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Solar Power Market Report Overview
The Global Solar Power Market reached a value of USD 248.99 Billion at 2025 and is projected to expand at a CAGR of around 7.10% during the forecast period of 2026-2035. Solar's cost leadership, IEA projections of 80% renewable growth from solar through 2030, India's 145% year-on-year installation growth in 2024, US cumulative capacity tripling to 769 GWdc by 2036, global cumulative PV at 1.6 TW in 2023, and solar-plus-storage at 79% of new US capacity in 2025 all sustain the path to USD 494.40 Billion.
Latest News on the Solar Power Market (2026)
April 2026: China Removes Solar Panel VAT Rebate, Reshaping Global Module Pricing
According to PV Magazine, China's removal of its 9% VAT export rebate on solar panels from April 2026 has pushed US median module prices to $0.28 per watt, up from $0.25 per watt in early 2025. The shift, combined with tightening Foreign Entity of Concern compliance requirements, is reshaping global solar procurement strategies and encouraging greater domestic manufacturing investment in key markets.
March 2026: US Solar Finance Summit Signals Growing Capital Availability for Renewable Projects
As reported by PV Tech, industry leaders at the Solar Finance and Investment Europe summit in March 2026 indicated that capital availability for renewable energy projects is increasing, particularly for solar-plus-storage combinations. Investors are increasingly prioritising disciplined execution and hybrid project models as the global solar power market adapts to evolving policy environments and rising data centre electricity demand.
Key Market Trends and Insights
- Solar Photovoltaic is expected to maintain its dominant technology share of approximately 70% through the forecast period, with Mono-Si expected to register the fastest sub-technology CAGR due to superior efficiency (19-23%), better low-light performance, and longer warranty periods that reduce lifetime ownership cost.
- Asia Pacific leads globally with approximately 36% market share in 2025 and is expected to sustain dominance, driven by China's extraordinary annual deployment scale, India's 30.7 GW installation in 2024 (145% year-on-year increase over 2023's 12.5 GW), and Japan's stable solar market.
- Utility-scale application is expected to maintain the dominant share through the forecast period, with the US utility-scale sector installing 34.7 GWdc in 2025 and solar and storage combined representing 79% of all new US electricity-generating capacity added in 2025.
Market Size and Forecast
- Market Size in 2025: USD 248.99 Billion
- Projected Market Size in 2035: USD 494.40 Billion
- CAGR from 2026 to 2035: 7.10%
2025
Base Year
2019-2025
Historical Period
2026-2035
Forecast Period
Compound Annual Growth Rate
7.1%
Value in USD Billion
2026-2035
*this image is indicative*
Key Trends and Recent Developments
IEA Projects Solar Will Account for 80% of New Renewable Capacity Additions
The IEA projects that solar PV and wind will deliver 95% of new renewable capacity additions from 2024 to 2030, with solar alone accounting for 80% of that growth. This projection reflects the economic logic of least-cost electricity generation: in every major economy where grid electricity is priced at commercial rates, utility solar economics are compelling without subsidy and strongly positive with existing policy frameworks. The IEA's projection represents the current deployment trajectory extrapolated with conservative cost continuation assumptions.
US Cumulative Solar Capacity to Triple from 279 GWdc to 769 GWdc by 2036
Wood Mackenzie and SEIA project US cumulative solar capacity will nearly triple from 279 GWdc at end-2025 to 769 GWdc by 2036, with average annual capacity additions exceeding 44 GWdc. This trajectory is enabled by the IRA's investment tax credits creating a bankable multi-year investment environment. The 2,500+ GW interconnection queue demonstrates developer appetite substantially exceeds current installation rates, and the binding constraint is regulatory and grid infrastructure rather than economics or technology.
Solar Plus Storage Represents 79% of New US Electricity-Generating Capacity
Solar and storage combined represented 79% of all new US electricity-generating capacity added in 2025, marking the clearest evidence that solar-plus-battery storage has become the default investment choice for new US power generation. Storage's declining cost is transforming solar from variable generation to baseload-capable, competing with dispatchable fossil fuel generation and expanding solar's total addressable market significantly beyond what solar-only systems could achieve.
Mono-Si Consolidating Market Leadership Within Solar PV Sub-Technologies
Monocrystalline silicon (Mono-Si) solar cells are consolidating market leadership at 19-23% efficiency, better low-light performance, and longer degradation warranty periods relative to Multi-Si and Thin Film alternatives. The historical Mono-Si price premium over Multi-Si has narrowed as manufacturing scale improved, and bifacial Mono-Si panels capturing sunlight from both sides and improving generation efficiency by 10-20% are becoming the standard specification for utility-scale installations globally.
