Photovoltaic Pv Market
Photovoltaic (PV) Market Forecasts to 2032 - Global Analysis By Component (Photovoltaic Panels, Inverters, Mounting Structures, Tracking Systems, Balance of System (BoS) and Other Components), Material, Grid Type, Installation Type, Technology, Application and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $121.05 BN |
|
Projected Year Value (2030) |
US $267.60 BN |
|
CAGR (2024 - 2030) |
12% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Photovoltaic (PV) Market is accounted for $121.05 billion in 2025 and is expected to reach $267.60 billion by 2032 growing at a CAGR of 12% during the forecast period. The process of using semiconducting materials that exhibit the photovoltaic effect to directly convert sunlight into electricity is known as photovoltaic. When photons from sunlight are absorbed by these materials, electrons are excited and an electric current is produced. Solar panels made up of several solar cells, inverters, and other electrical components are commonly seen in photovoltaic systems. Photovoltaic technology is a clean, renewable energy source that has little effect on the environment and is widely employed in commercial, industrial, and residential settings. Through sustainable electricity generation, it is essential to lowering reliance on fossil fuels and halting climate change.
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Market Dynamics:
Driver:
Rising demand for clean energy
Solar energy is being significantly invested in by governments and organisations around the world in an effort to lower carbon emissions. The efficiency and affordability of PV systems have increased due to technological developments. Rooftop solar panels are becoming more and more popular among consumers who want to reduce their electricity costs. Subsidies, tax breaks, and supportive laws all increase market adoption. Consequently, the market for photovoltaics is growing quickly in the commercial, industrial, and residential domains.
Restraint:
Intermittency of solar power
Periods of poor or no electricity output result from solar energy generation's reliance on weather. It is challenging to depend on solar energy for a steady power source because of this inconsistency. Large-scale energy storage devices are frequently needed to counteract this, which raises the cost. Additionally, because solar electricity must be balanced with other energy sources, grid integration becomes complicated. As a result, solar technology adoption is slower and expenses are higher.
Opportunity:
Expanding rural electrification initiatives
Solar photovoltaic systems provide rural populations without access to conventional power infrastructure with an affordable and sustainable answer. Such efforts are receiving more and more support from governments and international organisations in the form of grants, subsidies, and advantageous policies. This promotes the use of solar technologies in isolated areas and private investment. Local economies gain from better energy access as a result, which increases demand for PV systems. In the end, decentralised solar solution innovation and market expansion are fuelled by rural electricity.
Threat:
Competition from other renewables
In some areas, wind energy, for example, can produce electricity more reliably, which lowers the need for solar power. A dependable and proven source, hydropower frequently enjoys superior government incentives. Additionally, geothermal and bioenergy options offer scalability and reasonable cost. Investors and developers may find certain renewable technologies more appealing if they are subject to more advantageous subsidies or regulations. As a result of these rival renewable industries, the PV market will experience slower development and innovation.
Covid-19 Impact
The COVID-19 pandemic disrupted the photovoltaic (PV) market by causing supply chain interruptions, project delays, and labor shortages due to lockdowns and travel restrictions. Manufacturing slowdowns, particularly in China—the largest PV component producer—led to global material shortages. However, government stimulus packages and a renewed focus on green recovery strategies gradually revived demand. Residential installations saw a temporary dip, while utility-scale projects rebounded faster. Overall, the pandemic highlighted the need for resilient, localized solar supply chains and energy independence.
The photovoltaic panels segment is expected to be the largest during the forecast period
The photovoltaic panels segment is expected to account for the largest market share during the forecast period by serving as the core component for solar energy generation. Continuous technological advancements have improved panel efficiency, making solar power more cost-effective and widely adopted. Government incentives and sustainability goals are encouraging residential, commercial, and industrial sectors to invest in solar panels. The decreasing cost of raw materials and mass production also make photovoltaic panels more accessible. As demand for clean energy rises globally, the panel segment remains crucial to the market’s rapid expansion.
The commercial & industrial (C&I) segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the commercial & industrial (C&I) segment is predicted to witness the highest growth rate, due to scalability and cost-efficiency for large-scale solar installations. C&I businesses benefit from solar energy systems that help reduce operational costs by lowering electricity bills, contributing to long-term financial savings. Moreover, these businesses often prioritize sustainability, helping to meet renewable energy targets and enhance corporate social responsibility (CSR) profiles. The rise in energy prices and the push for energy independence further incentivize C&I players to adopt solar technologies. Additionally, government incentives and rebates tailored for the C&I sector make photovoltaic solutions more economically viable and attractive.
