Top 20 Companies in Solar Energy Market: Market Research Report (2024–2035)
RELEASE DATE: Jul 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Solar Energy Market Size is projected to Grow from USD 122.45 Billion in 2024 To USD 399.86 Billion by 2035, at a CAGR of 11.36% during the forecast period 2025–2035. One of the primary drivers of the solar energy market's growth is the rising efficiency of solar panels due to technical advancements. One important growth element is thought to be the reduction of energy reliance on foreign fuels, which can be achieved through the adoption of solar energy.
Introduction
Solar energy is energy that comes from the sun's rays and can be used in a variety of ways, such as solar panels that turn sunlight into electricity. Numerous uses for solar energy exist, and sunlight can also be transformed into heat. The growing need for fossil fuel substitutes is driving a notable surge in the market for solar energy. Utilizing solar energy for both home and business applications might help lessen its negative effects on the environment because it is regarded as sustainable. Reducing the impact on the environment and reliance on fossil fuels for energy can be achieved by adopting these plants. The increased demand and cost of fossil fuels have made energy management one of the biggest problems, particularly in emerging and impoverished areas. In these areas, the solar energy market generates a variety of products that might lessen reliance on fossil fuels for electricity. Developing solar-based energy sources gives many chances in the region where it is also producing jobs in places that can enhance the country’s economy. Adopting smaller solar plants that can aid in controlling the needs of the specific region is a priority for many governments.
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Solar Energy Market Size & Statistics
- The market for solar energy was estimated To be worth USD 122.45 Billion in 2024.
- The market is going to expand at a CAGR of 11.36% between 2025 and 2035.
- The Global Solar Energy Market Size is anticipated to reach USD 399.86 Billion by 2035.
- North America is expected to generate the highest demand during the forecast period in the solar energy market
- Asia Pacific is expected to grow the fastest during the forecast period in the solar energy market.
Regional growth and demand
Asia Pacific is expected to grow the fastest during the forecast period in the solar energy market. Rapid urbanization in nations like China, India, and Japan, which are seeing an increase in the need for power, is the reason for the region's supremacy. The two most populous nations, China and India, are concentrating on the installation of renewable energy plants in order to control the region's electricity consumption. Numerous opportunities for solar adoption are created by the region's larger industrial sector, which accounts for the majority of the electricity consumption.
North America is expected to generate the highest demand during the forecast period in the solar energy market. Countries like the United States and Canada, which are seeing rapid investments in the industry, are contributing to the region's efficient growth. Additionally, the region's large corporate industry base is pushing for the adoption of renewable energy options, which are crucial to the region's development.
Top 10 trends in Solar Energy Market
- Bifacial Solar Panels
- AI-Optimized Solar Tracking Systems
- Solid-State and Iron-Air Batteries
- Perovskite Solar Cells
- Floating Solar Farms
- Building-Integrated Photovoltaics (BIPV)
- Community Solar Expansion
- Smart Energy Management Systems
- Solar-Powered Mobility
- Global Market Expansion
1. Bifacial Solar Panels
These panels capture sunlight from both the front and rear sides, increasing energy output by up to 30% compared to traditional panels. Widely adopted in utility-scale projects, they’re especially effective in areas with reflective surfaces like snow or sand.
2. Advanced Solar Tracking Systems
Modern solar trackers adjust panel angles to follow the sun’s path, boosting efficiency by 25–45%. Dual-axis trackers with AI optimization are becoming standard in large installations, maximizing output even in cloudy or uneven terrain.
3. Breakthroughs in Energy Storage
Solid-state and iron-air batteries are solving solar’s intermittency challenge. With longer discharge times and lower costs, storage is now a core part of solar systems, enabling reliable power even at night or during outages.
4. Rooftop & Community Solar Expansion
Rooftop solar is booming due to falling panel prices and flexible financing. Meanwhile, community solar allows multiple users to share energy from a single installation, making solar accessible to renters and low-income households.
