Global Solar Energy Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

By Technology;

Solar Photovoltaic (PV) and Concentrated Solar Power.

By Application;

Residential, Non-Residential, and Utility.

By End-Use;

Electricity Generation, Lighting, Heating, and Charging.

By Geography;

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America - Report Timeline (2021 - 2031).
Report ID: Rn886434627 Published Date: January, 2025 Updated Date: February, 2025

Introduction

Global Solar Energy Market (USD Million), 2021 - 2031

In the year 2024, the Global Solar Energy Market was valued at USD 128,720.49 million. The size of this market is expected to increase to USD 477,615.97 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 20.6%.

The global solar energy and battery storage system market undergoes segmentation across various dimensions, including application, technology, and geography, reflecting the diverse needs and preferences of consumers and industries. One crucial segmentation criterion is based on application, distinguishing between residential, commercial, industrial, and utility-scale installations. Residential applications of solar energy and battery storage systems cater to homeowners seeking energy independence, reduced electricity bills, and backup power during grid outages. These systems typically comprise rooftop solar panels coupled with battery storage units, enabling homeowners to capture and store excess solar energy for later use, optimize self-consumption, and enhance energy resilience. Commercial and industrial applications encompass a wide range of sectors such as retail, hospitality, manufacturing, and healthcare, where solar energy and battery storage systems are deployed to reduce operating costs, enhance sustainability, and improve energy reliability and resilience. These applications leverage integrated systems to offset electricity consumption, participate in demand response programs, and provide backup power for critical operations, driving demand for solar energy and battery storage solutions worldwide. Utility-scale installations represent the largest segment, comprising large-scale solar farms and solar-plus-storage projects developed to feed electricity into the grid and meet utility-scale energy demand. These projects leverage economies of scale, advanced technology, and favorable regulatory frameworks to deliver clean, reliable, and affordable solar energy to utility customers, contributing to the decarbonization of the global energy system.

Global solar energy and battery storage system market pertains to technological differentiation, distinguishing between different types of solar PV and battery storage technologies. Solar PV technologies encompass various types of solar panels, including monocrystalline, polycrystalline, thin-film, and bifacial modules, each offering distinct advantages in terms of efficiency, durability, and cost-effectiveness. Battery storage technologies encompass a wide range of chemistries such as lithium-ion, lead-acid, flow batteries, and emerging technologies like solid-state batteries, each with unique characteristics in terms of energy density, cycle life, and safety. Integrated systems combine solar PV arrays with battery storage units, inverters, and energy management systems to optimize energy generation, storage, and consumption, providing consumers and utilities with flexibility, reliability, and control over their energy use. Technological advancements drive innovation and market differentiation, enabling higher energy yields, longer battery life, and enhanced grid integration capabilities in solar energy and battery storage systems.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Technology
    2. Market Snapshot, By Application
    3. Market Snapshot, By End-Use
    4. Market Snapshot, By Region
  4. Global Solar Energy Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Environmental Sustainability Goals
        2. Grid Modernization Initiatives
        3. Public Awareness and Support for Renewable Energy
        4. Increasing Investments in Solar Energy
      2. Restraints
        1. Supply Chain Disruptions
        2. Policy Changes and Tariffs
        3. Technological Limitations
        4. Financing and Funding Constraints
      3. Opportunities
        1. Distributed Generation
        2. Corporate Renewable Energy Procurement
        3. Microgrid Development
        4. Government Initiatives and Targets
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Solar Energy Market, By Technology, 2021 - 2031 (USD Million)
      1. Solar Photovoltaic (PV)
      2. Concentrated Solar Power
    2. Global Solar Energy Market, By Application, 2021 - 2031 (USD Million)
      1. Residential
      2. Non-Residential
      3. Utility
    3. Global Solar Energy Market, By End-Use, 2021 - 2031 (USD Million)
      1. Electricity Generation
      2. Lighting
      3. Heating
      4. Charging
    4. Global Solar Energy Market, By Geography, 2021 - 2031 (USD Million)

      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. Canadian Solar Inc
      2. JinkoSolar Holding
      3. Trina Solar
      4. SunPower Corporation
      5. LONGi Green Energy Technology
      6. irst Solar
      7. A Solar Holding
      8. Abengoa SA
  7. Analyst Views
  8. Future Outlook of the Market