Solar Photovoltaic (PV) Market Size, Share, By Technology [Crystalline Silicon (Monocrystalline silicon, Multi-crystalline silicon), Thin-Film (Cadmium Telluride, Copper Indium Gallium Selenide, Amorphous Silicon), Others (Perovskite solar cells, Organic solar cells, Dye-sensitized solar cells)], By Deployment (Rooftop, Private Ground-mounted), By End User (Commercial, Industrial, and Residential), and By Region- Trends, Analysis and Forecast till 2034

Solar Photovoltaic (PV) Market Size was valued at USD 144.3 Billion in 2024 and is expected to reach USD 337.5 Billion by 2034, growing at a CAGR of 9.8%

Solar photovoltaic energy is a concept whereby the sun's light is changed directly into electricity. It utilizes semiconductor materials, usually based on silicon, to produce solar cells, producing an electric current when photons from the sun hit it. These cells combine to make bigger units called solar panels or modules, which can be installed further onstage on rooftops, in solar farms, or even in many devices. PV systems may reciprocate from small missions, like calculators, to large utility-scale power plants. Solar PV has become very popular recently as a clean, renewable source of energy because of the falling cost, growing efficiency, and carbon reduction climbing in priority.

Solar photovoltaic systems have several advantages as renewable sources of energy. They generate clean, non-polluting power; therefore, such power's contribution to reducing carbon footprint helps combat global warming. PV systems have almost negligible running costs once laid down, with minimal maintenance and no fuel costs. They give energy independence to the house or business by allowing self-production of power and selling it back into the grid if there is an excess supply. It is possible to scale solar PV systems to very small units, as in homes, and up to large utility projects. In this respect, this becomes especially useful for remotely located areas where access and interconnection to the grid are difficult to access or expensive. PV technology continues to improve, and the growing efficiency and declining costs make it increasingly competitive against traditional energy sources. The lifespan of solar panels is usually 25-30 years, thus being a long-term and reliable energy solution. Furthermore, modularity in PV systems makes them easier to install and upgrade but allows them to be scaled up when needs increase or technology improves.

Solar photovoltaic technology growth has been rampant over the last couple of decades. Such technological growth has led to a rise in efficiency and a drop in the associated cost. PV's maximum energy conversion rate is about 22% nowadays, while at the laboratory scale, some cells could even reach higher efficiencies. Government incentives, environmental concerns, and improving economics have exponentially influenced the global PV market. Nowadays, PV systems can be developed with many advanced features that include the following: output inverters changed to AC, battery storage for use at night and other periods of no sunlight, and smart monitoring systems. Moreover, new PV technologies in the pipeline include thin-film solar cells, multi-junction cells, and, last but not least, perovskite cells, which promise additional improvements in efficiency and costs. The integration of PV with other renewable technologies and smart grids is also underway, paving the way towards a much more sustainable and resilient energy system worldwide.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Key Drivers of Target Market:

Economic Factors

• The economic landscape is becoming conducive to the diffusion of solar PV. Technological advancements drastically reduced manufacturing costs, hence making them more affordable and having vast potential for many consumers and businesses. This drastic cost reduction offers excellent opportunities for increased market penetration and diffusion of solar technology. These incentives enable the economic attractiveness of solar systems to be far more significant, with government incentives such as feed-in tariffs, tax breaks, and other financing programs that can bridge the gap between what up-front money a solar PV system costs and a person's long-term electricity bill savings.  The policy supports are combined with the falling technology costs to create strong economic push factors that move the solar photovoltaic market forward.

Environmental Factors:

• Climate change concerns are forcing a global move to renewable sources of energy, in particular, solar power. The current dependence on fossil fuels is one of the biggest sources of greenhouse gases. Solar power is a clean alternative to all these greenhouse emission-contributing energy sources. Realizing this, the governments of various countries worldwide have decided to set very ambitious targets for renewable energy and develop policies that incentivize the adoption of solar power. Such policies are good for the environment and extend many new economic opportunities and bandwidth in the clean energy setup.

