The global solar power market size was valued at USD 253.69 billion in 2023 and is projected to be worth USD 273 billion in 2024 and reach USD 436.36 billion by 2032, exhibiting a CAGR of 6% during the forecast period. North America dominated the solar power industry with a market share of 41.30% in 2023. The Solar Power market in the U.S. is projected to grow significantly, reaching an estimated value of USD 103.96 billion by 2032, driven by the need to combat climate change through renewable energy sources reinforced by government tax credit and feed-in-tariff programs.
The latest study, Solar Power Market 2025, published by FBI, offers in-depth insights into both regional and global markets, which are projected to grow significantly from 2025 to 2032. This comprehensive report examines evolving market dynamics, value chain analysis, key investment areas, competitive landscape, regional trends, and essential market segments.
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Key Takeaways
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The report analyzes competitive dynamics by assessing company strategies, technological capabilities, geographical presence, revenue performance, and major strategic initiatives by leading players in the Solar Power market.
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The global Solar Power market is moderately consolidated, with prominent companies actively engaged in partnerships, innovations, and pilot projects.
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The study incorporates qualitative insights such as Solar Power market drivers, restraints, challenges, opportunities, regulatory frameworks, pricing trends, and Porter’s Five Forces analysis across North America, Europe, Asia-Pacific, and LAMEA regions.
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Latest developments, including government policy initiatives, R&D breakthroughs, and infrastructure projects related to hydrogen and renewable gas production, are evaluated across 18 countries in 4 regions.
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Over 2,500 relevant publications—including technical white papers, project reports, annual filings, and industry journals—have been reviewed to provide high-value intelligence on the Solar Power Market.
Market Segmentation
The Solar Power Market is segmented based on
By Battery Type:
- Lithium-ion (Li-ion)
- Lead-acid
- Sodium-sulfur (NaS)
- Flow Batteries
- Others (Nickel-cadmium, Solid-state, etc.)
By Connection Type:
- On-grid
- Off-grid
By Ownership Model:
- Customer-owned
- Utility-owned
- Third-party-owned
By Application:
- Residential
- Commercial & Industrial (C&I)
- Utility-scale
By End-User:
- Renewable Energy Integration
- Peak Shaving & Load Management
- Backup Power
- Microgrids
- Others (EV Charging, Data Centers, etc.)
By Geography:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Regional/Country Market Outlook
Europe dominates the Solar Power market owing to strong political support, mature renewable energy infrastructure, and significant investment in hydrogen technology. Germany, the Netherlands, France, and Denmark are leading with large-scale pilot projects and hydrogen-ready infrastructure.
Asia-Pacific is emerging as a key region due to rising renewable capacity and strategic hydrogen programs in countries like Japan, South Korea, China, and Australia.
Competitive Landscape
Major companies operating in the Solar Power market include:
Solar Power Market Key Players
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Key Players:
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First Solar, Inc.
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SunPower Corporation
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Canadian Solar Inc.
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JinkoSolar Holding Co., Ltd.
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Trina Solar Limited
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LONGi Solar
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Hanwha Q CELLS Co., Ltd.
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JA Solar Holdings Co., Ltd.
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Tesla, Inc. (SolarCity)
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Enphase Energy, Inc.
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These players focus on partnerships, demonstration projects, and technological enhancements to gain a competitive edge.
Industry Trends
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Companies are investing in advanced technologies to improve efficiency and scalability.
Key Benefits for Stakeholders
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Provides quantitative and qualitative insights into the global Solar Power market dynamics and opportunities from 2025–2032
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Informs decision-making with Porter’s Five Forces analysis and in-depth segmentation by technology, application, and region
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Maps major contributing countries by revenue and policy support
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Benchmarks leading market players and strategic initiatives
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Highlights government regulations and project funding to guide investment and development strategies
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