The photovoltaic market size has grown strongly in recent years. It will grow from $98.32 billion in 2024 to $106.88 billion in 2025 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to environmental awareness, energy security, grid integration, economic viability, global energy transition.
The photovoltaic market size is expected to see strong growth in the next few years. It will grow to $148.83 billion in 2029 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to energy storage integration, government climate targets, decentralized energy generation, electric vehicle integration, corporate sustainability initiatives. Major trends in the forecast period include advancements in solar technology, energy storage integration, floating solar installations, digitalization and monitoring, green financing and investment.
The increasing demand for renewable energy is anticipated to drive the growth of the photovoltaic market in the coming years. Renewable energy refers to energy generated from natural sources that replenish at a faster rate than they are consumed. Photovoltaic systems consist of solar panels, typically made from silicon-based materials, and inverters that convert the direct current electricity produced by the panels into alternating current electricity, which can be used to power homes and businesses. As the demand for renewable energy rises, so does the demand for photovoltaic systems. For example, in March 2024, the European Environment Agency, a governmental organization based in Denmark, reported that renewable sources accounted for 23% of energy consumption in the EU in 2022, up from 21.9% in 2021. This growth was largely driven by a significant increase in solar power utilization. Therefore, the rising demand for renewable energy is propelling the growth of the photovoltaic market.
The escalation in demand for electric power is anticipated to propel the photovoltaic market's expansion. Electric power, denoting the rate of electrical energy generation, transmission, distribution, or usage, sees an increased need. Photovoltaic (PV) technology plays a significant role in meeting this demand by converting sunlight directly into electricity. For instance, a report from the Energy Institute in June 2023 highlighted a 2.3% global increase in electricity generation during 2022. Particularly, non-OECD countries witnessed a substantial 20.5 EJ surge in primary energy consumption compared to pre-COVID levels, with China's growth accounting for 72% of this rise.
Leading companies in the photovoltaic market are concentrating on developing innovative products, such as solar panels, to enhance energy efficiency and lower costs for consumers. Solar panels are devices that convert sunlight into electricity, offering a renewable energy source for both homes and businesses. For example, in September 2024, Silfab Solar, a Canadian manufacturer of solar cells and modules, introduced 640 W utility-scale solar panels. This new bifacial module is specifically designed for large-scale photovoltaic (PV) projects and incorporates advanced N-type solar cell technology to improve efficiency and performance.
Major companies within the photovoltaic market are strategically focusing on deploying innovative photovoltaic products, such as solar photovoltaic systems, in their production facilities to boost market profitability. These systems, harnessing sunlight through photovoltaic cells to generate clean and renewable energy, play a pivotal role in various applications. For instance, in March 2023, HAECO Group, a Hong Kong-based aircraft engineering company, installed cutting-edge solar photovoltaic systems at its Jinjiang composite services facility and Xiamen landing gear services facility. The operational solar PV power system, boasting advanced photovoltaic cells, is estimated to annually produce around 1.6 million kilowatt-hours (kWh) of clean electricity at HAECO Composite Services, contributing significantly to reducing carbon emissions by approximately 1,032 metric tons per year. Similarly, at HAECO Landing Gear Services, the system is expected to yield approximately 0.69 million kilowatt-hours (kWh) of renewable energy, resulting in an annual reduction of around 426 metric tons of carbon emissions.
In September 2022, Enverus, a U.S.-based company focusing on energy-related software-as-a-service offerings, completed the acquisition of RatedPower for an undisclosed amount. This strategic move enhances and diversifies Enverus's portfolio, augmenting its value proposition and expanding its array of solar industry solutions, alongside extending its global geographic footprint. RatedPower, headquartered in Spain, operates within the solar energy sector, contributing to the photovoltaic market.
