The Solar Electricity Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Solar Electricity Market?
The market size of the solar electricity industry has seen rapid expansion in the past few years. The market, which was valued at $103.58 billion in 2024, is projected to reach $123.37 billion in 2025. This signifies a compound annual growth rate (CAGR) of 19.1%.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Solar Electricity Industry?
The Solar Electricity Global Market is projected to reach a size of $219.29 billion in 2029, growing at a compound annual growth rate (CAGR) of 15.5%.
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What are the Key Growth Drivers Fueling the Solar Electricity Market?
The key drivers in the solar electricity market are:
• The urge to go green and implement corporate social responsibility initiatives
• Incremental urbanization and technological advancements in the solar sector
• The adoption of digital technologies and artificial intelligence in solar energy systems
• Implementing solar storage synergies to reduce investment costs and capitalize on solar investment tax credits.
Global Market Segmentation: Identifying Major Solar Electricity Industry 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
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What are the Emerging Trends Shaping the Future of the Solar Electricity Market?
The key trends in the solar electricity market are:
• Adoption of digital technologies and artificial intelligence in the solar electricity sector is an emerging trend.
• There is a rising trend of implementing solar pairing with storage, which offers cost efficiencies.
• The opportunity to reduce storage capital costs along with the solar investment tax credit is a trending driver in the market.
• The successful implementation of projects with nascent technologies is shaping the future growth path of the solar energy industry.
Who Are the Top Competitors & Leading Players in the Solar Electricity Market?
Major companies in the solar electricity market are:
• 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
Regional Dominance: Which Area Leads the Global Template Market?
Asia-Pacific was the largest region in the solar electricity market in 2024
