Solar Energy Market Size, Trends and Insights By Solar Module (Polycrystalline, Monocrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others), By Technology (Photovoltaic Systems, Concentrated Solar Power Systems), By Application (Residential, Industrial, Commercial), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2025-2034 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Canadian Solar Inc.
- JinkoSolar Holding Co. Ltd
- Trina Solar Co. Ltd
- Others
Reports Description
Declining prices of solar components are boosting the growth of the solar energy market.
The global “Solar Energy Market Report to 2030” was estimated at nearly USD 185 billion in 2021. As per our study, the market is anticipated to reach a value of USD 300 billion by 2030 showing a CAGR of 7%. Scrutinizing the uncertainties of the COVID-19 pandemic, our research team is constantly tracking and assessing the impact of the pandemic on the Solar energy market. Our market search report includes these comprehensive insights as a critical market contributor.
Solar Energy Market: Overview
Solar energy is the energy produced by the sun, harnessed through various advancements such as solar heating, photovoltaic (PV) cells, and others. It is adequate flighty energy and a beneficial renewable solution for developing nursery discharges and global temperature change. However, the market expansion is being propelled by an increase in environmental pollution and the establishment of government motivating forces and tax refunds to introduce solar panels.
Solar Energy Market: COVID–19 Impact Analysis
Despite the sector’s remarkable progress in previous years, the COVID-19 pandemic has stagnated several RE-related programs and projects. The COVID impact arises from RE-related manufacturing facilities as well as supply chains. Today, the world is forced to reconsider current energy-related policies, particularly those that harm RE-related businesses.
The majority of budget allocations devoted to specific programs designed to sustain the economies of some countries worldwide are now being diverted to help offset the current global challenge. Moreover, because of the worldwide crisis, RE-related programs scheduled to begin in 2020 have been canceled. As a result, most manufacturing companies engaged in developing RE technology materials and components have put their products on hold until a solution to the problem is found.
Morgan Stanley, for example, reduced their solar photovoltaics (PV) installation projections in the United States by 28 and 17 percent, respectively, in the third and fourth quarters of 2020. The sudden disruptions in the supply chain caused by the pandemic are more likely to harm RE programs, particularly solar power plants. This is because several components used in the installation of solar-related projects originate in Asia.
Solar Energy Market: Growth Drivers
Declining prices of solar components
Manufacturers’ competition has increased significantly with the advancement of photovoltaic-grounded power distribution systems. Furthermore, because it is a demand-driven market, the prices of solar components vary greatly across Asia-Pacific and Europe. Again, decreased profitability of market entry and module manufacturer stress causes a drop in solar panel prices. Furthermore, fluctuating silver prices, a critical raw material in solar modules, drive demand for solar panel installations and aid in the growth of the solar energy market. The third-generation cells segment is expected to proliferate due to ongoing R&D and improvement.
Development of PV storage systems
The development of photovoltaic (PV) storage systems is critical to increasing PV systems’ ability to replace existing conventional sources. Furthermore, with the increase in PV installation demand, the adoption of storehouse grids is expected to rise, which will fuel the demand for lithium ion-powered batteries for solar energy storage and accelerate the growth of the solar energy market.
Solar Energy Market: Segmentation Analysis
The solar energy market is segmented into solar modules, technology, and application. Monocrystalline and polycrystalline silicon cells are in high demand, particularly for residential applications. In addition, because of their low material costs, cadmium telluride and amorphous silicon cells are expected to create growth opportunities. Increased demand for first-generation cells, which include monocrystalline and polycrystalline silicon cells, has been fueled by increased photovoltaic applications.
The third-generation cells segment is expected to proliferate due to ongoing R&D and improvements in solar panel efficiency. In addition, the increased installation of solar energy systems in architecture and residential applications has created lucrative market opportunities. However, the geographical footprint has impacted the solar energy market; however, increased R&D investments and adoption of solar storage systems are projected to accelerate demand for solar energy systems.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 185 Billion |
| Projected Market Size in 2030 | USD 300 Billion |
| CAGR Growth Rate | 7% CAGR (2025-2034) |
| Base Year | 2023 |
| Forecast Period | 2025-2034 |
| Prominent Players | Canadian Solar Inc., JinkoSolar Holding Co. Ltd, Trina Solar Co. Ltd, SunPower Corporation, LONGi Green Energy Technology Co. Ltd, First Solar Inc., JA Solar Holding, Abengoa SA, Acciona SA, Brightsource Energy Inc., Engie SA, NextEra Energy Inc., ACWA Power, Sharp Corporation, REC Solar Holdings AS, Hanwha Corporation, and Others |
| Key Segment | By Solar Module, Technology, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Insights:
- Per the analysis shared by our research analyst, the Solar energy market is estimated to grow annually at a CAGR of around 7% over the forecast period (2025-2034).
