Photovoltaic (PV) Market: By Technology (Thin film, Multi-Si, Mono-Si, and Others), By Deployment (Ground-mounted, Rooftop Solar, and Floating), By Connectivity (On-grid and Off-grid), By End Use (Residential, Commercial, Utility), and Geography

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Photovoltaic (PV) Market size was valued at USD 97, 897 million in 2023 and poised to grow at a CAGR of 10.2% during the forecast year 2024-2030. The market is driven by several factors declining cost of solar PV modules, supportive government policies and initiatives, rising investments in solar energy, and carbon emission reduction targets.  The cost of solar panels has dropped significantly over the past decade, making them a more affordable option for residential and commercial properties. This trend is expected to continue, further driving market growth. Many governments around the world are offering incentives for solar energy adoption, such as tax credits, feed-in tariffs, and net metering programs. These policies are making solar power more attractive to consumers and businesses. There is a growing awareness of the environmental benefits of solar energy, which is leading to increased investment in the sector. This investment is helping to drive down the cost of solar panels and other components, making solar power even more competitive.

Many countries have set ambitious carbon emission reduction targets, and solar energy is seen as a key way to achieve these goals. This is driving demand for solar power from both governments and businesses. However, the constraints hindered the growth of the market intermittency and storage issues, the need for land and space, and initial financial expenditure. Solar energy is a renewable resource, but it is also intermittent, meaning that it is not always available. This can be a challenge for integrating solar power into the grid. However, advances in battery storage technology are helping to address this issue. Large-scale solar installations require a significant amount of land. This can be a challenge in some areas, particularly in densely populated regions. While the cost of solar panels has decreased, the upfront cost of a solar PV system can still be a barrier for some consumers.

Photovoltaic (PV) Market Key Developments:
  • May 2023 First Solar, a global leader in thin film photovoltaics, acquired Evolar AB, a European leader in perovskite technology. The purchase price was approximately $38 million, with an additional $42 million subject to technical milestones. This acquisition is expected to accelerate the development of next-generation PV technology, including high-efficiency tandem devices.
  • Oct 2021 Reliance New Energy Solar Limited (RNESL), a subsidiary of Reliance Industries Limited (RIL), acquired a complete stake in REC Solar Holdings (REC Group) from China National Bluestar for $771 million. REC Group, based in Norway, operates manufacturing facilities for solar-grade polysilicon and PV cells/modules. RIL plans to use REC’s technology in its integrated PV panel manufacturing gigafactory in Gujarat, India.

Photovoltaic Pv Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

10.2%

Largest Market

North America

Fastest Growing Market

Asia Pacific
Photovoltaic Pv Market Dynamics

There is ongoing research and development in solar technology, which is leading to more efficient and affordable solar panels. These advancements are expected to continue to drive market growth. As concerns about climate change grow, there is a rising demand for clean energy sources like solar power. This trend is expected to continue to create opportunities for the PV market. The PV market is still relatively young in many developing countries. As these countries look to expand their energy access and reduce their reliance on fossil fuels, there is a significant opportunity for solar power. Solar panels are becoming increasingly efficient at converting sunlight into electricity. This is making solar power a more attractive option for consumers and businesses. Distributed generation refers to the generation of electricity at the point of use, such as on rooftops or in homes. Solar power is a well-suited technology for distributed generation, and this trend is expected to continue to grow. Smart grids can better integrate renewable energy sources like solar power into the grid. This is helping to address the challenges of intermittency and storage.

Photovoltaic Pv Market Segmentation

By Technology
  • Thin film
  • Multi-Si, Mono-Si
  • Others
By Deployment
  • Ground-mounted
  • Rooftop Solar
  • Floating
By Connectivity
  • On-grid
  • Off-grid
By End User
  • Residential
  • Commercial
  • Utility

Frequently Asked Questions

The photovoltaic (PV) market was valued at USD 97, 897 million in 2023 and growing at a CAGR of 10.2%.

The market is driven by several factors declining cost of solar PV modules, supportive government policies and initiatives, rising investments in solar energy, and carbon emission reduction targets

• Increasing Efficiency of Solar Panels • Growth of Distributed Generation • Integration with Smart Grids

Market research is segmented based on technology, development, connectivity, end-users, and region.

