Global Solar Farms Market 2025-2035
Description
Solar Farms Market Size, Share & Trends Analysis Report by Type (Utility-Scale, Distributed Generation, Micro-Grids, and Others), by Technology (Monocrystalline, Polycrystalline, Thin Film, and Other), and by End-User (Residential, Commercial, and Industrial) Forecast Period (2025-2035)
Industry Overview
Solar farms market was valued at $82.4 billion in 2024 and is projected to reach $182.0 billion by 2030 and further grow to $356.9 billion by 2035, at a CAGR of 14.3% during 2025–2035. The solar farms market comprises the development, construction, operation, and maintenance of solar farms with large capacities, powering electricity through PV panels or CSP systems, facilitating fossil fuel transition. Solar farms supply clean energy to other industries, stabilize energy supply, enable sustainability, and transport renewable resources via battery storage and smart grid technologies. Moreover, companies are adding operational capacity in wind and solar projects that are part of the overall growth in operational renewable energy capacity globally. For instance, in April 2025, Adani Green Energy Ltd. (AGEL) launched 505 MW of new solar and wind capacity plants in Gujarat, India, and received a 400 MW solar project in Rajasthan. The company has switched on six new power plants in Khavda, including four solar sites and two wind farms. The commissioning of these facilities has increased AGEL's total operational renewable generation capacity to 14,242.9 MW.
Market Dynamics
Accelerating Energy Transition and Climate Goals with Renewable Projects
Global efforts to decarbonize energy production are driving countries and companies to adopt large-scale renewable initiatives that improve affordability, reduce dependence on fossil fuels, and support climate commitments. For instance, in May 2025, Saint Lucia initiated a 3 MW solar farm project, a joint venture between LUCELEC and the Clinton Global Initiative, to produce electricity for 3,000 households and minimize carbon emissions. The solar farm at Hewanorra International Airport is expected to provide 7 million kWh of electricity per year, supporting the company's vision to achieve 35% renewable energy by 2025 and 50% by 2030. Electricity from the solar farm will be at 12 US cents per unit, reducing existing island rates of 23-25 US cents and reducing oil imports by 4.9 million liters, while saving greenhouse gas emissions by 11,700 tons over 25 years.
Shift Towards Renewable Energy Supply Sources
In recent years, the global energy production and supply market has recorded a shifting trend toward the adoption of renewable energy sources for energy production, including hydro, wind, and solar. Rising commitments to carbon footprint reduction, the increased adoption of solar energy in fossil fuel-dependent nations, and the reduction of infrastructure costs are driving this transformation. For instance, as per the International Energy Agency, Solar PV generation increased by a record 270 TWh (up 26.0%) in 2022, reaching almost 1,300 TWh. It demonstrated the largest absolute generation growth of all renewable technologies in 2022, surpassing wind for the first time in history. This generation growth rate matches the level projected from 2023 to 2030 in the Net Zero Emissions by 2050 Scenario. Continuous improvements in PV's cost efficiency, massive development in the supply chain, and strong policy support from key markets including China, the US, the European Union, and India, solar capacity expansion is expected to accelerate even further in the years ahead.
Market Segmentation
The solar farms market growth is being fueled by the use of digital platforms for real-time performance monitoring, predictive analytics, and grid integration. For instance, in January 2025, Sembcorp launched its first greenfield utility-scale solar farm in Oman, a 588 MW project. The plant, backed by a 20-year power purchase agreement with Nama Power and Water Procurement Company, uses over 1 million photovoltaic panels and integrates Sembcorp's NetZeroOS platform for real-time monitoring and predictive analysis.
Regional Outlook
The global solar farms market is further divided by region, including North America (the US and Canada), Europe (the UK, Germany, France, Italy, Spain, Russia, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, Australia and New Zealand, ASEAN Countries, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Advancements in Utility-Scale Solar Inverters Accelerating Renewable Transition in North America
The North American solar farms market is mainly driven by the rapid adoption of utility-scale solar technology to accomplish national and corporate decarbonization objectives. For instance, in September 2024, GE Vernova launched a new 6 MVA, 2000-volt direct current utility-scale solar inverter in North America, aiming to reduce solar energy costs and accelerate the transition to renewable energy. The FLEXINVERTER 2000 Vdc, part of GE Vernova's FLEXINVERTER portfolio, will be installed in a multi-megawatt solar park, collaborating with Shoals Technologies Group and an industry PV module supplier.
