The solar energy market size has grown exponentially in recent years. It will grow from $169.5 billion in 2024 to $219.35 billion in 2025 at a compound annual growth rate (CAGR) of 29.4%. The growth in the historic period can be attributed to energy security concerns, environmental awareness, government incentives, energy independence, net metering policies, corporate sustainability initiatives.
The solar energy market size is expected to see exponential growth in the next few years. It will grow to $515.3 billion in 2029 at a compound annual growth rate (CAGR) of 23.8%. The growth in the forecast period can be attributed to grid modernization, increasing electricity demand, urbanization and distributed generation, global climate agreements, community solar programs. Major trends in the forecast period include advancements in solar panel technologies, solar tracking systems, digitalization and smart grid integration, floating solar installations, hybrid energy systems.
The increasing governmental initiatives backing renewable energy sources are anticipated to propel the solar energy market's growth. These initiatives encompass subsidies and eased regulations promoting solar energy utilization, leading to widespread installation of solar projects globally. Highlighting such efforts, the Union Budget 2022-2023 earmarked INR 4,500 crores ($0.58 billion) for high-efficiency solar photovoltaic cell module development under the PLI scheme in India. This concerted global push for renewable energy is poised to significantly bolster the adoption and growth of solar energy solutions.
The rising global demand for electricity is anticipated to drive the growth of the solar energy market in the coming years. Electricity, generated from charged particles, can exist either statically or dynamically as a current. As the demand for electricity continues to grow, solar energy is increasingly being utilized as a renewable and sustainable solution. It provides a clean, environmentally friendly alternative that reduces dependence on finite fossil fuels, decreases greenhouse gas emissions, and enhances energy independence. For example, in December 2023, the Energy Information Administration (EIA), a US-based government agency, reported that total U.S. electricity end-use consumption in 2022 was approximately 3.2% higher than in the previous year. Retail electricity sales to the residential sector increased by about 2.6%, while sales to the commercial sector rose by around 4.7% compared to 2021. Therefore, the growing global demand for electricity is a key factor propelling the expansion of the solar energy market.
Key players in the solar energy market are concentrating on developing innovative solutions, such as high-efficiency solar modules, to offer photovoltaic solutions that cater to the global distributed consumer market while improving power generation and aesthetics. High-efficiency solar modules are photovoltaic panels that convert at least 19% of sunlight into usable electricity, leveraging advanced technologies to optimize energy output in constrained spaces. For example, in November 2022, LONGi Green Energy Technology Co. Ltd., a China-based solar company, introduced the Hi-MO 6 solar modules, which boast an impressive efficiency of up to 26.5%. This new product utilizes advanced PERC (passivated emitter rear cell) technology and is aimed at utility-scale solar projects. The Hi-MO 6 modules are designed to significantly lower the levelized cost of energy (LCOE), enhancing the competitiveness of solar energy. Furthermore, these modules feature improved durability, making them suitable for a variety of environmental conditions.
Key players in the solar energy domain are pursuing strategic partnerships as a means to foster growth within the renewable energy sector. Strategic partnerships involve leveraging each other's strengths and resources to achieve mutual benefits. For example, in December 2023, Adani Green Energy Ltd. partnered with TotalEnergies SE to generate 1,050 megawatts of power from solar and wind sources. This alliance aligns with India's decarbonization objectives, leveraging technology to reduce energy costs and facilitate the widespread adoption of affordable, clean energy.
In March 2022, Sonnedix Power Holdings Limited, a UK-based global company focused on solar energy production, acquired Sun Power Energy, a Poland-based developer of solar photovoltaic modules. This acquisition expands Sonnedix's workforce, augments its 1GW development pipeline in Poland, and widens its market presence across Europe, fortifying its standing in the solar energy sector.
Major companies operating in the solar energy market include ReneSola Power Inc., BayWa r.e. AG, Longi Green Energy Technology Co Ltd., Trina Solar Limited, JinkoSolar Holding Co Ltd., JA Solar Holdings Co Ltd., Hanwha Q CELLS Co Ltd., Canadian Solar Inc., Sungrow Power Supply Co Ltd., Tata Power Solar, China Three Gorges New Energy Group Co Ltd., Acciona Energia SA, Risen Energy Co Ltd., Daqo New Energy Corp, First Solar Inc., Xinyi Solar Holdings Limited, Enphase Energy Inc., Sunrun Inc., Astronergy Solar Company Limited, Maxeon Solar Technologies Ltd., Boralex Inc., Shunfeng International Clean Energy Ltd., REC Silicon ASA, Kaneka Corp, Abengoa Solar SA, Wuxi Suntech Power Co Ltd., GCL System Integration Technology Co Ltd., CSIL Inc.
Asia-Pacific was the largest region in the solar energy market in 2024. The regions covered in the solar energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Solar energy harnesses renewable power from sunlight, converting it into electricity through photovoltaics or concentrated solar power methods.