Asai-Pacific is the fastest-growing region in the photovoltaic (PV) market

Key Features of the Reports

  • The photovoltaic Pv market report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and key strategies.
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market.
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenarios.
1.Executive Summary
2.Global Photovoltaic Pv Market Introduction 
2.1.Global Photovoltaic Pv Market  - Taxonomy
2.2.Global Photovoltaic Pv Market  - Definitions
2.2.1. Technology
2.2.2.Deployment
2.2.3.Connectivity
2.2.4.End User
2.2.5.Region
3.Global Photovoltaic Pv Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Photovoltaic Pv Market Analysis, 2019 - 2023 and Forecast 2024 - 2030
4.1.  Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Photovoltaic Pv Market  By  Technology, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
5.1. Thin film
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Multi-Si, Mono-Si
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
5.3. Others
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.3.3. Market Opportunity Analysis 
5.4. Varnish Makers & Painters Naphtha
5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.4.3. Market Opportunity Analysis 
5.5. Others (Paraffinic Solvent, Pentane, and Solvent 140)
5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.5.3. Market Opportunity Analysis 
6.Global Photovoltaic Pv Market  By Deployment, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
6.1. Ground-mounted
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Rooftop Solar
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Floating
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
6.4. Paints & Coatings
6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.4.3. Market Opportunity Analysis 
6.5. Printing inks
6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.5.3. Market Opportunity Analysis 
6.6. Rubbers & polymers
6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.6.3. Market Opportunity Analysis 
6.7. Others (Agrochemicals, Pharmaceuticals, and Automotive))
6.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.7.3. Market Opportunity Analysis 
7.Global Photovoltaic Pv Market  By Connectivity, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
7.1. On-grid
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Off-grid
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
8.Global Photovoltaic Pv Market  By End User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
8.1. Residential
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Commercial
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
8.3. Utility
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.3.3. Market Opportunity Analysis 
9.Global Photovoltaic Pv Market  By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
9.1. North America
9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.1.3. Market Opportunity Analysis 
9.2. Europe
9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.2.3. Market Opportunity Analysis 
9.3. Asia Pacific (APAC)
9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.3.3. Market Opportunity Analysis 
9.4. Middle East and Africa (MEA)
9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.4.3. Market Opportunity Analysis 
9.5. Latin America
9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.5.3. Market Opportunity Analysis 
10.North America Photovoltaic Pv Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
10.1.  Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Thin film
10.1.2.Multi-Si, Mono-Si
10.1.3.Others
10.1.4.Varnish Makers & Painters Naphtha
10.1.5.Others (Paraffinic Solvent, Pentane, and Solvent 140)
10.2.  Deployment Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Ground-mounted
10.2.2.Rooftop Solar
10.2.3.Floating
10.2.4.Paints & Coatings
10.2.5.Printing inks
10.2.6.Rubbers & polymers
10.2.7.Others (Agrochemicals, Pharmaceuticals, and Automotive))
10.3.  Connectivity Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.On-grid
10.3.2.Off-grid
10.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Residential
10.4.2.Commercial
10.4.3.Utility
10.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.5.1.United States of America (USA)
10.5.2.Canada
11.Europe Photovoltaic Pv Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
11.1.  Technology Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Thin film