Major companies operating in the photovoltaic market include JinkoSolar Holding Co. Ltd., JA Solar Technology Co. Ltd., Trina Solar Co. Ltd., LONGi Green Energy Technology Co. Ltd., Canadian Solar Inc., First Solar Inc., Hanwha Qcells, Wuxi Suntech Power Co. Ltd., Sharp Corporation, Mitsubishi Electric Corporation, GCL System Integration Technology Co. Ltd., Risen Energy Co. Ltd., Shunfeng International Clean Energy Ltd., Acciona S.A., SunPower Corporation, Waaree Energies Ltd., Suntech Power Holding Co. Ltd., QCELLS Co. Ltd., NextEra Energy Inc., Sunrun Inc., Maxeon Solar Technologies Ltd., SolarEdge Technologies Inc., Emmvee Photovoltaic Power Private Limited, ABB Ltd., SL Power Electronics Corp., Fimer SpA, Sunnova Energy International Inc., Yingli Green Energy Holding Company Limited, LG Corp., REC Solar Holdings AS.
Asia-Pacific was the largest region in the Photovoltaic market in 2024. The regions covered in the photovoltaic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the photovoltaic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Photovoltaic technology refers to the direct conversion of light into electrical power by utilizing semiconducting materials, typically silicon. It stands as a crucial element in steering towards a more sustainable and renewable energy landscape. This technology enables the direct conversion of solar energy into electricity, bypassing the need to burn non-renewable carbon-based fuels such as coal, oil, or natural gas.
The key components of photovoltaic systems encompass modules, inverters, and the balance of systems (BOS). Modules serve as individual units that combine to form larger structures. They come in various cell types, including full-cell PV modules and half-cell PV modules. Installation methods vary, comprising ground-mounted setups, building-integrated photovoltaics (BIPV), and floating PV, employing diverse techniques such as thin film, mono-si, and multi-si. These applications find usage across residential, commercial, industrial, and utility sectors, showcasing the versatile nature of photovoltaic systems.
The photovoltaic market research report is one of a series of new reports that provides photovoltaic market statistics, including photovoltaic industry global market size, regional shares, competitors with a photovoltaic market share, detailed photovoltaic market segments, market trends, and opportunities, and any further data you may need to thrive in the photovoltaic industry. This photovoltaic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The photovoltaic market consists of sales of perovskite solar cells, flexible photovoltaics, and tandem. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The photovoltaic market size is expected to see strong growth in the next few years. It will grow to $148.83 billion in 2029 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to energy storage integration, government climate targets, decentralized energy generation, electric vehicle integration, corporate sustainability initiatives. Major trends in the forecast period include advancements in solar technology, energy storage integration, floating solar installations, digitalization and monitoring, green financing and investment.
The increasing demand for renewable energy is anticipated to drive the growth of the photovoltaic market in the coming years. Renewable energy refers to energy generated from natural sources that replenish at a faster rate than they are consumed. Photovoltaic systems consist of solar panels, typically made from silicon-based materials, and inverters that convert the direct current electricity produced by the panels into alternating current electricity, which can be used to power homes and businesses. As the demand for renewable energy rises, so does the demand for photovoltaic systems. For example, in March 2024, the European Environment Agency, a governmental organization based in Denmark, reported that renewable sources accounted for 23% of energy consumption in the EU in 2022, up from 21.9% in 2021. This growth was largely driven by a significant increase in solar power utilization. Therefore, the rising demand for renewable energy is propelling the growth of the photovoltaic market.
The escalation in demand for electric power is anticipated to propel the photovoltaic market's expansion. Electric power, denoting the rate of electrical energy generation, transmission, distribution, or usage, sees an increased need. Photovoltaic (PV) technology plays a significant role in meeting this demand by converting sunlight directly into electricity. For instance, a report from the Energy Institute in June 2023 highlighted a 2.3% global increase in electricity generation during 2022. Particularly, non-OECD countries witnessed a substantial 20.5 EJ surge in primary energy consumption compared to pre-COVID levels, with China's growth accounting for 72% of this rise.