- In terms of revenue, the Solar energy market size was valued at around USD 185 billion in 2021 and is projected to reach USD 300 billion by 2030. Due to various driving factors, the market is predicted to rise at a special rate.
- Based on technology segmentation, the Photovoltaic Systems segment was estimated to hold the maximum market share in 2021.
- Based on solar module segmentation, the amorphous silicon cells segment is expected to witness a high CAGR from 2022 to 2030.
- By application, the residential segment is expected to show a high growth rate during the forecast period.
- Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.
Recent Development
- July 2022: The 92-MW floating solar power project at the National Thermal Power Corporation’s Kayamkulam unit was virtually dedicated to the nation by India’s Prime Minister Narendra Modi.
- August 2022: Kennon, an Australian design firm, is creating the 550 Spencer commercial office tower in Melbourne, featuring over 1,000 glass-like solar panels on its facade.
Regional Landscape
The cost of solar modules varies by region due to the sun’s latitudes and longitudes. The market in Europe and Asia-Pacific is the most competitive because it is the hemisphere with the most sun exposure, which has only benefited nature. Furthermore, the discounted benefit of module producers and market procurement stress decrease solar panel costs. Again, the fluctuating price of silver, a significant unrefined substance in solar modules, drives interest in solar panel establishments and aids the development of the solar energy market. As a result of these factors, the Asia Pacific and European markets are likely to maintain their dominant positions in the overall market scenario.
Competitive Landscape
With the advancement of PV-based power circulation systems, manufacturers’ global solar energy market is intense. Various companies are engaging in significant collaborations and merger & acquisition strategies to attract high revenues in the coming years. Other players are making substantial investments and focusing on expanding their geographical reach to achieve an increased share in the market competition.
List of the prominent players in the global Solar energy market:
- Canadian Solar Inc.
- JinkoSolar Holding Co. Ltd
- Trina Solar Co. Ltd
- SunPower Corporation
- LONGi Green Energy Technology Co. Ltd
- First Solar Inc.
- JA Solar Holding
- Abengoa SA
- Acciona SA
- Brightsource Energy Inc.
- Engie SA
- NextEra Energy Inc.
- ACWA Power
- Sharp Corporation
- REC Solar Holdings AS
- Hanwha Corporation
The global Solar energy market is segmented as follows:
By Solar Module
- Polycrystalline
- Monocrystalline
- Cadmium Telluride
- Amorphous Silicon Cells
- Others
By Technology
- Photovoltaic Systems
- Concentrated Solar Power Systems
By Application
- Residential
- Industrial
- Commercial
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research Methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Solar Energy Market, (2025 – 2034) (USD Billion)
- 2.2 Global Solar Energy Market: snapshot
- Chapter 3. Global Solar Energy Market – Industry Analysis
- 3.1 Solar Energy Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Declining Prices Of Solar Components
- 3.2.2 Development Of PV Storage Systems
- 3.2.3 Decreased Profitability Of Market Entry And Module Manufacturer Stress
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Solar Module
- 3.7.2 Market attractiveness analysis By Technology
- 3.7.3 Market attractiveness analysis By Application
- Chapter 4. Global Solar Energy Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Solar Energy Market: company market share, 2025
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Solar Energy Market – Solar Module Analysis
- 5.1 Global Solar Energy Market overview: By Solar Module
- 5.1.1 Global Solar Energy Market share, By Solar Module, 2025 and 2034
- 5.2 Polycrystalline
- 5.2.1 Global Solar Energy Market by Polycrystalline, 2022 – 2030 (USD Billion)
- 5.3 Monocrystalline
- 5.3.1 Global Solar Energy Market by Monocrystalline, 2022 – 2030 (USD Billion)
