Solar Photovoltaic (PV) Market Size, Share, and Trends

Solar Photovoltaic (PV) Market (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) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 – 2032

  • Last Updated : October 2023
  • Report Code : 1555
  • Category : Energy and Power

Solar Photovoltaic (PV) Market Size and Growth 2023 to 2032

The global solar photovoltaic (PV) market was estimated at USD 150 billion in 2022 and is predicted to hit over USD 383.78 billion by 2032 and poised to grow at a CAGR of 9.90% during the forecast period 2023 to 2032.

Solar Photovoltaic (PV) Market Size 2023 to 2032

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Solar Photovoltaic (PV) Market Size in the Asia Pacific 2023 to 2032

The Asia Pacific solar photovoltaic (PV) market was valued at USD57 billion in 2022 and is projected to reach over USD 145.83 billion by 2032, at a CAGR of 9.90% between 2023 to 2032.

Asia Pacific Solar Photovoltaic (PV) Market Size 2023 to 2032

Europe dominated the solar photovoltaic (PV) market in 2022. The fast development of solar farms as well as favorable laws is driving the solar photovoltaic (PV) market’s expansion in Europe. The deployment of sustainable power technologies such as solar photovoltaic (PV) will be aided by government actions to properly meet expanding electricity demand.

Asia-Pacific, 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.

Growth Factors

The solar photovoltaic (PV) is a simple technique that uses sunshine to generate electricity with no moving parts. The sunlight separates electrons from their host silicon atoms in a photovoltaic cell. The photons are tiny packets of light energy that are collected by electrons and provide enough energy to propel the electron away from its high atom.

The favorable government schemes and incentives, including as tax exemptions and tariffs, will strengthen the commercial outlook as well 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 shift in focus to reduce carbon emissions would propel the solar photovoltaic (PV) market growth during the forecast period.

The demand for solar photovoltaic (PV) will rise as a result 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 as well as 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.

Scope of the Solar Photovoltaic Market

Report Coverage Details
Market Size US$ 383.78 Billion by 2032
Growth Rate CAGR of 9.90% from 2023 to 2032
Largest Market Europe
Fastest Growing Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Product, Application, Region
Companies Mentioned 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

 

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 2022, 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 2022, 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 2022, 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.

Key Developments

  • Sonnedix, a global independent solar power producer, added 8.2 MW to its operating capacity in Italy by purchasing two portfolios in July 2020.

The solar photovoltaic (PV), which has a lower environmental impact, is being widely researched and developed by industrial companies. They are also working on new methods that provide long-term energy storage to meet the need for electricity. The market players’ initiatives are expected to drive the growth of the solar photovoltaic (PV) market.

The mergers and acquisitions, partnerships, new product development, business expansions, collaborations, supply contracts, agreements, and contracts are some of the important marketing strategies used by the major market players to maintain their market position. The major market players are diversifying their product line by creating industry specific products and solutions.

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

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

Frequently Asked Questions

According to Precedence Research, the global solar photovoltaic (PV) market size was valued at USD 150 billion in 2022 and is anticipated to reach over USD 383.78 billion by 2032.

The global solar photovoltaic (PV) market is expected to drive growth at a CAGR of 9.90% during the forecast period 2023 to 2032.

The major players operating in the solar photovoltaic (PV) market are 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, and Jinko Solar.

The rising demand for sustainable energy supplies, combined with favorable government legislation aimed at reducing reliance on fossil fuels, is projected to be a major driver for the growth of the solar photovoltaic (PV) market during the forecast period.

Europe will lead the global solar photovoltaic (PV) market in the near future.

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Solar Photovoltaic (PV) Market 

5.1. COVID-19 Landscape: Solar Photovoltaic (PV) Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Solar Photovoltaic (PV) Market, By Grid Type

8.1. Solar Photovoltaic (PV) Market, by Grid Type, 2023-2032

8.1.1. On-grid

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Off-grid

8.1.2.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Solar Photovoltaic (PV) Market, By Technology

9.1. Solar Photovoltaic (PV) Market, by Technology, 2023-2032

9.1.1. Monocrystalline Silicon

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Thin Film

9.1.2.1. Market Revenue and Forecast (2020-2032)

9.1.3. Polycrystalline Silicon

9.1.3.1. Market Revenue and Forecast (2020-2032)

9.1.4. Others

9.1.4.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Solar Photovoltaic (PV) Market, By Installation 