Region with largest share:
During the forecast period, the Asia Pacific region is expected to hold the largest market share due to the increasing demand for clean energy and government incentives. Countries like China, India, Japan, and South Korea are leading the market, with significant investments in solar energy infrastructure. The region benefits from abundant sunlight and cost-effective production, making solar power a key component of energy strategies. Technological advancements and falling solar panel prices are further fuelling adoption, positioning Asia Pacific as a global leader in PV energy production.
Region with highest CAGR:
Over the forecast period, the North America region is anticipated to exhibit the highest CAGR, owing to high demand for renewable energy. The U.S. and Canada are investing heavily in solar energy projects, with a focus on reducing carbon emissions and enhancing energy security. Advancements in solar technology, such as improved efficiency and energy storage solutions, are further boosting market expansion. Additionally, the region's strong focus on sustainability and clean energy policies is expected to continue driving demand for photovoltaic systems in residential, commercial, and utility-scale applications.
Key players in the market
Some of the key players profiled in the Photovoltaic Market include LONGi Green Energy Technology, Tongwei Co., Ltd., JA Solar Technology Co., Ltd., JinkoSolar Holding Co., Ltd., Trina Solar Limited, Canadian Solar Inc., First Solar, Inc., Risen Energy Co., Ltd., Hanwha Q CELLS, REC Solar Holdings AS, Adani Solar, Seraphim Solar, GCL System Integration, SunPower Corporation, Enphase Energy, Inc., Sungrow Power Supply Co., Ltd., Huawei Digital Power, Sharp Corporation.
Key Developments:
In August 2024, Tongwei announced plans to acquire a controlling stake in Runergy for approximately $698 million. This acquisition includes a 5 GW solar module plant in Huntsville, Alabama, positioning Tongwei to capitalize on U.S. manufacturing subsidies and expand its presence in the U.S. market.
In July 2024, LONGi and Invenergy established Illuminate USA, a joint venture to build a 5 GW solar module manufacturing plant in Ohio. This initiative leverages U.S. clean energy subsidies and aims to enhance LONGi's footprint in the North American market.
In November 2023, JA Solar entered into a strategic cooperation agreement with CJ Olivenetworks Vina, a subsidiary of South Korea's CJ OliveNetworks in Vietnam. This partnership aims to strengthen cooperation in the Vietnamese photovoltaic market and jointly promote its high-quality development.
Components Covered:
• Photovoltaic Panels
• Inverters
• Mounting Structures
• Tracking Systems
• Balance of System (BoS)
• Other Components
Materials Covered:
• Silicon-based
• Non-silicon
Grid Types Covered:
• On-grid
• Off-grid
Installation Types Covered:
• Ground-mounted
• Building-integrated Photovoltaics
• Floating Solar Photovoltaics
• Other Installation Types
Technologies Covered:
• Monocrystalline Silicon (Mono-Si)
• Polycrystalline Silicon (Poly-Si)
• Perovskite Solar Cells
• Organic Photovoltaics (OPV)
• Concentrated Photovoltaics (CPV)
• Other Technologies
Applications Covered:
• Residential
• Commercial & Industrial (C&I)
• Utility-scale
• Military
• Agricultural
• Space-based
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Photovoltaic (PV) Market, By Component