The solar energy market comprises several key types, including solar cell panels, solar cell paste, and solar silicon wafers. These solar cells function as panels that harness sunlight and convert it into electricity, applicable across residential and commercial sectors. Photovoltaic systems and concentrated solar power systems represent the technology behind solar energy utilization. Panel variations include mono-crystalline, thin film, and poly-crystalline types, each with its specific attributes. Solar energy finds application in residential and commercial settings, serving various end-users such as electricity generation, lighting, heating, and charging needs.
The solar energy market research report is one of a series of new reports that provides solar energy market statistics, including solar energy industry global market size, regional shares, competitors with a solar energy market share, detailed solar energy market segments, market trends and opportunities, and any further data you may need to thrive in the solar energy industry. This solar energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The solar energy market includes revenues earned by entities by providing services such as stand-alone power systems (SAPS), grid-feed solar systems, and grid-connected solar systems with battery storage. The solar energy market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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 3-5 business days.
The solar energy market size is expected to see exponential growth in the next few years. It will grow to $515.3 billion in 2029 at a compound annual growth rate (CAGR) of 23.8%. The growth in the forecast period can be attributed to grid modernization, increasing electricity demand, urbanization and distributed generation, global climate agreements, community solar programs. Major trends in the forecast period include advancements in solar panel technologies, solar tracking systems, digitalization and smart grid integration, floating solar installations, hybrid energy systems.
The increasing governmental initiatives backing renewable energy sources are anticipated to propel the solar energy market's growth. These initiatives encompass subsidies and eased regulations promoting solar energy utilization, leading to widespread installation of solar projects globally. Highlighting such efforts, the Union Budget 2022-2023 earmarked INR 4,500 crores ($0.58 billion) for high-efficiency solar photovoltaic cell module development under the PLI scheme in India. This concerted global push for renewable energy is poised to significantly bolster the adoption and growth of solar energy solutions.
The rising global demand for electricity is anticipated to drive the growth of the solar energy market in the coming years. Electricity, generated from charged particles, can exist either statically or dynamically as a current. As the demand for electricity continues to grow, solar energy is increasingly being utilized as a renewable and sustainable solution. It provides a clean, environmentally friendly alternative that reduces dependence on finite fossil fuels, decreases greenhouse gas emissions, and enhances energy independence. For example, in December 2023, the Energy Information Administration (EIA), a US-based government agency, reported that total U.S. electricity end-use consumption in 2022 was approximately 3.2% higher than in the previous year. Retail electricity sales to the residential sector increased by about 2.6%, while sales to the commercial sector rose by around 4.7% compared to 2021. Therefore, the growing global demand for electricity is a key factor propelling the expansion of the solar energy market.
Key players in the solar energy market are concentrating on developing innovative solutions, such as high-efficiency solar modules, to offer photovoltaic solutions that cater to the global distributed consumer market while improving power generation and aesthetics. High-efficiency solar modules are photovoltaic panels that convert at least 19% of sunlight into usable electricity, leveraging advanced technologies to optimize energy output in constrained spaces. For example, in November 2022, LONGi Green Energy Technology Co. Ltd., a China-based solar company, introduced the Hi-MO 6 solar modules, which boast an impressive efficiency of up to 26.5%. This new product utilizes advanced PERC (passivated emitter rear cell) technology and is aimed at utility-scale solar projects. The Hi-MO 6 modules are designed to significantly lower the levelized cost of energy (LCOE), enhancing the competitiveness of solar energy. Furthermore, these modules feature improved durability, making them suitable for a variety of environmental conditions.
Key players in the solar energy domain are pursuing strategic partnerships as a means to foster growth within the renewable energy sector. Strategic partnerships involve leveraging each other's strengths and resources to achieve mutual benefits. For example, in December 2023, Adani Green Energy Ltd. partnered with TotalEnergies SE to generate 1,050 megawatts of power from solar and wind sources. This alliance aligns with India's decarbonization objectives, leveraging technology to reduce energy costs and facilitate the widespread adoption of affordable, clean energy.
In March 2022, Sonnedix Power Holdings Limited, a UK-based global company focused on solar energy production, acquired Sun Power Energy, a Poland-based developer of solar photovoltaic modules. This acquisition expands Sonnedix's workforce, augments its 1GW development pipeline in Poland, and widens its market presence across Europe, fortifying its standing in the solar energy sector.
Major companies operating in the solar energy market include ReneSola Power Inc., BayWa r.e. AG, Longi Green Energy Technology Co Ltd., Trina Solar Limited, JinkoSolar Holding Co Ltd., JA Solar Holdings Co Ltd., Hanwha Q CELLS Co Ltd., Canadian Solar Inc., Sungrow Power Supply Co Ltd., Tata Power Solar, China Three Gorges New Energy Group Co Ltd., Acciona Energia SA, Risen Energy Co Ltd., Daqo New Energy Corp, First Solar Inc., Xinyi Solar Holdings Limited, Enphase Energy Inc., Sunrun Inc., Astronergy Solar Company Limited, Maxeon Solar Technologies Ltd., Boralex Inc., Shunfeng International Clean Energy Ltd., REC Silicon ASA, Kaneka Corp, Abengoa Solar SA, Wuxi Suntech Power Co Ltd., GCL System Integration Technology Co Ltd., CSIL Inc.