Restrains:

Upfront Costs:

• While solar PV costs have fallen significantly, upfront investment compared to traditional grid-based electricity remains high. This can be a significant deterrent for home and business owners with limited budgets, especially in countries where financial incentives are not strong. Besides, conditions surrounding financing options, permitting processes, and HOA rules sometimes make it hard to decide about residential solar installation setup.

Opportunities:

Decentralized Solar Solutions:

• While this is increasing demand, particularly in off-grid or very unreliable grid infrastructure territories, it breeds ample opportunities for rooftop solar and microgrid systems. Climate-resilient solutions may provide greater energy self-sufficiency and resilience to businesses and communities. Future progress in the field of battery storage will further enhance the integration potential of such decentralized solar-based solutions by raising the level of self-consumption of generated electricity and minimizing dependency on traditional grid infrastructure. Falling costs of solar panels and related equipment make decentralized solar solutions even more economically attractive to more consumers.

The market is segmented based on Technology, Deployment, End-User, and Region.

Technology Insights:

• Crystalline Silicon has been the king, uniquely holding over 90% of the global market. It involves using silicon wafers to tap sunlight and convert it into electrical energy.

o  Monocrystalline Silicon includes solar cells created from a single, pure silicon crystal. Mono-Si used to be the most efficient material, with an industry rating of 18-22%. Thus, this factor makes it perfect for applications in a locality where there is limited space and low sunlight. Of course, with such performance comes a more premium price: mono-Si solar panels are usually the costliest offering on the market.

o  Multi-crystalline silicon: Multicrystalline silicon, a cheaper version of mono-Si cells, forms from the melting of several silicon crystals into one. This lightly drops the efficiency to about 15–17 percent with less energy use than that of mono-Si cells to make them. Multi-Si solar panels, however, usually take more surface area to produce the same amount of power compared with the mono-Si.

• Thin-Film: Again, a cheaper alternative to c-Si but somewhat less efficient, of about 6-13%. Thin-film solar cells are constructed by depositing a thin layer of light-absorbing material on a substrate.

o  Cadmium Telluride: The leader in thin-film technology, CdTe, bestrides the board with high efficiencies and excellent low-light performance, though cadmium is highly toxic, thus raising huge environmental concerns.

o  Copper Indium Gallium Selenide: This is another high performer with good light absorption properties, but the relative rarity of indium and gallium presents problems. Indeed, these elements are found in small quantities worldwide; their mining has some environmental implications. Besides, compared to other thin-film technologies, manufacturing CIGS solar cells is more complex, which adds to their higher cost.

o  Amorphous Silicon finds ideal uses in applications that require flexibility and low-light performance, such as building-integrated photovoltaics. However, a-Si has the lowest efficiency among thin-film technologies.

• Others: The future of solar power brims with possibilities, with various innovative technologies due for the frontline.

o Perovskite Solar Cells: This technology could achieve efficiencies well over 25% at a lower cost than the c-Si cells. So far, they suffer from stability problems under real-world conditions.

o Organic solar cells are lightweight, flexible, and probably printable from organic materials cheaply. However, they are viewed as having lower efficiency than traditional inorganic solar cells.

o Dye-sensitized solar cells: These cells make use of dye to absorb sunlight and further turn it into electricity. Therefore, their unique characteristics include colored appearance and prospective building integration. On the other hand, these cells are less efficient than traditional solar cells.

Deployment Insights:

• Rooftop: This includes solar panels fitted on a building's roof. Rooftop systems' efficiency in using space and ability to self-consume self-generated electricity find wide applications in residential and commercial settings.
• Private Ground-mounted: This segment includes solar panels fixed on the ground, mostly at large solar farms. Ground-mounted systems find their large-scale application in utility due to the availability of big areas of land.