Leading companies in the photovoltaic market are concentrating on developing innovative products, such as solar panels, to enhance energy efficiency and lower costs for consumers. Solar panels are devices that convert sunlight into electricity, offering a renewable energy source for both homes and businesses. For example, in September 2024, Silfab Solar, a Canadian manufacturer of solar cells and modules, introduced 640 W utility-scale solar panels. This new bifacial module is specifically designed for large-scale photovoltaic (PV) projects and incorporates advanced N-type solar cell technology to improve efficiency and performance.
Major companies within the photovoltaic market are strategically focusing on deploying innovative photovoltaic products, such as solar photovoltaic systems, in their production facilities to boost market profitability. These systems, harnessing sunlight through photovoltaic cells to generate clean and renewable energy, play a pivotal role in various applications. For instance, in March 2023, HAECO Group, a Hong Kong-based aircraft engineering company, installed cutting-edge solar photovoltaic systems at its Jinjiang composite services facility and Xiamen landing gear services facility. The operational solar PV power system, boasting advanced photovoltaic cells, is estimated to annually produce around 1.6 million kilowatt-hours (kWh) of clean electricity at HAECO Composite Services, contributing significantly to reducing carbon emissions by approximately 1,032 metric tons per year. Similarly, at HAECO Landing Gear Services, the system is expected to yield approximately 0.69 million kilowatt-hours (kWh) of renewable energy, resulting in an annual reduction of around 426 metric tons of carbon emissions.
In September 2022, Enverus, a U.S.-based company focusing on energy-related software-as-a-service offerings, completed the acquisition of RatedPower for an undisclosed amount. This strategic move enhances and diversifies Enverus's portfolio, augmenting its value proposition and expanding its array of solar industry solutions, alongside extending its global geographic footprint. RatedPower, headquartered in Spain, operates within the solar energy sector, contributing to the photovoltaic market.
Major companies operating in the photovoltaic market include JinkoSolar Holding Co. Ltd., JA Solar Technology Co. Ltd., Trina Solar Co. Ltd., LONGi Green Energy Technology Co. Ltd., Canadian Solar Inc., First Solar Inc., Hanwha Qcells, Wuxi Suntech Power Co. Ltd., Sharp Corporation, Mitsubishi Electric Corporation, GCL System Integration Technology Co. Ltd., Risen Energy Co. Ltd., Shunfeng International Clean Energy Ltd., Acciona S.A., SunPower Corporation, Waaree Energies Ltd., Suntech Power Holding Co. Ltd., QCELLS Co. Ltd., NextEra Energy Inc., Sunrun Inc., Maxeon Solar Technologies Ltd., SolarEdge Technologies Inc., Emmvee Photovoltaic Power Private Limited, ABB Ltd., SL Power Electronics Corp., Fimer SpA, Sunnova Energy International Inc., Yingli Green Energy Holding Company Limited, LG Corp., REC Solar Holdings AS.
Asia-Pacific was the largest region in the Photovoltaic market in 2024. The regions covered in the photovoltaic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the photovoltaic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Photovoltaic technology refers to the direct conversion of light into electrical power by utilizing semiconducting materials, typically silicon. It stands as a crucial element in steering towards a more sustainable and renewable energy landscape. This technology enables the direct conversion of solar energy into electricity, bypassing the need to burn non-renewable carbon-based fuels such as coal, oil, or natural gas.
The key components of photovoltaic systems encompass modules, inverters, and the balance of systems (BOS). Modules serve as individual units that combine to form larger structures. They come in various cell types, including full-cell PV modules and half-cell PV modules. Installation methods vary, comprising ground-mounted setups, building-integrated photovoltaics (BIPV), and floating PV, employing diverse techniques such as thin film, mono-si, and multi-si. These applications find usage across residential, commercial, industrial, and utility sectors, showcasing the versatile nature of photovoltaic systems.
