What is the global solar power market size?

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. North America dominated the solar power industry with a market share of 41.30% in 2023.

What is solar energy?

Solar energy is the conversion of sunlight into usable energy forms. Solar photovoltaics (PV), solar thermal electricity and solar heating and cooling are well established solar technologies.

What is a solar photovoltaic system?

Solar photovoltaic is a renewable energy technology that utilizes sunlight in order to generate electricity. A photovoltaic system is comprised of one or multiple solar panels, made up of solar photovoltaic cells, and a solar inverter.

Who provides funding for solar energy?

Funding provided by the U.S. Department of Energy Office of Energy Efficiency and Renewable Energy Solar Energy Technologies Office. The views expressed in the article do not necessarily represent the views of the DOE or the U.S. Government.

What is solar power market research report?

The research report offers a qualitative and quantitative in-depth industry analysis of the global market. It further details the adoption of solar power systems across several regions. The report provides a detailed competitive landscape by presenting information on key players and their strategies in the market.

How does solar power work?

Solar power utilizes the sun's energy as either thermal energy (heat) or photovoltaic cells in solar boards and clear photovoltaic glass to create power. The aggregate sum of solar energy incidents on Earth is vastly abundant at present and can foresee energy requirements.