Solar Photovoltaic Market Size to Surge from USD 100.26 Billion in 2024 to USD 226.68 Billion by 2034 at 8.50% CAGR

The global solar photovoltaic market size was worth around USD 100.26 billion in 2024 and is predicted to grow to around USD 226.68 billion by 2034

PUNE, MAHARASHTRA, INDIA, September 12, 2025 /EINPresswire.com/ -- According to a new market research report, the global solar photovoltaic (PV) market size was valued at approximately USD 100.26 billion in 2024 and is projected to reach USD 226.68 billion by 2034, expanding at a CAGR of 8.50% between 2025 and 2034. The industry’s growth is driven by the accelerating transition to renewable energy, favorable government policies, and dramatic reductions in the cost of solar technology over the past decade.

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Market Overview

Solar photovoltaic (PV) systems convert sunlight directly into electricity using semiconducting materials. PV technology has become a cornerstone of the global energy transition, offering a clean, reliable, and increasingly affordable alternative to fossil fuel-based electricity.

Key factors contributing to the market’s growth include:
Ambitious renewable energy targets by governments.
Significant advancements in solar cell efficiency.
Expansion of utility-scale solar farms and rooftop installations.
Integration of solar power with energy storage systems.
Rising corporate investments in green energy procurement.
The global PV industry is shifting from being policy-driven to cost-driven as solar becomes one of the cheapest forms of new power generation worldwide.

Key Market Drivers
Declining Cost of Solar PV Modules
Continuous improvements in manufacturing processes, supply chain optimization, and economies of scale have dramatically reduced module costs, making solar competitive with conventional energy.
Government Incentives and Policies
Feed-in tariffs, tax credits, renewable portfolio standards, and net-metering policies worldwide are driving adoption.
Energy Security and Decarbonization Goals
Nations are increasingly prioritizing solar energy to diversify their energy mix and meet carbon neutrality goals by 2050.
Technological Advancements
Innovations such as bifacial modules, PERC (Passivated Emitter Rear Cell) technology, heterojunction cells, and tandem perovskite-silicon solar cells are pushing efficiency boundaries.
Corporate Sustainability Commitments
Corporations are investing in on-site solar or entering long-term power purchase agreements (PPAs) to meet ESG targets.
Integration with Energy Storage
The growing availability of affordable batteries enables smoother integration of solar power into grids and enhances its reliability.

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Market Restraints
Intermittency Issues: Solar generation depends on weather and daylight hours, requiring complementary storage or grid balancing solutions.
Land Use Concerns: Large-scale projects require substantial land, which can lead to conflicts over land availability.
Supply Chain Vulnerabilities: Concentrated production of polysilicon and modules in specific regions may pose geopolitical risks.
Initial Investment Costs: Despite declining prices, upfront costs remain a barrier in some regions without financial incentives.

Market Segmentation

The solar photovoltaic market can be segmented by technology, grid type, installation type, end user, and region.
1. By Technology
Monocrystalline Silicon PV Modules
High-efficiency cells suitable for limited-space installations.
Polycrystalline Silicon PV Modules
Cost-effective and widely used for residential and commercial projects.
Thin-Film PV Modules
Lightweight and flexible; suitable for building-integrated PV (BIPV) and off-grid applications.
Bifacial Solar Panels
Capture sunlight from both sides to increase energy yield.
Heterojunction and Tandem Cells
Next-generation technologies promising higher efficiencies.

2. By Grid Type
On-Grid (Grid-Connected) Systems
Dominant segment; allows export of excess power back to the grid under net-metering policies.
Off-Grid Systems
Standalone systems used in remote areas or for applications such as telecommunications and rural electrification.

3. By Installation Type
Utility-Scale Solar Farms
Large projects supplying electricity to grids, often under long-term PPAs.
Commercial & Industrial Rooftops
Solar arrays on warehouses, factories, and offices to reduce electricity costs and carbon footprints.
Residential Rooftops
Small-scale systems for homes, supported by tax credits and net-metering policies.
Floating Solar PV
Emerging trend utilizing water bodies to save land and improve efficiency due to natural cooling effects.

4. By End User
Residential
Growing adoption due to rising electricity tariffs and government incentives.
Commercial & Industrial
Corporates increasingly using solar to power operations sustainably.
Utility Sector
Largest segment due to bulk power generation projects.