10.1. Solar Photovoltaic (PV) Market, by Installation, 2023-2032

10.1.1. Ground Mounted

10.1.1.1. Market Revenue and Forecast (2020-2032)

10.1.2. Rooftop

10.1.2.1. Market Revenue and Forecast (2020-2032)

10.1.3. Others

10.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 11. Global Solar Photovoltaic (PV) Market, By Application 

11.1. Solar Photovoltaic (PV) Market, by Application, 2023-2032

11.1.1. Residential

11.1.1.1. Market Revenue and Forecast (2020-2032)

11.1.2. Non-residential

11.1.2.1. Market Revenue and Forecast (2020-2032)

11.1.3. Utilities

11.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 12. Global Solar Photovoltaic (PV) Market, Regional Estimates and Trend Forecast

12.1. North America

12.1.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.1.2. Market Revenue and Forecast, by Technology (2020-2032)

12.1.3. Market Revenue and Forecast, by Installation (2020-2032)

12.1.4. Market Revenue and Forecast, by Application (2020-2032)

12.1.5. U.S.

12.1.5.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.1.5.2. Market Revenue and Forecast, by Technology (2020-2032)

12.1.5.3. Market Revenue and Forecast, by Installation (2020-2032)

12.1.5.4. Market Revenue and Forecast, by Application (2020-2032)

12.1.6. Rest of North America

12.1.6.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.1.6.2. Market Revenue and Forecast, by Technology (2020-2032)

12.1.6.3. Market Revenue and Forecast, by Installation (2020-2032)

12.1.6.4. Market Revenue and Forecast, by Application (2020-2032)

12.2. Europe

12.2.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.2.2. Market Revenue and Forecast, by Technology (2020-2032)

12.2.3. Market Revenue and Forecast, by Installation (2020-2032)

12.2.4. Market Revenue and Forecast, by Application (2020-2032)

12.2.5. UK

12.2.5.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.2.5.2. Market Revenue and Forecast, by Technology (2020-2032)

12.2.5.3. Market Revenue and Forecast, by Installation (2020-2032)

12.2.5.4. Market Revenue and Forecast, by Application (2020-2032)

12.2.6. Germany

12.2.6.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.2.6.2. Market Revenue and Forecast, by Technology (2020-2032)

12.2.6.3. Market Revenue and Forecast, by Installation (2020-2032)

12.2.6.4. Market Revenue and Forecast, by Application (2020-2032)

12.2.7. France

12.2.7.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.2.7.2. Market Revenue and Forecast, by Technology (2020-2032)

12.2.7.3. Market Revenue and Forecast, by Installation (2020-2032)

12.2.7.4. Market Revenue and Forecast, by Application (2020-2032)

12.2.8. Rest of Europe

12.2.8.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.2.8.2. Market Revenue and Forecast, by Technology (2020-2032)

12.2.8.3. Market Revenue and Forecast, by Installation (2020-2032)

12.2.8.4. Market Revenue and Forecast, by Application (2020-2032)

12.3. APAC

12.3.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.3.2. Market Revenue and Forecast, by Technology (2020-2032)

12.3.3. Market Revenue and Forecast, by Installation (2020-2032)

12.3.4. Market Revenue and Forecast, by Application (2020-2032)

12.3.5. India

12.3.5.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.3.5.2. Market Revenue and Forecast, by Technology (2020-2032)

12.3.5.3. Market Revenue and Forecast, by Installation (2020-2032)

12.3.5.4. Market Revenue and Forecast, by Application (2020-2032)

12.3.6. China

12.3.6.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.3.6.2. Market Revenue and Forecast, by Technology (2020-2032)

12.3.6.3. Market Revenue and Forecast, by Installation (2020-2032)

12.3.6.4. Market Revenue and Forecast, by Application (2020-2032)

12.3.7. Japan

12.3.7.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.3.7.2. Market Revenue and Forecast, by Technology (2020-2032)

12.3.7.3. Market Revenue and Forecast, by Installation (2020-2032)

12.3.7.4. Market Revenue and Forecast, by Application (2020-2032)

12.3.8. Rest of APAC

12.3.8.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.3.8.2. Market Revenue and Forecast, by Technology (2020-2032)

