Solar Equipment Market Size

Solar Power Equipment Market size was valued at USD 144.46 billion in 2024 and is likely to cross USD 587.83 billion by 2037, registering more than 11.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of solar power equipment is estimated at USD 158.46 billion.

Factors such as the growing concern for the environmental pollution due to the electricity generated from conventional fuel sources, need amongst the nations to fight climate change and adhere to the 13^th sustainable development goal (SDG) of the United Nations, coupled with the increasing government initiatives to promote awareness and adoption of solar power equipment are anticipated to drive the growth of the market during the forecast period.

The global solar power equipment market is thriving on account of the numerous benefits associated with the use of solar panel systems, such as low operational costs, lowering carbon emission, lowering energy bills, and others, along with the increasing production of solar energy.

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of solar power equipment is estimated at USD 158.46 billion.

Solar Power Equipment Market size was valued at USD 144.46 billion in 2024 and is likely to cross USD 587.83 billion by 2037, registering more than 11.4% CAGR during the forecast period i.e., between 2025-2037.

North America industry is expected to account for largest revenue share by 2037, attributed to growing deployment of solar farms in several nations in the region, followed by lucrative federal tax credit incentives initiated by the government of the U.S. for the greater adoption of solar equipment.

The major players in the market are Trina Solar Co. Ltd., Hanwha Solutions Co., Ltd. (Hanwha Q CELLS), JA SOLAR Technology Co., Ltd., General Electric, Canadian Solar Inc., and others.

Solar Equipment Market Size