Utility-Scale Solar Power Market

Global Utility-Scale Solar Power Market Size, Trends & Analysis - Forecasts to 2028 By Type (Concentrating Solar Power (CSP) [By System (Power Tower Systems, Dish Engine Systems, Trough Systems], Photovoltaics Systems [By System (Solar Cells, Solar Arrays, Concentrated PV (CPV) Systems) By Component (Modules)]), By Region (North America, Asia Pacific, Central & South America, Europe, and the Middle East & Africa), End-User Landscape Analysis, Company Market Share Analysis, and Competitor Analysis

Category Energy & Power
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This report was recently updated on May 22 2024 with the latest and most recent market numbers

Global Utility-Scale Solar Power Market Size

The global utility-scale solar power market was valued at USD 66.04 billion in 2022 and is projected to grow at a CAGR of 6.3% from 2023 to 2028.

Utility-scale solar power is the cleanest and a renewable energy source present. The two important segments are photovoltaic and concentrated solar power. Concentrated solar power uses mirrors which help in the concentration of sunlight. These systems help in the integration of thermal energy storage systems and thus help in generating electricity during foggy periods and during the absence of sunlight. Certain modern technologies such as parabolic troughs, Fresnel reflectors, and power towers are available for this technology.

Solar installations have increased rapidly and they have higher operating capacities. This will help the market grow substantially during the forecast period. New technologies such as heat transfer fluids, high-temperature salts, and proppants are in demand and this boosts the market growth.

Due to the need to control carbon emissions, the demand for renewable energy has increased rapidly for a couple of years. Utility-scale solar has provided dependable, clean electricity at a stable fuel price for decades. Developing utility-scale solar power is one of the most expedient ways for countries to reduce carbon emissions and transition to a clean energy future. Utility-scale solar differs from distributed generation in terms of project size and the fact that electricity is sold to wholesale utility buyers rather than end-user consumers. During peak demand periods, when fossil-fuel electricity is the most expensive, utility-scale solar plants provide fixed-priced electricity. Many utility-scale solar designs can include energy storage capacity, which provides power when the sun isn't shining and increases grid reliability and resiliency. Utility customers have repeatedly endorsed investments in utility-scale solar plants.

global utility-scale solar power market

Global Utility-Scale Solar Power Market: By Type

Based on type, the photovoltaic (PV) systems segment is expected to witness and further dominate as the largest share during the forecast period, accounting for roughly 70% of the market in 2021. The wide range of sizes of photovoltaic systems, from portable systems or small rooftop installations to massive utility-scale generation plants, contributes to the high market demand for photovoltaic systems.

Concentrator photovoltaics (CPV) (also known as concentration photovoltaics) is a popular photovoltaic technology that uses sunlight to generate electricity. It focuses sunlight through lenses or curved mirrors onto small, highly efficient multi-junction (MJ) solar cells, as opposed to traditional photovoltaic systems.

The concentrated solar power systems segment, on the other hand, is expected to be the fastest growing and opportunistic during the forecast period. Because of the enormous demand for solar energy, this segment is the fastest growing in the solar power market. Power tower systems under the CSP have high demand in the market.

The Ivanpah Solar Electric Generating System, for example, is the largest concentrated solar thermal plant in the United States. The plant, located in California's Mojave Desert, can generate 392 megawatts of electricity by using 173,500 heliostats, each with two mirrors that focus sunlight onto three solar power towers.

asia pacific utility-scale solar power market

Global Utility-Scale Solar Power Market: By Region

The North America segment is expected to witness the largest share in the global utility-scale solar power market during the forecast period of 2023-2028. The increasing need to produce continuous renewable power is boosting the activities in the region.

Many companies are concentrating on a solar installation in the region for various automobile, oil & gas, pharmaceutical, and other sectors. The Solar Energy Technologies Office (SETO) of the U.S. Department of Energy funds CSP research and development projects that aim to improve the performance, lower the cost, and increase the lifetime and reliability of materials, components, subsystems, and integrated solutions for CSP technologies.

