Pune, India, April 19, 2022 (GLOBE NEWSWIRE) — The global solar power market size was USD 170.55 billion in 2020. According to report published by Fortune Business Insights, the global solar power market is projected to reach USD 293.18 billion by 2028, exhibiting a CAGR of 6.9% during the forecast period. Increasing Rooftop solar panels demand for commercial applications and residential use to fuel the global solar power market growth. Corporate focusing on more use of clean energy boosting Commercial Solar power energy demand. Blockchain Industry using renewable energy for mining increasing demand of Solar energy globally.
The economic fallout of the COVID-19 pandemic is being experienced by multiple industries and with major economies undergoing unprecedented contraction businesses are going to take a long time to return to pre-pandemic growth levels. The solar power market growth is experiencing considerable setbacks as well due to supply chain disruptions and delayed projects, driven by social distancing measures and staggered lockdowns. As a result, the market displayed a low growth rate in 2020 and reached a value of USD 184.03 billion in 2021.
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Report Highlights:
Report Coverage
Details
Forecast Period
2021-2028
Forecast Period 2021 to 2028 CAGR
6.9%
2028 Value Projection
USD 293.18 Billion
Base Year
2020
Market Size in 2020
USD 170.55 billion
Historical Data for
2017-2019
No. of Pages