5. Perovskite Solar Cells
This emerging technology promises higher efficiency and lower production costs than silicon. Though still in development, perovskite cells are lightweight, flexible, and could revolutionize solar adoption once stability challenges are resolved.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the solar energy market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 20 Companies Leading the Solar Energy Market
- NextEra Energy
- LONGi Green Energy Technology
- First Solar
- Trina Solar
- Sungrow Power Supply
- Enphase Energy
- JinkoSolar
- Canadian Solar
- JA Solar
- SunPower Corporation
- Hanwha Q Cells
- Risen Energy
- SolarEdge Technologies
- Sunrun
- Shoals Technologies Group
- Solaria Energía
- Nextracker
- SMA Solar Technology
- Array Technologies
- GCL-Poly Energy Holdings
- Xinyi Solar Holdings
- Arctech Solar
- EGing Photovoltaic Technology
- Waaree Energies
- Adani Green Energy
- Tata Power Solar
- REC Solar Holdings
- Seraphim Solar
- Brookfield Renewable
- ACCIONA Energía
- NextEra Energy
Headquarters - Florida, USA
NextEra Energy is the world’s largest producer of solar and wind energy, with over 67 GW of assets in operation. Headquartered in Florida, USA, it leads in utility-scale solar and energy storage integration, investing heavily in AI-optimized solar tracking systems and grid modernization. Its universal-scale solar portfolio exceeds 2,300 MW, powering millions across North America. NextEra’s commitment to sustainability includes reducing foreign oil dependence by 98% since 2001. The company is also exploring floating solar farms and smart energy management systems to enhance grid flexibility and reliability. With strong financials and innovation-driven growth, NextEra is a cornerstone of the global clean energy transition.
2. LONGi Green Energy Technology
Headquarters - China
LONGi, based in Xi’an, China, is the world’s largest manufacturer of monocrystalline silicon wafers and solar modules. It shipped over 30 GW of modules globally in 2024 and is a pioneer in bifacial solar panel technology. LONGi’s “Solar for Solar” model emphasizes green manufacturing, using renewable energy to produce solar products. The company is investing in perovskite-silicon tandem cells, aiming to push efficiency beyond 30%. With operations in 150+ countries, LONGi supports large-scale solar farms, rooftop systems, and smart grid integration. Its commitment to sustainability and innovation makes it a leader in both performance and environmental responsibility.
3. First Solar
Headquarters - USA
Headquartered in Arizona, USA, First Solar is the largest solar PV manufacturer in the Western Hemisphere. It specializes in thin-film solar modules, which offer superior performance in hot climates and lower carbon footprints. First Solar is a pioneer in eco-efficient manufacturing, with industry-leading recycling and supply chain transparency. Celebrating 25 years in 2024, the company is investing in perovskite research and long-duration energy storage to complement its utility-scale solar deployments. Its modules are widely used in desert and high-temperature regions, aligning with trends in floating solar and grid-scale resilience. First Solar’s U.S.-based production also supports domestic energy independence and job creation.
4. Trina Solar
Headquarters - Changzhou, China
Founded in 1997 in Changzhou, China, Trina Solar is a global leader in smart solar solutions, PV modules, and energy storage. Operating in over 160 countries, it’s known for high-efficiency bifacial panels, AI-enhanced solar tracking systems, and building-integrated photovoltaics (BIPV). Trina’s Vertex series modules exceed 600W output, supporting utility-scale and commercial installations. The company also offers smart energy platforms for real-time monitoring and optimization. Trina is actively involved in floating solar farms and community solar projects, making clean energy accessible and scalable. Its innovation in digital energy and sustainability positions it as a key player in the global solar ecosystem.
5. Sungrow Power Supply Co.
Headquarters - China
Sungrow, headquartered in Hefei, China, is the world’s leading solar inverter manufacturer with over 405 GW installed globally. It supports solar PV systems in more than 150 countries and is expanding into hybrid energy storage, EV charging, and smart grid solutions. Sungrow’s inverters are compatible with bifacial panels and AI-optimized trackers, enhancing system efficiency. The company dedicates 40% of its workforce to R&D, driving innovation in perovskite integration and solid-state battery compatibility. Sungrow’s commitment to decarbonization and digitalization makes it a vital enabler of the solar-powered future, especially in emerging markets and large-scale infrastructure projects.
Are you ready to discover more about the solar energy market?
The report provides an in-depth analysis of the leading companies operating in the global solar energy market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- NextEra Energy
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- LONGi Green Energy Technology
- First Solar
- Trina Solar
- Sungrow Power Supply
- Enphase Energy
- JinkoSolar
- Canadian Solar
- JA Solar
- Others.
Conclusion
The global solar energy market is on a transformative trajectory, set to grow exponentially over the next decade as nations prioritize sustainability and energy independence. With innovations in panel efficiency, tracking systems, and storage technologies, solar energy is becoming increasingly reliable and scalable. Asia Pacific leads in growth due to industrial demand and policy support, while North America drives high-volume investment and adoption. Solar energy not only addresses environmental concerns but also creates economic opportunities through job creation and localized energy solutions
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