Press release
Global Solar Electricity Market: Rapid Expansion and Key Trends Propelling a $219.29 Billion Market by 2029
Global Solar Electricity Market
Unlocking a Sustainable Future: Accelerating the Solar Electricity Market
What Is The Projected Market Size Of The Global Solar Electricity Market And Its Growth Rate?
The future of solar electricity shines bright, with significant developments and exceptional growth rates.
•The market size has grown rapidly from $103.58 billion in 2024 to $123.37 billion in 2025 at a compound annual growth rate (CAGR) of 19.1%.
•In the foreseeable future, the market size is expected to reach $219.29 billion in 2029 at a CAGR of 15.5%.
The main growth drivers are strong economic growth in emerging markets, decreasing cost of solar power, and increasing investments in research and development.
What Is Driving The Growth In The Solar Electricity Market?
The solar electricity market is propelled by escalating investments from government entities. Enhanced government expenditures on sophisticated solar panel research and development have significantly contributed to the market growth. For example, worldwide investments in energy transition technologies, including solar power, reached a record high of USD 1.3 trillion in 2022, marking a 19% increase from 2021 levels. This surge led to substantial progress in solar electricity generation, eventually driving the solar electricity market.
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Who Are the Key Players Driving Solar Electricity Market Growth?
The solar electricity market growth is spurred by major companies including:
•SPIC Solar
•Enel SpA
•Canadian Solar Inc
•Engie
•Adani Green Energy Limited
•Datang International Power Generation Company Limited
•Acciona Energia S.A
•Ja Solar Holdings Co., Ltd
•Zhongli
What Are The Key Trends In The Solar Electricity Market?
Witness the major trends propelling the market:
•The adoption of digital technologies and artificial intelligence
•Implementation of solar pairing with storage offering cost synergies and operational efficiencies
•Increase in solar investment tax credit
•Successful implementation of projects with nascent technologies
What Are The Segments Of The Global Solar Electricity Market?
The global solar electricity market is segmented by:
•Technology: Photovoltaic Systems, Concentrated Solar Power Systems.
•Solar Module: Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others.
•End User: Residential, Commercial.
Which Region Leads The Solar Electricity Market?
Asia-Pacific led the solar electricity market in 2024, with Western Europe as the second largest contributor. These regions, along with Eastern Europe, North America, South America, Middle East, and Africa, continue to show promising growth in the solar electricity market.
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What Is Covered In The Solar Electricity Market Global Market Report?
- Market Size Analysis: Analyze the Solar Electricity Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Solar Electricity Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Solar Electricity Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Solar Electricity Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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