In this article, we will look into the 15 biggest solar companies in the world. If you want to skip our detailed analysis, you can go directly to the 5 Biggest Solar Companies in the World.
Solar Power Industry: An Analysis
According to a report by Precedence Research, the global solar power market was worth $170 billion in 2022. The market is expected to grow at a compound annual growth rate of 14.9% and reach $678.81 billion by 2032. The growth is driven by a rise in government incentives and increased environmental issues. The demand for solar cells is also skyrocketing due to a rise in rooftop installations.
Segment-wise, photovoltaic (PV) systems dominated the global solar market, accounting for a share of nearly 70% in 2022. Concentrated solar power systems are anticipated to be the most opportunistic segment over the forecasted period, driven by the rise in solar energy demand. Within applications, the industrial segment accounted for over 35% of the share in annual revenue of the global solar power market in 2020. On the other hand, the residential segment is expected to be the fastest-growing segment, driven by rising awareness about solar power's monetary and environmental benefits.
Regionally, Asia Pacific led the market with a share of over 30% in 2022. The Asia Pacific market is expected to reach $230.79 billion by 2032. A growing population, rapid urbanization, high disposable income, and increased technology adoption are expected to drive the market's growth. China, Japan, South Korea, and India are some of the leading countries with high solar power utilization. North America is expected to grow at a significant pace over the forecasted period, with the United States as the major shareholder in total solar power consumption.
Key Players in the Market
Some of the major players in the market include NextEra Energy, Inc. (NYSE:NEE), First Solar, Inc. (NASDAQ:FSLR), and Adani Green Energy Ltd (NSE:ADANIGREEN).
NextEra Energy, Inc. (NYSE:NEE) is a leading renewable energy company, specializing in solar and wind energy. On January 25, the company reported its earnings for the fiscal fourth quarter of 2023. The company reported an EPS of $0.52 and surpassed estimates by $0.03. The company generated a revenue of $6.88 billion for the quarter and outperformed estimates by $557.42 million, recording a year-over-year increase of 11.57%. Here are some of the comments from NextEra Energy, Inc.'s (NYSE:NEE) Q4 2023 earnings call:
"Our emphasis on modernizing FPL's generation fleet to improve efficiency and reduce fuel costs has saved customers over $15 billion since 2001. We continue this trend in 2023 by placing into service approximately 1,200 megawatts of cost effective solar and expect to add roughly 4, 800 megawatts over the current rate agreement.
First Solar, Inc. (NASDAQ:FSLR) is a major solar company in America. On January 19, the company announced the expansion of its solar panel production facilities. The company has acquired a new facility in Ohio which will be transformed into a distribution center for its manufacturing base in the state. This acquisition will help the company improve its logistics and reduce costs. It will also support First Solar, Inc.'s (NASDAQ:FSLR) goal of achieving 14 GW of US solar manufacturing capacity by 2026.
Adani Green Energy Ltd (NSE:ADANIGREEN) is a leading renewable energy company in India. On March 11, the company announced that it had achieved a noteworthy milestone of operationalizing 1,000 MW of solar power at one of the world's largest clean energy parks in Khavda, Gujarat. This milestone increased Adani Green Energy Ltd's (NSE:ADANIGREEN) capacity to 9,478 MW. The company is set to achieve its ambitious goal of reaching 45,000 MW by 2030. The Khavda solar park has a capacity of 30 GW and is expected to be completed in the next 5 years. Upon completion, it will create more than 15,000 jobs and promote the clean energy transition in India.
Now, let's have a look at the 15 biggest solar companies in the world.
15 Biggest Solar Companies in the World
15 Biggest Solar Companies in the World
Methodology
To compile our list of the 15 biggest solar companies in the world, we exhausted our research by looking at multiple sources including our own rankings, market reports, and other similar rankings. We also screened for solar companies in the solar technology and renewables industry, using stock screeners such as Finviz and Yahoo Finance. We compiled an initial list of the 40 biggest companies by market cap and narrowed down our selection to the 15 biggest. The biggest solar companies in the world are ranked in ascending order of their market caps, as of March 12, 2024. Please note that we have converted the market caps of foreign companies to USD according to their respective exchange rates as of March 12.
