The global solar energy market is projected to grow from $492.7 bln in 2025 to $974.7 bln by 2031, a compound annual growth rate of 10.8%, driven by falling costs, policy support and the integration of solar with battery storage and electric vehicle charging, according to a research released by BBC. Despite the strong outlook, the industry faces near-term challenges including manufacturing overcapacity, declining module prices, margin pressure and higher interest rates.