5.1 Introduction
5.2 Photovoltaic Panels
5.3 Inverters
5.4 Mounting Structures
5.5 Tracking Systems
5.6 Balance of System (BoS)
5.7 Other Components
6 Global Photovoltaic (PV) Market, By Material
6.1 Introduction
6.2 Silicon-based
6.3 Non-silicon
7 Global Photovoltaic (PV) Market, By Grid Type
7.1 Introduction
7.2 On-grid
7.3 Off-grid
8 Global Photovoltaic (PV) Market, By Installation Type
8.1 Introduction
8.2 Ground-mounted
8.3 Building-integrated Photovoltaics
8.4 Floating Solar Photovoltaics
8.5 Other Installation Types
9 Global Photovoltaic (PV) Market, By Technology
9.1 Introduction
9.2 Monocrystalline Silicon (Mono-Si)
9.3 Polycrystalline Silicon (Poly-Si)
9.4 Perovskite Solar Cells
9.5 Organic Photovoltaics (OPV)
9.6 Concentrated Photovoltaics (CPV)
9.7 Other Technologies
10 Global Photovoltaic (PV) Market, By Application
10.1 Introduction
10.2 Residential
10.3 Commercial & Industrial (C&I)
10.4 Utility-scale
10.5 Military
10.6 Agricultural
10.7 Space-based
10.8 Other Applications
11 Global Photovoltaic (PV) Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 LONGi Green Energy Technology
13.2 Tongwei Co., Ltd.
13.3 JA Solar Technology Co., Ltd.
13.4 JinkoSolar Holding Co., Ltd.
13.5 Trina Solar Limited
13.6 Canadian Solar Inc.
13.7 First Solar, Inc.
13.8 Risen Energy Co., Ltd.
13.9 Hanwha Q CELLS
13.10 REC Solar Holdings AS
13.11 Adani Solar
13.12 Seraphim Solar
13.13 GCL System Integration
13.14 SunPower Corporation
13.15 Enphase Energy, Inc.
13.16 Sungrow Power Supply Co., Ltd.
13.17 Huawei Digital Power
13.18 Sharp Corporation
List of Tables
1 Global Photovoltaic (PV) Market Outlook, By Region (2024-2032) ($MN)
2 Global Photovoltaic (PV) Market Outlook, By Component (2024-2032) ($MN)
3 Global Photovoltaic (PV) Market Outlook, By Photovoltaic Panels (2024-2032) ($MN)
4 Global Photovoltaic (PV) Market Outlook, By Inverters (2024-2032) ($MN)
5 Global Photovoltaic (PV) Market Outlook, By Mounting Structures (2024-2032) ($MN)
6 Global Photovoltaic (PV) Market Outlook, By Tracking Systems (2024-2032) ($MN)
7 Global Photovoltaic (PV) Market Outlook, By Balance of System (BoS) (2024-2032) ($MN)
8 Global Photovoltaic (PV) Market Outlook, By Other Components (2024-2032) ($MN)
9 Global Photovoltaic (PV) Market Outlook, By Material (2024-2032) ($MN)
10 Global Photovoltaic (PV) Market Outlook, By Silicon-based (2024-2032) ($MN)
11 Global Photovoltaic (PV) Market Outlook, By Non-silicon (2024-2032) ($MN)
12 Global Photovoltaic (PV) Market Outlook, By Grid Type (2024-2032) ($MN)
13 Global Photovoltaic (PV) Market Outlook, By On-grid (2024-2032) ($MN)
14 Global Photovoltaic (PV) Market Outlook, By Off-grid (2024-2032) ($MN)
15 Global Photovoltaic (PV) Market Outlook, By Installation Type (2024-2032) ($MN)
16 Global Photovoltaic (PV) Market Outlook, By Ground-mounted (2024-2032) ($MN)
17 Global Photovoltaic (PV) Market Outlook, By Building-integrated Photovoltaics (2024-2032) ($MN)
18 Global Photovoltaic (PV) Market Outlook, By Floating Solar Photovoltaics (2024-2032) ($MN)
19 Global Photovoltaic (PV) Market Outlook, By Other Installation Types (2024-2032) ($MN)
20 Global Photovoltaic (PV) Market Outlook, By Technology (2024-2032) ($MN)
21 Global Photovoltaic (PV) Market Outlook, By Monocrystalline Silicon (Mono-Si) (2024-2032) ($MN)
22 Global Photovoltaic (PV) Market Outlook, By Polycrystalline Silicon (Poly-Si) (2024-2032) ($MN)
23 Global Photovoltaic (PV) Market Outlook, By Perovskite Solar Cells (2024-2032) ($MN)
24 Global Photovoltaic (PV) Market Outlook, By Organic Photovoltaics (OPV) (2024-2032) ($MN)
25 Global Photovoltaic (PV) Market Outlook, By Concentrated Photovoltaics (CPV) (2024-2032) ($MN)
26 Global Photovoltaic (PV) Market Outlook, By Other Technologies (2024-2032) ($MN)
27 Global Photovoltaic (PV) Market Outlook, By Application (2024-2032) ($MN)
28 Global Photovoltaic (PV) Market Outlook, By Residential (2024-2032) ($MN)
29 Global Photovoltaic (PV) Market Outlook, By Commercial & Industrial (C&I) (2024-2032) ($MN)
30 Global Photovoltaic (PV) Market Outlook, By Utility-scale (2024-2032) ($MN)
31 Global Photovoltaic (PV) Market Outlook, By Military (2024-2032) ($MN)
32 Global Photovoltaic (PV) Market Outlook, By Agricultural (2024-2032) ($MN)
33 Global Photovoltaic (PV) Market Outlook, By Space-based (2024-2032) ($MN)
34 Global Photovoltaic (PV) Market Outlook, By Other Applications (2024-2032) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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