Press release
Government Investments Powering Solar Electricity Market Growth: A Key Driver Powering Solar Electricity Market Growth In 2025
Solar Electricity
What Is the Projected Growth of the Solar Electricity Market?
In the past few years, the size of the solar electricity market has expanded significantly. It is projected that it will increase from $103.58 billion in 2024 up to $123.37 billion in 2025, with a compound annual growth rate (CAGR) of 19.1%. The substantial growth in the historic period can be credited to considerable economic development in the developing markets, the expensive nature of diesel power, initiatives undertaken by companies to advocate for solar electricity, and an increment in research and development (r&d) investments.
The size of the solar electricity market is forecasted to expand significantly in the coming years, reaching a valuation of $219.29 billion in 2029, with a compound annual growth rate (CAGR) of 15.5%. This projected expansion during the predicted period can be linked to the push for eco-friendly solutions and corporate social responsibility, along with the rise in urbanization and advancements in technology. Key trends during this period include the increased adoption of digital technologies and artificial intelligence, the implementation of solar coupling with storage for cost synergy, operational efficiency, and reduction in storage capital costs alongside the solar investment tax credit. The course for growth in the solar energy industry can be charted through the successful execution of projects that incorporate these emerging technologies, thereby fostering growth in the solar electricity market.
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What Are the Different Solar Electricity Market Segments?
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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What Are the Primary Drivers Shaping the Solar Electricity Market?
The expansion of the solar electricity market is a consequence of growing funding from government bodies. Increased expenditure on refined research and invention of solar panels by governments has significantly boosted the market. As per the International Renewable Energy Agency, a UAE intergovernmental group, in February 2023, global investment in energy transition, including energy efficiency, hit an all-time high of USD 1.3 trillion in 2022, a surge of 19% from the 2021 figure. Consequently, the solar electricity industry has surged due to the growing investments in research and development of solar energy power generation by government organizations.
Which Companies Are Leading in 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
What Are the Major Trends Shaping the Solar Electricity Market?
The increasing demands of the solar power market are being met by the heightened utilization of artificial intelligence. AI operates as machinery that replicates human intelligence processes, with common applications including expert systems, natural language processing (NLP), speech recognition, and machine vision. The latest solar energy technological solution integrates machine learning with microgrid controllers and AI to cater to evolving business needs. These innovative technologies persistently modify to meet the solar industry's escalating requirements and the corporations utilizing them as a source of efficient energy. Furthermore, the advent of new software developments is carving out the future for companies leveraging AI and machine learning in solar energy technologies. For instance, in 2022, Mekorot, the national water company of Israel, in collaboration with the Israel Innovation Authority announced a project for testing a solar panel powered by AI and floats. This module, capable of generating electricity by tracking the sun, is a solar photovoltaic (PV) system created by the Israeli startup, Xfloat.
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What Are the Top Revenue-Generating Geographies in the Solar Electricity Market?
Asia-Pacific was the largest region in the solar electricity market in 2024. Western Europe was the second largest region in the global solar electricity market analysis. The regions covered in the solar electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Solar Electricity Market?
2. What is the CAGR expected in the Solar Electricity Market?
3. What Are the Key Innovations Transforming the Solar Electricity Industry?
4. Which Region Is Leading the Solar Electricity Market?
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