Solar Power Market Size | Industry Trends & Forecast 2025

What is the Size of the Solar Power Market?

According to 6Wresearch internal database and industry insights, the Global Solar Power Market was valued at USD 420 Billion in 2024 and is expected to reach USD 720 Billion by 2031, growing at a compound annual growth rate of 6.70% during the forecast period (2025-2031).

The expansion of this market is supported by the rising investments in renewable energy, increasing adoption of solar PV installations, declining costs of solar panels, and supportive government incentives for clean energy transition.

Key Growth Drivers of the Solar Power Market

• The demand is increasing for clean and renewable energy sources.
• Government initiatives and subsidies are promoting solar energy adoption.
• Technological innovations are improving solar panel efficiency.
• Declining costs of solar energy equipment are enhancing affordability.
• Rapid urbanization and industrialization are increasing energy demand.
• Rising focus on carbon neutrality and sustainable power generation.

Solar Power Market Trends

Solar Power Market is witnessing major growth with notable trends such as the expansion of large-scale solar farms and rapid adoption of rooftop solar systems. The integration of energy storage technologies such as batteries with solar systems is increasing to ensure reliability. More people are also using floating solar plants and bifacial solar panels. The market is working better as more people are using digital monitoring and AI to improve performance. Additionally, public-private partnerships for renewable energy infrastructure are becoming more common, which is helping the market grow as a whole.

Emerging Developments in the Solar Power Market

Solar Power Market is evolving with the development of advanced photovoltaic technologies and next-generation solar cells, such as perovskite-based panels. Increasing R&D efforts in improving energy conversion efficiency and durability are ongoing. The use of solar tracking systems is making production more efficient. Furthermore, solar technology companies are teaming up with utility companies to make clean energy more widely available. Another new development is the rise of decentralized and off-grid solar systems in remote areas. Additionally, new ways to recycle solar panels and projects that promote a circular economy are helping to make the market more stable.

List of Leading Companies in the Solar Power Market

Some of the leading companies include:

• Canadian Solar Inc.
• First Solar, Inc.
• JA Solar Technology Co., Ltd.
• JinkoSolar Holding Co., Ltd.
• Trina Solar Co., Ltd.
• LONGi Green Energy Technology Co., Ltd.
• Tata Power Solar Systems Ltd.

Frequently Asked Questions About the Market Study (FAQs):