Asia-Pacific holds a Strong Market Position
Asia-Pacific holds a major share of the solar farms market, fueled by technological advancements in solar tracking, panel efficiency, and grid integration technologies. For instance, in February 2025, CtrlS Datacenters inaugurated its 'GreenVolt 1' solar farm in Nagpur, Maharashtra. The 125 MWp solar farm will power 60% of CtrlS' Mumbai Datacenter Campus with clean energy, solidifying the company's green credentials. The 340-acre farm possesses a strategic location along the Mumbai-Kolkata route that guarantees accessibility. The company uses advanced N-type panels, delivering more energy with reduced land requirements and ensuring high efficiency in energy production. CtrlS is committed to building over 1GW of solar capacity by 2030 that powers the company's datacenter footprint of over 1,000 MW by 2030. The company spent over a year in R&D to optimize the project and comply with regulations.
Market Players Outlook
The major companies operating in the global solar farms market include Adani Group (Adani Green Energy Ltd.), AES Corp., Brookfield Corp., Canadian Solar Inc., and First Solar, Inc., among others. Market players are leveraging partnerships, collaborations, mergers, and acquisition strategies for business expansion and innovative product development to maintain their market positioning.
Recent Developments
Industry Overview
Solar farms market was valued at $82.4 billion in 2024 and is projected to reach $182.0 billion by 2030 and further grow to $356.9 billion by 2035, at a CAGR of 14.3% during 2025–2035. The solar farms market comprises the development, construction, operation, and maintenance of solar farms with large capacities, powering electricity through PV panels or CSP systems, facilitating fossil fuel transition. Solar farms supply clean energy to other industries, stabilize energy supply, enable sustainability, and transport renewable resources via battery storage and smart grid technologies. Moreover, companies are adding operational capacity in wind and solar projects that are part of the overall growth in operational renewable energy capacity globally. For instance, in April 2025, Adani Green Energy Ltd. (AGEL) launched 505 MW of new solar and wind capacity plants in Gujarat, India, and received a 400 MW solar project in Rajasthan. The company has switched on six new power plants in Khavda, including four solar sites and two wind farms. The commissioning of these facilities has increased AGEL's total operational renewable generation capacity to 14,242.9 MW.
Market Dynamics
Accelerating Energy Transition and Climate Goals with Renewable Projects
Global efforts to decarbonize energy production are driving countries and companies to adopt large-scale renewable initiatives that improve affordability, reduce dependence on fossil fuels, and support climate commitments. For instance, in May 2025, Saint Lucia initiated a 3 MW solar farm project, a joint venture between LUCELEC and the Clinton Global Initiative, to produce electricity for 3,000 households and minimize carbon emissions. The solar farm at Hewanorra International Airport is expected to provide 7 million kWh of electricity per year, supporting the company's vision to achieve 35% renewable energy by 2025 and 50% by 2030. Electricity from the solar farm will be at 12 US cents per unit, reducing existing island rates of 23-25 US cents and reducing oil imports by 4.9 million liters, while saving greenhouse gas emissions by 11,700 tons over 25 years.
Shift Towards Renewable Energy Supply Sources
In recent years, the global energy production and supply market has recorded a shifting trend toward the adoption of renewable energy sources for energy production, including hydro, wind, and solar. Rising commitments to carbon footprint reduction, the increased adoption of solar energy in fossil fuel-dependent nations, and the reduction of infrastructure costs are driving this transformation. For instance, as per the International Energy Agency, Solar PV generation increased by a record 270 TWh (up 26.0%) in 2022, reaching almost 1,300 TWh. It demonstrated the largest absolute generation growth of all renewable technologies in 2022, surpassing wind for the first time in history. This generation growth rate matches the level projected from 2023 to 2030 in the Net Zero Emissions by 2050 Scenario. Continuous improvements in PV's cost efficiency, massive development in the supply chain, and strong policy support from key markets including China, the US, the European Union, and India, solar capacity expansion is expected to accelerate even further in the years ahead.
Market Segmentation
- Based on the type, the market is segmented into utility-scale, distributed generation, micro-grids, and others.
- Based on the technology, the market is segmented into monocrystalline, polycrystalline, thin film, and other.