Regional Insights
1. Asia Pacific (APAC)
Market Leadership:
APAC dominates global solar PV installations, led by China, India, Japan, and Australia.
Key Trends:
Massive state-backed projects, solar-plus-storage initiatives, and expansion of domestic manufacturing capacity for modules and inverters.
China: World’s largest producer and installer of solar PV; aggressively investing in ultra-high voltage transmission lines to distribute renewable energy.
India: Ambitious National Solar Mission aiming for 500 GW of renewable energy capacity by 2030.

2. North America
United States:
Federal Investment Tax Credit (ITC), state-level renewable portfolio standards, and corporate PPAs are driving growth.
Canada:
Transitioning to clean energy with investments in community solar and indigenous-led renewable projects.
Trends:
Integration of solar with energy storage and EV charging infrastructure.

3. Europe
Renewed Focus on Energy Independence:
The Russia-Ukraine conflict accelerated Europe’s shift to renewable energy to reduce reliance on imported fossil fuels.
Key Markets: Germany, Spain, France, Italy, and the UK.
Trends: Rooftop solar subsidies, feed-in tariffs, and green hydrogen projects supported by solar generation.

4. Latin America
Emerging Solar Hotspot:
Countries like Brazil, Chile, and Mexico are leveraging abundant sunlight and competitive auction prices to scale solar deployment.
Trends: Utility-scale solar farms and hybrid renewable plants combining wind and solar.

5. Middle East & Africa (MEA)
Mega Projects:
Saudi Arabia, UAE, and Egypt are launching some of the world’s largest solar farms under long-term vision plans.
Africa: Off-grid and mini-grid solar systems are transforming rural electrification in sub-Saharan Africa.
Trends: Floating solar in desert reservoirs and large-scale storage paired with solar.

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Competitive Landscape

The global solar PV market is fragmented yet highly competitive, with both established players and emerging companies innovating across the value chain from polysilicon manufacturing to EPC (engineering, procurement, construction) services.

Major Key Players:
First Solar Inc.
Trina Solar Limited
Canadian Solar Inc.
LONGi Green Energy Technology Co., Ltd.
JA Solar Holdings Co., Ltd.
JinkoSolar Holding Co., Ltd.
SunPower Corporation
Hanwha Q CELLS
Risen Energy Co., Ltd.
Talesun Solar Technologies
Sharp Corporation
REC Solar Holdings AS
Suntech Power Holdings Co., Ltd.
Enphase Energy, Inc. (inverters)
SolarEdge Technologies Inc. (inverters)

Key Strategies
Vertical Integration: Many manufacturers are expanding upstream into polysilicon and downstream into EPC to control quality and costs.
Geographic Expansion: Establishing new manufacturing plants in the U.S., India, and Europe to mitigate trade barriers and supply chain risks.
Product Innovation: Bifacial panels, smart modules with integrated microinverters, and lightweight panels for rooftops.
Strategic Partnerships: Collaborating with energy storage companies and grid operators to deploy solar-plus-storage solutions.

Recent Industry Developments
Perovskite-Silicon Tandem Cells: Achieving record efficiencies in lab tests, soon to be commercialized.
Floating PV Projects: Rapidly scaling in Asia and Europe due to land constraints.
Corporate Renewable Deals: Tech giants and large corporations signing multi-gigawatt PPAs.
Blockchain and Digitalization: Used for tracking renewable energy certificates (RECs) and enabling peer-to-peer energy trading.

Future Outlook
The next decade will be transformative for the solar PV market as the world accelerates toward net-zero emissions. Key trends include:
Massive Growth in Utility-Scale Solar Farms: Particularly in emerging economies with abundant sunlight.
Decentralized Energy Systems: Rooftop solar, community solar, and microgrids empowering consumers.
Hybrid Renewable Plants: Combining solar, wind, and storage to create firm renewable energy capacity.
Green Hydrogen Production: Solar will be a key power source for electrolysis plants producing green hydrogen.
Circular Economy Practices: Recycling end-of-life solar panels and reducing environmental impacts across the value chain.
By 2034, solar PV will not only be a mainstream power source but also a critical enabler of electrification in transportation, industry, and heating.

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