Solar Photovoltaic (PV) Market Size, Share, and Trends 2025 to 2034

Solar Photovoltaic (PV) Market Size and Forecast 2025 to 2034

The global solar photovoltaic (PV) market size was calculated at USD 179.69 billion in 2024 and is predicted to reach around USD 451.23 billion by 2034, expanding at a CAGR of 9.64% from 2025 to 2034. The solar photovoltaic (PV) market is driven by government incentives and policies, such as tax credits, subsidies, and renewable energy mandates.

Solar Photovoltaic (PV) Market Key Takeaways

• In terms of revenue, the solar photovoltaic (PV) market is valued at $196.94 billion in 2025.
• It is projected to reach $451.23 billion by 2034.
• The solar photovoltaic (PV) market is expected to grow at a CAGR of 9.64% from 2025 to 2034.
• Asia Pacific dominated the global market with the largest market share of 38% in 2024.
• North America is projected to expand at the notable CAGR during the forecast period.
• By technology, the monocrystalline silicon segment has held the largest market share in 2024.
• By technology, the thin film segments is estimated to be the fastest-growing segment during the forecast period.
• By installation, the ground-mounted segment captured the biggest market share in 2024.
• By installation, the rooftop segments is predicted to be the fastest-growing segment during the forecast period.
• By grid type, the on-grid segment contributed the highest market share in 2024.
• By grid type, the off-grid segment is expected to grow at a significant CAGR from 2025 to 2034.
• By application, the utility  segment has held the largest market share in 2024.
• By application, the residential segments is expected to be the fastest-growing segment during the forecast period.

How is AI enhancing the solar photovoltaic (PV) industry?

AI is an emerging technology in weather and solar generation forecasting. Its algorithms help determine meteorological information to create precise forecasts, excelling solar output. This helps solar operators better plan and mitigate the effect of intermittent energy supply. 

Moreover, it enhances reporting and data querying speed and efficiency through advanced chat interfaces. Energy management platforms integrate human-in-the-loop intelligence and natural language processing (NLP) into their systems.

Asia Pacific Solar Photovoltaic (PV) Market Size and Growth 2025 to 2034

The Asia Pacific solar photovoltaic (PV) market was exhibited at USD 68.28 billion in 2024 and is projected to be worth around USD 169.74 billion by 2034, growing at a CAGR of 9.65% from 2025 to 2034.

Asia Pacific dominated the solar photovoltaic (PV) market in 2024. The fast development of solar farms as well as favorable laws is driving the solar photovoltaic (PV) market’s expansion. The deployment of sustainable power technologies such as solar photovoltaic (PV) will be aided by government actions to properly meet expanding electricity demand.

• In 2023, the worldwide production capacity for solar PV cells nearly doubled, polysilicon production rose by nearly 90%, nidyke increased by 75%, and wafer production grew by 60%. By year-end, the production of the lowest-capacity segment, polysilicon, hit 850 GW. China represented nearly 95% of newly established facilities across the supply chain.  
• In 2023, solar PV generation rose by a record 320 TWh around 25% increase, surpassing 1,600 TWh. It showed the highest absolute production increase among all renewable technologies in 2023. The growth rate for this generation is nearly at the level projected from 2023 to 2030 in the Net Zero Emissions by 2050 Scenario. Ongoing improvements in the economic appeal of PV, significant advancements in the supply chain, and rising policy backing, particularly in China, the United States, the European Union, and India, are anticipated to further boost capacity growth in the years ahead.  

Europe, on the other hand, is expected to develop at the fastest rate during the forecast period. The increased demand for more power generation capacity as well as continued international engagement, favorable foreign direct investments, and the establishment of capacity quota targets, will have a beneficial impact on technological acceptability.

Market Overview 

Solar photovoltaic (PV) is a simple technique that uses sunshine to generate electricity without moving parts. The sunlight separates electrons from their host silicon atoms in a photovoltaic cell. The photons are tiny packets of light energy collected by electrons, providing enough energy to propel the electron away from its high atom. The favorable government schemes and incentives, including tax exemptions and tariffs, will strengthen the commercial outlook as well as continued technology advancements and growing consumer and regulatory predisposition toward clean energy sources. The reduced solar energy prices, along with more financial support, will help the solar photovoltaic (PV) market to flourish. The product acceptance will be aided by broad resource availability and cost-effectiveness, as well as increased industry potential. 

Various regulatory measures, including asset and financial leveraging, subsidies, and other financial tools, will be implemented to increase product acceptability. Furthermore, the implementation of many solar photovoltaic (PV) installation targets, as well as a shift in focus to reduce carbon emissions, would propel the solar photovoltaic (PV) market growth during the forecast period.

Solar Photovoltaic (PV) Market Growth Factors

• The demand for solar photovoltaic (PV) will rise because of recent technology developments and research & development operations for efficient power generation across large-scale solar applications. 
• The market for crystalline solar photovoltaic (PV) will be boosted by a significant increase in solar deployment rates and favorable government renewable energy goals. 
• The corporate landscape will be further impacted by a radical shift toward profitable new product developments, manufacturing precision, optimization, and standardized product methods for power production, lower emissions, and cheap installation costs.
• The polycrystalline silicon solar photovoltaic (PV) will be widely adopted in the near future due to their inexpensive production costs and simple manufacturing procedures. 
• Furthermore, the product’s broad applicability across large-scale solar power projects, as well as federal renewable energy integration mottos, will drive the demand for solar photovoltaic (PV) on a large scale. Moreover, the solar photovoltaic (PV) market will be enhanced by the lowered pricing structure coupled with tax credit schemes to support solar photovoltaic (PV) technology.
• Worldwide solar PV investments in capacity expansions rose approximately 30% in 2023, exceeding USD 480 billion and setting another record year. In 2023, investment in solar PV exceeded that of all other power generation technologies combined.  

