Solar Photovoltaic (PV) Market Report 2024 | Trends and Forecast by 2032

Global Solar Photovoltaic (PV) Market Statistics: 4,432.1 TWh Value by 2032

Summary:

• The global solar photovoltaic (PV) market size reached 1,204.1 TWh in 2023.

• The market is expected to reach 4,432.1 TWh by 2032, exhibiting a growth rate (CAGR) of 15.1% during 2024-2032.

• Asia Pacific leads the market, accounting for the largest solar photovoltaic (PV) market share.

• On the basis of the type, the market has been divided into thin film, multi-Si, and mono-Si.

• On-grid holds the largest share in the solar photovoltaic (PV) industry.

• Ground-mounted remain a dominant segment in the market, as ground-mounted systems are easier to maintain and can be optimized for sunlight exposure.

• Utility represents the leading application segment.

• The rising environmental concerns is a primary driver of the solar photovoltaic (PV) market.

• Technological advancements and falling costs of solar panels are reshaping the solar photovoltaic (PV) market.

Industry Trends and Drivers:

• Falling costs of solar panels:

Cost reductions in the production of solar panels, driven by advancements in technology and manufacturing processes, have made solar energy more affordable for both consumers and businesses. This lower cost has made solar power an attractive option compared to traditional energy sources like coal and natural gas. Over the last decade, the cost of solar PV systems has dropped by more than 80%, making it accessible to a wider audience, including homeowners, small businesses, and large-scale utility companies. As the costs of solar panels have decreased, the return on investment for solar energy systems has improved. With shorter payback periods and higher long-term savings, more businesses, industries, and households are choosing to install solar PV systems. Lower upfront costs combined with incentives, such as tax credits, subsidies, and rebates in many regions, further enhance the financial appeal of solar energy investments.

• Environmental concerns:

Growing concerns about climate change and the need to reduce carbon emissions are pushing governments, industries, and consumers to seek alternative energy sources to replace fossil fuels. Solar energy, being a zero-emission power source, is a key solution to meet climate targets and reduce reliance on coal, oil, and natural gas. International agreements such as the Paris Agreement require countries to significantly reduce greenhouse gas emissions. Solar PV plays a central role in helping countries meet their nationally determined contributions (NDCs) by providing a scalable, renewable energy option. Increased public awareness of the environmental impacts of fossil fuel consumption, such as air pollution, deforestation, and ecosystem degradation, has led to a rise in demand for clean energy options. Many consumers and businesses are prioritizing environmentally friendly energy choices, with solar PV being one of the most accessible and sustainable options.

• Technological advancements:

Technological advancements in solar cell materials and design are leading to a marked improvement in efficiency, the ability of solar panels to convert sunlight into electricity. Innovations, such as monocrystalline and bifacial solar panels can now achieve higher efficiency rates, enabling more energy generation from smaller spaces. New technologies like passivated emitter and rear cell (PERC), heterojunction (HJT) cells, and tandem solar cells are pushing efficiency limits even further, making solar PV systems more cost-effective and attractive for residential, commercial, and utility-scale projects. Innovations in manufacturing processes, including automation, robotics, and advanced materials, are reducing the production costs of solar PV systems.

Request for a sample copy of this report: https://www.imarcgroup.com/solar-photovoltaic-market/requestsample

Solar Photovoltaic (PV) Market Report Segmentation:

Breakup By Type:

• Thin Film

• Multi-Si

• Mono-Si

On the basis of the type, the market has been divided into thin film, multi-Si, and mono-Si.

Breakup By Grid Type:

• On-Grid

• Off-Grid

On-grid represents the largest segment due to its ability to feed excess electricity back into the grid, reducing costs and increasing energy efficiency for both residential and commercial users.

Breakup By Deployment:

• Ground-mounted

• Rooftop Solar

Ground-mounted exhibits a clear dominance in the market as ground-mounted solar installations allow for large-scale projects, especially utility-scale solar farms, which offer greater energy generation capacity compared to rooftop systems.

Breakup By End User:

• Residential

• Commercial

• Utility

Utility holds the biggest market share because they invest in large-scale solar power plants to meet the growing demand for clean energy and fulfill renewable energy mandates.

Breakup By Region:

• North America (United States, Canada)

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)

• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

• Latin America (Brazil, Mexico, Others)

• Middle East and Africa

Asia Pacific enjoys the leading position in the solar photovoltaic (PV) market owing to strong government support, rapid industrialization, and the presence of key solar PV manufacturers in countries like China and India.

Top Solar Photovoltaic (PV) Market Leaders: 

The solar photovoltaic (PV) market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• Acciona S.A.

• Canadian Solar Inc.

• First Solar Inc.

• JA Solar Technology Co

• JinkoSolar Holding Co. Ltd.

• LONGi Green Energy Technology Co. Ltd.

• Sharp Corporation

• Solar Frontier K.K

• SunPower Corporation

• Suntech Power Co. Ltd. (Shunfeng Int'l)

• Tata Power Solar Systems Limited (Tata Power Company Limited)

• Trina Solar Co. Ltd.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

Contact Us:

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

Email: sales@imarcgroup.com

Tel No:(D) +91 120 433 0800

United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163