World׳s energy demand is growing fast because of population explosion and technological advancements. It is therefore important to go for reliable, cost effective and everlasting renewable energy source for energy demand arising in future. Solar energy, among other renewable sources of energy, is a promising and freely available energy source for managing long term issues in energy crisis. Solar industry is developing steadily all over the world because of the high demand for energy while major energy source, fossil fuel, is limited and other sources are expensive. It has become a tool to develop economic status of developing countries and to sustain the lives of many underprivileged people as it is now cost effective after a long aggressive researches done to expedite its development. The solar industry would definitely be a best option for future energy demand since it is superior in terms of availability, cost effectiveness, accessibility, capacity and efficiency compared to other renewable energy sources. This paper therefore discusses about the need of solar industry with its fundamental concepts, worlds energy scenario, highlights of researches done to upgrade solar industry, its potential applications and barriers for better solar industry in future in order to resolve energy crisis.