- 5.4 Cadmium Telluride
- 5.4.1 Global Solar Energy Market by Cadmium Telluride, 2022 – 2030 (USD Billion)
- 5.5 Amorphous Silicon Cells
- 5.5.1 Global Solar Energy Market by Amorphous Silicon Cells, 2022 – 2030 (USD Billion)
- 5.1 Global Solar Energy Market overview: By Solar Module
- Chapter 6. Global Solar Energy Market – Technology Analysis
- 6.1 Global Solar Energy Market overview: By Technology
- 6.1.1 Global Solar Energy Market share, By Technology, 2025 and 2034
- 6.2 Photovoltaic Systems
- 6.2.1 Global Solar Energy Market by Photovoltaic Systems, 2022 – 2030 (USD Billion)
- 6.3 Concentrated Solar Power Systems
- 6.3.1 Global Solar Energy Market by Concentrated Solar Power Systems, 2022 – 2030 (USD Billion)
- 6.1 Global Solar Energy Market overview: By Technology
- Chapter 7. Global Solar Energy Market – Application Analysis
- 7.1 Global Solar Energy Market overview: By Application
- 7.1.1 Global Solar Energy Market share, By Application, 2025 and 2034
- 7.2 Residential
- 7.2.1 Global Solar Energy Market by Residential, 2022 – 2030 (USD Billion)
- 7.3 Industrial
- 7.3.1 Global Solar Energy Market by Industrial, 2022 – 2030 (USD Billion)
- 7.4 Commercial
- 7.4.1 Global Solar Energy Market by Commercial, 2022 – 2030 (USD Billion)
- 7.1 Global Solar Energy Market overview: By Application
- Chapter 8. Solar Energy Industry – Regional Analysis
- 8.1 Global Solar Energy Industry Regional Overview
- 8.2 Global Solar Energy Industry Share, by Region, 2025 & 2030 (USD Billion)
- 8.3. North America
- 8.3.1 North America Solar Energy Industry, 2022 – 2030 (USD Billion)
- 8.3.1.1 North America Solar Energy Industry, by Country, 2022 – 2030 (USD Billion)
- 8.3.1 North America Solar Energy Industry, 2022 – 2030 (USD Billion)
- 8.4 North America Solar Energy Industry, by Solar Module, 2022 – 2030
- 8.4.1 North America Solar Energy Industry, by Solar Module, 2022 – 2030 (USD Billion)
- 8.5 North America Solar Energy Industry, by Technology, 2022 – 2030
- 8.5.1 North America Solar Energy Industry, by Technology, 2022 – 2030 (USD Billion)
- 8.6 North America Solar Energy Industry, by Application, 2022 – 2030
- 8.6.1 North America Solar Energy Industry, by Application, 2022 – 2030 (USD Billion)
- 8.7. Europe
- 8.7.1 Europe Solar Energy Industry, 2022 – 2030 (USD Billion)
- 8.7.1.1 Europe Solar Energy Industry, by Country, 2022 – 2030 (USD Billion)
- 8.7.1 Europe Solar Energy Industry, 2022 – 2030 (USD Billion)
- 8.8 Europe Solar Energy Industry, by Solar Module, 2022 – 2030
- 8.8.1 Europe Solar Energy Industry, by Solar Module, 2022 – 2030 (USD Billion)
- 8.9 Europe Solar Energy Industry, by Technology, 2022 – 2030
- 8.9.1 Europe Solar Energy Industry, by Technology, 2022 – 2030 (USD Billion)
- 8.10 Europe Solar Energy Industry, by Application, 2022 – 2030
- 8.10.1 Europe Solar Energy Industry, by Application, 2022 – 2030 (USD Billion)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Solar Energy Industry, 2022 – 2030 (USD Billion)
- 8.11.1.1 Asia Pacific Solar Energy Industry, by Country, 2022 – 2030 (USD Billion)
- 8.11.1 Asia Pacific Solar Energy Industry, 2022 – 2030 (USD Billion)
- 8.12 Asia Pacific Solar Energy Industry, by Solar Module, 2022 – 2030
- 8.12.1 Asia Pacific Solar Energy Industry, by Solar Module, 2022 – 2030 (USD Billion)
- 8.13 Asia Pacific Solar Energy Industry, by Technology, 2022 – 2030
- 8.13.1 Asia Pacific Solar Energy Industry, by Technology, 2022 – 2030 (USD Billion)
- 8.14 Asia Pacific Solar Energy Industry, by Application, 2022 – 2030
- 8.14.1 Asia Pacific Solar Energy Industry, by Application, 2022 – 2030 (USD Billion)
- 8.15. Latin America
- 8.15.1 Latin America Solar Energy Industry, 2022 – 2030 (USD Billion)
- 8.15.1.1 Latin America Solar Energy Industry, by Country, 2022 – 2030 (USD Billion)
- 8.15.1 Latin America Solar Energy Industry, 2022 – 2030 (USD Billion)
- 8.16 Latin America Solar Energy Industry, by Solar Module, 2022 – 2030
- 8.16.1 Latin America Solar Energy Industry, by Solar Module, 2022 – 2030 (USD Billion)
- 8.17 Latin America Solar Energy Industry, by Technology, 2022 – 2030