- Based on the end user, the market is segmented into residential, commercial, and industrial.
The solar farms market growth is being fueled by the use of digital platforms for real-time performance monitoring, predictive analytics, and grid integration. For instance, in January 2025, Sembcorp launched its first greenfield utility-scale solar farm in Oman, a 588 MW project. The plant, backed by a 20-year power purchase agreement with Nama Power and Water Procurement Company, uses over 1 million photovoltaic panels and integrates Sembcorp's NetZeroOS platform for real-time monitoring and predictive analysis.
Regional Outlook
The global solar farms market is further divided by region, including North America (the US and Canada), Europe (the UK, Germany, France, Italy, Spain, Russia, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, Australia and New Zealand, ASEAN Countries, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Advancements in Utility-Scale Solar Inverters Accelerating Renewable Transition in North America
The North American solar farms market is mainly driven by the rapid adoption of utility-scale solar technology to accomplish national and corporate decarbonization objectives. For instance, in September 2024, GE Vernova launched a new 6 MVA, 2000-volt direct current utility-scale solar inverter in North America, aiming to reduce solar energy costs and accelerate the transition to renewable energy. The FLEXINVERTER 2000 Vdc, part of GE Vernova's FLEXINVERTER portfolio, will be installed in a multi-megawatt solar park, collaborating with Shoals Technologies Group and an industry PV module supplier.
Asia-Pacific holds a Strong Market Position
Asia-Pacific holds a major share of the solar farms market, fueled by technological advancements in solar tracking, panel efficiency, and grid integration technologies. For instance, in February 2025, CtrlS Datacenters inaugurated its 'GreenVolt 1' solar farm in Nagpur, Maharashtra. The 125 MWp solar farm will power 60% of CtrlS' Mumbai Datacenter Campus with clean energy, solidifying the company's green credentials. The 340-acre farm possesses a strategic location along the Mumbai-Kolkata route that guarantees accessibility. The company uses advanced N-type panels, delivering more energy with reduced land requirements and ensuring high efficiency in energy production. CtrlS is committed to building over 1GW of solar capacity by 2030 that powers the company's datacenter footprint of over 1,000 MW by 2030. The company spent over a year in R&D to optimize the project and comply with regulations.
Market Players Outlook
The major companies operating in the global solar farms market include Adani Group (Adani Green Energy Ltd.), AES Corp., Brookfield Corp., Canadian Solar Inc., and First Solar, Inc., among others. Market players are leveraging partnerships, collaborations, mergers, and acquisition strategies for business expansion and innovative product development to maintain their market positioning.
Recent Developments
- In April 2025, Trinasolar and Lodestone Energy partnered to launch Te Herenga o Te Rā, New Zealand's largest agrivoltaics farm, aiming to deliver clean, renewable energy while maintaining agricultural use. The project features over 71,000 modules, was completed faster than anticipated due to ongoing collaboration between Trinasolar and Lodestone Energy. The project's efficiencies at scale have allowed it to stay ahead of schedule.
- In December 2024, CleanCapital acquired a portfolio of 40 assets, totaling 22.7 MW, from Kendall Sustainable Infrastructure, bringing its operating solar portfolio to over 240 projects in the U.S. The acquisition marks a milestone for both companies and brings CleanCapital's investment to $145 million. Manulife Investment Management and its co-investors have increased their equity investment in CleanCapital, securing additional financing due to the continued demand for clean energy infrastructure.
- In August 2024, JERA Nex acquired two US solar projects, totaling 395 MW AC, from Lightsource bp. The acquisition has received regulatory approvals and adds the first US solar assets to JERA Nex's portfolio. The largest projects in Louisiana and Arkansas are in commercial operation and supplying renewable energy to consumers.
- In April 2024, AmpIn Energy launched a 100MW solar farm in India to offset Amazon Web Services' (AWS) energy use. The Bhadla site is one of three solar farms in Rajasthan, along with 500 MW more in development.
