Top 10 Solar Companies in the World by Market Capitalization in 2024

Renewable energy is a potent tool in fighting climate change and reducing energy costs. In 2024, the demand for solar power and solar solutions is higher than ever, creating lucrative opportunities for solar companies.

The biggest solar companies in the industry continue to facilitate the clean energy transition, delivering innovative solar products to enhance customer satisfaction while generating more sales.

Whether you are looking to invest in solar projects or are a stock trader, our team of professionals at Business2Community has compiled this detailed guide of the best solar companies by market cap so you can gain a deeper understanding of their success and which companies to invest in or model your success after.

From their business models to expansion strategies, we will cover everything you need to know about these solar power giants.

Let’s get started!

Key Highlights on Solar Industry Giants

• The global solar industry is expected to grow from $189.15 billion in 2022 to $837.28 billion by 2032, driven by increased demand for clean energy.
• Asia Pacific dominates the market with 60% share, followed by North America and Europe.
• Leading companies focus on innovation, government incentives, and strategic acquisitions to enhance their market presence.

Top 10 Solar Companies in the World (by Market Cap)

1. NextEra Energy – $131.17 billion (Florida, USA): The world’s largest provider of solar and wind energy solutions.
2. Adani Green Energy – $34.92 billion (Gujarat, India): Leading solar projects in India with 648 MW capacity solar plant.
3. Sungrow Power Supply – $21.35 billion (Anhui, China): No. 1 in PV inverter shipments globally.
4. LONGi Green Energy Technology – $20.47 billion (Shaanxi, China): A top solar module manufacturer, part of the Silicon Module Super League.
5. First Solar – $18.03 billion (Arizona, USA): Largest solar panel manufacturer in the Western Hemisphere.
6. Nextracker – $8.14 billion (California, USA): Leader in solar tracking systems with 30% market share.
7. Trina Solar – $7.35 billion (Jiangsu, China): Known for setting 25 world records in solar efficiency.
8. SolarEdge Technologies – $4.05 billion (Israel): Top producer of solar inverters and energy solutions.
9. Sunrun – $2.85 billion (California, USA): Major residential solar solutions provider.
10. Array Technologies – $2.23 billion (New Mexico, USA): Leading solar tracker and utility-scale solutions provider.

The World’s Biggest Solar Companies Reviewed

According to Precedence Research, the global solar industry was valued at $189.15 billion in 2022, the figure is set to quadruple to $837.28 billion by 2032, illustrating a CAGR of 16.04% during the forecast period.

The promising future of solar energy aligns with the global approach towards clean energy. Government incentives and subsidies greatly facilitate the growth in this sector.

Asia Pacific was the strongest market in 2022, contributing to 60% of the total market value, followed by North America at 21% and Europe at 16%.

The biggest solar companies in the world create cutting-edge technologies to reduce costs and allow more businesses and individuals to enjoy commercial and residential solar solutions. As the demand for solar panels continues to grow, it is the best time to get into the industry by learning from our list of the best solar companies.

1. NextEra Energy - $131.17 Billion

Based in Florida, NextEra Energy is the world's largest wind and solar power provider by output volume in 2023. Founded as the Florida Power & Light Co. in 1925, the solar solutions provider served 76,000 customers in its first year alone. The business subsequently changed its name to NextEra Energy in 2010.

Currently, the company operates in various energy-related fields and offers green tech solutions to its customers. From natural gas to clean fossil fuels and renewable energy solutions, NextEra Energy dominates the energy sector.

Over the years, mergers and acquisitions have made up a huge part of NextEra Energy's business model. It was able to expand its energy efficiency and electricity generation scale by absorbing quality competitors. This model has been excellent as it can roll out high efficiency panels to its entire operation using the advances learned from each acquisition.

In 2005, it bought the Huston-electricity company Geexa for $80.6 million. The leading solar company also completed its purchase of Gulf Power Company, the biggest energy provider in Northwest Florida, for $2.6 billion in 2019.

With the demand for clean energy solutions rising, the company saw its best year yet in 2023 in terms of profit. It produced over $28 billion in the 2023 fiscal year, a 34% increase from 2022 and the highest the company had seen since 2006.

2. Adani Green Energy - $34.92 Billion

With a market cap of $34.92 billion in March 2024, Adani Green Energy is the biggest solar company in India. The solar energy solutions company specializes in building solar panels and leading India's top solar projects, making solar energy more accessible across the country. It has an over $2 billion asset base and 99.6% solar plant availability.