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Global Solar Power Industry Segmentation
The report by Expert Market Research titled "Solar Power Market Report and Forecast 2026-2035" offers a detailed analysis of the market based on the following segments:
Market Breakup by Technology
- Solar Photovoltaic
- Concentrated Solar Power
Key Insight: Solar PV holds approximately 70% of the market, expanding its share as PV cost continues to fall relative to CSP for most applications. Mono-Si is the fastest-growing sub-technology. Multi-Si has lost share to Mono-Si's efficiency advantages. CSP holds a commercially distinct position due to thermal storage enabling dispatchable electricity generation after sunset at a fraction of battery storage cost, providing grid value for applications requiring reliable supply beyond solar generation hours. The Power Tower technology deployed by BrightSource achieves higher operating temperatures and efficiency than Parabolic Trough systems.
Market Breakup by Application
- Residential
- Non-Residential
- Utility
Key Insight: Utility-scale is the largest and most economically mature application. The US utility segment installed 34.7 GWdc in 2025 and utility solar's economics are strongest due to large-scale cost advantages and long-term PPA revenue certainty that supports project financing at low cost of capital. Commercial solar grew 6% in 2025 in the US adding 2,345 MWdc, driven by corporate sustainability commitments and self-consumption economics. Residential solar at 4,647 MWdc in 2025 in the US is supported by net metering policies, available financing, and AI-enabled monitoring systems improving actual versus installed generation performance.
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Key Insight: Asia Pacific leads with approximately 36% market share in 2025, driven by China's extraordinary annual deployment and India's 145% year-on-year growth in 2024. North America is the second-largest region by value, with IRA-driven manufacturing investment and sustained utility-scale development. Europe's REPowerEU is driving deployment acceleration to replace Russian energy dependence. Middle East and Africa represents the highest-growth opportunity, with Saudi Arabia and UAE combining extraordinary solar resources with sovereign capital for large-scale development.
Global Solar Power Market Share
Share by Technology
Solar PV holds approximately 70% of global solar power market value and is expanding its share as PV cost declines continue to widen the economic gap between PV and CSP for most applications. Within PV, Mono-Si holds the largest and growing sub-technology share, while Multi-Si continues losing share to Mono-Si's efficiency advantages. CSP's value share reflects its thermal storage premium positioning and continuing commercial relevance for dispatchable solar applications where battery-backed PV cannot match thermal storage economics.
Share by Application
Utility-scale holds the dominant application share by installed capacity and market value, driven by large-scale installation economics and long-term PPA revenue certainty. Commercial solar's 6% US growth in 2025 demonstrates sustained corporate procurement driven by sustainability commitments and direct electricity cost reduction. Residential solar, while facing policy transition challenges in the US, benefits from AI-driven performance optimisation platforms like Enphase's October 2025 launch that improve lifecycle value and support premium pricing.
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Purchase the Regional Overview for USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Global Solar Power Market Regional Analysis
Asia Pacific
Asia Pacific is the world's dominant solar market with approximately 36% of 2025 global market value. China's annual deployment scale exceeds most countries' cumulative capacity. India's 30.7 GW installation in 2024, a 145% increase over 2023's 12.5 GW, is the most dramatic acceleration in any major solar market and positions India to become one of the world's top two or three cumulative solar markets within the forecast period. Japan's market provides stable residential and commercial rooftop volumes. The region's combined deployment trajectory ensures Asia Pacific's sustained leadership through 2035.
North America
North America is the most commercially valuable solar market per unit, with IRA domestic content incentives creating a premium tier for American-manufactured solar products. The US installed 43.2 GWdc in 2025, accounting for 54% of all new US electricity capacity. US cumulative solar is projected to triple from 279 GWdc at end-2025 to 769 GWdc by 2036. Module manufacturing grew 50%+ in 2025 to 65.5 GW online capacity. The 2,500+ GW interconnection queue demonstrates developer commitment substantially exceeding current installation rates.
Europe
Europe's solar market is driven by REPowerEU's urgency to replace Russian natural gas dependence. Germany and Italy lead deployment, with the UK, France, and Spain growing rapidly. Germany's 2025 additions exceeded 14 GW, demonstrating large-scale deployment even in high-latitude markets when policy and economics align. Grid congestion is the binding constraint in most high-penetration European markets. The EU's Net-Zero Industry Act provides policy stability that sustains European solar manufacturing investment and maintains the continent's attractiveness for solar project development financing.
Competitive Landscape
The global solar market competitive landscape divides between the manufacturing tier, dominated by Chinese companies producing the world's lowest-cost solar panels, and the project development and integration tier where regional and international developers compete for project rights and financing. IRA domestic content incentives are reshaping US manufacturing competitive dynamics by creating a premium market for American-manufactured modules that justifies higher production costs.