11.1.2.Multi-Si, Mono-Si
11.1.3.Others
11.1.4.Varnish Makers & Painters Naphtha
11.1.5.Others (Paraffinic Solvent, Pentane, and Solvent 140)
11.2.  Deployment Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Ground-mounted
11.2.2.Rooftop Solar
11.2.3.Floating
11.2.4.Paints & Coatings
11.2.5.Printing inks
11.2.6.Rubbers & polymers
11.2.7.Others (Agrochemicals, Pharmaceuticals, and Automotive))
11.3.  Connectivity Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.On-grid
11.3.2.Off-grid
11.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.Residential
11.4.2.Commercial
11.4.3.Utility
11.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.5.1.Germany
11.5.2.France
11.5.3.Italy
11.5.4.United Kingdom (UK)
11.5.5.Spain
12.Asia Pacific (APAC) Photovoltaic Pv Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
12.1.  Technology Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Thin film
12.1.2.Multi-Si, Mono-Si
12.1.3.Others
12.1.4.Varnish Makers & Painters Naphtha
12.1.5.Others (Paraffinic Solvent, Pentane, and Solvent 140)
12.2.  Deployment Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Ground-mounted
12.2.2.Rooftop Solar
12.2.3.Floating
12.2.4.Paints & Coatings
12.2.5.Printing inks
12.2.6.Rubbers & polymers
12.2.7.Others (Agrochemicals, Pharmaceuticals, and Automotive))
12.3.  Connectivity Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.On-grid
12.3.2.Off-grid
12.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.Residential
12.4.2.Commercial
12.4.3.Utility
12.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.5.1.China
12.5.2.India
12.5.3.Australia and New Zealand (ANZ)
12.5.4.Japan
12.5.5.Rest of APAC
13.Middle East and Africa (MEA) Photovoltaic Pv Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
13.1.  Technology Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Thin film
13.1.2.Multi-Si, Mono-Si
13.1.3.Others
13.1.4.Varnish Makers & Painters Naphtha
13.1.5.Others (Paraffinic Solvent, Pentane, and Solvent 140)
13.2.  Deployment Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Ground-mounted
13.2.2.Rooftop Solar
13.2.3.Floating
13.2.4.Paints & Coatings
13.2.5.Printing inks
13.2.6.Rubbers & polymers
13.2.7.Others (Agrochemicals, Pharmaceuticals, and Automotive))
13.3.  Connectivity Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.On-grid
13.3.2.Off-grid
13.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Residential
13.4.2.Commercial
13.4.3.Utility
13.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.5.1.GCC Countries
13.5.2.South Africa
13.5.3.Rest of MEA
14.Latin America Photovoltaic Pv Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
14.1.  Technology Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.1.1.Thin film
14.1.2.Multi-Si, Mono-Si
14.1.3.Others
14.1.4.Varnish Makers & Painters Naphtha
14.1.5.Others (Paraffinic Solvent, Pentane, and Solvent 140)
14.2.  Deployment Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.2.1.Ground-mounted
14.2.2.Rooftop Solar
14.2.3.Floating
14.2.4.Paints & Coatings
14.2.5.Printing inks
14.2.6.Rubbers & polymers
14.2.7.Others (Agrochemicals, Pharmaceuticals, and Automotive))
14.3.  Connectivity Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.3.1.On-grid
14.3.2.Off-grid
14.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.4.1.Residential
14.4.2.Commercial
14.4.3.Utility
14.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.5.1.Brazil
14.5.2.Mexico
14.5.3.Rest of LA
15. Competition Landscape
15.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
15.2.1.JINKOSOLAR
15.2.2.LONGI
15.2.3.FIRST SOLAR
15.2.4.HANWHA Q CELLS
15.2.5.SHARP
15.2.6.WUXI SUNTECH POWER
15.2.7.ARRAY TECHNOLOGIES
15.2.8.CHINT SOLAR (ASTRONERGY)
15.2.9.GCL SYSTEM INTEGRATION TECHNOLOGY
15.2.10.HUAWEI
15.2.11.LG ELECTRONICS
15.2.12.NEXTRACKER
15.2.13.RISEN ENERGY
15.2.14.SMA SOLAR TECHNOLOGY
15.2.15.SUNGROW POWER SUPPLY
15.2.16.TONGWEI SOLAR
15.2.17.YINGLI SOLAR
15.2.18.Others
16. Research Methodology 
17. Appendix and Abbreviations 
  • JINKOSOLAR
  • LONGI
  • FIRST SOLAR
  • HANWHA Q CELLS
  • SHARP
  • WUXI SUNTECH POWER
  • ARRAY TECHNOLOGIES
  • CHINT SOLAR (ASTRONERGY)
  • GCL SYSTEM INTEGRATION TECHNOLOGY
  • HUAWEI
  • LG ELECTRONICS
  • NEXTRACKER
  • RISEN ENERGY
  • SMA SOLAR TECHNOLOGY
  • SUNGROW POWER SUPPLY
  • TONGWEI SOLAR
  • YINGLI SOLAR
  • Others

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