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Government authorities are bolstering business potential through the introduction of new norms and mandates, alongside enhancements to building infrastructures. The business landscape is being enriched by robust partnerships between private and public sectors, coupled with a surge in regional manufacturers. Rising consumer preference for clean energy, combined with the export of expertise and technology to global markets, is favorably influencing industry statistics. Growing adoption of clean and renewable energy and a concerted effort to lessen reliance on fossil fuels is set to drive the industry momentum. Moreover, heightened concerns over climate change and a shift towards sustainable energy have amplified the demand for solar power, reshaping the market landscape.
The commercial & industrial segment is set to exceed USD 132 billion by 2034, due to the growing need to reduce carbon emissions, driving advancements in solar panel technology.
The global market for on-grid solar PV was reached USD 301 billion in 2024 and is estimated to grow at a CAGR of 8.1% from 2025 to 2034, driven by increased deployment of large-scale solar PV systems.
Key players in the on-grid solar PV market include Canadian Solar, CsunSolarTech, EMMVEE SOLAR, First Solar, JA SOLAR Technology Co., Ltd., Jinko Solar, LG Electronics, Q CELLS, REC Solar Holdings AS, Renesola, Shunfeng International Clean Energy, Solaria Corporation, Solar Frontier KK, Trina Solar, and Yingli Solar.
The U.S. on-grid solar PV market is likely to exceed USD 47 billion by 2034, supported by national and local government policies and financial incentives.