Waaree Energies Ltd.
India's largest solar module manufacturer by revenue and one of the most strategically significant companies in global solar manufacturing for the forecast period. As IRA domestic content incentives create demand for non-Chinese solar module supply and India's own deployment creates simultaneous domestic demand, Waaree is positioned to serve both markets concurrently. Its manufacturing scale, established quality certifications, and expansion plans position it as the primary Indian alternative to Chinese modules for international project developers seeking supply chain diversification.
BrightSource Energy, Inc.
BrightSource Energy operates the Ivanpah Solar Electric Generating System in California, the world's largest solar thermal power plant using power tower technology. Its CSP position is commercially distinct because thermal storage can provide dispatchable electricity after sunset at a fraction of battery storage cost. Power tower technology achieves higher operating temperatures and efficiency than parabolic trough alternatives, giving BrightSource a performance advantage within the CSP sub-market.
SunPower Corporation
SunPower is a premium residential and commercial solar company that has navigated strategic restructuring including separation of its manufacturing operations into Maxeon Solar. Its business focuses on high-efficiency premium solar systems for customers prioritising performance and aesthetics. The company competes on installation quality, monitoring services, and the AI-enabled performance optimisation capabilities that command premium pricing in a market where standard module costs continue declining.
Enkay Solar Power and Infrastructure Pvt. Ltd.
Enkay Solar Power is an Indian solar project developer directly participating in India's extraordinary deployment acceleration. As India grew from 12.5 GW in 2023 to 30.7 GW in 2024 (145% increase), Indian project developers like Enkay are at the operational centre of the world's most significant current solar growth story. India's 2030 target of 500 GW total renewable capacity creates the multi-year pipeline within which Indian project developers are building substantial commercial positions.
Other key players in the market are Tata Power Solar Systems Limited and Others.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Key Findings from the Global Solar Power Market Report
- Comprehensive analysis with historical data from 2019 to 2025 and forecasts through 2035 across technology (Solar PV 70%, Mono-Si fastest-growing; CSP: Parabolic Trough, Power Tower, Linear Fresnel), application (Utility dominant, Commercial growing, Residential mass market), and region (five major regions, 18 country markets).
- Market scale milestones: US 43.2 GWdc in 2025 (54% of new US electricity capacity), solar and storage 79% of new US capacity, US module manufacturing 50%+ growth to 65.5 GW, India 145% year-on-year growth in 2024, global cumulative PV 1.6 TW in 2023.
- IEA projection: solar accounting for 80% of new renewable capacity additions 2024-2030, establishing the policy and commercial foundation for the 7.10% CAGR.
- Competitive landscape profiling Waaree Energies (India's largest module manufacturer, IRA export opportunity), BrightSource (CSP power tower, Ivanpah operator), SunPower (premium residential), and Enkay Solar (Indian project developer in world's fastest-growing major solar market).
- SWOT and Porter's Five Forces applied to assess policy reversal risk, Chinese manufacturing concentration risk, perovskite disruption threat, and the interconnection queue backlog as the primary deployment constraint in mature markets.
Why Choose Expert Market Research?
- Solar market analysis requires integrating cost economics, policy mandates, manufacturing geography, technology evolution, and grid integration challenges that generic energy reports do not synthesise with commercial actionability. Our research addresses all dimensions.
- Regional specificity from India's 145% year-on-year 2024 growth to US IRA manufacturing incentive implications to EU REPowerEU deployment acceleration provides geographic intelligence for market entry and investment decisions.
- Value chain coverage from module manufacturing (Waaree) to project development (Enkay) addresses the full spectrum of perspectives that clients across the solar sector require.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
At 2025, the market reached an approximate value of USD 248.99 Billion.
The market is projected to grow at a CAGR of 7.10% between 2026 and 2035.
The global market size for solar power is expected to reach a value of USD 494.40 Billion by 2035.
The major market drivers are growing demands for renewable energy sources, improvements in solar power technology, population growth, and usage of solar power in mainstream utility applications.
The key trends of the market are increasing demand for electricity owing to economic development, growing investments in solar power infrastructure, and supportive initiatives by various governments.
The key players include Waaree Energies Ltd., BrightSource Energy, Inc., SunPower Corporation, Enkay Solar Power and Infrastructure Pvt. Ltd., Tata Power Solar Systems Limited, and Others.
Solar power is a form of energy obtained from sun by converting the solar energy into power using direct or indirect methods.
The primary technologies for solar power in the market are solar photovoltaic and concentrated solar power.
The different types of solar photovoltaic technology are mono-Si, thin film, and multi-Si, among others.
The various applications of solar power include residential, non-residential, and utility.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and
|
| Breakup by Technology |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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