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Solar Photovoltaic (PV) Market Size (2024 - 2029)

The solar photovoltaic market is projected to experience significant expansion over the forecast period, driven by supportive government policies and the increasing adoption of solar PV systems. The declining costs of solar panels and installation are further contributing to this growth. However, the market's expansion may face challenges from the development of other renewable energy technologies like wind and bioenergy. Despite these challenges, opportunities are anticipated due to governmental efforts in emerging regions to enhance electricity access and advancements in solar PV technology.

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Market Size of Solar Photovoltaic (PV) Industry

Solar Photovoltaic (PV) Market Summary
Study Period 2020 - 2029
Market Volume (2024) 1.76 Thousand gigawatt
Market Volume (2029) 6.09 Thousand gigawatt
CAGR (2024 - 2029) 22.90 %
Fastest Growing Market Middle-East and Africa
Largest Market Asia Pacific
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

Solar Photovoltaic Market Analysis

The Solar Photovoltaic Market size is estimated at 1.76 Thousand gigawatt in 2024, and is expected to reach 6.09 Thousand gigawatt by 2029, growing at a CAGR of 22.90% during the forecast period (2024-2029).

  • Over the medium term, favorable government policies and increasing adoption of solar PV systems, with the declining price of solar panels and installation costs, will likely support the growth of the global solar energy market during the forecast period.
  • Conversely, factors like the growth of other renewable technologies, such as wind and bioenergy, are expected to hinder market growth.
  • Nevertheless, the efforts by several governments across emerging nations in the regions like Africa and Southeast Asia to provide 100% electricity access in remote areas coupled with off-grid applications and technological advancements in solar PV modules are expected to create ample opportunities in the near future.

Solar Photovoltaic Industry Segmentation

Photovoltaic solar energy is a clean, renewable energy source that uses solar radiation to produce electricity. It is based on the so-called photoelectric effect, by which certain materials can absorb photons (light particles) and release electrons, generating an electric current.

The Solar Photovoltaic (PV) Market is segmented by product type, end-user, deployment and geography. By product, the market is segmented by thin film, multi-si, and mono-si. By end-user, the market is segmented by residential, commercial, and utility. By deployment, the market is segmented into ground-mounted and rooftop solar. The report also covers the market size and forecasts for the solar photovoltaic (PV) market across major regions. The market sizing and forecasts for each segment have been done based on installed capacity.

Type
Thin film
Multi-Si
Mono-Si
End-User
Residential
Commercial
Utility
Deployment
Ground-mounted
Rooftop Solar
Geography
North America
United States of America
Canada
Rest of North America
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle East & Africa
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Solar Photovoltaic (PV) Market Size Summary

The solar photovoltaic market is poised for significant expansion over the coming years, driven by favorable government policies and the increasing adoption of solar PV systems. The declining costs of solar panels and installation are further bolstering this growth. However, the market faces challenges from the rise of other renewable technologies like wind and bioenergy. Despite these challenges, opportunities abound, particularly in emerging regions such as Africa and Southeast Asia, where governments are striving to provide universal electricity access. Technological advancements in solar PV modules and off-grid applications are expected to play a crucial role in harnessing these opportunities.

Globally, ground-mounted solar PV systems dominate the market, accounting for a substantial portion of the installed capacity. This dominance is attributed to the proliferation of utility-scale projects and the decreasing costs of solar PV installations. Countries like China, the United States, Germany, and India are at the forefront of this growth. The Asia-Pacific region, led by China, Japan, and India, remains the largest solar PV market, with China experiencing rapid growth in installed capacity. Supportive government policies and declining costs are anticipated to sustain the market's momentum, with major players like SunPower Corporation, JinkoSolar Holding Co. Ltd., and Canadian Solar Inc. driving innovation and expansion.

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Solar Photovoltaic (PV) Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Solar Photovoltaic (PV) Installed Capacity and Forecast, till 2028

    3. 1.3 Annual Solar PV Shipments in GW, till 2022

    4. 1.4 Share of Solar PV Shipments (%), by Technology, 2022

    5. 1.5 Average Selling Price of Solar PV Modules in USD/W, till 2022

    6. 1.6 Utility-Scale Solar PV Installation Cost in USD/kW, by Major Countries, 2022

    7. 1.7 Solar PV Average Electricity Cost, by Major Countries, 2022

    8. 1.8 Information on Key Projects

    9. 1.9 Recent Trends and Developments

    10. 1.10 Government Policies and Regulations

    11. 1.11 Market Dynamics

      1. 1.11.1 Drivers

        1. 1.11.1.1 Favorable Government Policies and Increasing Adoption of Solar PV Systems

        2. 1.11.1.2 Soaring Electricity Prices Incentivized Installing Solar PV Systems for Self-Consumption

      2. 1.11.2 Restraints

        1. 1.11.2.1 The Growth of Other Renewable Technologies Such as Wind and Bioenergy

    12. 1.12 Supply Chain Analysis

    13. 1.13 Porter's Five Forces Analysis

      1. 1.13.1 Bargaining Power of Suppliers

      2. 1.13.2 Bargaining Power of Consumers

      3. 1.13.3 Threat of New Entrants

      4. 1.13.4 Threat of Substitute Products and Services

      5. 1.13.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Thin film

      2. 2.1.2 Multi-Si

      3. 2.1.3 Mono-Si

    2. 2.2 End-User

      1. 2.2.1 Residential

      2. 2.2.2 Commercial

      3. 2.2.3 Utility

    3. 2.3 Deployment

      1. 2.3.1 Ground-mounted

      2. 2.3.2 Rooftop Solar

    4. 2.4 Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States of America

        2. 2.4.1.2 Canada

        3. 2.4.1.3 Rest of North America

      2. 2.4.2 Asia-Pacific

        1. 2.4.2.1 China

        2. 2.4.2.2 India

        3. 2.4.2.3 Japan

        4. 2.4.2.4 Rest of Asia-Pacific

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 France

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 United Arab Emirates

        3. 2.4.5.3 South Africa

        4. 2.4.5.4 Rest of Middle East & Africa

Solar Photovoltaic (PV) Market Size FAQs

The Solar Photovoltaic (PV) Market size is expected to reach 1.76 thousand gigawatt in 2024 and grow at a CAGR of 22.90% to reach 6.09 thousand gigawatt by 2029.

In 2024, the Solar Photovoltaic (PV) Market size is expected to reach 1.76 thousand gigawatt.

Solar Photovoltaic (PV) Market Report Snapshots

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