Asia-Pacific was the largest region in the solar energy market in 2024. The regions covered in the solar energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Solar energy harnesses renewable power from sunlight, converting it into electricity through photovoltaics or concentrated solar power methods.
The solar energy market comprises several key types, including solar cell panels, solar cell paste, and solar silicon wafers. These solar cells function as panels that harness sunlight and convert it into electricity, applicable across residential and commercial sectors. Photovoltaic systems and concentrated solar power systems represent the technology behind solar energy utilization. Panel variations include mono-crystalline, thin film, and poly-crystalline types, each with its specific attributes. Solar energy finds application in residential and commercial settings, serving various end-users such as electricity generation, lighting, heating, and charging needs.
The solar energy market research report is one of a series of new reports that provides solar energy market statistics, including solar energy industry global market size, regional shares, competitors with a solar energy market share, detailed solar energy market segments, market trends and opportunities, and any further data you may need to thrive in the solar energy industry. This solar energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The solar energy market includes revenues earned by entities by providing services such as stand-alone power systems (SAPS), grid-feed solar systems, and grid-connected solar systems with battery storage. The solar energy market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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 3-5 business days.
Table of Contents
1. Executive Summary2. Solar Energy Market Characteristics3. Solar Energy Market Trends and Strategies4. Solar Energy Market - Macro Economic Scenario Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics and Covid and Recovery on the Market32. Global Solar Energy Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Solar Energy Market34. Recent Developments in the Solar Energy Market
5. Global Solar Energy Growth Analysis and Strategic Analysis Framework
6. Solar Energy Market Segmentation
7. Solar Energy Market Regional and Country Analysis
8. Asia-Pacific Solar Energy Market
9. China Solar Energy Market
10. India Solar Energy Market
11. Japan Solar Energy Market
12. Australia Solar Energy Market
13. Indonesia Solar Energy Market
14. South Korea Solar Energy Market
15. Western Europe Solar Energy Market
16. UK Solar Energy Market
17. Germany Solar Energy Market
18. France Solar Energy Market
19. Italy Solar Energy Market
20. Spain Solar Energy Market
21. Eastern Europe Solar Energy Market
22. Russia Solar Energy Market
23. North America Solar Energy Market
24. USA Solar Energy Market
25. Canada Solar Energy Market
26. South America Solar Energy Market
27. Brazil Solar Energy Market
28. Middle East Solar Energy Market
29. Africa Solar Energy Market
30. Solar Energy Market Competitive Landscape and Company Profiles
31. Solar Energy Market Other Major and Innovative Companies
35. Solar Energy Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Solar Energy Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on solar energy market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for solar energy? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The solar energy market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Solar Cell Panel; Solar Cell Paste; Solar Silicon Wafer2) By Technology: Photovoltaic Systems; Concentrated Solar Power Systems
3) By Panel: Mono-Crystalline; Thin Film; Poly-Crystalline
4) By Application: Residential; Commercial
5) By End Use: Electricity Generation; Lighting; Heating; Charging
Subsegments:
1) By Solar Cell Panel: Monocrystalline Solar Panels; Polycrystalline Solar Panels; Thin-Film Solar Panels; Bifacial Solar Panels2) By Solar Cell Paste: Silver Paste; Aluminum Paste; Conductive Adhesives
3) By Solar Silicon Wafer: Monocrystalline Silicon Wafers; Polycrystalline Silicon Wafers; Wafer Production Equipment
Key Companies Mentioned: ReneSola Power Inc.; BayWa r.e. AG; Longi Green Energy Technology Co Ltd.; Trina Solar Limited; JinkoSolar Holding Co Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- ReneSola Power Inc.
- BayWa r.e. AG
- Longi Green Energy Technology Co Ltd.
- Trina Solar Limited
- JinkoSolar Holding Co Ltd.
- JA Solar Holdings Co Ltd.
- Hanwha Q CELLS Co Ltd.
- Canadian Solar Inc.
- Sungrow Power Supply Co Ltd.
- Tata Power Solar
- China Three Gorges New Energy Group Co Ltd.
- Acciona Energia SA
- Risen Energy Co Ltd.
- Daqo New Energy Corp
- First Solar Inc.
- Xinyi Solar Holdings Limited
- Enphase Energy Inc.
- Sunrun Inc.
- Astronergy Solar Company Limited
- Maxeon Solar Technologies Ltd.
- Boralex Inc.
- Shunfeng International Clean Energy Ltd.
- REC Silicon ASA
- Kaneka Corp
- Abengoa Solar SA
- Wuxi Suntech Power Co Ltd.
- GCL System Integration Technology Co Ltd.
- CSIL Inc.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 200 |
Published | March 2025 |
Forecast Period | 2025 - 2029 |
Estimated Market Value ( USD | $ 219.35 Billion |
Forecasted Market Value ( USD | $ 515.3 Billion |
Compound Annual Growth Rate | 23.8% |
Regions Covered | Global |
No. of Companies Mentioned | 28 |