Solar energy
Panels, inverters, trackers, solar farms and rooftop installers. Solar is the largest single item in world energy investment.
The solar market covers the full chain: polysilicon, wafers, cells and modules; the inverters and trackers that turn modules into working systems; utility-scale solar farms that sell power; and the installers who put rooftop systems on homes and businesses. Buyers include utilities, independent power producers, businesses and households. The IEA expects solar investment to reach USD 450 billion in 2025, the largest single item in global energy investment. It also expects solar PV to account for nearly 80% of renewable capacity expansion from 2025 to 2030. Manufacturing oversupply has pushed many module makers' net margins below zero. US forecasts have been cut because of policy changes.
new market · sits inside NAICS 221114, 334413, 335999, 238210 · researched 2026-11-14
investment · world450
↗USD billions (utility-scale + rooftop, expected 2025) · 2025
installed capacity · world2,260
↗GW cumulative PV ("about", end of 2024) · 2024
installed capacity · world601
↗GW PV added in the year · 2024
installed capacity · US27.2
↗GW utility-scale solar added in the year · 2025
G
Growth
Dated and sourced; forecasts are labelled as forecasts.
- 2025-10IEA Renewables 2025: utility-scale and distributed solar together represent 'nearly 80% of worldwide renewable electricity capacity expansion' to 2030, out of almost 4,600 GW of renewables added 2025–2030 (forecast). Distributed systems account for 42% of PV expansion. ↗
- 2025-10IEA Renewables 2025: the US solar PV capacity forecast was 'revised down by almost 40%'. Oversupply-driven price competition has pushed many manufacturers' net margins negative. ↗
- 2026-02EIA: US developers plan to add 43.4 GW of utility-scale solar in 2026 (planned, not built). That would be 51% of all planned 2026 capacity additions, against 27.2 GW added in 2025 and 30.8 GW in 2024. ↗
- 2024-12New global PV installations grew 29% year on year in 2024 (601 GW added). ↗
S
Segments
Each linked segment has its own page with its companies.
- Solar panels, cells & wafers 7 — Making the panels themselves. This step is dominated by Chinese makers and is currently in oversupply.
- Solar inverters 3 — String and central inverters, microinverters and optimizers that convert DC panel output to grid AC.
- Solar trackers & balance of system 3 — Single-axis trackers, racking and wiring for utility-scale farms.
- Utility-scale solar farms 3 — Developers and independent power producers that build, own and sell power from large PV plants.
- Residential and commercial installers — Rooftop and on-site systems sold for cash, loan, lease or PPA, often with batteries.
C
Leading companies in solar energy
14 companies, with the scale each source states.
| Company | Where | What they do | Scale |
|---|---|---|---|
| LONGi Green Energy Technology 601012.SS ↗ | Xi'an, China since 2000 | World's largest maker of monocrystalline silicon wafers. Also makes cells and modules. | — |
| JinkoSolar JKS ↗ | Shanghai, China since 2006 | Vertically integrated maker of wafers, cells and modules. | revenue: 65.5 CNY billions (FY2025, Jinko Holdings 20-F; US$9.37bn convenience translation) (2025) ↗ |
| Trina Solar 688599.SS ↗ | Changzhou, China since 1997 | Modules, trackers and storage systems. | revenue: 11.272 USD billions (2024) ↗ |
| JA Solar 002459.SZ ↗ | Beijing, China since 2005 | Photovoltaic cells and modules. | — |
| Canadian Solar CSIQ ↗ | Kitchener, Canada since 2001 | Modules plus utility-scale project development and battery storage (Recurrent Energy, e-STORAGE). | revenue: 5.595 USD billions (FY2025, 20-F) (2025) ↗ |
| First Solar FSLR ↗ | Phoenix, United States since 1999 | Largest US-headquartered module maker. Makes thin-film (CdTe) modules in US and overseas plants. | revenue: 5.219 USD billions (FY2025, 10-K) (2025) ↗ |
| Qcells ↗ | Seoul, South Korea | Cells, modules, PV systems and large-scale solar plants. Has a major US manufacturing presence. | — |
| Sungrow Power Supply 300274.SZ ↗ | Hefei, China since 1997 | PV inverters and battery storage systems. | revenue: 72.25 CNY billions (2023) ↗ |
| Enphase Energy ENPH ↗ | Fremont, United States since 2006 | Microinverters, home batteries and energy management for residential solar. | revenue: 1.473 USD billions (FY2025, 10-K) (2025) ↗ |
| SolarEdge Technologies SEDG ↗ | Herzliya, Israel since 2006 | DC-optimized inverters and power optimizers for residential and commercial PV. | revenue: 1.184 USD billions (FY2025, 10-K) (2025) ↗ |
| Nextpower (formerly Nextracker) NXT ↗ | Fremont, United States since 2013 | Single-axis solar trackers and balance-of-system for utility-scale farms. Renamed from Nextracker Inc. in Oct 2025. | revenue: 3.559 USD billions (FY ended 2026-03-31, 10-K) (2026) ↗ |
| Array Technologies ARRY ↗ | Albuquerque, United States | Solar tracker systems for utility-scale projects. | revenue: 1.284 USD billions (FY2025, 10-K) (2025) ↗ |
| Sunrun RUN ↗ | San Francisco, United States since 2007 | Residential solar plus battery installer, mostly via lease/PPA subscriptions. | revenue: 2.957 USD billions (FY2025, 10-K) (2025) ↗ |
| NextEra Energy Resources ↗ | Juno Beach, United States | Develops, owns and operates utility-scale solar (and wind/storage) and sells the electricity. | — |
CA
In Canada
- 2025-03Canada installed 314 MW of solar in 2024, bringing cumulative installed PV capacity to more than 5 GW (CanREA). ↗
- 2025-09CanREA/Dunsky: Canada ranks 24th globally for installed utility-scale solar (2.3 GW) as of July 2025. Active procurements included 600 MW of solar plus 11.5 GW of technology-agnostic or mixed wind/solar. ↗
- 2026-02The federal Clean Technology ITC is a refundable credit of up to 30% covering clean electricity systems such as solar. Finance Canada opened consultations on a possible domestic-content requirement for it, with comments due 2026-03-13. ↗
R
What would have to be true
- US policy: the IEA cut its US solar forecast by almost 40%. Entry plans that depend on US incentives would need those incentives to hold.