- Market value data analysis of 2024 and forecast to 2035.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global solar farms market. Based on the availability of data, information related to new products and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
Table of Contents
165 Pages
- 1. Report Summary
- Current Industry Analysis and Growth Potential Outlook
- Global Solar Farms Market Sales Analysis – Type | Technology | End-User ($ Million)
- Solar Farms Market Sales Performance of Top Countries
- 1.1. Research Methodology
- Primary Research Approach
- Secondary Research Approach
- 1.2. Market Snapshot
- 2. Market Overview and Insights
- 2.1. Scope of the Study
- 2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Solar Farms Market Trends
- 2.2.2. Market Recommendations
- 3. Market Determinants
- 3.1. Market Drivers
- 3.1.1. Drivers For Global Solar Farms Market: Impact Analysis
- 3.2. Market Pain Points and Challenges
- 3.2.1. Restraints For Global Solar Farms Market: Impact Analysis
- 3.3. Market Opportunities
- 3.3.1. Opportunities For Global Solar Farms Market: Impact Analysis
- 4. Competitive Landscape
- 4.1. Competitive Dashboard – Solar Farms Market Revenue and Share by Manufacturers
- Solar Farms Product Comparison Analysis
- Top Market Player Ranking Matrix
- 4.2. Key Company Analysis
- 4.2.1. Adani Group
- 4.2.1.1. Overview
- 4.2.1.2. Product Portfolio
- 4.2.1.3. Financial Analysis (Subject to Data Availability)
- 4.2.1.4. SWOT Analysis
- 4.2.1.5. Business Strategy
- 4.2.2. AES Corp.
- 4.2.2.1. Overview
- 4.2.2.2. Product Portfolio
- 4.2.2.3. Financial Analysis (Subject to Data Availability)
- 4.2.2.4. SWOT Analysis
- 4.2.2.5. Business Strategy
- 4.2.3. Brookfield Corp.
- 4.2.3.1. Overview
- 4.2.3.2. Product Portfolio
- 4.2.3.3. Financial Analysis (Subject to Data Availability)
- 4.2.3.4. SWOT Analysis
- 4.2.3.5. Business Strategy
- 4.2.4. Canadian Solar Inc.
- 4.2.4.1. Overview
- 4.2.4.2. Product Portfolio
- 4.2.4.3. Financial Analysis (Subject to Data Availability)
- 4.2.4.4. SWOT Analysis
- 4.2.4.5. Business Strategy
- 4.2.5. First Solar, Inc.
- 4.2.5.1. Overview
- 4.2.5.2. Product Portfolio
- 4.2.5.3. Financial Analysis (Subject to Data Availability)
- 4.2.5.4. SWOT Analysis
- 4.2.5.5. Business Strategy
- 4.3. Top Winning Strategies by Market Players
- 4.3.1. Merger and Acquisition
- 4.3.2. Product Launch
- 4.3.3. Partnership And Collaboration
- 5. Global Solar Farms Market Sales Analysis by Type ($ Million)
- 5.1. Utility-Scale
- 5.2. Distributed Generation
- 5.3. Micro-Grids
- 5.4. Others
- 6. Global Solar Farms Market Sales Analysis by Technology ($ Million)
- 6.1. Monocrystalline
- 6.2. Polycrystalline
- 6.3. Thin film
- 6.4. Other
- 7. Global Solar Farms Market Sales Analysis by End-User ($ Million)
- 7.1. Residential
- 7.2. Commercial
- 7.3. Industrial
- 8. Regional Analysis
- 8.1. North American Solar Farms Market Sales Analysis – Type | Technology | End-User | Country ($ Million)
- Macroeconomic Factors for North America
- 8.1.1. United States
- 8.1.2. Canada
- 8.2. European Solar Farms Market Sales Analysis – Type | Technology | End-User | Country ($ Million)
- Macroeconomic Factors for Europe
- 8.2.1. UK
- 8.2.2. Germany
- 8.2.3. Italy
- 8.2.4. Spain
- 8.2.5. France
- 8.2.6. Russia
- 8.2.7. Rest of Europe
- 8.3. Asia-Pacific Solar Farms Market Sales Analysis – Type | Technology | End-User | Country ($ Million)
- Macroeconomic Factors for Asia-Pacific
- 8.3.1. China
- 8.3.2. Japan
- 8.3.3. South Korea
- 8.3.4. India
- 8.3.5. Australia & New Zealand
- 8.3.6. ASEAN Countries (Thailand, Indonesia, Vietnam, Singapore, And others)
- 8.3.7. Rest of Asia-Pacific
- 8.4. Rest of the World Solar Farms Market Sales Analysis – Type | Technology | End-User | Country ($ Million)
- Macroeconomic Factors for the Rest of the World
- 8.4.1. Latin America
- 8.4.2. Middle East and Africa
- 9. Company Profiles
- 9.1. Adani Group
- 9.1.1. Quick Facts
- 9.1.2. Company Overview
- 9.1.3. Product Portfolio
- 9.1.4. Business Strategies
- 9.2. AES Corp.