End-User Insights:

• Commercial: This segment includes businesses using solar PV systems to meet electricity demand. Businesses, comprising several office buildings, retail stores, and warehouses, can use solar power to help settle what is obtained from the grid.
• Industrial: These are the solar PV systems used to run industrial establishments' plants. These plants help the manufacturer decrease energy costs and increase sustainability.
• Residential: This segment caters to individual houses using solar panels to generate electricity within the house for self-consumption purposes. Residential solar systems can significantly reduce electricity bills and provide energy independence to a house owner.

Regional Insights

• North America: this is a mature market with a good history of solar adoption. Established and developed policies with incentives like feed-in tariffs and tax credits have seen growth in the solar PV industry. However, this region might face some headwinds in the future. Policy changes, stiff competition from other geographies with lower manufacturing costs, and some degree of saturation in developed markets may pose challenges to growth.
• Asia Pacific: Dominant market leader in the solar PV market. The goal for a substantial growth in power demand in recent times is driven mainly by two forces: large government targets set in the region, mainly in China and India, for renewable energy, which have created a massive demand for solar power, and global manufacturing overdrive, particularly in China, which has driven the cost of solar panels down while increasing their accessibility to a much wider range of consumers and businesses.
• Europe: This continent has the oldest track record for solar PV. Ever since environmental concerns became more mainstream over the past couple of decades, Europe has stood out much more strikingly for its attitude toward solar PV. But the continent also has a conundrum: some challenges may hamper its growth trajectory.
• Latin America: One of the rapidly growing interests is in solar power, which occurs due to several factors. In the first place, Latin America is home to some of the world's most outstanding solar resources, with a large percentage of sunlight distributed to countries like Brazil, Chile, and Argentina all through the year. Such abundant sunshine means an excellent opportunity to tap clean energy and lessen the usage of fossil fuels.
• Middle East and Africa: The region overflows with sunshine, placing the Middle East & Africa region toward meeting energy needs and taking this economy to new-fangled heights. Countries like Saudi Arabia, Egypt, and South Africa have some of the highest incidences of solar radiation worldwide, making them great sites for utility-scale solar installations. However, the challenges of harnessing solar potential in this region are huge.

Solar Photovoltaic (PV) Market Report Scope:

Attribute	Details
Market Size 2024	USD 144.3 Billion
Projected Market Size 2034	USD 337.5 Billion
CAGR Growth Rate	9.8%
Base year for estimation	2023
Forecast period	2024 – 2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Technology - [Crystalline Silicon (Monocrystalline silicon, Multi-crystalline silicon), Thin-Film (Cadmium Telluride, Copper Indium Gallium Selenide, Amorphous Silicon), Others (Perovskite solar cells, Organic solar cells, Dye-sensitized solar cells)] By Deployment - Rooftop, Private Ground-mounted By End-User - Commercial, Industrial, and Residential.
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For this study segmented the target market report based on Technology, Deployment, End-User, and Region.

Segmentation:

By Technology:

• Crystalline Silicon

• Monocrystalline silicon
• Multi crystalline silicon

• Thin-Film

• Cadmium Telluride
• Copper Indium Gallium Selenide
• Amorphous Silicon

• Others

• Perovskite solar cells
• Organic solar cells
• Dye-sensitized solar cells

By Deployment:

• Rooftop
• Private Ground-mounted

By End-User:

• Commercial
• Industrial
• Residential

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Solar Photovoltaic (PV) Market include JinkoSolar, JA Solar, LONGi, Canadian Solar, Trina Solar, Hanwha Q CELLS, First Solar, SunPower, Wuxi Suntech Power, Sharp, Sungrow Power Supply, SMA Solar Technology, Array Technologies, NEXTracker, ABB.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

