Solar Photovoltaic (PV) Market Size, Share, Trends and Report – 2034

Solar Photovoltaic (PV) Market Outlook

According to the report by Expert Market Research (EMR), the global solar photovoltaic (PV) market attained a volume of 1,344.54 Gigawatts in 2024. Driven by the increasing adoption of renewable energy sources, supportive government policies, and the growing focus on reducing carbon emissions, the market is projected to grow at a CAGR of 23.30% between 2025 and 2034, reaching a volume of 10,919.54 Gigawatts by 2034.

Solar photovoltaic technology converts sunlight directly into electricity through the use of semiconducting materials, making it a pivotal component in the global transition towards sustainable energy. PV systems are deployed across residential, commercial, and utility-scale applications, providing a clean and renewable energy source that contributes to energy security and environmental sustainability.

The solar PV market has witnessed substantial growth over the past decade, supported by declining costs of PV modules, technological advancements, and increasing awareness of environmental challenges. With governments worldwide setting ambitious targets for renewable energy capacity, solar PV is emerging as the fastest-growing segment within the renewable energy sector.

Solar Photovoltaic (PV) Market Size

The global solar PV market reached a volume of 1,344.54 Gigawatts in 2024, reflecting strong adoption across developed and emerging economies. Declining costs of solar panels, improvements in energy conversion efficiency, and the rise of large-scale utility projects have fueled market expansion.

By 2034, the market is projected to achieve a volume of 10,919.54 Gigawatts, driven by ongoing capacity additions, decentralized solar solutions for residential and commercial applications, and the scaling of energy storage technologies. The substantial CAGR of 23.30% highlights the increasing reliance on solar PV as a primary energy source across the globe.

Solar Photovoltaic (PV) Market Share

The market is segmented across multiple geographies and application types. Utility-scale solar PV installations account for the largest market share due to their economies of scale, high energy output, and long-term cost benefits. Residential and commercial rooftop installations are gaining traction, particularly in regions with high electricity tariffs and supportive net metering policies.

Regionally, Asia-Pacific dominates the global market, led by China, India, and Japan, which account for substantial solar PV deployment. China, in particular, remains the largest solar PV market globally, both in terms of installation capacity and manufacturing output. North America and Europe also represent significant shares, supported by renewable energy incentives, corporate sustainability commitments, and government-led initiatives.

Emerging regions in Latin America, the Middle East, and Africa are expected to witness rapid growth due to rising energy demand, favorable solar irradiation levels, and supportive policy frameworks.

Request your free report sample now and see the contents firsthand – https://www.expertmarketresearch.com/reports/solar-photovoltaic-pv-market/requestsample

Solar Photovoltaic (PV) Market  Trends

The global solar PV market is being shaped by several key trends:

• Falling Costs of Solar Modules: Technological innovations and mass production are reducing module costs, making solar PV increasingly competitive with conventional energy sources.

• Integration with Energy Storage: The combination of solar PV systems with battery storage solutions is enhancing energy reliability and grid stability.

• Floating Solar PV: Floating PV installations on water bodies are gaining attention for their efficient land use and cooling benefits, which improve panel efficiency.

• Smart Solar Technologies: IoT-enabled PV systems and advanced monitoring software are optimizing energy production and maintenance.

• Corporate PPA Adoption: Corporations are increasingly investing in solar PV through power purchase agreements (PPAs) to meet sustainability goals and reduce energy costs.

• Decentralized Solar Deployment: Rooftop and off-grid solar solutions are expanding access to electricity in remote and underserved areas.

Drivers of Growth

Several key drivers are accelerating the adoption of solar PV globally:

• Government Incentives and Policies: Subsidies, tax credits, feed-in tariffs, and renewable portfolio standards are encouraging solar investments.

• Environmental Awareness: Rising concerns over climate change and carbon emissions are prompting governments, corporations, and individuals to adopt clean energy solutions.

• Declining Costs: Improvements in PV technology and economies of scale have significantly reduced the levelized cost of electricity (LCOE) from solar.

