Solar power generation system engineering market

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.

Will solar and wind energy lead the growth in US power generation?

Solar and wind energy will lead the growth in U.S. power generation for at least the next two years, according to EIA estimates. This report uses data from the EIA to analyze solar and wind capacity and generation over the past decade (2014 to 2023) in all 50 states and the District of Columbia.

Which country will dominate the solar power market?

Asia Pacific is expected to dominate the solar power market share during the forecast period, with most of the demand arriving from China. The country is one of the major producers and consumers of solar energy globally. The country is highly dependent on conventional resources and installing more renewable sources.

Which segment dominates the solar power market?

The utility segment dominates the market owing to increasing installation targets and the high operating efficiency of PV panels compared to other counterparts. Large-scale photovoltaic power plants, consisting of many PV arrays installed together, prove helpful utilities.

Why is solar-based distributed generation important?

Solar-based distributed generation is a significant tool of a future sustainable power sector. It improves the stability, efficiency, reliability, and profitability of distribution if it is placed optimally. If the distributed generation is not idealized, it can decrease the network's efficiency .