ReNew Energy Global Plc (NASDAQ:RNW) is a leading renewable energy company in India. The company specializes in solar and wind energy. Its projects contribute to 1.9% of the total power capacity in India. It has operations across 18 Indian states and has over 150 sites. As of March 12, ReNew Energy Global Plc (NASDAQ:RNW) is valued at $2.42 billion.
Clearway Energy, Inc. (NYSE:CWEN) is one of the biggest solar companies in the world. The company boasts a diversified portfolio of renewable and conventional generation assets in the US, including solar and wind power generation. It has a renewable capacity to support over 2 million American residences and businesses. The company operates across 26 states and has 3 GW in solar assets. As of March 12, Clearway Energy, Inc. (NYSE:CWEN) has a market cap of $2.55 billion.
13. Risen Energy Co Ltd (SHE:300118)
Market Cap as of March 12: $2.66 billion
Ranked 13th on our list, Risen Energy Co Ltd (SHE:300118) specializes in the research and development, production, sales, and service of solar modules, solar terminal application and integration, and photovoltaic technology. As of March 12, Risen Energy Co Ltd (SHE:300118) has a market cap of $2.66 billion.
12. Shanghai Aiko Solar Energy Co Ltd (SHA:600732)
Market Cap as of March 12: $4.04 billion
Founded in 2009, Shanghai Aiko Solar Energy Co Ltd (SHA:600732) is one of the leading clean energy technology providers. The company specializes in the manufacturing of photovoltaic products, solar cells, ABC modules, battery storage, inverters, and energy management systems. As of March 12, Shanghai Aiko Solar Energy Co Ltd (SHA:600732) has a market cap of $4.04 billion.
SolarEdge Technologies, Inc. (NASDAQ:SEDG) is ranked among the 15 biggest solar companies in the world. The company specializes in solar energy solutions, DC-optimized inverters, PV power optimization, monitoring, and energy storage solutions. As of March 12, SolarEdge Technologies, Inc. (NASDAQ:SEDG) has a market cap of $4.12 billion.
10. GCL Technology Holdings Limited (OTC:GCPEF)
Market Cap as of March 12: $4.44 billion
GCL Technology Holdings Limited (OTC:GCPEF) is a leading renewable energy company, specializing in the manufacturing of solar materials and advanced solar technologies. The company had an aggregate capacity of nearly 185,000 tonnes at the end of 2022. As of March 12, GCL Technology Holdings Limited (OTC:GCPEF) is valued at $4.44 billion.
9. Xinyi Solar Holdings Limited (OTC:XISHY)
Market Cap as of March 12: $7.31 billion
Xinyi Solar Holdings Limited (OTC:XISHY) is a leading solar company, specializing in the sale and production of solar products, the development and operation of solar farms, engineering and procurement, and construction services. As of March 12, Xinyi Solar Holdings Limited (OTC:XISHY) has a market cap of $7.31 billion. It is ranked 9th on our list.
Nextracker Inc. (NASDAQ:NXT) is a renewable energy power generation company. It specializes in solar tracking systems, monitoring and control, utility-scale solar power, solar power plant performance, solar software, and risk mitigation. Nextracker Inc. (NASDAQ:NXT) is valued at $8.21 billion, as of March 12. It is one of the biggest solar companies in the world.
7. Trina Solar Co Ltd (SHA:688599)
Market Cap as of March 12: $8.22 billion
Ranked 7th on our list, Trina Solar Co Ltd (SHA:688599) is one of the biggest solar companies in the world. It specializes in smart energy solutions, solar PV modules, and solar projects. As of March 12, Trina Solar Co Ltd (SHA:688599) has a market cap of $8.22 billion.
Brookfield Renewable Corporation (NYSE:BEPC) is ranked 6th on our list of the biggest solar companies in the world. The company operates and develops renewable power facilities and has $52 billion in power assets under management. It boasts a strong renewable portfolio of solar, hydropower, and wind. The company has a total installed capacity of more than 19,000 MW and an 18,000 MW development pipeline. As of March 12, Brookfield Renewable Corporation (NYSE:BEPC) has a market cap of $9.18 billion.