Market Scope of the Solar Photovoltaic 

The polycrystalline silicon solar photovoltaic (PV) will be widely adopted in near future due to their inexpensive production costs and simple manufacturing procedures. Furthermore, the product’s broad applicability across large scale solar power projects as well as federal renewable energy integration mottos, will drive the demand for solar photovoltaic (PV) on large scale. Moreover, the solar photovoltaic (PV) market will be enhanced by the lowered pricing structure coupled with tax credit schemes to support solar photovoltaic (PV) technology.

In recent years, the solar sector has seen a number of rapid technological advancements. The photovoltaic is a relatively new solar material with a favorable crystal structure for sunlight absorption. The solar photovoltaic (PV) cells also perform better than silicon cells at lower light intensities such as on rainy days, allowing for higher conversion rate. The fundamental advantage of using photovoltaic (PV) to make solar cells is that it is a cheap and readily available material that might create low-cost solar power. The solar photovoltaic (PV) cells may also be made in very thin layer structures with high degrees of transparency, allowing them to be used in a number of unique applications such as building integrated photovoltaic projects and flexible panel designs.

However, over the projection period, the solar photovoltaic (PV) market is likely to be hampered by an increase in grid connection challenges and interconnection delays as well as insufficient grid capacity creating barrier to the construction of new solar plants.

Technology Insights

In 2024, the monocrystalline silicon segment dominated the solar photovoltaic (PV) market. This form of solar panel is more prevalent in solar rooftop systems and is frequently utilized for large scale installations, whether they are residential, commercial, or residential.

The thin film segment, on the other hand, is predicted to develop at the quickest rate in the future years. The thin-film technology has always been less expensive than traditional technology, but it has also always been less efficient. Nevertheless, over the period of time, it has vastly improved.

Installation Insights

The ground-mounted segment dominated the solar photovoltaic (PV) market in 2022. Due to increased efficiency, the quantity of installations, ground mounted solar for utility or commercial projects, maintenance and operation efficiencies are quite cost-effective.

The rooftop is fastest growing segment of the solar photovoltaic (PV) market in 2020. When compared to traditional energy sources, the solar rooftop model poses extremely little pollution threats to the environment.

Grid Type Insights

In 2024, the on-grid segment dominated the solar photovoltaic (PV) market. An on-grid solar photovoltaic (PV) system is one that is connected to the utility grid and uses solar power to generate electricity. The small domestic systems to massive utility scale solar power plants are all examples of these systems.

The off-grid segment, on the other hand, is predicted to develop at the quickest rate in the future years. In emerging and remote regions, the use of off-grid solar photovoltaic (PV) systems is steadily expanding during the forecast period.

Application Insights

In 2024, the utility segment dominated the solar photovoltaic (PV) market. Several large-scale solar projects are now under construction around the world.

The residential segment, on the other hand, is predicted to develop at the quickest rate in the future years. This is driven by an increase in residential construction projects and a growing public awareness of the benefits of using efficient and renewable energy sources.

Solar Photovoltaic (PV) Market Companies

• Tata Power Solar Systems Ltd.
• Canadian Solar Inc.
• Wuxi Suntech Power Co. Ltd
• Nextera Energy Sources LLC
• BrightSource Energy Inc.
• SunPower Corporation
• Vivaan Solar
• Waaree Group
• Trina Solar
• Jinko Solar

Recent Developments 

• In March 2025, the European Commission launched a new partnership focused on innovation in photovoltaics to enhance the region's standing in the global market. The Commission aims to collaborate with private partners to secure investments of up to $260 million each from 2025 to 2030 in the partnership. The aim is to increase the manufacturing capacity of solar PV in Europe, create a more robust value chain within the EU, and lessen reliance on fossil fuels by collaborating throughout the entire PV value chain.  
• In January 2025, the United Arab Emirates initiated the globe's first extensive continuous gigascale energy storage project in Abu Dhabi, integrating solar energy and battery storage in a major advancement for the nation's energy industry. The initiative establishes the UAE as a frontrunner in renewable energy implementation, allowing renewable energy to be delivered continuously, every day of the week. 
• In December 2024, Trina Solar declared a new partnership with AMEA Power. As part of this collaboration, Trina Solar will provide its advanced Elementa 2 platform for the 300MWh Abydos Battery Energy Storage Project in Aswan, Egypt. This project is a significant milestone, as it is Africa's largest solar energy initiative and Egypt’s first to include a large-scale Battery Energy Storage System.
• In November 2024, German companies Indielux and EPP Solar started what they claim is the “world’s largest” plug-in PV system, a residential array with an output of up to 6 kW.

Segments Covered in the Report

By Technology

• Monocrystalline Silicon
• Thin Film
• Polycrystalline Silicon
• Others

By Grid Type

• On-grid
• Off-grid

By Installation

• Ground Mounted
• Rooftop
• Others

By Application

• Residential
• Non-residential
• Utilities

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa