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The global solar energy market is poised for substantial growth in the upcoming years, showcasing diverse trends and growth projections across its various segments.

Photovoltaic (PV) Market:

Wood Mackenzie predicts a pivotal growth phase for the global PV market in 2024, with an anticipated average annual installation of 350 gigawatts (GW) over the next eight years. Citic Securities expects 200-210 GW of new PV installations in 2024, aligning closely with the trends observed in 2023. Mordor Intelligence forecasts the global solar PV market to expand to 1.76 terawatts (TW) by 2024, growing at a compound annual growth rate (CAGR) of 22.90% to reach 6.09 TW by 2029.

Solar Panel Market:

By 2024, the global solar panel market is estimated to reach $257.22 billion and is projected to grow to $419.32 billion by 2029, with a CAGR of 10.27% during the forecast period (2024-2029). LP Information anticipates the market size to increase from around $153.1 million in 2023 to $429.6 million by 2030, driven by a CAGR of 15.9% from 2024 to 2030.

Solar Thermal Market:

The global solar thermal market is anticipated to expand from $81 billion in 2022 to $189.2 billion by 2030, exhibiting a CAGR of 11.18% during the forecast period.

Other Emerging Markets:

The off-grid solar market is poised to grow to 9.13 GW in 2024 and 13.12 GW by 2029, with a compound annual growth rate (CAGR) of 7.51%. Meanwhile, the smart solar market is expected to increase from $8.52 billion in 2019 to $21.61 billion by 2032, showcasing a CAGR of 10.03%.

In conclusion, the global solar energy market is on track for substantial expansion in the coming years, underpinned by supportive government policies, continuous technological advancements, and declining costs. Despite potential moderation in growth rates, the overall outlook remains optimistic, presenting significant opportunities for stakeholders across the solar energy sector.


Karstsolar, based in Shenzhen, is a company dedicated to solar panel production and international trade. Founded in 2009, Karstsolar boasts extensive experience in solar technology and a remarkable track record in global market expansion. We take pride in delivering efficient and reliable solar solutions to clients worldwide.

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