Solar Photovoltaic (PV) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Solar Photovoltaic (PV) Market is segmented by Product Type (Thin Film, Multi-Si, and Mono-Si), End User (Residential, Commercial, and Utility), Deployment (Ground-mounted and Rooftop Solar), and Geography (North America, Asia-Pacific, Europe, South America, and Middle-East and Africa).

Solar Photovoltaic Market Size

Solar Photovoltaic Market Summary
Study Period: 2019 - 2028
Fastest Growing Market: Middle-East and Africa
Largest Market: Asia Pacific
CAGR: 22.91 %

Major Players

Solar Photovoltaic Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Solar Photovoltaic Market Analysis

The global solar photovoltaic (PV) installed capacity is expected to register a CAGR of more than 22.91%, reaching almost 3228.73 GW by 2027, up from 766 GW in 2020. The COVID-19 outbreak had a very slight impact on the market growth and negatively affected the supply chain in Q1 and Q2 2020. In 2020, the global solar PV capacity additions were estimated to be around 107 GW, representing stable growth from 2019. The major factor driving the global solar PV market is the declining cost of solar PV and associated systems. In 2020, solar PV module prices reduced by more than 80%, as compared to that in 2010. The decline can be mainly attributed to the improvement in material efficiency, production optimization, and economies of scale. However, factors like the growth of other renewable technologies such as wind and bioenergy are expected to hinder the market growth during the forecast period.

  • The solar photovoltaic market is majorly dominated by the ground-mounted segment than the rooftop segment due to higher capacity installations in the ground-mounted segment across the world. The higher demand for utility-scale is expected to continue during the forecast period, with strong demand from China and many emerging markets around the world installing notable amounts that are mostly ground-mounted.
  • The efforts by several governments across the emerging nations in the regions like Africa and Southeast Asia to provide 100% electricity access in remote areas coupled with off-grid applications and technological advancements in the solar PV modules are expected to create an ample amount of opportunities in the near future.
  • With leading countries like China, Japan, and India, Asia-Pacific is expected to dominate the market during the forecast period.

Solar Photovoltaic Industry Segmentation

The solar photovoltaic (PV) market report includes:

Thin film
End User
Rooftop Solar
North America
South America
Middle-East and Africa

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Solar Photovoltaic Market Trends

This section covers the major market trends shaping the Solar Photovoltaic Market according to our research experts:

Ground-mounted Solar PV to Dominate the Market

  • In 2020, the ground-mounted solar PV accounted for more than 60% of the global solar PV capacity, with countries like China, the United States, Germany, and India leading the market growth.
  • The ground-mounted solar PV segment's dominance can be attributed to the factors such as the increasing number of utility-scale projects, solar energy targets, and declining costs of solar PV installations.
  • Countries across the world are planning to develop large-scale solar PV projects in order to reduce their reliance on fossil fuel-based power generation and to diversify their energy mix.
  • In January 2021, Sembcorp Energy India Ltd announced that it had won a new 400 MW solar power project in the Indian state of Rajasthan. Similarly, in February 2021, construction began on the Samson Solar Energy Center, the largest planned solar energy farm in the United States. The solar farm is expected to have 1,013 MW of generating capacity and is expected to be completed by 2023.
  • Moreover, in the United States, the utility-scale solar PV sector has led the overall solar market, in terms of installed capacity, accounting for nearly 60% of installed capacity in 2020. Four new states, Washington, Wyoming, Vermont, and Connecticut, added their first utility-scale solar project in 2018. Three-quarters of all states in the country are now equipped with one or more utility-scale solar projects.
  • Therefore, owing to the above points, the increasing installations of large-scale utility solar PV projects are expected to make ground-mounted solar PV a dominating segment during the forecast period.
Solar Photovoltaic Market: Installed Capacity Share (%), By Deployment, Global, 2021

Asia-Pacific to Dominate the Market

  • As of 2020, Asia-Pacific is the largest solar PV market across the world, accounting for more than 59% of the global installed solar PV capacity, and it is expected to continue its dominance during the forecast period as well. China, Japan, and India are the key markets in the region with the largest installed capacities as of 2020.
  • The Chinese solar photovoltaic industry has grown faster than any other country in the region over the past few years. As of 2020, China's solar energy capacity reached 253 GW, representing an increase of 24.1% compared to the previous year's value.
  • With the increasing demand for electricity and green energy, India, under the scheme, the Jawaharlal Nehru National Solar Mission (JNNSM), has set the target of deploying 100 GW of grid-connected solar power by 2022. The objective of JNNSM is to establish India as a global leader in solar energy by creating the policy conditions for its deployment across the country.
  • In 2020, Japan ranked third in the world, behind China and United States, in solar capacity and generated around 5% of the country’s electricity generation. In 2020, the country had 67 GW capacity for solar PV, and under the Long-term Energy Supply and Demand Outlook for FY 2030, the Ministry of Economy, Trade, and Industry of Japan is aiming to increase the share of renewable energy share to 24% by 2030, which is expected to increase the solar PV market in the country.
  • Factors such as upcoming solar PV projects, supportive government policies, and declining costs of solar PV modules and associated systems are expected to drive the solar PV market in the region during the forecast period.
Solar Photovoltaic (PV) Market: Growth Rate By Region, 2022-2027