Asia-Pacific is expected to grow the fastest during 2023-2028. China and India have seen the highest number of projects commissioned in recent years. They have several active solar projects in both countries. For instance, in 2019, Power China Gonghe 50MW Molten Salt Tower Project was connected to the grid. This accelerated the growth of several engineering projects around the area. Rapid urbanization, rising disposable income, a busy and hectic lifestyle, rising internet penetration, and increasing smartphone adoption are some of the significant macroeconomic factors driving the growth of the solar power market in the Asia Pacific. Furthermore, the presence of a large youth population, as well as rising demand for renewable energy and sustainable development, is fuelling the market growth.

The markets in India, China, and South Korea are developing new technologies in different fields constantly. They are also expanding their businesses and contributing to the global economy significantly. Hence, considering these advantages the global utility-scale solar power market is expected to grow.

Spain is one of the fastest-growing countries in Europe for concentrated solar installation. There is a huge presence of market leaders in the region and this has opened opportunities for various small and mid-sized industries that support solar installation and projects.

Global Utility-Scale Solar Power Market Share and Competitor Analysis

Enel Green Power, General Electric, Rioglass, BrightSource Energy, Acwa Power, Glasspoint Solar, Esolar, Solarreserve, Aalborg Csp, JA Solar, and Mitsubishi Electric, among others are key players in the utility-scale solar power market.

Please note: This is not an exhaustive list of companies profiled in the report.

Global Utility-Scale Solar Power Market Recent Development

In September 2021, the Department of Electricity released a paper, the Solar Futures Study that explores the role of solar energy in achieving goals related to decarbonized U.S. electric grid.

In March 2020, Shouhang Hightech Energy Technology Co., Ltd. signed the Corporation Agreement on Investment with the government of Gansu Province for the Jinta 100MW Molten Salt Tower Concentrating Solar Power Project. 

Chapter 1   Research Methodology

1.1    Research Assumptions

1.2    Research Methodology

1.2.1    Estimates and Forecast Timeline

1.3    Information Procurement

1.3.1    Purchased Database

1.3.2    GME’s Internal Database

1.3.3    Primary Research

1.3.4    Secondary Sources & Third-Party Perspectives

            1.3.4.1    Company Information Sources: Annual Reports, Investor Presentation, Press Release, SEC Filling, Company Blogs & Website

            1.3.4.2    Secondary Data Sources: World Health Organization, USFDA, National Cancer Institute, American Cancer Society, CDC, WCRF, and the Global Cancer Observatory, among others

1.4    Information or Data Analysis

1.4.1    Data Analysis Models

1.5    Market Formulation & Data Visualization

1.6    Data Validation & Publishing

1.7    Market Model

1.7.1    Model Details

            1.7.1.1   Top-Down Approach

            1.7.1.2   Bottom-Up Approach

1.8    Market Segmentation & Scope

1.9    Market Definition

Chapter 2   Executive Summary

2.1.    Global Market Outlook

2.2     Type Outlook

2.3     Regional Outlook

Chapter 3   Global Utility-Scale Solar Power Market Trend Analysis

3.1.    Market Introduction

3.2     Penetration & Growth Prospect Mapping

3.3     Impact of COVID-19 on the Utility-Scale Solar Power Market

3.4     Metric Data on Cash Transactions

3.5     Market Driver Analysis

3.5.1   Market Driver Analysis

3.5.2   Market Restraint Analysis

3.5.3   Industry Challenges

3.5.4   Industry Opportunities

3.6     Porter’s Five Analysis

3.6.1   Supplier Power

3.6.2   Buyer Power

3.6.3   Substitution Threat

3.6.4   Threat from New Entrant

3.7     Market Entry Strategies

Chapter 4   Utility-Scale Solar Power Market: Type Trend Analysis

4.1    Type: Historic Data vs. Forecast Data Analysis, 2022 vs. 2028

4.2    Concentrating Solar Power (CSP)

4.2.1    Market Estimates & Forecast Analysis of Concentrating Solar Power (CSP) Segment, By Region, 2019-2028 (USD Billion)

