How much is the solar electricity market worth, and how is it expected to expand?
The solar electricity market size has grown rapidly in recent years. It will grow from $103.58 billion in 2024 to $123.37 billion in 2025 at a compound annual growth rate (CAGR) of 19.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, high cost of diesel power, initiatives by companies to promote solar electricity, and a rise in research and development (r&d) investments.
The solar electricity market size is expected to see rapid growth in the next few years. It will grow to $219.29 billion in 2029 at a compound annual growth rate (CAGR) of 15.5%. The growth in the forecast period can be attributed to an urge to go green and corporate csr, rising urbanization and technological advancements. Major trends in the forecast period include embracing the adoption of digital technologies and artificial intelligence, implementing solar pairing with storage offers cost synergies, operational efficiencies, and the opportunity to reduce storage capital costs in addition to the solar investment tax credit, growth path for the solar energy industry can be carved out with the successful implementation of such projects with nascent technologies leading to growth in the solar electricity market.
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How has the solar electricity market evolved, and what factors have shaped its growth?
Rising investments from government organizations have contributed to the growth of the solar electricity market. The market has benefited from increased government spending on advanced solar panel research and development. For instance, in February 2023, according to the International Renewable Energy Agency, a UAE-based intergovernmental organization, in 2022, worldwide investments in energy transition technologies, including energy efficiency, reached a record high of USD 1.3 trillion, marking a 19% increase from 2021 levels. Therefore, rising investments from government organizations in research and development of electricity generation through solar energy drove the solar electricity market.
What are the major segments of the solar electricity market?
The solar electricity market covered in this report is segmented –
1) By Technology: Photovoltaic Systems, Concentrated Solar Power Systems
2) By Solar Module: Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others.
3) By End User: Residential, Commercial
Subsegments:
1) By Photovoltaic Systems: Crystalline Silicon Photovoltaic (C-Si) Systems, Thin-Film Photovoltaic Systems, Bifacial Solar Panels, Building-Integrated Photovoltaics (Bipv)
2) By Concentrated Solar Power Systems: Parabolic Trough Systems, Solar Power Towers, Fresnel Reflectors, Dish/Engine Systems
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Which companies dominate the solar electricity market?
Major companies operating in the solar electricity market include SPIC Solar, Enel SpA, Canadian Solar Inc, Engie, Adani Green Energy Limited, Datang International Power Generation Company Limited, Acciona Energia S.A, Electricite De France SA, Huaneng Power International, Inc., Trina Solar Limited, Waaree Group, Tata Power Solar Systems Ltd., Urja Global Limited, Wuxi Suntech Power Co. Ltd., Azure Power, Vivaan Solar, Ja Solar Holdings Co., Ltd, Aiko Solar, Zhongli, Suntech, Statkraft As, National Grid Plc, Agder Energi Sa, Ibc Solar Ag, Centrotherm International Ag, Schott Solar Ag, Ecotricity Group Ltd, Lightsource Bp Renewable Energy Investments Limited, Hive Energy, Solaria Energia Y Medio Ambiente Sa, Iberdrola Sa, Cobra Instalaciones Y Servicios Sa, Red Electrica Corporacion Sa, Edf En, Saint Gobain, Wagner Solar, Ekotechnik Czech Sro, Svp Solar Sro, Solar Global As, Solartec Holding As, Photon Energy Nv, Modus Energy, Polski Solar Holding, Renesola Ltd, Sunshine Solar Energy Srl, Amerisolar, Altius-Solar, Nivus Gmbh, Danagroup.Hu, Nextera Energy Inc, Vestas Wind Systems A/S, General Electric Co, M. A. Mortenson Company, First Solar, Inc, Sunpower Corporation, Renewable Energy Systems Ltd, Rosendin Electric Inc, Hanwha Corporation, Inkosolar Holding Co. Ltd, Swinerton Renewable Energy, 8minute Solar Energy, Atlas Renewable Energy, Sonnedix Power Holdings Ltd, Enerwhere Sustainable Energy Dmcc, Acwa Power Barka Saog, Alsa Solar Systems Llc, Benban Solar Project, Kathu Solar Park, Ilanga Concentrated Solar Power 1, Jasper Solar Power Project, Kalkbult Solar Plant, Kaxu Solar One, Lesedi Solar Pv Project
How will evolving trends contribute to the growth of the solar electricity market?
Artificial intelligence is being used increasingly to meet the rising demands of the solar power market. Artificial intelligence is the machinery simulating the processes of human intelligence, particularly computer systems. Expert systems, natural language processing (NLP), speech recognition, and machine vision are common AI applications. The use of machine learning through microgrid controllers and artificial intelligence (AI) is the latest solar energy technology solution that helps to adapt to growing business needs. These technologies continue to evolve to meet the rising needs of the solar industry and the businesses that use them as an energy-efficient source. Additionally, new software developments are helping to shape the future of companies that are applying artificial intelligence and machine learning to solar energy technology. For instance, in 2022, a project in cooperation with Mekorot, Israel’s national water company, the Israel Innovation Authority tells NoCamels was announced for testing a floating artificial intelligence (AI) powered solar panel that generates electricity by tracking the sun. This solar photovoltaic (PV) system was developed by Israeli startup Xfloat.
What are the key regional dynamics of the solar electricity market, and which region leads in market share?
The countries covered in the solar electricity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
What Does The Solar Electricity Market Report 2025 Offer?
The solar electricity market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Solar electricity refers to renewable energy obtained from sunlight by using the sun’s energy either directly as thermal energy or through the use of photovoltaic cells in solar panels and transparent photovoltaic glass to generate electricity. The electricity produced is then supplied to electric power transmission systems, which are used to move large quantities of power from generating facilities to substations and to distribution systems, which are used for short distances to transport electricity to customers locally.
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