Top Companies in Solar Power Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research

Solar Power Market is projected to reach a value of USD 256.2 Billion by 2028 at a CAGR of 6.5% over the forecast period.

Top Companies in Solar Power Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
solar power market

The Global Solar Power Market is valued at USD 175.6 Billion in 2021 and is projected to reach a value of USD 256.2 Billion by 2028 at a CAGR of 6.5% over the forecast period. Producer competitiveness has significantly expanded with the advancement of photovoltaic-grounded power distribution networks.

The demand for renewable energy and its sources has increased due to the growing desire to reduce our reliance on fossil fuels and the carbon emissions that result from burning them. During the forecast period, this aspect is anticipated to fuel market growth. 

Additionally, because the solar component industry is demand-driven, there are significant pricing differences across locations in Asia-Pacific and Europe. Further, the stress on module makers and decreased profitability of market entry contributed to the price decline of solar panels. Additionally, fluctuating silver prices, a vital component of solar modules, drive demand for solar panel installations and support the expansion of the solar energy sector.

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Due to the growing use of renewable energy sources, businesses that provide services in this area are anticipated to gain a significant market share. Several small- and medium-sized system integrators and essential regional and worldwide players have continued to be active in the business. Well-known players like Abengoa SE (Spain), Acciona SA (Spain), Canadian Solar Inc. (Canada), Esolar Inc. (US), United Renewable Energy Co. Ltd. (Taiwan), Sunpower Corporation (US), Kaneka Corporation (Japan), Tata Power Solar Systems Ltd. (India), Wuxi Suntech Power Co. Ltd. (China), and Brightsource Energy Inc. (US). among others dominate the Global Solar Power market. 

Let’s Take a Look at the Top Market Players that are Captivating the Solar Power Market

  • ABENGOA SE (Spain)

Abengoa is a global business that uses technology to promote sustainable growth in the energy and environmental industries. The company's technology creates biofuels, desalinates seawater, generates solar-powered electricity, and recycles industrial waste.

  • ACCIONA S.A. (Spain)

Acciona S.A. is a worldwide developer and service provider of solutions in reverse osmosis desalination, massive civil infrastructures, and renewable energy. The business has a strategy for sustainable development.

  • Canadian Solar Inc. (Canada)

This Company creates, produces, and sells solar module devices that use solar energy to turn sunlight into power for various applications. Solar modules from the company are available for use in a different home, business, and industrial solar power-producing systems.

  • United Renewable Energy Co. Ltd. (Taiwan)

Based in Taiwan, United Renewable Energy Co., Ltd. conducts research, develops, and produces solar energy technology. The business manufactures solar systems, solar modules, and solar cells. Taiwan is where United Renewable Energy does business.

  • Sunpower Corporation (US)

SunPower Corporation is a comprehensive provider of solar goods and services. High-performance solar electric power technologies are created, produced, and sold by the company. SunPower serves worldwide clients.

  • Kaneka Corporation (Japan)

Kaneka Corporation produces and markets a variety of synthetic resins as well as chemicals for use in foods and medications. The company has production and sales operations in the US, Singapore, Malaysia, and Belgium.

  • Tata Power Solar Systems Ltd. (India)

Tata Power Solar Systems Ltd. is a company that makes and sells solar photovoltaic products. For both urban and rural markets, the company sells solar components. Tata Power Solar Systems serve customers in India.

  • Wuxi Suntech Power Co. Ltd. (China)

Wuxi Suntech Power Co. Ltd. produces and sells solar energy equipment. The company manufactures a variety of goods, including monocrystalline solar modules, monocrystalline solar cells, polycrystalline cells, and polycrystalline solar cells.

  • BrightSource Energy Inc. (US)

BrightSource Energy Inc. designs, develops, and implements solar thermal technology to generate energy in utility-scale power plants. The company offers unique software to produce high-temperature steam for the electric, petroleum, and industrial processes markets. BrightSource Energy serves international clients.

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