4.2.1    By System

4.2.1.1    Market Estimates & Forecast Analysis of By System Segment, By Region, 2019-2028 (USD Billion)

4.3    Photovoltaics Systems

4.3.1    Market Estimates & Forecast Analysis of Photovoltaics Systems Segment, By Region, 2019-2028 (USD Billion)

4.4    Others

4.4.1    Market Estimates & Forecast Analysis of Others Segment, By Region, 2019-2028 (USD Billion)

Chapter 5   Utility-Scale Solar Power Market, By Region

5.1    Regional Outlook

5.2    North America

5.2.1    Market Estimates & Forecast Analysis, By Country 2019-2025 (USD Billion)

5.2.2    Market Estimates & Forecast Analysis, By Type, 2019-2025 (USD Billion)

5.2.3    U.S.

5.2.3.1    Market Estimates & Forecast Analysis, By Type, 2019-2025 (USD Billion)

5.2.4    Canada

5.2.4.1    Market Estimates & Forecast Analysis, By Type, 2019-2025 (USD Billion)

5.2.5    Mexico

5.2.5.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.3    Europe

5.3.1    Market Estimates & Forecast Analysis, By Country 2019-2028 (USD Billion)

5.3.2    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.3.3    Germany

5.3.3.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.3.4    UK

5.3.4.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.3.5    France

5.3.5.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.3.6    Russia

5.3.6.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.3.7    Italy

5.3.7.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.3.8    Spain

5.3.8.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.3.9    Netherlands

5.3.9.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.3.10    Rest of Europe

5.3.10.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.4    Asia Pacific

5.4.1    Market Estimates & Forecast Analysis, By Country 2019-2028 (USD Billion)

5.4.2    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.4.3    China

5.4.3.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.4.4    India

5.4.4.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.4.5    Japan

5.4.5.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.4.6    Australia

5.4.6.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.4.7    South Korea

5.4.7.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.4.8    Thailand

5.4.8.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.4.9    Indonesia

5.4.9.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.4.10    Malaysia

5.4.10.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.4.11    Singapore

5.4.11.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.4.12    Vietnam

5.4.12.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.4.13    Rest of Asia Pacific

5.4.13.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.5    Central & South America

5.5.1    Market Estimates & Forecast Analysis, By Country 2019-2028 (USD Billion)

5.5.2    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.5.3    Brazil

5.5.3.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.5.4    Argentina

5.5.4.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.5.5    Chile

5.5.5.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.5.6    Rest of Central & South America

5.5.6.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.6    Middle East & Africa

5.6.1    Market Estimates & Forecast Analysis, By Country 2019-2028 (USD Billion)

5.6.2    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.6.3    Saudi Arabia

5.6.3.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.6.4    United Arab Emirates

