The sun is undoubtedly a powerful source of renewable energy. Generally considered a reliable source, solar offers numerous environmental benefits by reducing reliance on fossil fuels and mitigating greenhouse gas emissions.
Thanks to its versatility, solar power can be applied in a variety of scales and environments, which also solidifies its place as a key player in the clean energy transition.
And it’s not just reliable and versatile, it’s a thriving industry, too. In the US alone, around 3.4% of the electricity generated is powered by solar energy, up from 2.8% in 2021. Solar makes up just shy of 16% of renewable energy generated in this geography, an increase from 13.5% in the same period. Globally, solar PV accounts for 4.5% of total global electricity generation, according to the International Energy Agency (IEA).
And keeping it on a global level, Statista data shows the cumulative solar PV capacity amounted to 1,177GW as of 2022, with around 239GW of new PV capacity installed in that year.
All of the companies below are leaders in the solar space. Read more about them here.
10. Solaria Energía
Market cap: US$1.99 billion
Spanish-based Solaria Energía is a leading company in the development and generation of photovoltaic solar energy in Europe, with 100% of its revenues coming via this source. It has a target of having 18GW of PV capacity in operation and under construction by 2030. It bills itself as pioneers in the energy transition in the EU. Looking at its latest released financial report, Solaria has increased its net profit by 24% to €86.4 million (US$94.1m), €261 million (US$284.3m) in the first nine months of 2023 alone.
9. Shoals Technologies
Market cap: US$2.3 billion
Shoals Technologies Group prides itself in being a leading provider of electrical balance of systems (EBOS) for solar, energy storage and eMobility, developing innovative solutions that make EBOS installation faster, safer and more reliable. Established in 1996, Shoals has more than 25 years of experience in the solar industry, and has more than 62GW under contract, in construction phases and operating. The company’s vision is to continually create a brighter future by pursuing simple ideas to make solar, storage and EV charging a more affordable and viable choice.
8. Sunrun
Market cap: US$2.5 billion
Proudly the number one home solar and battery company in the US, more than 900,000 homes across the country in its customer base. Sunrun partners with Ford for its Home Integration System, a first-of-its-kind technology that lets customers power their lives at home and on the road. The company works to uncomplicate the process of transitioning to solar energy and to ‘create a planet run by the sun’. It also has an ongoing partnership with SOLARCYCLE to recycle and reuse decommissioned solar panels and other solar system equipment.
7. SolarEdge
Market cap: US$3.98 billion
With a steadfast commitment to harnessing the power of the sun to create a sustainable future, SolarEdge's DC-Optimised technology maximises energy production, driving innovation in energy storage and EV charging solutions. Established in 2006, the company was a pioneer in commercialising power optimisers, and its solar power, storage and EV solutions accelerate the worldwide transition to renewable clean energy generation and consumption. More than 2.7 million homes are equipped with a SolarEdge PV system, which results in in excess of 31 million metric tonnes of greenhouse gas emissions avoided annually. On top of this, 88% of SolarEdge’s generated waste is recycled or recovered.
6. Nextracker
Market cap: US$6.4 billion
Clean energy advocates Nextracker are committed to equity, inclusion, sustainability and decarbonisation by delivering the most intelligent, reliable and productive solar technology. Each year, it saves 112 million metric tonnes of CO2 emissions from being released into the atmosphere, and powers 14.7 million homes. Nextracker has a variety of solutions available, including solar trackers which improve solar performance. Nextracker’s flagship NX Horizon and all-terrain NX Horizon-XTR comprise the industry’s most widely deployed smart solar tracker portfolio.
5. Trina Solar
Market cap: US$8.11 billion
A global leader in solar, Trina Solar was founded in 1997 and is mainly engaged in PV products, PV systems and smart energy. It is committed to providing smart solar energy solutions and facilitating the transformation of new power systems for a net-zero future. This is facilitated through its operations, which span more than 160 countries worldwide — growing from one of the first PV enterprises in China to a world leader in solar technology and manufacturing.
4. First Solar
Market cap: US$15.9 billion
The largest solar PV manufacturer in the Western Hemisphere, First Solar established some of the guiding principles of responsible solar. Celebrating its 25th anniversary in 2024, the leading American solar technology company and global provider of responsibly produced eco-efficient solar modules is the only company in the ten largest solar manufacturers that is US-headquartered and not manufacturing in China. Priding itself in responsible solar, First Solar has a long history of establishing benchmarks in recycling, responsible supply chain management, transparency and the carbon and water footprint of its technology.
3. Sungrow
Market cap: US$18.67 billion
With more than 405GW installed worldwide, Sungrow has developed massively since it was established in 1997. It is a leader in the research and development of solar inverters with the largest dedicated R&D team in the industry. Its strong 26-year track record in the PV space has allowed it to grow its product portfolio and operate in more than 150 countries worldwide. Around 40% of Sungrow’s workforce is dedicated to R&D, showing its gleaming dedication to this area.
2. LONGi
Market cap: US$23.6 billion
Founded in 2000, LONGi specialises in the research, development and manufacturing of solar PV products. As is one of the world's largest manufacturers of monocrystalline silicon wafers, cells and modules, it boasts a total module shipment volume of more than 30GW.
In support of the ‘Solar for Solar business model, LONGi uses clean energy and green manufacturing practices in its operations all while creating low-cost clean energy products. Showing its highly-regarded nature, LONGi was designated as the ‘solar solution supplier’ for the China Pavilion at EXPO 2020 in Dubai.
1. NextEra
Market cap: US$116.96 billion
NextEra has reduced its dependence on foreign oil by 98% since 2001, and has 67GW of assets in operation. For three decades, the company has pioneered universal solar and has positioned itself as an energy storage leader, investing in large-scale, universal solar to provide solar energy without sacrificing affordability and reliability. The company operates more than 2,000MW of universal-scale solar energy in the US and Canada alone. Its universal-scale and private generation solar portfolio consists of more than 2,300MW. NextEra’s onsite solar helps lower electricity costs, reduce reliance on the grid and provides budget stability.
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