Solar Energy Markets to Reach $974.7 Billion by 2031, Driven by Policy Mandates, Falling Costs, and Surging EV Infrastructure Demand
The global solar energy market is projected to grow from $492.7 billion in 2025 to $974.7 billion by 2031 at a 10.8% CAGR, driven by declining costs, supportive government policies, and integration with EV charging infrastructure. Asia-Pacific dominates with 57.8% market share. However, severe overcapacity among Chinese manufacturers and compressed margins pose near-term challenges for the industry.