- 9.2.1. Quick Facts
- 9.2.2. Company Overview
- 9.2.3. Product Portfolio
- 9.2.4. Business Strategies
- 9.3. Ameresco, Inc.
- 9.3.1. Quick Facts
- 9.3.2. Company Overview
- 9.3.3. Product Portfolio
- 9.3.4. Business Strategies
- 9.4. Ark Energy
- 9.4.1. Quick Facts
- 9.4.2. Company Overview
- 9.4.3. Product Portfolio
- 9.4.4. Business Strategies
- 9.5. Berkshire Hathaway Energy
- 9.5.1. Quick Facts
- 9.5.2. Company Overview
- 9.5.3. Product Portfolio
- 9.5.4. Business Strategies
- 9.6. Brookfield Corp.
- 9.6.1. Quick Facts
- 9.6.2. Company Overview
- 9.6.3. Product Portfolio
- 9.6.4. Business Strategies
- 9.7. Canadian Solar Inc.
- 9.7.1. Quick Facts
- 9.7.2. Company Overview
- 9.7.3. Product Portfolio
- 9.7.4. Business Strategies
- 9.8. CleanMax Enviro Energy Solutions Pvt. Ltd.
- 9.8.1. Quick Facts
- 9.8.2. Company Overview
- 9.8.3. Product Portfolio
- 9.8.4. Business Strategies
- 9.9. Cypress Creek Renewables, LLC
- 9.9.1. Quick Facts
- 9.9.2. Company Overview
- 9.9.3. Product Portfolio
- 9.9.4. Business Strategies
- 9.10. Enel Green Power S.p.A.
- 9.10.1. Quick Facts
- 9.10.2. Company Overview
- 9.10.3. Product Portfolio
- 9.10.4. Business Strategies
- 9.11. First Solar, Inc.
- 9.11.1. Quick Facts
- 9.11.2. Company Overview
- 9.11.3. Product Portfolio
- 9.11.4. Business Strategies
- 9.12. ib vogt GmbH
- 9.12.1. Quick Facts
- 9.12.2. Company Overview
- 9.12.3. Product Portfolio
- 9.12.4. Business Strategies
- 9.13. Iberdrola, S.A.
- 9.13.1. Quick Facts
- 9.13.2. Company Overview
- 9.13.3. Product Portfolio
- 9.13.4. Business Strategies
- 9.14. Invenergy LLC
- 9.14.1. Quick Facts
- 9.14.2. Company Overview
- 9.14.3. Product Portfolio
- 9.14.4. Business Strategies
- 9.15. JA Solar Technology Co., Ltd.
- 9.15.1. Quick Facts
- 9.15.2. Company Overview
- 9.15.3. Product Portfolio
- 9.15.4. Business Strategies
- 9.16. OYA Solar Corp.
- 9.16.1. Quick Facts
- 9.16.2. Company Overview
- 9.16.3. Product Portfolio
- 9.16.4. Business Strategies
- 9.16.5. Business Strategies
- 9.17. Powerbank Corp. (Solarbank Corp.)
- 9.17.1. Quick Facts
- 9.17.2. Company Overview
- 9.17.3. Product Portfolio
- 9.17.4. Business Strategies
- 9.18. Sharp Corp.
- 9.18.1. Quick Facts
- 9.18.2. Company Overview
- 9.18.3. Product Portfolio
- 9.19. Solaria (Complete Solar, Inc.)
- 9.19.1. Quick Facts
- 9.19.2. Company Overview
- 9.19.3. Product Portfolio
- 9.19.4. Business Strategies
- 9.20. Tata Power Solar Systems Ltd.
- 9.20.1. Quick Facts
- 9.20.2. Company Overview
- 9.20.3. Product Portfolio
- 9.20.4. Business Strategies
- 9.21. Trina Solar Co. Ltd.
- 9.21.1. Quick Facts
- 9.21.2. Company Overview
- 9.21.3. Product Portfolio
- 9.21.4. Business Strategies
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