Market Size of Solar Energy Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 1.84 Thousand gigawatt |
| Market Volume (2029) | 5.08 Thousand gigawatt |
| CAGR (2024 - 2029) | 28.82 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solar Energy Market Analysis
The Solar Energy Market size in terms of installed base is expected to grow from 1.84 Thousand gigawatt in 2024 to 5.08 Thousand gigawatt by 2029, at a CAGR of 28.82% during the forecast period (2024-2029).
- Over the medium term, favorable government policies and declining prices and installation costs of Solar PV systems, along with the declining price of solar panels and installation costs, are likely to support the global solar energy market's growth during the forecast period.
- On the other hand, factors such as the rising adoption of alternate clean power sources, such as gas-fired power plants and onshore and offshore wind projects, are likely to hinder the market growth during the study period.
- Nevertheless, the integration of solar energy with energy storage systems is expected to create several opportunities for the market in the future.
- The Asia-Pacific region is expected to be the largest and fastest-growing region in the solar energy market during the forecast period due to the increasing solar installations in China, India, and other countries.