• In March 2024, Thornova launched a 720 W TOPCon solar panel with a 23.2% efficiency. Thornova Solar, the US subsidiary of Chinese PV maker Sunova Solar, has introduced a novel bifacial TOPCon PV module for large-scale solar installations.
•  The TS-BWT66-G12 dual-glass module measures 2,384 mm x 1,303 mm x 35 mm and weighs 38.5 kg. Its power conversion efficiency ranges from 22.4% to 23.2%, and its temperature coefficient is -0.29% per Celsius. The new product also has a clear white mesh back sheet, 2.0 mm heat-strengthened glass, and an anti-reflective coating. It carries a 15-year product warranty and a 30-year performance warranty.
• In June 2024, DuPont launched New Tedlar Frontsheet Offerings at the 2024 SNEC PV Power Expo. DuPont Tedlar will exhibit at the 2024 SNEC International Photovoltaic Power Generation and Smart Energy Exhibition, June 13-15, at the National Exhibition & Convention Center (Shanghai). It will showcase its most recent Tedlar frontsheet offerings at booth 2.2H-D695. DuPont Tedlar combines mechanical durability, outstanding formability, abrasion and folding resistance, and high light transmittance. This creative approach will allow end users to live a distinctive lifestyle. We will demonstrate the BIPV system at the booth by integrating Tedlar front and metal laminated roofing systems. We will also showcase several consumer apps.
• In May 2024, DAH Solar launched the 380 W BIPV module. The Chinese producer claimed that the new product has an efficiency of up to 19.46% and a temperature coefficient of -0.30% per C. It comes in brilliant red, light gray, brown, green, blue-green, orange, and ocean blue. According to the firm, the panel can be customized in brilliant red, light gray, brown, green, blue-green, orange, and ocean blue. High-tech coatings can keep the color for up to 30 years. It may match the building's appearance and be used in various BIPV applications, including roof, curtain wall, balcony, garden, hallway, and others.

• JinkoSolar*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• JA Solar
• LONGi
• Canadian Solar
• Trina Solar
• Hanwha Q CELLS
• First Solar
• SunPower
• Wuxi Suntech Power
• Sharp
• Sungrow Power Supply
• SMA Solar Technology
• Array Technologies
• NEXTracker
• ABB

“*” marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Research Objectives
• Assumptions
• Abbreviations

Market Preview

• Report Description
  • Market Definition and Scope
• Executive Summary
  • Market Snippet, By Technology
  • Market Snippet, By Deployment
  • Market Snippet, By End-User
  • Market Snippet, By Region
• Opportunity Map Analysis

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restraints
  • Market Opportunities
• Market Trends
• Product Launch
• Merger and Acquisitions
• Impact Analysis
• PEST Analysis
• Porter’s Analysis

Market Segmentation, Technology, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Crystalline Silicon
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

• Monocrystalline silicon
• Multi-crystalline silicon
  • Thin-Film
    • Overview
    • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Cadmium Telluride
    • Copper Indium Gallium Selenide
    • Amorphous Silicon
  • Others
    • Overview
    • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

• Perovskite solar cells
• Organic solar cells
• Dye-sensitized solar cells

Market Segmentation, Deployment, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Rooftop
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Private Ground-mounted
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, End-User, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Commercial
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Industrial
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Residential
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (USD Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Deployment, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • U.S
    • Canada
• Asia Pacific
  • Market Size and Forecast (USD Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Deployment, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Europe
  • Market Size and Forecast (USD Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Deployment, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
• Latin America
  • Market Size and Forecast (USD Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Deployment, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • Brazil
    • Mexico
    • Rest of Latin America
• Middle East and Africa
  • Market Size and Forecast (USD Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Deployment, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East and Africa

Competitive Landscape

• Heat Map Analysis
• Company Profiles

• JinkoSolar
• JA Solar
• LONGi
• Canadian Solar
• Trina Solar
• Hanwha Q CELLS
• First Solar
• SunPower
• Wuxi Suntech Power
• Sharp
• Sungrow Power Supply
• SMA Solar Technology
• Array Technologies
• NEXTracker
• ABB

The Last Word

• Future Impact
• About Us
• Contact