Null

Photovoltaic Market Size, Share, Growth Analysis, By Grid (On Grid, Off Grid), By Technology (Thin Film, Crystalline Silicon), By Component (Modules, Inverters, Others (Mounting structures, Metering systems, Power Optimizers), By Region, And Segment Forecast, 2025-2032


Report ID: SQMIG55F2063 | Region: Global | Published Date: February, 2025
Pages: 192 | Tables: 85 | Figures: 71

Photovoltaic Market News

  • In March 2024, BluPine Energy, a renewable energy company backed by Actis, acquired 369 MW of solar assets from the Acme Group, expanding its total renewable capacity to 2.4 GW in India. This acquisition demonstrates BluPine Energy's commitment to fostering a sustainable future through renewable energy solutions in India.
  • In February 2024, Avaada Energy acquired 1400 MWp of solar projects in India through tenders issued by central and state government agencies, marking a significant advancement in the country's renewable energy sector.
  • In February 2024, Epsilon Advanced Materials acquired a lithium-ion phosphate (LFP) cathode technology center in Germany, positioning India as a key player in LFP cathode manufacturing outside of China. This acquisition strengthens Epsilon's position in the market by enabling comprehensive solutions through the integration of cathode and anode materials for lithium-ion batteries.
$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Global Photovoltaic Market size was valued at USD 104.64 billion in 2023 and is poised to grow from USD 114.06 billion in 2024 to USD 227.27 billion by 2032, growing at a CAGR of 9% in the forecast period (2025-2032).

The global photovoltaic industry is highly competitive, with key players focusing on technological advancements, strategic partnerships, and capacity expansions to strengthen their market position. Leading companies such as JinkoSolar, Trina Solar, Canadian Solar, First Solar, and LONGi Green Energy Technology dominate the industry with extensive production capabilities and innovation in high-efficiency solar panels. These firms are investing in next-generation PV technologies, including perovskite solar cells and bifacial modules, to enhance energy efficiency and durability. 'Tata Power Solar Systems Ltd.', 'Adani Group', 'VIKRAM SOLAR LTD.', 'Waaree Energies Ltd.', 'Saatvik Green Energy Pvt Ltd.', 'RenewSys India Pvt. Ltd.', 'LOOM SOLAR PVT. LTD.', 'Goldi Solar, Inc.', 'Servotech Power Systems', 'Bluebird Solar', 'SWELECT Energy systems Ltd', 'Panasonic Solar', 'JA SOLAR Technology Co., Ltd.', 'Microtek Solar Solutions', 'Luminous India'

Robust economic growth, surging population, and booming manufacturing sector have led to a surge in power consumption. The developing economies are witnessing high electricity demand due to expansion and infrastructure development. Industrialization and urbanization along with the rising living standard of people increase the demand for electricity generation. As demand for electricity is increasing, many countries across the world are increasing their power generating capacity either by expanding the existing ones or installing new plants.

Government Initiatives: Government aid drives global photovoltaic market growth by providing incentives like tax credits, rebates, feed-in tariffs, and subsidies to cut initial costs. Policies such as net metering encourage solar investments. India's solar park, VGF, CPSU, defence, canal bank, bundling, and grid-connected rooftop schemes promote solar energy.

The North America region dominated the photovoltaic market, driven by strong government support through policies such as tax incentives, renewable energy targets, and a growing shift toward clean energy adoption. The United States is a major player with advancements in solar technology and a thriving residential and utility-scale solar sector.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Null

Report ID: SQMIG55F2063

$5,300
BUY NOW GET FREE SAMPLE