USD 112.7 billion
Solar PV Market Size, Share, and Growth Analysis
Solar PV Market By Grid Type (On-grid, Off-grid), By Technology (Mono-Si, Thin Film), By Installation (Ground Mounted, Roof Mounted), By Application (Residential, Non-residential), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG55F2067 |
Region:
Global |
Published Date: January, 2025
Pages:
195
|Tables:
92
|Figures:
71
Format -
Solar PV Market Insights
Solar PV Market size was valued at USD 112.7 billion in 2023 and is poised to grow from USD 133.44 billion in 2024 to USD 515.33 billion by 2032, growing at a CAGR of 18.4% during the forecast period (2025-2032).
Along with ongoing technological developments and the growing consumer and regulatory preference for clean energy sources, the commercial outlook will be strengthened by the advantageous government programs and incentives, such as tax exemptions and tariffs. The solar PV sector will grow because of lower solar energy costs and increased funding. The widespread availability of resources, their affordability, and the expanded industry potential will all contribute to the product's acceptability. Due to recent technological advancements and research and development efforts for effective power generation across large-scale solar applications, there will be an increase in demand for solar market.
Positive government renewable energy targets and a notable rise in solar deployment rates will propel the crystalline solar PV sector. A significant change towards lucrative new product development, manufacturing accuracy, optimization, and standardized product processes for power output, lower emissions, and low installation costs will further affect the corporate landscape. Due to its low production costs and straightforward manufacturing processes, polycrystalline silicon solar photovoltaics, or PV, will be widely used in the near future. The global solar PV market will also be driven by the product's extensive application across large-scale solar power projects and federal renewable energy integration mottos.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Monocrystalline Silicon
Fastest Growth
Thin Film
Growth Rate
18.4% CAGR
Global Solar PV Market ($ Bn)
Country Share by Asia Pacific (%)
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Solar PV Market Segments Analysis
Global solar PV market is segmented by Grid Type, Technology, Installation, Application and region. Based on Grid Type, the market is segmented into On-grid and Off-grid. Based on Technology, the market is segmented into Mono-Si, Thin Film, Multi-Si and Others. Based on Installation, the market is segmented into Ground Mounted, Roof Mounted and Others. Based on Application, the market is segmented into Residential, Non-residential and Utilities. Based on region, the solar PV market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Solar PV Market Analysis by Technology
As per categorization by technology, the market is classified as monocrystalline silicon, thin film, polycrystalline silicon, multi silicon, and others. Among these, monocrystalline silicon earned the largest share and continues to hold the dominant global solar PV market share. Monocrystalline silicon has dominated the global solar PV market due to its high efficiency, long lifespan, and superior performance in low-light conditions. The recent innovations focus on enhancing the material's purity, reducing manufacturing costs, and increasing energy conversion efficiency. Due to these facts, monocrystalline silicon modules produce higher power output per square meter compared to the rest, ideal for residential, commercial, and utility-scale applications. Therefore, advantages associated with its further improvement consolidate its position in solar energy production in the market.
Thin film is poised to be the fastest-growing segment in the global solar PV market due to its lightweight, flexible design, and lower production costs compared to traditional silicon-based solar panels. It allows solar cell production on more varied surfaces thus opening installation capabilities between homeowners, businesses and thus commercial premises and even homes at large. Further advances in material efficiency-cadmium telluride (CdTe) and copper indium gallium selenide (CIGS) materials-are leading to a further increase in the energy conversion rates. Thus, thin film technology is placed as a leading participant in a new world order towards sustainable energy globally.
Solar PV Market Analysis by Installation
Ground mounted are gaining traction in the global solar PV market due to their ability to accommodate large-scale solar projects with high energy output. The new mounting technology is adjustable or tracking, through which the systems are optimized so that the optimal energy is obtained using the sun position. This site selection flexibility advantage of these innovations makes them also be used with more frequency and frequency in solar farms. Ground mounted installations are popular as they can support more solar panels and produce more electricity and are relatively easier to maintain than roof top systems, so they suit large open areas with little or no shading.
Rooftop mounted solar are expected to be the fastest growing segment in the global solar PV market due to their cost effectiveness and suitability for urban and residential applications. Since the location is highly densely populated, the only practical means of harnessing solar energy here without needing large areas of land are rooftop systems. The rising awareness about the environment and government incentives concerning such designs of technology improvement, make rooftop installation attractive to both households and businesses. Increasing trends for energy independence, combined with increased capabilities for a cut in electricity, would make rooftop mounted solar systems a very important part of the sector.
Global Solar PV Market By Technology (%)
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Solar PV Market Regional Insights
Asia Pacific is dominating the global solar PV market due to its rapid economic growth, high solar irradiance, and strong government support for renewable energy adoption. China, India, and Japan have all set significant amounts for investing in the infrastructure of solar, and all are due to rising energy needs as well as cutting down on carbon emissions. China is ahead in production and installation, taking advantage of its large-scale manufacturing capabilities and favorable policies. Furthermore, the region's growing interest in sustainable energy solutions, along with decreasing costs and technological advancements, cements Asia Pacific's position as a leader in the global solar PV market outlook.
