Global Solar Market Nears $974.7 Billion by 2031 as EV Charging and Policy Lift Demand
Updated
Updated · Yahoo Finance · Aug 25
Global Solar Market Nears $974.7 Billion by 2031 as EV Charging and Policy Lift Demand
1 articles · Updated · Yahoo Finance · Aug 25
Summary
$974.7 billion is the projected size of the global solar energy market in 2031, up from $492.7 billion in 2025, according to BCC Research.
A 10.8% CAGR is expected from 2026 to 2031, driven by lower levelized electricity costs, government renewable mandates, and wider pairing of solar with battery storage and EV charging infrastructure.
Asia-Pacific holds a 57.8% market share, supported by manufacturing scale and supply-chain dominance across China, India and Southeast Asia.
New growth corridors are opening beyond traditional hubs as Saudi Arabia, Brazil and the EU-Latin America and Caribbean Global Gateway agenda channel fresh renewable investment.
Technology shifts are also reshaping the market: TOPCon, heterojunction and back-contact cells are gaining share, while solar power tower CSP is forecast to expand at a 29.5% CAGR through 2031.