- Module oversupply: price competition has pushed many manufacturers' net margins negative (IEA). A new module plant would need a protected or differentiated market.
- Planned is not built: EIA notes that actual additions tend to come in below what developers report at the start of the year (2025 came in at 27.2 GW).
- Canadian rules could change: a possible domestic-content requirement on the ITC would change the cost of using imported panels.
Quick answers
- How big is the solar energy market?
- investment (world): 450 USD billions (utility-scale + rooftop, expected 2025), 2025 — IEA; installed capacity (world): 2,260 GW cumulative PV ("about", end of 2024), 2024 — Wikipedia.
- Is the solar energy market growing?
- IEA Renewables 2025: utility-scale and distributed solar together represent 'nearly 80% of worldwide renewable electricity capacity expansion' to 2030, out of almost 4,600 GW of renewables added 2025–2030 (forecast). Distributed systems account for 42% of PV expansion.
- Who are the leading solar energy companies?
- LONGi Green Energy Technology (China), JinkoSolar (China), Trina Solar (China), JA Solar (China), Canadian Solar (Canada), First Solar (United States), Qcells (South Korea), Sungrow Power Supply (China), and 6 more in the table above.
- Which solar energy companies are publicly traded?
- LONGi Green Energy Technology (601012.SS), JinkoSolar (JKS), Trina Solar (688599.SS), JA Solar (002459.SZ), Canadian Solar (CSIQ), First Solar (FSLR), Sungrow Power Supply (300274.SZ), Enphase Energy (ENPH), SolarEdge Technologies (SEDG), Nextpower (formerly Nextracker) (NXT).
- Which Canadian companies are in solar energy?
- Canadian Solar, Kitchener.
- What is happening with solar energy in Canada?
- Canada installed 314 MW of solar in 2024, bringing cumulative installed PV capacity to more than 5 GW (CanREA).
- What are the main segments of the solar energy market?
- Polysilicon, wafers, cells and modules, Inverters and power electronics, Trackers and balance of system, Utility-scale solar farms, Residential and commercial installers.
- What are the risks in the solar energy market?
- US policy: the IEA cut its US solar forecast by almost 40%. Entry plans that depend on US incentives would need those incentives to hold.
Sources (21)
- World Energy Investment 2025 — Executive summary — IEA
- Renewables 2025 — Renewable electricity — IEA
- New U.S. electric generating capacity expected to reach a record high in 2026 — U.S. EIA
- Canada deploys 314 MW of solar in 2024 — Canadian Renewable Energy Association
- Canada's Renewable Energy Market Outlook 2025 — Executive summary — CanREA / Dunsky
- Consultations on potential domestic content requirement for Clean Technology and Clean Electricity ITCs — Department of Finance Canada
- Growth of photovoltaics — Wikipedia
- First Solar XBRL company facts — SEC EDGAR
- Canadian Solar XBRL company facts — SEC EDGAR
- Jinko Holdings XBRL company facts — SEC EDGAR
- Enphase Energy XBRL company facts — SEC EDGAR
- SolarEdge XBRL company facts — SEC EDGAR
- Nextpower (Nextracker) XBRL company facts — SEC EDGAR
- Array Technologies XBRL company facts — SEC EDGAR
- Sunrun XBRL company facts — SEC EDGAR
- LONGi Green Energy Technology — Wikipedia
- Trina Solar — Wikipedia
- JA Solar — Wikipedia
- Sungrow — Wikipedia
- Qcells — Wikipedia
- NextEra Energy Resources — Wikipedia