The photovoltaic market research report is one of a series of new reports that provides photovoltaic market statistics, including photovoltaic industry global market size, regional shares, competitors with a photovoltaic market share, detailed photovoltaic market segments, market trends, and opportunities, and any further data you may need to thrive in the photovoltaic industry. This photovoltaic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The photovoltaic market consists of sales of perovskite solar cells, flexible photovoltaics, and tandem. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Photovoltaic Market Characteristics3. Photovoltaic Market Trends and Strategies4. Photovoltaic Market - Macro Economic Scenario including the impact of Interest Rates, Inflation, Geopolitics and Covid and Recovery on the Market32. Global Photovoltaic Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Photovoltaic Market34. Recent Developments in the Photovoltaic Market
5. Global Photovoltaic Growth Analysis and Strategic Analysis Framework
6. Photovoltaic Market Segmentation
7. Photovoltaic Market Regional and Country Analysis
8. Asia-Pacific Photovoltaic Market
9. China Photovoltaic Market
10. India Photovoltaic Market
11. Japan Photovoltaic Market
12. Australia Photovoltaic Market
13. Indonesia Photovoltaic Market
14. South Korea Photovoltaic Market
15. Western Europe Photovoltaic Market
16. UK Photovoltaic Market
17. Germany Photovoltaic Market
18. France Photovoltaic Market
19. Italy Photovoltaic Market
20. Spain Photovoltaic Market
21. Eastern Europe Photovoltaic Market
22. Russia Photovoltaic Market
23. North America Photovoltaic Market
24. USA Photovoltaic Market
25. Canada Photovoltaic Market
26. South America Photovoltaic Market
27. Brazil Photovoltaic Market
28. Middle East Photovoltaic Market
29. Africa Photovoltaic Market
30. Photovoltaic Market Competitive Landscape and Company Profiles
31. Photovoltaic Market Other Major and Innovative Companies
35. Photovoltaic Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Photovoltaic Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on photovoltaic market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for photovoltaic? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The photovoltaic market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Component: Modules; Inverters; Balance of Systems (BOS)2) By Cell Type: Full-Cell PV Modules; Half-Cell PV Modules
3) By Installation Type: Ground-Mounted; Building-Integrated Photovoltaics (BIPV); Floating PV
4) By Technology: Thin Film; Mono-Si; Multi-Si
5) By Application: Residential; Commercial and Industrial; Utilities
Subsegments:
1) By Modules: Monocrystalline Solar Modules; Polycrystalline Solar Modules; Thin-Film Solar Modules; Bifacial Solar Modules; Building-Integrated Photovoltaics (BIPV)2) By Inverters: String Inverters; Central Inverters; Microinverters; Power Optimizers; Hybrid Inverters
3) By Balance of Systems (BOS): Mounting Structures; Electrical Components; Monitoring Systems; Energy Storage Systems; Safety and Protection Equipment
Key Companies Mentioned: JinkoSolar Holding Co. Ltd.; JA Solar Technology Co. Ltd.; Trina Solar Co. Ltd.; LONGi Green Energy Technology Co. Ltd.; Canadian Solar Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- JinkoSolar Holding Co. Ltd.
- JA Solar Technology Co. Ltd.
- Trina Solar Co. Ltd.
- LONGi Green Energy Technology Co. Ltd.
- Canadian Solar Inc.
- First Solar Inc.
- Hanwha Qcells
- Wuxi Suntech Power Co. Ltd.
- Sharp Corporation
- Mitsubishi Electric Corporation
- GCL System Integration Technology Co. Ltd.
- Risen Energy Co. Ltd.
- Shunfeng International Clean Energy Ltd.
- Acciona S.A.
- SunPower Corporation
- Waaree Energies Ltd.
- Suntech Power Holding Co. Ltd.
- QCELLS Co. Ltd.
- NextEra Energy Inc.
- Sunrun Inc.
- Maxeon Solar Technologies Ltd.
- SolarEdge Technologies Inc.
- Emmvee Photovoltaic Power Private Limited
- ABB Ltd.
- SL Power Electronics Corp.
- Fimer SpA
- Sunnova Energy International Inc.
- Yingli Green Energy Holding Company Limited
- LG Corp.
- REC Solar Holdings AS
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 106.88 Billion |
| Forecasted Market Value ( USD | $ 148.83 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