In 2020, Adani Green Energy built the world's largest solar power plant with photovoltaic systems. Its high-efficiency solar panels had a capacity of 648 megawatts, surpassing the then-biggest photovoltaic solar panel facility, the Topaz power plant in California, with a solar capacity of 550 megawatts.

Adani Group owner Gautam Adani became the subject of a public scandal in 2023 when Hindenburg Research accused the Adani Group and its owners, the parent company of Adani Green Energy, of stock manipulation and fraud schemes over decades after a 2-year investigation.

Following the accusation, the stock price of the Adani Group plummeted, wiping out $11 billion in value. The major player had denied the accusations.

3. Sungrow Power Supply - $21.35 Billion

As of 2023, Sungrow Power Supply is the No.1 PV inverter global shipping company with more than 405GW installed around the world. The Chinese company has a strong international presence, installing solar panels and offering energy storage solutions to over 170 countries.

Sungrow Power Supply dedicates its efforts to the research and development of solar inverters and solar technology as its R&D team accounts for 40% of the personnel in the company, allowing it to bring innovation to the solar industry.

From building solar farms to delivering digital iSolarCloud services to fast chargers for electric vehicles, Sungrow Power Supply delivers a diverse range of services and products to the renewable energy market.

In 2022, the company became the first solar power firm to produce 35kV solid-state transformer (SST) based PV inverters.

The rising demand for renewable energy sources has allowed the company to expand exponentially over the last decade. In 2013, the annual revenue was $350 million. Ten years later in 2023, the figure had risen to $9.14 billion, consolidating Sungrow Power Supply's leadership in the solar power industry.

4. LONGi Green Energy Technology - $20.47 Billion

LONGi Green Energy Technology is another China-based business on our list of the top solar companies in the world. Founded in 2000, the solar energy firm was originally named the Xi'an Longi Silicon Materials Corporation until 2017.

It is a leading manufacturer of solar modules, producing premium solar panels for local and foreign companies.

LONGi Green Energy Technology is a member of the Silicon Module Super League, an organization for manufacturers and industry experts of crystalline silicon modules, together with other solar giants like Canadian Solar and Trina Solar.

In 2023, one of LONGi Green Energy Technology's subsidiaries, Vina Solar, was named among a few other companies by the Department of Commerce as those circumventing tariffs. The news came as the trade war tensed up between the US and China over the imports of solar cells and solar products.

The company reported $19.32 billion in revenue in the 2023 fiscal year.

5. First Solar - $18.03 Billion

Up next on our list of the biggest solar companies in the world, we have First Solar, the largest manufacturer of solar panels in the Western Hemisphere. As of March 2024, it had invested over $1.5 billion in research and development and had a market cap of $18.03 billion.

 

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The company was founded when True North Partners acquired Solar Cells, Inc. and named it First Solar in 1999. It was first listed on NASDAQ in 2006, offering 20,000,000 common stock shares at $20 per share.

It became the first solar panel producer in the world to reduce production cost to $1 per watt in 2009 when the industry average was around $3 per watt, making solar panels more affordable and accessible.

The leading solar panel producer made a profit of $3.3 billion in 2023, up from $2.6 billion in 2022. The company attributed the 27% increase in revenue to the higher sales volume of solar modules as well as the higher selling price.

6. Nextracker - $8.14 Billion

Founded in 2013, Nextracker is one of the youngest solar companies on our list yet it dominates the field with a market cap of $8.14 billion at the time of writing. The leading company owns around 30% of the market share in the solar tracker field, making it the best-performing business in its niche. It powers around 18 million homes annually.

The company was bought by Flex International Inc. for $330 million in 2015. The acquisition provided sufficient funds for Nextracker to refine its services and produce high-quality solar panels.

It held its initial public offering in 2023 in the US, offering 26.6 million Class A common stock shares at $24 per share, giving a total valuation of $3.5 billion.

Nextracker recorded a total revenue of $1.9 billion in 2023.

Dan Shugar, founder and CEO of Nextracker, said "Solar is unstoppable" in an interview in 2024 after the company's stock price rose 25%, much higher than market expectations. Shugar commented on the positive outlook for solar and said, "The intrinsic economics of utility scale are phenomenal both in the US and overseas. It has never been as favorable as it is."

7. Trina Solar - $7.35 Billion

Specializing in residential solar solutions, utility-scale solutions, and commercial solutions, Trina Solar is a global solar panel manufacturer based in Jiangsu, China with a market cap of $7.35 billion as of March 2024.

Over the years, Trina Solar's achievements and contribution to the solar industry can be backed by its 25 world records in the efficiency of solar cells and solar modules. Its efficiency and innovation allow the company to penetrate the global market, with offices in countries like Brazil, Australia, and the US.

