions of conventional electricity sources to a new low.

Why are governments promoting solar energy?

Governments all across the world have set targets to reduce carbon emissions from countries and are promoting the adoption of solar energy systems for utility and non-utility end-uses. The U.S. is one of the early adopters of solar energy in the world for the purpose of power generation.

What is the global solar power market size?

Our premium consulting services are available for an additional fee is designed to help you gain a competitive edge. The global solar power market size was valued at USD 253.69 billion in 2023 and is projected to be worth USD 273 billion in 2024 and reach USD 436.36 billion by 2032, exhibiting a CAGR of 6% during the forecast period.