5.6.4.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.6.5    South Africa

5.6.5.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.6.6    Israel

5.6.6.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

5.6.7    Rest of Middle East & Africa

5.6.7.1    Market Estimates & Forecast Analysis, By Type, 2019-2028 (USD Billion)

Chapter 8   Competitive Analysis

8.1    Key Global Players, Recent Developments & their Impact on the Industry

8.2    Four Quadrant Competitor Positioning Matrix

8.2.1    Key Innovators

8.2.2    Market Leaders

8.2.3    Emerging Players

8.2.4    Market Challengers

8.3    Vendor Landscape Analysis

8.4    End-User Landscape Analysis

8.5    Company Market Share Analysis, 2022

Chapter 9   Company Profile Analysis

9.1    Enel Green Power 

9.1.1    Company Overview

9.1.2    Financial Analysis

9.1.3    Strategic Initiatives

9.1.4    Product Benchmarking

9.2     General Electric 

9.2.1    Company Overview

9.2.2    Financial Analysis

9.2.3    Strategic Initiatives

9.2.4    Product Benchmarking

9.3     Rioglass 

9.3.1    Company Overview

9.3.2    Financial Analysis

9.3.3    Strategic Initiatives

9.3.4    Product Benchmarking

9.4    BrightSource Energy

9.4.1    Company Overview

9.4.2    Financial Analysis

9.4.3    Strategic Initiatives

9.4.4    Product Benchmarking

9.5    Acwa Power

9.5.1    Company Overview

9.5.2    Financial Analysis

9.5.3    Strategic Initiatives

9.5.4    Product Benchmarking

9.6     Glasspoint Solar

9.6.1    Company Overview

9.6.2    Financial Analysis

9.6.3    Strategic Initiatives

9.6.4    Product Benchmarking

9.7     Esolar

9.7.1    Company Overview

9.7.2    Financial Analysis

9.7.3    Strategic Initiatives

9.7.4    Product Benchmarking

9.8    Solarreserve

9.8.1    Company Overview

9.8.2    Financial Analysis

9.8.3    Strategic Initiatives

9.8.4    Product Benchmarking

9.9     JA Solar

9.9.1    Company Overview

9.9.2    Financial Analysis

9.9.3    Strategic Initiatives

9.9.4    Product Benchmarking

9.10   Mitsubishi Electric

9.10.1    Company Overview

9.10.2    Financial Analysis

9.10.3    Strategic Initiatives

9.10.4    Product Benchmarking

9.11   Other Companies

9.11.1    Company Overview

9.11.2    Financial Analysis

9.11.3    Strategic Initiatives

9.11.4    Product Benchmarking

List of Tables

1 Technological Advancements In Utility-Scale Solar Power Market

2 Global Utility-Scale Solar Power Market: Key Market Drivers

3 Global Utility-Scale Solar Power Market: Key Market Challenges

4 Global Utility-Scale Solar Power Market: Key Market Opportunities

5 Global Utility-Scale Solar Power Market: Key Market Restraints

6 Global Utility-Scale Solar Power Market Estimates & Forecast Analysis, 2019-2028 (USD Billion)

7 Global Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

8 Concentrating Solar Power (CSP): Global Utility-Scale Solar Power Market, By Region, 2019-2028 (USD Billion)

9 By System: Global Utility-Scale Solar Power Market, By Region, 2019-2028 (USD Billion)

10 Photovoltaics Systems: Global Utility-Scale Solar Power Market, By Region, 2019-2028 (USD Billion)

11 Others: Global Utility-Scale Solar Power Market, By Region, 2019-2028 (USD Billion)

12 Regional Analysis: Global Utility-Scale Solar Power Market, By Region, 2019-2028 (USD Billion)

13 North America: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

14 North America: Utility-Scale Solar Power Market, By Country, 2019-2028 (USD Billion)

15 U.S: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

16 Canada: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

17 Mexico: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

18 Europe: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

19 Europe: Utility-Scale Solar Power Market, By Country, 2019-2028 (USD Billion)

20 Germany: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

21 UK: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

22 France: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

23 Italy: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

24 Spain: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

25 Netherlands: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

26 Rest Of Europe: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

27 Asia Pacific: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

28 Asia Pacific: Utility-Scale Solar Power Market, By Country, 2019-2028 (USD Billion)

29 China: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

30 India: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

31 Japan: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

32 South Korea: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

33 Indonesia: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

34 Thailand: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

35 Malaysia: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

