Global Solar Photovoltaic (PV) Market Report and Forecast 2024-2032

Global Solar Photovoltaic (PV) Market Outlook 

The global market size for solar photovoltaic (PV) reached a value of more than 1,344.54 GW in 2023. The global solar photovoltaic (PV) market is expected to grow at a CAGR of 23.30% between 2024 and 2032, reaching a projected value of 8,856.09 GW by 2032.

Key Trends in the Market 

Solar photovoltaic refers to those technologies that convert solar energy into electricity through the photovoltaic effect. A solar photovoltaic system comprises of various solar cells or solar photovoltaic cells that individually convert solar energy. Specialised semiconductors and other materials are used in for the solar photovoltaic cells to effectively convert and generate electricity. 

• With the growing population and rapid urbanisation, the solar photovoltaic (PV) market growth is expected to fuel during the forecast period due to the surging demand for energy.

• The surging demand for sustainable energy resources and favourable regulations by governments worldwide to encourage the use of renewable energy sources such as solar are likely to influence the market growth of solar photovoltaic (PV) across the globe.

• Due to infrastructure development and expansion, the market demand is expected to increase, particularly in regions with adequate sunlight. This is due to the rising demand for electricity and improving living standards of consumers.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Market Analysis 

Based on the technology, the solar photovoltaic (PV) market can be divided into a thin film, multi-Si, and mono-Si, among others. On the basis of deployment, the market is segmented into ground-mounted and rooftop solar. Based on connectivity, the market is categorised into on-grid and off-grid. According to end use, the market is divided into residential, commercial, and utility. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global solar photovoltaic (PV) market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans. 

• 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

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Market Share by Deployment

The ground-mounted segment is expected to gain momentum in the solar photovoltaic (PV) market across the globe. This is on account of the surging number of utility-scale projects and solar energy targets as well as the reducing cost of solar PV installations. Ground-mounted deployments are considered easier to clean and maintain. They also produce higher energy owing to their rise in efficiency, further propelling the market growth across the globe over the coming years.

Market Share by Region

Geographically, the Asia Pacific region is expected to augment the solar photovoltaic (PV) market share on account of an increase in the installation of solar power projects in India and China.

With increasing government initiatives for green energy in India, the market growth for solar photovoltaic (PV) is likely to boost due to the surging demand for electricity. The major focus of deploying renewable energy across India is to support economic development, along with improving access to energy, mitigating climate change, and boosting energy security. This is further expected to push forward the solar photovoltaic (PV) market growth across the Asia Pacific region.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Competitive Landscape

LONGi Green Energy Technology Co., Ltd. is a leading technology and manufacturing company that deals in solar wafers and cells along with helping accelerate the clean energy transition. The company offers general solutions for renewables as well as solar energy by providing reliable, high-quality systems, and products. It utilises clean energy along with green production practices in its operations whenever possible while generating low-cost clean energy products for the planet.

Jinko Solar Co., Ltd. is one of the most innovative and famous solar technology corporations across the globe. The company’s business includes the essential links of the photovoltaic industry chain, aiming at the research and development of integrated photovoltaic products as well as integrated clean energy solutions.

Trina Solar is primarily involved in the manufacturing as well as sales of PV modules, along with research and development. It offers power station and system products, and sales and development of intelligent microgrids as well as multi-energy systems, PV power generation, and operation, and maintenance services, among others. The company is leading the way in smart solar energy solutions for a net-zero future.

Other market players includes 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., and Adani Group, among others.

Key Highlights of the Report