Europe is the fastest-growing region in the global solar PV market due to its strong commitment to renewable energy, ambitious climate goals, and progressive policies. The European Union's Green Deal, as well as national plans, all variously offer incentives for the production of solar energy through subsidies, tax incentives, and support for innovations. For instance, in Germany, Spain, and Italy, investments have increased in terms of solar infrastructures, especially in decentralized rooftop systems and community-based projects. These are the directions Europe is bound to take when the region has a goal for carbon neutrality, thereby growing demand for clean energy solutions and cost reduction in solar technology.
Global Solar PV Market By Geography
- Largest
- Fastest
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Solar PV Market Dynamics
Solar PV Market Drivers
Declining Costs of Solar Technology
- An essential aspect driving the global solar PV market growth is the major reduction in the cost of the solar panels and installation. Increased technological advancement, economies of scale, and a rise in competitiveness among manufacturers lead to cheaper solutions for solar that make renewable energy more accessible for businesses, homeowners, and governments across the globe.
Government Incentives and Policies
- Government support by favorable policies, tax incentives, and subsidies has fuelled the growth of the solar PV market. Many countries have adopted aggressive renewable energy targets and are providing financial incentives to adopt solar energy. All these measures decrease the financial burden on consumers and promote the transition toward solar energy.
Solar PV Market Restraints
Limited Availability of Native 4K Content
- Despite declining solar panel costs, the high upfront installation costs remain a significant barrier to widespread adoption. A tremendous investment in the tools and infrastructure, together with labor force, is a deterrent to individuals, businesses, or even governments toward choosing solar power where the financial source is limited and not well developed.
Intermittency and Storage Challenges
- Solar energy production is highly dependent on sunlight, which makes it intermittent and unreliable during cloudy days or at night. This does not allow efficient, cost-effective means of energy storage, which affects the consistency that solar PV delivers to the grids; hence, one of the obstacles in grid integration and meeting the peak energy requirement.
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Solar PV Market Competitive Landscape
The global solar PV market is highly competitive with innovation and market share expansion being led by key players. Some of the major players include First Solar, JinkoSolar, Trina Solar, SunPower, and LONGi Green Energy. Such firms are keen on innovations in technology, cost reduction, and strategic collaborations to sustain market leadership in manufacturing, installation, and system integration. Government policies and the rivalry among the competitors speed up the global shift to solar energy solutions, thereby expanding the market and the pace of innovation.
Top Players in Solar PV Market
- LONGi Green Energy Technology (China)
- JinkoSolar Holding Co., Ltd. (China)
- Trina Solar Limited (China)
- Canadian Solar Inc. (Canada)
- First Solar, Inc. (USA)
- JA Solar Technology Co., Ltd. (China)
- Hanwha Q CELLS (South Korea)
- Risen Energy Co., Ltd. (China)
- Seraphim Solar System Co., Ltd. (China)
- SunPower Corporation (USA)
- GCL System Integration Technology Co., Ltd. (China)
- Talesun Solar Technologies (China)
- Chint Solar (Astronergy) (China)
- Suntech Power Holdings Co., Ltd. (China)
- REC Solar Holdings AS (Norway)
- LG Electronics Inc. (South Korea)
- Panasonic Corporation (Japan)
- Sharp Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Kyocera Corporation (Japan)
Recent Developments
- In October 2024, First Solar announced that it is expanding its manufacturing capacity with the groundbreaking of a new solar panel production facility in Ohio, USA. This will add 3.3 gigawatts to its annual production, and it aims to meet the increasing demand for solar panels in North America and help achieve sustainable energy goals.
- In July 2024, LONGi Green Energy launched a new generation of high-efficiency monocrystalline solar panels with an efficiency rate exceeding 22%. The new panels employ cutting-edge bifacial technology to improve the efficiency of energy production under low illumination. This achievement helps solidify LONGi's dominance in the world's solar market.
- In November 2023, Enphase Energy introduced the next generation of its IQ8 microinverters, which enable solar systems to operate independently from the grid. This new technology allows for energy independence, improving reliability and boosting system efficiency. The development from Enphase gives a scalable solution for residential and commercial solar installations worldwide.
Solar PV Key Market Trends
- Growth of Bifacial Solar Panels: Bifacial solar panels capture sunlight on both sides of the panel. With the growing energy yield, these solar panels have started to attract people's attention, primarily due to the technological development in efficiency improvement and cost reduction. Bifacial panels are nowadays widely applied in large projects for higher returns on investment from solar installations.
- Rising Adoption of Floating Solar Systems: Floating solar farms are being installed on the surface of reservoirs or lakes and recently witnessed as an emerging trend in the world's solar PV market. These systems save land area as the panels get cooler by natural means. Floating solar is expected to grow rapidly in countries with limited land availability.
Solar PV Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global solar PV market is ready to grow with large momentum due to technological development, government incentives, and rising investments in the field of renewable energy solutions. With the growing demand for low-cost and efficient solar technologies, such as monocrystalline and thin film, the sector is gaining growth in all three segments residential, commercial, and utility scale applications.
As demand for clean energy rises, regions such as Asia-Pacific and Europe lead in adoption, while innovations in installation types and energy storage are key to enhancing the industry's potential. The future of solar photovoltaics will be shaped by continued research, reduced costs, and supportive policy frameworks.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 112.7 billion |
| Market size value in 2032 | USD 515.33 billion |
| Growth Rate | 18.4% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Solar PV Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Solar PV Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Solar PV Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar PV Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar PV Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Solar PV Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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