• Rising Electricity Demand: Growing populations, urbanization, and industrialization are driving the need for additional power capacity, particularly in emerging economies.

• Technological Advancements: Innovations in PV materials, inverters, tracking systems, and bifacial panels are improving efficiency and reducing energy costs.

• Corporate Sustainability Initiatives: Businesses are increasingly deploying solar PV systems to reduce energy expenses and enhance their environmental credentials.

Technology and Advancements

The solar PV industry has witnessed transformative technological advancements:

• High-Efficiency PV Cells: Multi-junction, heterojunction, and perovskite solar cells are delivering higher energy conversion efficiency.

• Bifacial Panels: Bifacial modules capture sunlight from both sides, improving energy yield without additional land use.

• Solar Tracking Systems: Single-axis and dual-axis trackers optimize sunlight capture throughout the day, increasing system output.

• Floating PV Technology: Innovative installations on reservoirs, lakes, and coastal areas maximize solar generation while minimizing land use.

• Energy Storage Integration: Coupling solar PV with lithium-ion and emerging solid-state batteries ensures continuous power supply and grid stability.

• IoT and Smart Monitoring: Remote monitoring and predictive maintenance systems enhance performance and reduce downtime.

Solar Photovoltaic (PV) Market Segmentation

The market can be divided based on device, age group, platform type and region

Breakup by Technology

• Thin film
• Multi-Si
• Mono-Si
• Others

Breakup by Deployment

• Ground-mounted
• Rooftop

Breakup by Connectivity

• On-grid
• Off-grid

Breakup by End Use

• Residential
• Commercial
• Utility

Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive landscape

Some of the major players explored in the report by expert market research are as follows:

• LONGi Green Energy Technology Co., Ltd.
• Jinko Solar Co., Ltd.
• Trina Solar
• JA SOLAR Technology Co.,Ltd.
• Canadian Solar Inc.
• Risen Energy Co., Ltd.
• First Solar Inc.
• Hanwha Group.
• Golden Concord Holdings Limited
• CHINT Group
• Wuxi Suntech Power Co., Ltd.
• Adani Group
• Others

Challenges and Opportunities

Challenges:

• Intermittency and Grid Integration: Solar energy generation depends on sunlight availability, posing challenges for grid stability.

• Land Availability: Large-scale installations require significant land, which may be constrained in urban or environmentally sensitive regions.

• High Initial Capital Costs: Despite declining module costs, upfront investment for utility-scale projects can be substantial.

• Supply Chain Dependencies: Manufacturing relies on critical materials like polysilicon, making the market vulnerable to supply disruptions.

Opportunities:

• Emerging Markets: Countries in Africa, Latin America, and Southeast Asia present untapped potential for solar PV deployment.

• Floating and Agro-Photovoltaics: Innovative applications that combine solar PV with agriculture or water bodies offer new avenues for growth.

• Energy Storage Integration: Pairing PV with storage solutions increases adoption in regions with weak grid infrastructure.

• Corporate and Industrial Adoption: Expanding use of solar PPAs and off-grid systems by industries offers significant market potential.

• Technological Advancements: Continuous R&D in high-efficiency PV cells, tracking systems, and bifacial modules enhances energy yield and cost-effectiveness.

Solar Photovoltaic (PV) Market Forecast

The global solar PV market is poised for significant expansion over the next decade. With an anticipated CAGR of 23.30% from 2025 to 2034, the market is projected to reach 10,919.54 Gigawatts by 2034.

Utility-scale projects will continue to dominate, particularly in regions with supportive policies and high solar irradiation. Residential and commercial rooftop installations will experience accelerated growth due to cost reductions, favorable financing options, and sustainability initiatives. Asia-Pacific is expected to retain the largest market share, while North America, Europe, and emerging economies in Latin America and Africa will contribute substantially to overall market expansion.

The global solar PV market will continue to be a driving force in the renewable energy transition, enhancing energy security, reducing carbon emissions, and supporting the worldwide commitment to sustainable development goals.

Media Contact: