Solar Photovoltaic (PV) Market Trends, Demand and Forecast 2025-2033

Global Solar Photovoltaic (PV) Market Statistics: 4,919.2 TWh by 2033

Summary:

• The global solar photovoltaic (PV) market size reached 1,386.1 TWh in 2024.

• The market is expected to reach 4,919.2 TWh by 2033, exhibiting a growth rate (CAGR) of 14.36% during 2025-2033.

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

• On-grid represents the largest segment due to its ability to provide a consistent energy supply by connecting to the utility grid, facilitating the sale of excess electricity generated.

• Utility represents the largest segment as large-scale solar installations are increasingly adopted by utilities to meet renewable energy targets and supply electricity on a mass scale.

• Supportive government policies and incentives play a crucial role in driving the market growth of the solar photovoltaic (PV) industry.

• Continuous technological advancements in solar PV panels, including increases in efficiency and reductions in manufacturing costs, are key factors propelling the market growth.

Industry Trends and Drivers:

• Increasing Government Policies and Incentives:

The solar photovoltaic (PV) industry inherently requires government policies and incentives to achieve growth. Governments are in various ways providing incentives like subsidies, tax credit and feed-in tariffs with an aim of increasing the use of solar energy. This support leads to decreased installation costs to implement solar energy system; hence improving its attractiveness to homes and businesses. The evidence from the markets demonstrates this as the factors play a big role in boosting the probabilities and prospects of the solar PV.

• Continuous Technological Advancements:

In additions to that, progress in the solar photovoltaic products is helping to drive market developments. Such improvements include, efficiency and cost of production. Others are bifacial panels that produce electricity from both side and PERC technology that added power in the panels. These factor make solar energy cheaper as compared to other basic energy sources. They also raise the solar PV representation in the renewable sector.

• Rising Awareness of Renewable Energy:

Awareness of Solar energy and commitment to the reduction of greenhouse gases are freely driving the Solar Photovoltaic (PV) market. One rapidly growing need is for clean, green, renewable power. This makes solar energy crucial in improving the green economy formation. Consumers are switching towards green energy, while industries and manufactures also incline towards green energy production. This trend shall be effective in carrying forward the market’s growth. Based on reports, there is a good forecast on the solar PV market.

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Solar Photovoltaic (PV) Market Report Segmentation:

By Type:

• Thin Film

• Multi-Si

• Mono-Si

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

By Grid Type:

• On-Grid

• Off-Grid

On-grid represents the largest segment due to its ability to provide a consistent energy supply by connecting to the utility grid, facilitating the sale of excess electricity generated.

By Deployment:

• Ground-mounted

• Rooftop Solar

Ground-mounted represents the largest segment due to its scalability and efficiency advantages, allowing for optimal solar panel orientation and exposure to sunlight.

By End User:

• Residential

• Commercial

• Utility

Utility represents the largest segment as large-scale solar installations are increasingly adopted by utilities to meet renewable energy targets and supply electricity on a mass scale.

Regional Insights:

• 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’s dominance in the solar photovoltaic (PV) market is attributed to the rising implementation of stringent regulations encouraging individuals and businesses to invest in renewable energy sources.

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.

Note: 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.

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