- 8.17.1 Latin America Solar Energy Industry, by Technology, 2022 – 2030 (USD Billion)
- 8.18 Latin America Solar Energy Industry, by Application, 2022 – 2030
- 8.18.1 Latin America Solar Energy Industry, by Application, 2022 – 2030 (USD Billion)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Solar Energy Industry, 2022 – 2030 (USD Billion)
- 8.19.1.1 The Middle-East and Africa Solar Energy Industry, by Country, 2022 – 2030 (USD Billion)
- 8.19.1 The Middle-East and Africa Solar Energy Industry, 2022 – 2030 (USD Billion)
- 8.20 The Middle-East and Africa Solar Energy Industry, by Solar Module, 2022 – 2030
- 8.20.1 The Middle-East and Africa Solar Energy Industry, by Solar Module, 2022 – 2030 (USD Billion)
- 8.21 The Middle-East and Africa Solar Energy Industry, by Technology, 2022 – 2030
- 8.21.1 The Middle-East and Africa Solar Energy Industry, by Technology, 2022 – 2030 (USD Billion)
- 8.22 The Middle-East and Africa Solar Energy Industry, by Application, 2022 – 2030
- 8.22.1 The Middle-East and Africa Solar Energy Industry, by Application, 2022 – 2030 (USD Billion)
- Chapter 9. Company Profiles
- 9.1 Canadian Solar Inc.
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 JinkoSolar Holding Co. Ltd
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Trina Solar Co. Ltd
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 SunPower Corporation
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 LONGi Green Energy Technology Co. Ltd
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 First Solar Inc.
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 JA Solar Holding
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Abengoa SA
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 Acciona SA
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Brightsource Energy Inc.
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.11 Engie SA
- 9.11.1 Overview
- 9.11.2 Financials
- 9.11.3 Product Portfolio
- 9.11.4 Business Strategy
- 9.11.5 Recent Developments
- 9.12 NextEra Energy Inc.
- 9.12.1 Overview
- 9.12.2 Financials
- 9.12.3 Product Portfolio
- 9.12.4 Business Strategy
- 9.12.5 Recent Developments
- 9.13 ACWA Power
- 9.13.1 Overview
- 9.13.2 Financials
- 9.13.3 Product Portfolio
- 9.13.4 Business Strategy
- 9.13.5 Recent Developments
- 9.14 Sharp Corporation
- 9.14.1 Overview
- 9.14.2 Financials
- 9.14.3 Product Portfolio
- 9.14.4 Business Strategy
- 9.14.5 Recent Developments
- 9.15 REC Solar Holdings AS
- 9.15.1 Overview
- 9.15.2 Financials
- 9.15.3 Product Portfolio
- 9.15.4 Business Strategy
- 9.15.5 Recent Developments
- 9.16 Hanwha Corporation
- 9.16.1 Overview
- 9.16.2 Financials
- 9.16.3 Product Portfolio
- 9.16.4 Business Strategy
- 9.16.5 Recent Developments
- 9.1 Canadian Solar Inc.
List Of Figures
Figures No 1 to 25
List Of Tables
Tables No 1 to 77
Key Player:
- Canadian Solar Inc.
- JinkoSolar Holding Co. Ltd
- Trina Solar Co. Ltd
- SunPower Corporation
- LONGi Green Energy Technology Co. Ltd
- First Solar Inc.
- JA Solar Holding
- Abengoa SA
- Acciona SA
- Brightsource Energy Inc.
- Engie SA
- NextEra Energy Inc.
- ACWA Power
- Sharp Corporation
- REC Solar Holdings AS
- Hanwha Corporation
- Others
FAQs
“Asia Pacific” region will lead the global Solar Energy market during the forecast period 2022 to 2030.
Supportive government policies, regulations, and the race to attain renewable energy targets drive the market’s growth.
The key players operating in the Solar Energy market are Canadian Solar Inc., JinkoSolar Holding Co. Ltd, Trina Solar Co. Ltd, SunPower Corporation, LONGi Green Energy Technology Co. Ltd, First Solar Inc., JA Solar Holding, Abengoa SA, Acciona SA, Brightsource Energy Inc., Engie SA, NextEra Energy Inc., ACWA Power, Sharp Corporation, REC Solar Holdings AS, Hanwha Corporation.
The global Solar Energy market is expanding growth with a CAGR of approximately 7% during the forecast period (2022 to 2030).
The global Solar Energy market size was valued at USD 185 Billion in 2021 and it is projected to reach around USD 300 Billion by 2030.