Banking Exchange Magazine Logo

Solar power market to grow nearly 7% annually until 2028

A new report by Fortune Business Insights has projected that the market will reach $293.2 billion in 2028, as Asia Pacific’s rapid economic development accelerate electricity demand

  • |
  • Written by  Banking Exchange staff
  • |
  • Comments:   DISQUS_COMMENTS
Solar power market to grow nearly 7% annually until 2028

The global solar power market is expected to grow to $293.2 billion in size by 2028, driven by the Asia Pacific region, according to a new report.

The Fortune Business Insights report, Solar Power Market 2021-2028, revealed that the market’s value stood at $170.6 billion in 2020, despite several setbacks during the pandemic.

By the end of the forecast period, the market will have reached $293.2 billion, based on a compound annual growth rate of 6.9%.

The Asia Pacific region, which accounted for $80.1 billion, or 47%, of the market’s size in 2020, is expected to dominate the solar power market over the next few years on the back of escalating demand for electricity in the region.

Fortune Business Insights said that rapid economic development and population growth in countries such as India and China were helping generate huge demand for energy.

In Europe, the increased number of solar farms, as well as the European Union’s clean energy policies, were the main market drivers, while the initiation of large-scale projects for solar power generation was predicted to propel the Middle East and Africa market.

The growth of solar power was hampered last year by supply chain disruptions and delayed projects as a result of social distancing measures and staggered lockdowns around the world.

While there are a number of renewable energy exchange-traded funds (ETFs) on the market in the US, there is only one – the $3.3 billion Invesco Solar ETF – dedicated to solar energy companies.

iShares – the ETF arm of asset management giant BlackRock – offers the $6bn iShares Global Clean Energy ETF. The fund’s underlying index was recently overhauled to help the manager cope with the huge influx of new money into the strategy over the past two years.

back to top


About Us

Connect With Us


Webinar: From KYC to IDV

How three leading banks are utilizing cutting-edge
digital tools to onboard, win, and wow customers

Time/Date: June 23, 2021 11:00 a.m. ET

Digital adoption, already moving at warp speed, accelerated seven years into the future during the COVID-19 pandemic. As the number of bank branches continues to fall, with at least one study predicting all branches will disappear by 2034 (Fox Business) and foot traffic declining (Vox), today’s most innovative banks are charting a new, digital-first path to win over customers while increasing security, meeting KYC compliance requirements, and winning customers to drive revenue.

In this webinar, you’ll hear from John Baird, Founder & CEO of Vouched, Tyler Crawford, COO of Bankers Healthcare Group, Anand Sathiyamurthy, CPO of Flagstar Bank and Daniel Sheehan, Chairman & CEO of Professional Bank as they describe their vision for digital transformation and how customer expectations are changing to digital first. They’ll also explore how fostering an innovation mindset creates new ways to tackle complex KYC problems and allows them to quickly compete in new markets and win customers.


This webinar is brought to you by:
Vouched Logo