Solar Energy Market Updates

Solar Energy Market size was valued at USD 193.62 Billion in 2023 and is poised to grow from USD 207.37 Billion in 2024 to USD 358.96 Billion by 2032, growing at a CAGR of 7.1% during the forecast period (2025-2032).

The solar energy industry is extremely competitive due to players' involvement in R&D and regular product releases of more efficient products. A single component is the focus of multiple enterprises, which severely fragments the market. For instance, companies like Jinko Solar and LONGi Solar devote almost all of their resources to the production of solar panels. Instead of producing other system components, these companies focus on producing more efficient solar panels. 'First Solar', 'LONGi Green Energy Technology', 'Enphase Energy', 'Canadian Solar', 'SunPower Corporation', 'JA Solar Technology', 'JinkoSolar Holding Co., Ltd.', 'Trina Solar', 'GCL-Poly Energy Holdings', 'SolarEdge Technologies', 'SMA Solar Technology AG', 'Nextracker Inc.', 'Hanwha Q Cells', 'Maxeon Solar Technologies', 'Solaria Corporation', 'Shoals Technologies Group', 'REC Group', 'Risen Energy', 'Seraphim Solar System', 'Sunova Solar'

Many corporations are setting ambitious sustainability goals, including a shift towards renewable energy sources such as solar power. This is driven by a desire to reduce their carbon footprint, improve their environmental performance, and enhance their brand reputation.

One key market trend in the global solar energy market is the rapid growth of utility-scale solar projects. As technology advancements continue to drive down the cost of solar panels and improve their efficiency, utility-scale installations have become increasingly economically viable. These large-scale projects provide a cost-effective means of generating significant amounts of clean energy, appealing to governments, energy companies, and investors alike. This trend reflects the global shift towards renewable energy sources, with utility-scale solar installations playing a pivotal role in meeting sustainability targets and reducing carbon emissions, making solar energy a central player in the transition to a greener energy future.

In 2022, Asia Pacific solar energy market share had the biggest revenue share (61.49%), dominating the world market. By revenue, East Asia solar energy market share will dominate the Asia Pacific market in 2022. High product demand has developed in the area as a result of the desire to lessen dependency on conventional power sources and the existence of established competitors who are consistently improving their offers.