Solar Market Report 2025

This solar market report delivers an in-depth analysis of the market’s key characteristics, including size, growth potential, and segmentation. It provides a detailed breakdown of the market across major regions and leading countries, highlighting historical data and future growth projections. The report also examines the competitive landscape, market share insights, emerging trends, and strategic developments shaping the market.

The solar market size has grown marginally in recent years. It will grow from $277.93 billion in 2024 to $282.25 billion in 2025 at a compound annual growth rate (CAGR) of 1.6%. The growth in the historic period can be attributed to rising population in developing countries, growing adoption of renewable sources for power generation, growing replacement for conventional power sources, rising construction of new grids and mass storage systems, and growing awareness of climate change.

The solar market size is expected to see steady growth in the next few years. It will grow to $334.01 billion in 2029 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to increasing investments in solar photovoltaics, the surge in the need for sustainable energy resources, cost competitiveness, growth in demand for renewable energy sources, government incentives, and regulations. Major trends in the forecast period include integration of new technologies, advancements in solar technology, integration of new technologies, advancements in solar technology, flexible and lightweight solar panels, solar tracking systems, and integration of the internet of things (IoT).

The increasing demand for renewable energy sources is expected to drive the growth of the solar market in the future. Renewable energy sources, such as sunlight, wind, water, and biomass, are naturally replenished and can be used to generate clean, sustainable energy. The push for solar energy is driven by the need for eco-friendly solutions to reduce carbon emissions, lower energy costs, and decrease dependence on finite fossil fuels. Solar power harnesses sunlight to produce clean electricity and heat, supporting sustainability due to the sun’s abundant and renewable nature. For example, in December 2023, Eurostat, a Luxembourg-based government agency, reported that renewable energy accounted for 23% of energy consumed in the European Union in 2022, up from 21.9% in 2021. Thus, the growing demand for renewable energy sources is fueling growth in the solar market.

Major companies in the solar market are focusing on technological advancements, such as new-generation solar panels featuring dual glass technology, to strengthen their position in the industry by offering products with cutting-edge technology and enhanced performance. Dual glass technology enhances durability and efficiency, making it a popular choice for high-performance and long-lasting solar panels. For example, in December 2022, Soleos Solar Energy, an India-based solar EPC company, introduced its ANTARES BI 144, a next-generation solar panel. This panel uses dual glass technology to capture sunlight from both sides, potentially increasing energy output by 10-15%. It has a capacity range of 400 to 700 watts and a bifocality factor of 70%. The panel is designed to withstand significant environmental stresses, including wind loads up to 2.4 kPa and snow loads up to 5.5 kPa.

In March 2022, Sonnedix Power Holdings Limited, a UK-based renewable energy producer, acquired Sun Power Energy for an undisclosed amount. This acquisition allows Sonnedix to broaden its presence in the solar energy sector by leveraging existing projects and expanding its operations and customer base. Sun Power Energy, a US-based company, specializes in developing solar photovoltaic modules.

Major companies operating in the solar market are Reliance Industries Limited, Hanwha Group, NTPC Limited, JSW Group, Kyocera Corporation, Trina Solar Co. Ltd., JinkoSolar Holding Co. Ltd., Sungrow Power Supply Co. Ltd., Canadian Solar Inc., First Solar Inc., LONGi Green Energy Technology Co. Ltd., SolarEdge Technologies Inc., Sunrun Inc., Yingli Solar, Shoals Technologies Group Inc., Sterling and Wilson Renewable Energy Limited, Waaree Energies Limited, Solaria Energía y Medio Ambiente S.A., Vikram Solar Limited, Borosil Renewables Limited, Loom Solar.

Asia-Pacific was the largest region in the solar market in 2023. The regions covered in the solar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Solar refers to anything related to or derived from the sun, including its light and energy. Solar energy is harnessed for various applications, including generating electricity through photovoltaic cells, heating water, and powering homes and businesses, promoting renewable energy and reducing reliance on fossil fuels.

The main modules of solar are monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others. Monocrystalline solar panels are made from a single, continuous crystal structure, known for their high efficiency and long lifespan. The various technologies include photovoltaic systems and concentrated solar power systems. These are used by applications such as residential, commercial, and industrial and also by various end users such as electricity generation, lighting, heating, and charging.

The solar market research report is one of a series of new reports that provides solar market statistics, including solar industry global market size, regional shares, competitors with a solar market share, detailed solar market segments, market trends, and opportunities, and any further data you may need to thrive in the solar industry. This solar 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 market consists of sales of solar panels, solar mounting structures, and solar inverters. 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.

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