Solar Farm Market Report 2026

The solar farm market size has grown rapidly in recent years. It will grow from $140.94 billion in 2025 to $168.19 billion in 2026 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to increasing renewable energy capacity additions, declining solar panel costs, supportive government renewable policies, expansion of grid infrastructure, rising electricity demand.

The solar farm market size is expected to see exponential growth in the next few years. It will grow to $349.03 billion in 2030 at a compound annual growth rate (CAGR) of 20%. The growth in the forecast period can be attributed to increasing investments in large-scale renewable projects, growing integration of energy storage solutions, expansion of smart grid connectivity, rising corporate renewable procurement, increasing focus on energy security. Major trends in the forecast period include increasing deployment of utility-scale solar projects, rising adoption of hybrid solar and storage systems, growing use of floating and agrivoltaic solar farms, expansion of distributed solar generation models, enhanced focus on grid-integrated solar farms.

The rising demand for electricity generated from renewable sources is poised to boost the growth of the solar farm market. Renewable energy originates from natural resources that replenish faster than they are depleted. Solar farms harness solar energy to generate both electricity and thermal energy, with the potential to meet global energy demands over 100 times more effectively than other renewable sources, making them an optimal solution for the growing renewable energy needs worldwide. For example, in July 2024, the International Energy Agency (IEA), a France-based intergovernmental organization, reported that the global share of electricity from renewable sources is projected to increase from 30% in 2023 to 35% by 2025. Thus, the increasing demand for renewable electricity is expected to drive the solar farm market.

Floating solar farms, a novel approach to solar energy generation, are gaining prominence among major companies operating in the solar farm market. Also known as floating photovoltaics (FPV) or floatovoltaics, these systems offer innovative solutions. In July 2023, Noria Energy, a US-based solar developer, launched a 1.5MW floating solar power system at Colombia's Urrá Dam, marking the largest project of its kind in South America. The Aquasol floating solar project, situated at the Urrá hydropower plant, is expected to generate nearly 2,400 megawatt-hours of power in its inaugural year, surpassing the energy required to run the dam. Comprising over 2,800 solar modules, the project is forecasted to generate substantial additional electricity revenue and prevent over 1,540 tons of carbon dioxide emissions annually.

In January 2023, Equinor, a Norway-based petroleum refining company, acquired BeGreen, a Denmark-based solar farm project developer, for an undisclosed amount. This strategic acquisition enhances Equinor's solar PV capabilities and expands its renewable energy portfolio, underscoring the company's commitment to sustainable energy initiatives.

Major companies operating in the solar farm market are Elevation Solar LLC., NextEra Energy Inc., LONGi Green Energy Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Trina Solar Co. Ltd., Avangrid Inc., JA Solar Technology Co Ltd, Canadian Solar Inc., First Solar Inc., SunPower Corporation, Cypress Creek Renewables LLC., Momentum Solar LLC., BrightSource Energy Inc., Recurrent Energy LLC., Vikram Solar Ltd., Solar Systems Ltd., Tata Power Solar System Inc., Southern Current LLC., Ecoplexus Inc., Hanwha Qcells GmbH, Solaria Corporation, Freedom Solar LLC., ADT Solar, Sunnova Energy International Inc.

Asia-Pacific was the largest region in the solar farm market in 2025. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the solar farm market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar farm market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The solar farm market consists of sales of panels, batteries, inverters, and racking. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 1-3 business days.