36 Singapore: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

37 Vietnam: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

38 Rest of Asia Pacific: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

39 Middle East & Africa: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

40 Middle East & Africa: Utility-Scale Solar Power Market, By Country, 2019-2028 (USD Billion)

41 Saudi Arabia: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

42 UAE: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

43 South Africa: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

44 Israel: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

45 Rest of Middle East & Africa: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

46 Central & South America: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

47 Central & South America: Utility-Scale Solar Power Market, By Country, 2019-2028 (USD Billion)

48 Brazil: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

49 Argentina: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

50 Chile: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

51 Rest of Central & South America: Utility-Scale Solar Power Market, By Type, 2019-2028 (USD Billion)

52 Enel Green Power: Products Offered

53 General Electric: Products Offered

54 Rioglass: Products Offered

55 BrightSource Energy: Products Offered

56 Acwa Power: Products Offered

57 Glasspoint Solar: Products Offered

58 Esolar: Products Offered

59 Solarreserve: Products Offered

60 JA Solar: Products Offered

61 Mitsubishi Electric: Products Offered

62 Other Companies: Products Offered

List of Figures

1. Global Utility-Scale Solar Power Market  Segmentation & Research Scope

2. Primary Research Partners and Local Informers

3. Primary Research Process

4. Primary Research Approaches

5. Primary Research Responses

6. Global Utility-Scale Solar Power Market: Penetration & Growth Prospect Mapping

7. Global Utility-Scale Solar Power Market: Value Chain Analysis

8. Global Utility-Scale Solar Power Market Drivers

9. Global Utility-Scale Solar Power Market Restraints

10. Global Utility-Scale Solar Power Market Opportunities

11. Global Utility-Scale Solar Power Market Challenges

12. Key Utility-Scale Solar Power Market Manufacturer Analysis

13. Global Utility-Scale Solar Power Market: Porter’s Five Forces Analysis

14. PESTLE Analysis & Impact Analysis

15. Enel Green Power: Company Snapshot

16. Enel Green Power: Swot Analysis

17. General Electric: Company Snapshot

18. General Electric: Swot Analysis

19. Rioglass: Company Snapshot

20. Rioglass: Swot Analysis

21. BrightSource Energy: Company Snapshot

22. BrightSource Energy: Swot Analysis

23. Acwa Power: Company Snapshot

24. Acwa Power: Swot Analysis

25. Glasspoint Solar: Company Snapshot

26. Glasspoint Solar: Swot Analysis

27. Esolar: Company Snapshot

28. Esolar: Swot Analysis

29. Solarreserve: Company Snapshot

30. Solarreserve: Swot Analysis

31. JA Solar: Company Snapshot

32. JA Solar: Swot Analysis

33. Mitsubishi Electric: Company Snapshot

34. Mitsubishi Electric: Swot Analysis

35. Other Companies: Company Snapshot

36. Other Companies: Swot Analysis

The Global Utility-Scale Solar Power Market has been studied from the year 2019 till 2028. However, the CAGR provided in the report is from the year 2023 to 2028. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.

The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Utility-Scale Solar Power Market.

The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.

Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.

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Frequently Asked Questions

The global utility-scale power market is projected to grow at a CAGR of 6.3% from 2023 to 2028.
The paramount competitors covered in the Utility-Scale Solar Power market report are Enel Green Power, General Electric, Rioglass, BrightSource Energy, Acwa Power, Glasspoint Solar, Esolar, Solarreserve, Aalborg Csp, JA Solar, and Mitsubishi Electric among others
Due to the need to control carbon emissions, the demand for renewable energy has increased rapidly for a couple of years. Utility-scale solar has provided dependable, clean electricity at a stable fuel price for decades. Developing utility-scale solar power is one of the most expedient ways for countries to reduce carbon emissions and transition to a clean energy future. Utility-scale solar differs from distributed generation in terms of project size and the fact that electricity is sold to wholesale utility buyers rather than end-user consumers.
Solar installations have increased rapidly and they have higher operating capacities. This will help the market grow substantially during the forecast period. New technologies such as heat transfer fluids, high-temperature salts, and proppants are in demand and this boosts the market growth.

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