Solar energy market seen topping $606 billion by 2030

The Business Research Company projects the global solar energy market will exceed $606 billion by 2030, with solar cell panels accounting for most of the value. The forecast points to fast growth in Asia Pacific and China as policy support, smart-grid integration and manufacturing scale reshape the sector.

Why it matters: - Solar energy is moving from a niche clean-power option to a larger share of the global utilities market. - The market is projected to top $606 billion by 2030, or nearly 6% of the broader utilities market forecast at $9.379 trillion. - The outlook signals continued capital spending on generation, grid integration and storage.

What happened: - The Business Research Company released a solar energy market forecast projecting the industry will exceed $606 billion by 2030. - The report said the market is growing at a 23% compound annual growth rate. - The forecast was published in London on October 12, 2026. - The company also posted a free sample request and a full market report.

The details: - Rising demand for clean and renewable energy is expected to drive about 2.9% annual growth. - Smart technology integration, including IoT monitoring, smart meters, energy management platforms, predictive maintenance and smart-grid compatibility, is projected to add about 2.8% annual growth. - Government incentives, including tax credits, feed-in tariffs, net metering, capital subsidies and renewable energy targets, are estimated to contribute about 2.7% annual growth. - Solar cell panels are expected to remain the largest segment in 2030, with 71% of the market and about $428 billion in value. - The solar market also includes solar cell paste and solar silicon wafers, plus photovoltaic systems, concentrated solar power systems, mono-crystalline, thin film and poly-crystalline panel types, residential and commercial applications, and uses such as electricity generation, lighting, heating and charging. - Asia Pacific is projected to be the largest regional market by 2030 at $414 billion, up from $138 billion in 2025, a 25% CAGR. - China is forecast to be the largest country market by 2030 at $155 billion, up from $60 billion in 2025, a 21% CAGR. - LONGi Green Energy Technology Co., Ltd. held the largest share in 2025 at 3%. - The top 10 companies held 15% of total revenue in 2025, underscoring a fragmented market. - The 2025 market shares listed in the report include Trina Solar Limited at 3%, JA Solar Holdings Co., Ltd. at 2%, First Solar, Inc. at 2%, and several others at 1% or below. - JinkoSolar Holding Co., Ltd. introduced AIDC solar modules in March 2026 for conventional and AI-driven data center use, with TOPCon technology, 24.8% or higher efficiency, high bifacial performance and low-light capability. - The report says solar cell panels, solar cell paste and solar silicon wafers will generate more than $389 billion in additional market value by 2030. - Solar cell panels are forecast to add $278 billion, solar cell paste $85 billion and solar silicon wafers $26 billion between 2025 and 2030.

Between the lines: - The report points to a market where scale, manufacturing efficiency and policy support matter as much as technology. - The top-company concentration remains low, which suggests room for smaller players and regional manufacturers to compete. - Data center power demand is becoming a more visible use case for higher-efficiency solar modules. - The emphasis on storage, automated production and next-generation materials suggests solar is increasingly tied to system-level energy infrastructure rather than standalone panels.

What's next: - More solar investment is likely to flow into Asia Pacific, especially China, utility-scale projects and domestic manufacturing. - Companies are expected to keep pushing higher-efficiency modules, storage pairing and smart energy management. - The report flagged market attractiveness scoring, TAM analysis, company scoring matrices, forecasting dashboards and hotspot infographics as new additions in its 2026 research set.

The bottom line: - Solar energy is still on a steep growth path, and the biggest winners appear likely to be companies that can combine manufacturing scale, grid compatibility and higher-efficiency technology.