Solar Photovoltaic Industry Overview

The solar photovoltaic (PV) market is fragmented. Some of the major players operating in the solar photovoltaic (PV) market include JinkoSolar Holding Co. Ltd, Canadian Solar Inc., SunPower Corporation, Trina Solar Ltd, First Solar Inc., Suntech Power Holding Co. Ltd, Sharp Corporation, Hanwha Q Cells Co Ltd, and JA Solar Holdings Co. Ltd.

Solar Photovoltaic Market Leaders

  1. SunPower Corporation

  2. JinkoSolar Holding Co. Ltd

  3. Canadian Solar Inc.

  4. Trina Solar Ltd

  5. JA Solar Holdings Co. Ltd

*Disclaimer: Major Players sorted in no particular order

Solar Photovoltaic Market Concentration

Solar Photovoltaic Market News

  • In January 2021, Royal Dutch Shell PLC launched its 25 MW Qabas solar plant. The plant is located on a 50-hectare site within the Sohar Free zone in northern Oman, and consists of over 88,000 solar modules. It helps in avoiding more than 25,000 tons of CO2 emissions annually.
  • In April 2021, ACWA Power inaugurated the 300 MW Sakaka PV IPP, the country’s first utility-scale renewable energy project, at an investment cost of SAR 1.2 billion. The project was awarded to ACWA Power at a record-breaking tariff of USD 2.3417 cents/kWh (8.781 halalas/kWh).

Solar Photovoltaic Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Solar Photovoltaic (PV) Installed Capacity and Forecast in GW, till 2027

    3. 4.3 Annual Solar PV Shipments in GW, till 2020

    4. 4.4 Share of Solar PV Shipments (%), by Technology, 2020

    5. 4.5 Average Selling Price of Solar PV Modules in USD/W, till 2021

    6. 4.6 Utility-Scale Solar PV Installation Cost in USD/kW, by Major Countries, 2020

    7. 4.7 Solar PV Average Electricity Cost, by Major Countries, 2020

    8. 4.8 Information on Key Projects

    9. 4.9 Recent Trends and Developments

    10. 4.10 Government Policies and Regulations

    11. 4.11 Market Dynamics

      1. 4.11.1 Drivers

      2. 4.11.2 Restraints

    12. 4.12 Supply Chain Analysis

    13. 4.13 Porter's Five Forces Analysis

      1. 4.13.1 Bargaining Power of Suppliers

      2. 4.13.2 Bargaining Power of Consumers

      3. 4.13.3 Threat of New Entrants

      4. 4.13.4 Threat of Substitute Products and Services

      5. 4.13.5 Intensity of Competitive Rivalry


    1. 5.1 Type

      1. 5.1.1 Thin film

      2. 5.1.2 Multi-Si

      3. 5.1.3 Mono-Si

    2. 5.2 End User

      1. 5.2.1 Residential

      2. 5.2.2 Commercial

      3. 5.2.3 Utility

    3. 5.3 Deployment

      1. 5.3.1 Ground-mounted

      2. 5.3.2 Rooftop Solar

    4. 5.4 Geography

      1. 5.4.1 North America

      2. 5.4.2 Asia-Pacific

      3. 5.4.3 Europe

      4. 5.4.4 South America

      5. 5.4.5 Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 First Solar Inc.

      2. 6.3.2 Sharp Corporation

      3. 6.3.3 Suntech Power Holding Co. Ltd

      4. 6.3.4 JinkoSolar Holding Co. Ltd

      5. 6.3.5 JA Solar Holdings Co. Ltd

      6. 6.3.6 Trina Solar Ltd

      7. 6.3.7 Hanwha Q Cells Co. Ltd

      8. 6.3.8 Acciona SA

      9. 6.3.9 Canadian Solar Inc.

      10. 6.3.10 SunPower Corporation

      11. 6.3.11 LONGi Green Energy Technology Co. Ltd

    4. *List Not Exhaustive

**Subject to Availability
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Solar Photovoltaic Market Research FAQs

The Solar Photovoltaic (PV) Market is studied from 2019 - 2028.

The Solar Photovoltaic (PV) Market is growing at a CAGR of 22.91% over the next 5 years.

Middle-East and Africa is growing at the highest CAGR over 2019 - 2028.

Asia Pacific holds highest share in 2021.

SunPower Corporation , JinkoSolar Holding Co. Ltd, Canadian Solar Inc., Trina Solar Ltd, JA Solar Holdings Co. Ltd are the major companies operating in Solar Photovoltaic (PV) Market.

Solar Photovoltaic (PV) Industry Report

Statistics for the 2023 Solar Photovoltaic (PV) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solar Photovoltaic (PV) analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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