Solar Electricity Global Market Opportunities and Strategies to 2035

This report describes and explains the solar electricity market and covers 2020-2025, termed the historic period, and 2025-2030, 2035F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global solar electricity market reached a value of nearly $143.14 billion in 2025, having grown at a compound annual growth rate (CAGR) of 16.5% since 2020. The market is expected to grow from $143.14 billion in 2025 to $364.26 billion in 2030 at a rate of 20.5%. The market is then expected to grow at a CAGR of 20.6% from 2030 and reach $927.83 billion in 2035.

Growth in the historic period resulted from growing adoption rate of solar PV installation, Strong government subsidies, tax credits, and incentive schemes for solar photovoltaic (PV), declining levelized cost of electricity (LCOE) for solar compared to fossil fuels and increasing consumer awareness and preference for clean energy solutions. Factors that negatively affected growth in the historic period were high upfront capital investment and limited access to financing.

Going forward, decarbonization policies and climate commitments and targets, national and regional renewable energy targets, advancements in energy storage systems and expansion of decentralized and off-grid solar solutions will drive the growth. Factors that could hinder the growth of the solar electricity market in the future include grid congestion and curtailment, low-capacity utilization factors and impact of trade war and tariffs.

Market trends for the solar electricity market include focus on expansion of integrated solar power electronics for enhanced energy management, focus on advancement of perovskite photovoltaic modules for low-light and indoor energy generation, focus on development of low-light optimized perovskite modules for expanded application environments and focus on adoption of artificial intelligence-driven manufacturing for photovoltaic production optimization.

The solar electricity market is segmented by technology into photovoltaic systems and concentrated solar power systems. The photovoltaic systems market was the largest segment of the solar electricity market segmented by technology, accounting for 99.3% or $142.2 billion of the total in 2025. Going forward, the concentrated solar power systems segment is expected to be the fastest growing segment in the solar electricity market segmented by technology, at a CAGR of 25.4% during 2025-2030.

The solar electricity market is segmented by solar module into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells and other solar modules. The monocrystalline market was the largest segment of the solar electricity market segmented by solar module, accounting for 81.2% or $116.25 billion of the total in 2025. Going forward, the cadmium telluride segment is expected to be the fastest growing segment in the solar electricity market segmented by solar module, at a CAGR of 33.4% during 2025-2030.

The solar electricity market is segmented by end user into residential, commercial and utilities. The utilities market was the largest segment of the solar electricity market segmented by end user, accounting for 46.2% or $66.06 billion of the total in 2025. Going forward, the commercial segment is expected to be the fastest growing segment in the solar electricity market segmented by end user, at a CAGR of 23% during 2025-2030.

Asia Pacific was the largest region in the solar electricity market, accounting for 55% or $78.76 billion of the total in 2025. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the solar electricity market will be Africa and Middle East where growth will be at CAGRs of 25.1% and 24.5% respectively. These will be followed by Asia Pacific and Western Europe where the markets are expected to grow at CAGRs of 22.4% and 18.5% respectively.

The global solar electricity market is fairly concentrated, with large players operating in the market. The top 10 competitors in the market made up 32.2% of the total market in 2024. JinkoSolar Holding Co. Ltd was the largest competitor with a 5.73% share of the market, followed by LONGi Green Energy Technology Co. Ltd with 5.13%, Trina Solar Co. Ltd with 4.97%, Ja Solar Holdings Co. Ltd with 4.35%, Canadian Solar Inc with 3.01%, NextEra Energy Inc with 2.11%, Iberdrola SA with 1.89%, First Solar Inc with 1.88%, Tongwei Solar with 1.72% and Engie SA with 1.43%.

The top opportunities in the solar electricity market segmented by technology will arise in the photovoltaic systems segment, which will gain $219.15 billion of global annual sales by 2030. The top opportunities in the solar electricity market segmented by solar module will arise in the monocrystalline segment, which will gain $180.28 billion of global annual sales by 2030. The top opportunities in the solar electricity market segmented by end user will arise in the utilities segment, which will gain $99.64 billion of global annual sales by 2030. The solar electricity market size will gain the most in China at $59.08 billion.

Player-adopted strategies in the solar electricity market include focus on improving operational capabilities through strategic partnerships and focus on strengthening product portfolio through new product launches.

Market-trend-based strategies for the solar electricity market include focus on expansion of integrated solar power electronics for enhanced energy management, focus on advancement of perovskite photovoltaic modules for low-light and indoor energy generation, focus on development of low-light optimized perovskite modules for expanded application environments and focus on adoption of artificial intelligence-driven manufacturing for photovoltaic production optimization.

To take advantage of the opportunities, the analyst recommends the solar electricity companies to focus on integrated solar power electronics and smart energy management, focus on perovskite photovoltaic technologies for low-light applications, focus on low-light optimized perovskite solar modules, focus on artificial intelligence-driven solar manufacturing, focus on concentrated solar power systems for dispatchable renewable energy, focus on cadmium telluride solar modules for utility-scale deployment, expand in emerging markets, continue to focus on developed markets, focus on flexible and value-based solar pricing models, focus on data-driven digital promotion and customer education, focus on corporate sustainability partnerships and commercial brand positioning, focus on commercial solar installations and corporate energy partnerships.

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