Solar Energy Market (2025-2032) | CAGR 23.1% | North America Leads

The Solar Energy Market Size is expected to be worth 148.39 billion (USD) in 2024 and promises to reach a massive 782.52 billion (USD) by the end of 2032, growing naturally at a solid CAGR of 23.1%. The expansion mainly comes from the rise in renewable energy use, supportive government legislation and technological progress in solar power systems.

Drivers & Opportunities of the Market Growth

The increasing demand for carbon emission-free energy sources has propelled growth in the solar energy sector. All governments are responding with appropriate measures for the development of renewable energy that include tax incentives for renewable energy, feed-in tariffs (FiT), and subsidies for solar in project development. Further, over the years, the cost of solar panels and installation has steadily declined, making solar power more accessible to both residential and commercial users.

In addition to this, utility-scale solar parks, primarily in areas of high solar irradiance, are also receiving increased investments in the market. In addition to this, technological developments like bifacial solar panels and perovskite solar cells are anticipated to offer efficiency improvements which should further boost adoption.

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Segmentation Analysis

Solar energy market is sub segmented in to, by technology, by application, by region.

On the basis of technology, solar power market is segmented into solar photovoltaic (PV) and concentrated solar power (CSP) Solar PV remains the biggest market player, accounting for most of the capacity additions. The fastest-growing renewable power source was solar PV, with generation up 22% in 2024, the IEA said. On the other hand, Concentrated Solar Power (CSP), which uses thermal energy storage, is growing in popularity in countries rich in sunshine.

By Usage: Solar energy has broad utilization in residential, commercial, and industrial applications. Rooftop solar panel installations are growing the residential segment, while large-scale plant deployments are rapidly emerging over the high-cost industrial segment.

Regional Insights

United States: It often reaches the maximum total shares with solar power, where there are 43% of the newly installed capacity to produce electricity in 2024 in the U.S.[2]. The poles for solar adoption are currently occupied by California, Texas and Florida, who offer policies and financial incentives to support the development of solar.

Germany: Germany remains the leader in solar transition in Europe and is aiming for a target of 65% renewable energy in electricity consumption by 2030. To achieve its climate targets, the country has committed to building out 5–10 GW of PV capacity each year.

China: Being the largest solar PV market, China has a major impact on the growth of the industry. Investment moderated in 2024, following the curtailment of key policies creating uncertainty until recent months but the latter half of the decade will benefit again from updated FiT policies and ever more ambitious solar project expansions.

India: India is one of the most important solar markets around the world, fueled by an even larger goal of 280 GW of solar capacity by 2030. Recently, the country installed a lot of solar farms and is concentrating on enhancing the integration with the grid.

Spain: Solar adoption is booming in Spain, supported by government incentives and growing investment in larger solar farms. With this informal goal, the country intends to be one of the largest solar energy producers in Europe. 

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Competitive Landscape

Some important players in the solar energy market consist of:

First Solar Inc. (U.S.) : Leading provider and manufacturer of thin-film solar modules with an emphasis on high-efficiency solar technologies.

U.S.: SunPower Corporation — High-efficiency solar panels for residential and commercial use.

Canadian Solar Inc. (Canada)—One of the largest manufacturers of PV modules and a leading global provider of solar energy solutions

JinkoSolar Holding Co., Ltd. (China) : A leading solar firm with international reputation

Trina Solar Limited( China) - Leading solar PV company, with innovation in module efficiency and smart solar solutions.

These companies are investing in R&D to improve efficiencies, drive down perfusion costs, and broaden their market expositions.

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Conclusion

This report considers the current state in Nexant and the projected growth of the global solar energy market seeks to identify drivers that accelerate growth and foundation policies, technology, and investment that connect foundation infrastructure for renewable energy to take place. Solar power will play a vital role in the global transition of energy as governments and businesses work towards achieving carbon neutrality, which could mean a sudden spike in demand.

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