Increasing Demand For Renewable Energy Sources Fuels Growth In The Solar Market: A Key Driver Powering Solar Market Growth In 2025

The Solar Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Current Solar Market Size and Its Estimated Growth Rate?
The expansion of the solar market has seen a modest increase in the most recent years. The growth will proceed from $277.93 billion in 2024 to $282.25 billion in 2025, marking a compound annual growth rate (CAGR) of 1.6%. The expansion in the past period is due to factors such as increasing population in emerging economies, a rising trend of adopting renewable power sources, increasing substitution of traditional power sources, new grid constructions and extensive storage systems and heightened awareness of climate change.

Anticipations are high for the solar market size to see consistent expansion in the upcoming years. The projected growth will reach $334.01 billion by 2029, with a compound annual growth rate (CAGR) of 4.3%. Factors contributing to this flourishing forecast period include boosted investments in solar photovoltaics, a rise in demand for sustainable energy sources, competitive costs, an amplified desire for renewable energy sources, and supportive government policies. Noteworthy developments in the forecast duration comprise the inclusion of emergent technologies, enhancements in solar technology, the creation of supple and lightweight solar panels, the development of solar tracking systems, and the assimilation of the Internet of Things (IoT).

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How Are Emerging Segments Shaping the Solar Market Landscape?
The solar market covered in this report is segmented -

1) By Solar Module: Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Other Solar Modules
2) By Technology: Photovoltaic Systems, Concentrated Solar Power Systems
3) By Applications: Residential, Commercial, Industrial
4) By End Users: Electricity Generation, Lighting, Heating, Charging

Subsegments:
1) By Monocrystalline: High-Efficiency Monocrystalline Modules, Bifacial Monocrystalline Panels, Flexible Monocrystalline Solar Cells
2) By Polycrystalline: Standard Polycrystalline Panels, High-Performance Polycrystalline Modules, Bifacial Polycrystalline Panels
3) By Cadmium Telluride: Thin-Film Cadmium Telluride Modules, Utility-Scale Cadmium Telluride Systems, Lightweight Cadmium Telluride Panels
4) By Amorphous Silicon Cells: Thin-Film Amorphous Silicon Panels, Flexible Amorphous Silicon Modules, Integration With Building Materials
5) By Other Solar Modules: Organic Photovoltaic Cells (OPV), Perovskite Solar Cells, Hybrid Solar Cells, Concentrated Photovoltaic (CPV) Modules

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Which Growth Factors Are Influencing Solar Market Expansion?
The solar market's expansion is likely to be fuelled by the increasing appetite for renewable energy sources. These are naturally replenishing resources such as sunlight, wind, water, and biomass that produce clean, sustainable energy. The desire for solar energy is heightened by the quest for renewable, sustainable energy solutions that diminish carbon emissions, reduce energy expenses, and lessen dependency on exhaustible fossil fuels. Solar power, a form of renewable energy, uses sunlight to generate clean electricity and heat, lowering reliance on fossil fuels and promoting sustainability initiatives due to its infinite and renewable nature. As an example, Eurostat, a Luxembourg-based government agency, reported in December 2023 that renewable energy accounted for 23.0% of the energy consumed in the European Union in 2022, a rise from 21.9% in 2021. Consequently, the escalating need for renewable energy sources propels the growth in the solar market.

Who Are the Dominant Players Across Different Solar Market Segments?
Major companies operating in the solar market are Reliance Industries Limited, Hanwha Group, NTPC Limited, JSW Group, Kyocera Corporation, Trina Solar Co. Ltd., JinkoSolar Holding Co. Ltd., Sungrow Power Supply Co. Ltd., Canadian Solar Inc., First Solar Inc., LONGi Green Energy Technology Co. Ltd., SolarEdge Technologies Inc., Sunrun Inc., Yingli Solar, Shoals Technologies Group Inc., Sterling and Wilson Renewable Energy Limited, Waaree Energies Limited, Solaria Energía y Medio Ambiente S.A., Vikram Solar Limited, Borosil Renewables Limited, Loom Solar

What Are the Latest Developing Trends in the Ambulatory X-Ray Devices Market?
Leading businesses in the solar sector are prioritizing the enhancement of solar technology, such as the introduction of next-gen solar panels that deploy dual glass technology. This technology advancement bolsters the company's standing in the solar energy sector by delivering a product that flaunts state-of-the-art technology and superior functionality. Dual glass technology adds to durability and efficiency, making it a preferred choice for high-quality and long-lasting solar panels. For instance, in December 2022, Soleos Solar Energy, a solar EPC firm based in India, unveiled its ANTARES BI 144, a revolutionary solar panel product. This solar panel employs dual glass technology, enabling it to absorb sunlight from both surfaces, possibly augmenting energy production by 10-15%. The capacity of the panel varies from 400 to 700 watts, with a bifocality rating of 70%. It's designed to withstand substantial environmental pressures, capable of enduring wind loads of up to 2.4 kPa and snow loads of up to 5.5 kPa.

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Which Geographic Regions Are Expected to Dominate the Solar Market in the Coming Years?
Asia-Pacific was the largest region in the solar market in 2024. The regions covered in the solar 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 Market?
2. What is the CAGR expected in the Solar Market?
3. What Are the Key Innovations Transforming the Solar Industry?
4. Which Region Is Leading the Solar Market?

Why This Report Matters:

Competitive overview: This report analyzes the competitive landscape of the solar market, evaluating key players on market share, revenue, and growth factors.

Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.

Efficient Research: Quickly identify market growth, leading players, and major segments.

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