12.3.8.3. Market Revenue and Forecast, by Installation (2020-2032)

12.3.8.4. Market Revenue and Forecast, by Application (2020-2032)

12.4. MEA

12.4.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.4.2. Market Revenue and Forecast, by Technology (2020-2032)

12.4.3. Market Revenue and Forecast, by Installation (2020-2032)

12.4.4. Market Revenue and Forecast, by Application (2020-2032)

12.4.5. GCC

12.4.5.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.4.5.2. Market Revenue and Forecast, by Technology (2020-2032)

12.4.5.3. Market Revenue and Forecast, by Installation (2020-2032)

12.4.5.4. Market Revenue and Forecast, by Application (2020-2032)

12.4.6. North Africa

12.4.6.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.4.6.2. Market Revenue and Forecast, by Technology (2020-2032)

12.4.6.3. Market Revenue and Forecast, by Installation (2020-2032)

12.4.6.4. Market Revenue and Forecast, by Application (2020-2032)

12.4.7. South Africa

12.4.7.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.4.7.2. Market Revenue and Forecast, by Technology (2020-2032)

12.4.7.3. Market Revenue and Forecast, by Installation (2020-2032)

12.4.7.4. Market Revenue and Forecast, by Application (2020-2032)

12.4.8. Rest of MEA

12.4.8.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.4.8.2. Market Revenue and Forecast, by Technology (2020-2032)

12.4.8.3. Market Revenue and Forecast, by Installation (2020-2032)

12.4.8.4. Market Revenue and Forecast, by Application (2020-2032)

12.5. Latin America

12.5.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.5.2. Market Revenue and Forecast, by Technology (2020-2032)

12.5.3. Market Revenue and Forecast, by Installation (2020-2032)

12.5.4. Market Revenue and Forecast, by Application (2020-2032)

12.5.5. Brazil

12.5.5.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.5.5.2. Market Revenue and Forecast, by Technology (2020-2032)

12.5.5.3. Market Revenue and Forecast, by Installation (2020-2032)

12.5.5.4. Market Revenue and Forecast, by Application (2020-2032)

12.5.6. Rest of LATAM

12.5.6.1. Market Revenue and Forecast, by Grid Type (2020-2032)

12.5.6.2. Market Revenue and Forecast, by Technology (2020-2032)

12.5.6.3. Market Revenue and Forecast, by Installation (2020-2032)

12.5.6.4. Market Revenue and Forecast, by Application (2020-2032)

Chapter 13. Company Profiles

13.1. Tata Power Solar Systems Ltd.

13.1.1. Company Overview

13.1.2. Product Offerings

13.1.3. Financial Performance

13.1.4. Recent Initiatives

13.2. Canadian Solar Inc.

13.2.1. Company Overview

13.2.2. Product Offerings

13.2.3. Financial Performance

13.2.4. Recent Initiatives

13.3. Wuxi Suntech Power Co. Ltd

13.3.1. Company Overview

13.3.2. Product Offerings

13.3.3. Financial Performance

13.3.4. Recent Initiatives

13.4. Nextera Energy Sources LLC

13.4.1. Company Overview

13.4.2. Product Offerings

13.4.3. Financial Performance

13.4.4. Recent Initiatives

13.5. BrightSource Energy Inc.

13.5.1. Company Overview

13.5.2. Product Offerings

13.5.3. Financial Performance

13.5.4. Recent Initiatives

13.6. SunPower Corporation

13.6.1. Company Overview

13.6.2. Product Offerings

13.6.3. Financial Performance

13.6.4. Recent Initiatives

13.7. Vivaan Solar

13.7.1. Company Overview

13.7.2. Product Offerings

13.7.3. Financial Performance

13.7.4. Recent Initiatives

13.8. Waaree Group

13.8.1. Company Overview

13.8.2. Product Offerings

13.8.3. Financial Performance

13.8.4. Recent Initiatives

13.9. Trina Solar

13.9.1. Company Overview

13.9.2. Product Offerings

13.9.3. Financial Performance

13.9.4. Recent Initiatives

13.10. Jinko Solar

13.10.1. Company Overview

13.10.2. Product Offerings

13.10.3. Financial Performance

13.10.4. Recent Initiatives

Chapter 14. Research Methodology

14.1. Primary Research

14.2. Secondary Research

14.3. Assumptions

Chapter 15. Appendix

15.1. About Us

15.2. Glossary of Terms

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