Press release
Solar Energy Global Market 2025: Exponential Growth, Advancements in Technologies, and Governmental Initiatives
Solar Energy Global Market
What Is The Projected Market Size Of The Solar Energy Global Market And Its Growth Rate?
The global solar energy market is currently flourishing, showcasing promising growth rates and market sizes in the recent years and beyond:
• The market size grew from $169.5 billion in 2024 to an expected $219.35 billion in 2025, at a CAGR of 29.4%.
• Factors responsible for this growth include energy security concerns, environmental awareness, government incentives, energy independence, net metering policies, and corporate sustainability initiatives.
• Looking forward, the market size is projected to exponentially grow to $515.3 billion in 2029 at a CAGR of 23.8%.
• This growth can be attributed to grid modernization, increasing electricity demand, urbanization and distributed generation, global climate agreements, and community solar programs.
What Is Driving The Growth In The Solar Energy Global Market?
The solar energy market is experiencing significant growth, spurred by increasing governmental efforts in supporting renewable energy sources. These initiatives include subsidies and relaxing legislations for implementing and using solar energy. Such initiatives have led to a flurry of solar projects being installed worldwide to produce affordable renewable energy. For instance, India has allocated INR 4,500 crores ($0.58 billion) in its Union budget 2022-2023 for developing high-efficiency modules for solar photovoltaic cells under the PLI (Production-Linked Incentive) scheme. Therefore, heightened government support worldwide for renewable energy sources is expected to fuel the growth of the solar energy market.
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Who Are the Key Players Driving Solar Energy Global Market Growth?
The solar energy market is dominated by multiple key players:
• ReneSola Power Inc.
• BayWa r.e. AG
• Longi Green Energy Technology Co Ltd.
• Trina Solar Limited
• JinkoSolar Holding Co Ltd.
• JA Solar Holdings Co Ltd.
• Hanwha Q CELLS Co Ltd.
• Canadian Solar Inc.
• Sungrow Power Supply Co Ltd.
• Tata Power Solar
• China Three Gorges New Energy Group Co Ltd.
• Acciona Energia SA
• Risen Energy Co Ltd.
• Daqo New Energy Corp.
What Are The Key Trends In The Solar Energy Global Market?
Key trends leading the solar energy market include:
• Advancements in solar panel technologies
• Solar tracking systems
• Digitalization and smart grid integration
• Floating solar installations
• Hybrid energy systems.
What Are The Segments Of The Global Solar Energy Global Market?
The solar energy market can be segmented as follows:
• By Type: Solar Cell Panel, Solar Cell Paste, Solar Silicon Wafer
• By Technology: Photovoltaic Systems, Concentrated Solar Power Systems
• By Panel: Mono-Crystalline, Thin Film, Poly-Crystalline
• By Application: Residential, Commercial
• By End Use: Electricity Generation, Lighting, Heating, Charging
Which Region Leads The Solar Energy Global Market?
The Asia-Pacific region was the largest contributor to the solar energy market in 2024. The coverage in the report includes markets in Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Solar Energy Global Market Report?
- Market Size Analysis: Analyze the Solar Energy Global Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Solar Energy Global 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 Energy Global Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Solar Energy Global Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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