Global Solar Energy Market 2025 – 2034

The solar energy market in the Asia-Pacific region is expected to grow significantly.

In 2025, the global solar energy market was expected to be worth almost $130.37 billion. Our research shows that the solar energy market will be worth $377.79 billion by 2034, with a compound annual growth rate (CAGR) of 12.44%. Our research team is always keeping an eye on the COVID-19 pandemic and how it affects the solar energy market. These detailed insights are an important part of our market search report.

An Overview of the Solar Energy Market

Solar energy is radiation that can make heat, start chemical reactions, or make electricity. There is much more solar energy on Earth than the world needs now or in the future. But if this widely available source is used correctly, it could meet all of our future energy needs. Because it has an endless supply and doesn't pollute, solar energy will likely be a very popular renewable energy source in the twenty-first century. This is in contrast to fossil fuels like petroleum, coal, and natural gas, which are limited in supply.

Things that help growth

The rise in green hydrogen can be largely attributed to the falling costs of renewable energy, which is an important part of the production process. In 2022, green hydrogen development is expected to grow because more renewable energy will be available on the grid. This is because green hydrogen can store fuel for long periods of time and on a seasonal basis, making it available when needed to generate power.

The solar energy market is growing because of a number of important factors, including the unstable prices of fossil fuels, the need to stop relying on fossil fuel imports from politically unstable areas, environmental concerns about the greenhouse gas emissions from fossil fuel use, government incentives, and other support programs.

Overview of the Segments

Solar energy is divided into three main groups: solar modules, technology, and applications. The Photovoltaic systems segment made up the biggest part of the solar energy market in 2025, making up almost 70% of the market. Also, PV systems can be anything from small rooftop systems or portable systems to huge utility-scale generation plants. This is why there is such a high demand for PV systems.

The industrial segment made up more than 35% of sales and will be the biggest part of the global solar energy market in 2025. The industrial sector is growing quickly, and renewable energy is getting cheaper. This means that there are a lot of chances for solar power to grow in the industrial sector. The residential segment is also the fastest-growing part of the market. This is because more people are becoming aware of the environmental and monitoring benefits of solar power, which is expected to drive its overall growth in the residential segment.

Overview of the Region

Asia Pacific had the biggest share of the solar energy market in 2025, with more than 30% of the total. Over half of the world's people live in the Asia Pacific, which means there are a lot of potential customers. China, Japan, and India are also the three countries that use the most solar power. Rapid urbanization, rising disposable income, a busy lifestyle, more people using the internet, and more people getting smartphones are all important macroeconomic factors that are helping the market grow in the Asia Pacific.

North America is likely to grow quickly from 2025 to 2034. The United States is the biggest country in the area and uses the most solar power. Additionally, the North American solar energy market is growing because people have more money to spend, digital technologies are easier to get to, the internet is more widely used, and smart devices are becoming more popular.

Scope of the Report

Details of the Report's Feature

The market will be worth $130.37 billion in 2025.

The market is expected to be worth $377.79 billion in 2034.

CAGR Growth Rate: 12.44%

Year of Base - 2024

Forecast Period - 2025-2034

Key Segment - By Solar Module, Technology, Application, and Region

Report Coverage - Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends

North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America are all in the scope.

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