Solar Energy Market Size

The global solar energy market size was valued at $120.15 billion in 2024 and is projected to reach $246.20 billion by 2030, growing at a CAGR of 12.7% during the forecast period.

Solar Energy Market Overview

Solar energy refers to the radiant light and heat emitted by the sun, harnessed through various technologies to generate electricity or provide heat for both residential and commercial applications. This renewable and sustainable energy source is abundantly available and widely distributed, making it a crucial component of the global transition towards cleaner and more sustainable energy systems. Solar energy can be captured using photovoltaic (PV) cells, which convert sunlight directly into electricity, or through solar thermal systems, which use sunlight to heat water or air for use in residential heating, hot water systems, or industrial processes. With advancements in solar technology and decreasing costs of solar panels, solar energy has become increasingly accessible and cost-effective, driving its widespread adoption across the globe as a key solution to reduce greenhouse gas emissions, combat climate change, and achieve energy independence.

Solar Energy Market Dynamics

• The solar energy market is expected to witness significant growth in the future due to government incentives and subsidies for solar installations and declining costs of solar photovoltaic (PV) technology.

• Additionally, the increasing awareness and concerns about climate change and the growing energy demand and need for renewable sources are the prominent factors driving the growth of the solar energy market.

• However, the intermittent nature of solar power generation and high initial investment costs for solar infrastructure are restraining the market growth.

• On the contrary, the technological innovations in solar energy storage solutions, integration of solar power with energy management systems, and development of community solar and shared solar programs are creating opportunities for market growth.

By Technology, the Photovoltaic Systems Segment is anticipated to Exhibit Significant Growth Rate in the Solar Energy Market

The photovoltaic systems segment is expected to grow at a high growth rate in the solar energy market during the forecast period. Photovoltaic systems, which convert sunlight directly into electricity using solar panels, offer numerous advantages that have propelled their widespread adoption. As concerns about climate change and environmental sustainability continue to grow, there is a heightened demand for clean and renewable energy sources, with solar PV emerging as a prominent solution to reduce greenhouse gas emissions and combat global warming. Additionally, advancements in PV technology, such as improved efficiency and durability of solar panels, have further bolstered the attractiveness of solar energy investments. Furthermore, the decentralized nature of PV systems allows for greater energy independence and resilience, appealing to homeowners, businesses, and communities seeking energy security and autonomy. As a result, the photovoltaic systems segment of the solar energy market is witnessing rapid growth, driven by the increasing recognition of solar power as a reliable, sustainable, and economically viable energy solution.

By Geography, Asia Pacific Constitutes Immense Share with the Solar Energy Market

The Asia Pacific holds a prominent share of the solar energy market during the forecast period due to significant increase in energy consumption. Solar energy, with its abundant availability and environmentally friendly attributes, has emerged as a preferred solution to meet this growing demand. Additionally, the declining costs of solar photovoltaic (PV) technology, coupled with government incentives and favorable policies, have made solar power increasingly affordable and accessible for both residential and commercial applications in the region. Moreover, as many countries in Asia Pacific face challenges related to air pollution, energy security, and climate change, there is a heightened awareness of the benefits of transitioning towards renewable energy sources like solar power. Furthermore, the region's vast landmass and high solar irradiation levels offer immense potential for large-scale solar energy projects, attracting investments from both domestic and international stakeholders. As a result, the Asia Pacific region is witnessing rapid growth in the solar energy market, with solar power playing a pivotal role in addressing energy needs, promoting economic development, and mitigating environmental concerns across the region.

Key Target Audience:

• Solar Panel Manufacturers

• Solar Project Developers

• Government Agencies and Regulators

• Utilities and Power Generation Companies

• Investors and Financial Institutions

• Research and Development Institutions

List of the Key Players Profiled in the Report Includes: 

• Canadian Solar

• Enphase Energy, Inc

• First Solar, Inc

• General Electric Company

• Hanwha Q Cells Co., Ltd

• JA Solar Holdings Co. Ltd

• JinkoSolar Holding Co., Ltd.

• SolarEdge Technologies

• SunPower Corporation

• Tata Power Solar System Ltd

• Trina Solar

• Yingli Green Energy Holding Company Limited

Recent Developments:

• In March 2024, Tata Power Solar Systems Limited (TPSSL) successfully commissioned the nation's largest Solar and Battery Energy Storage System (BESS) project. This project includes a 100 MW Solar PV installation paired with a 120 MWh Utility Scale Battery Energy Storage System, located in Rajnandgaon, Chhattisgarh.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Solar Module: 

• Amorphous Silicon Cells

• Cadmium Telluride

• Monocrystalline

• Polycrystalline

• Other Solar Modules

Market by, Technology: 

• Photovoltaic Systems

• Concentrated Solar Power Systems

Market by, Application:

• Residential

• Commercial

• Industrial

Market by, End User:

• Charging

• Electricity Generation

• Heating

• Lighting

Market by, Geography:

The solar energy market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

Scope of the Report:

The report oGlobal Solar Energy Market: Industry Analysis, Opportunities and Forecast up to 2030o by Diligence Insights provides a detailed analysis of the present market and future outlook with market estimates and forecasts for all specified segments, encompassing both global and regional perspectives as outlined within the research framework. The study includes historical market data for the years 2022, 2023 and offers revenue estimations for 2024, and project forecasts spanning from 2025 to 2030. It places significant emphasis on the examination of market trends, key industry participants, supply chain developments, technological advancements, pivotal milestones, and prospective strategies. Comprehensive market assessments are carried out across major geographic regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. As such, this report constitutes a valuable resource for current industry stakeholders, newcomers to the field, and potential investors.

The study offers an in-depth market analysis, drawing insights from industry experts across the value chain. A special focus has been made on 25 countries, including the United States, Canada, Mexico, the United Kingdom, Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, and South Africa, among others. The market data has been meticulously collected through extensive primary interviews and comprehensive secondary research. Market size determination is rooted in the revenue generated from sales across all the specified segments and sub-segments as defined within the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.

The report offers insights into the following aspects:

• Analysis of major market trends, factors driving, restraining, threatening, and providing opportunities for the market.

• Analysis of the market structure by identifying various segments and sub-segments of the market.

• Understand the revenue forecast of the market for North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

• Analysis of opportunities by identification of high-growth segments/revenue pockets in the market.

• Understand major player profiles in the market and analyze their business strategies.

• Understand competitive developments such as joint ventures, alliances, mergers and acquisitions, and new product launches in the market.