The US Department of Commerce determined Trina Solar to be "circumventing US tariffs" and imposed relevant duties on its Thailand plant operations in August 2023. In response, Trina Solar reportedly planned to invest $400 million to establish a new manufacturing base in Vietnam in 2025.

The tariff disputes did not stop Trina Solar's operations in the US as the company expected to complete the construction of its new $200 million factory in Wilmer, southeast of Dallas by 2024. The new factory is expected to generate 1,500 local jobs and produce 5 GW of solar modules for users.

Its 2023 operating income was $11.58 billion, representing a 31.22% year-on-year growth rate.

8. SolarEdge Technologies - $4.05 Billion

Headquartered in Herzliya, Israel, SolarEdge Technologies is a top producer of solar inverters. It went public in 2015 on the NASDAQ, selling 7 million shares at $18 per share and raising a total of $126 million.

In the same year that it was listed, it partnered with Tesla Energy to develop solar inverters for energy storage.

The company was able to grow quickly due to its expansion strategies. It often invests in other leading companies to absorb their top-performing segments to improve its services.

It bought a 75% stake in KoKam, a South Korean energy storage provider, in 2018. The move enabled SolarEdge Technologies to join forces with experts in the industry to produce more efficient smart energy systems. The next year, it acquired a 57% stake in SMRE, an Italian EV technology firm, allowing the company to expand its clean energy and e-mobility development.

In 2023, SolarEdge Technologies bought the UK-based IoT company Hark for $18.3 million. The acquisition expanded SolarEdge Technologies's energy management capacities and enhanced its business analytics segment.

The company reported a drop in revenue in 2023, down from $3.11 billion in the previous year to $2.98 billion.

9. Sunrun - $2.85 Billion

With a market cap of $2.85 billion, Sunrun is a leading residential solar solutions provider based in San Francisco, California. It mainly relies on a power purchase agreement (PPA) business model to generate profits. It provides various solar plans for customers which include the installations, maintenance, and utility provision with its solar panels.

Sunrun markets its products through large consumer stores in the country like COSTCO, Lowe's, and Home Depot to gain a larger market share. It offers discounts to members of its partners and promotes its products through its platforms.

The solar installer was first listed on the NASDAQ stock exchange in 2015, raising $251 million at $13.06 per share. Sunrun was caught up in a cancellation scandal in 2017 when federal regulators launched an investigation over Sunrun's disclosure of customer cancellations, an important metric for investors to determine the performance of the company.

Sunrun denied the accusations, however, its reputation was still damaged. Following the data manipulation scandal, cancellation rates went up to 40% at Sunrun.

Despite the scandal, Sunrun continued to expand its market and innovate its solar products. It experienced a continuous increase in profits from 2014 to 2022, followed by a drop in 2023 to $2.26 billion.

10. Array Technologies - $2.23 billion

Founded over three decades ago in 1992, Array Technologies sits in New Mexico, the US, and is a leading manufacturer of solar panels and utility-scale solar trackers, offering clean energy solutions worldwide. It installs around 60GW globally each year and has offices in South America, Africa, Europe, and Australia.

 

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The solar equipment provider utilizes machine learning and AI to optimize production efficiency, saving costs for its customers while increasing output levels.

Array Technologies had its initial public offering in 2020 at $22 per share, higher than the expected $19 to $21 per share. The offering raised over $1 billion, making it one of the biggest US renewable energy IPOs in history.

In 2022, Array Technologies bought a 100% stake in Soluciones Técnicas Integrales Norland, a Spanish solar tracker manufacturer, for $652 million. The deal made Array Technologies the “largest solar tracker company in the world" by market bookings.

Its 2023 global revenue was $1.58 billion.

Learning From the Biggest Solar Companies in the World

Solar power accounted for almost three-quarters of the renewable energy market globally in 2022. As the leading future energy source, solar companies will invest more in installing solar panels and energy storage solutions to meet the market demand.

Experts agree that 2024 is a strong time to get into the solar industry.

The biggest solar companies in the world by market cap have generated billions in annual revenue due to their smart strategies. Through partnerships and acquisitions, they are able to absorb competitors' strengths and provide various innovative solar energy solutions to customers, such as SolarEdge's multiple acquisitions or how First Solar came to be.

These companies are able to follow the market trends, such as integrating tech how Array Technologies does, and produce in-demand products and services like Nextracker to reap the most profits.

Whether you're looking to invest in a few companies with top-quality solar panels and strong prospects to diversify your porfolio, or you want to take heed of how the big players developed to help your solar company grow, our guide above has painted a clear picture of the best companies to learn from in the solar energy sector.

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