According to the research report titled ‘Global Solar Power Market Size study with COVID-19 impact, by Technology (Photovoltaic System and Concentrated Solar power system), Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells and Others), by Application (Residential, Commercial and Industrial), by End-user (Electricity generation, Lighting, Heating and Charging) and Regional Forecasts 2020-2027‘, available with Market Study Report, global solar power market was valued at USD 63.26 billion in 2019 and is anticipated to witness a growth rate of 20.50% during 2020-2027.
 

Cognizance of environmental issues such as global warming and greenhouse gas emission, and favorable government initiatives for utilization of renewable energy are the key aspects expected to propel global solar power market growth over the forecast period.
 

According to the United States Department of Energy, solar panels installations in the nation have raised seventeen-fold from 1.2 GW in 2008 to nearly 30GW currently. Furthermore, infrastructural developments in remote areas will create lucrative growth opportunities for global solar power market players.
 

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Increasing prevalence of COVID-19 is having adverse effects on global solar power market outlook due to the lockdown imposition which has disrupted the supply of raw material and equipment used to generate solar power. Also, high electricity cost as compared to conventional sources will hamper the market growth.
 

Based on end-user scope, global solar power industry is segmented into lighting, heating, electricity generation, and charging. With regards to application spectrum, the industry is bifurcated into commercial, residential, and industrial. As per solar module, the industry is classified into monocrystalline, cadmium telluride, polycrystalline, amorphous silicon cells, and others. Moving on to technology terrain, the market is divided into concentrated solar power system (CSP) and photovoltaic system.
 

As per regional analysis, North America was the major revenue contributor in global solar power market in the recent past, mainly due to the strict government norms regarding usage of solar power. Meanwhile, Asia Pacific solar power industry market is anticipated to witness robust CAGR over 2020-2027, owing to increasing environmental awareness and rising funding in clean energy across the region.
 

Major players operating in global solar power market include Wuxi Suntech Power Co. Ltd., Esolar Inc., Tata Power Solar, Acciona Energia S.A., Abengoa, Canadian Solar Inc., SunPower Corporation, BrightSource Energy Inc., InTech Energy Corp, and Kaneka Group.