Solar Photovoltaic Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Solar Photovoltaic (PV) Market Size & Share and It 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). The Report Offers the Market Size and Forecasts for Solar Photovoltaic in Installed Capacity for all the Above Segments.

Solar Photovoltaic Market Size

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Solar Photovoltaic (PV) Market  Summary
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Study Period 2020 - 2029
Market Volume (2024) 1.76 Thousand gigawatt
Market Volume (2029) 6.09 Thousand gigawatt
CAGR (2024 - 2029) 22.90 %
Fastest Growing Market Middle-East and Africa
Largest Market Asia Pacific

Major Players


*Disclaimer: Major Players sorted in no particular order


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Solar Photovoltaic Market Analysis

The Solar Photovoltaic Market size is estimated at 1.76 Thousand gigawatt in 2024, and is expected to reach 6.09 Thousand gigawatt by 2029, growing at a CAGR of 22.90% during the forecast period (2024-2029).

  • Over the medium term, favorable government policies and increasing adoption of solar PV systems, with the declining price of solar panels and installation costs, will likely support the growth of the global solar energy market during the forecast period.
  • Conversely, factors like the growth of other renewable technologies, such as wind and bioenergy, are expected to hinder market growth.
  • Nevertheless, the efforts by several governments across 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 solar PV modules are expected to create ample opportunities in the near future.

Solar Photovoltaic Market Trends

Ground-mounted Solar PV to Dominate the Market

  • In 2022, 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 worldwide plan to develop large-scale solar PV projects to reduce their reliance on fossil fuel-based power generation and diversify their energy mix.
  • In May 2023, Savannah Energy Niger Solar Ltd., the wholly-owned subsidiary of British independent power company Savannah Energy Plc, signed a memorandum of agreement (MoA) with the Niger government to develop two solar photovoltaic power plants. The power facilities will have a combined installed power capacity of up to 200 MW. The proposed solar plants will be connected to the South-Central section of Niger's electricity grid. The projects will likely receive sanctions next year and achieve operational status over next two to three years.
  • Moreover, in the United States, the utility-scale solar PV sector has led the overall solar market regarding installed capacity, accounting for nearly 60% of installed capacity in 2022. There are 467 solar projects slated for the next five years until 2028, with a total value of USD 98 Billion. Also, the regions in the USA spending the most on Ground-mounted solar power projects over the next ten years are Texas (USD 27 billion), New York (USD 7 billion), Indiana (USD 6 billion), California (USD 6 billion), Ohio (USD 6 billion), and Nevada (USD 6 billion).
  • 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 (PV) Market - Installed Capacity Share by Deployment

Asia-Pacific to Dominate the Market

  • As of 2022, Asia-Pacific was the largest solar PV market globally, accounting for a major share of the global installed solar PV capacity, and it is expected to continue its dominance during the forecast period. China, Japan, and India were the key markets in the region with the largest installed capacities as of 2022.
  • The Chinese solar photovoltaic industry has grown faster than any other country in the region over the past few years. As of 2022, China's solar PV installed capacity reached 392.436 GW, representing an increase of 28.08% compared to the previous year's value.
  • With the increasing demand for electricity and green energy, in December 2022, the New Delhi Government approved the draft of its ambitious Solar Policy 2022, which revises the installed capacity of 6,000 MW from 2,000 MW in two years; the policy aims to create a unified single-window state portal managed by the Delhi Solar Cell that will provide information on the benefits of solar PV systems.
  • Moreover, in March 2022, Alibaba Group's logistics arm Cainiao Network started to use distributed solar power generated by rooftop solar panels installed in its bonded warehouses in China to power its operations. The company had installed the PV power generation systems on 100,000 square meters of warehouse rooftops that can store 7.862 MW of energy, with an annual power output of over 8 million kilowatts per hour, enough to power more than 3,000 homes. The power generated by the solar power system will be sufficient to power Cainiao's warehouse operations, and excess electricity will be diverted to the grid. Further, Cainiao and its partners expect to install rooftop PV generation systems on Cainiao's bonded warehouses spanning a combined 500,000 square meters, this year.
  • 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 market (in no particular order) include SunPower Corporation, JinkoSolar Holding Co. Ltd., Canadian Solar Inc., Trina Solar Ltd, and JA Solar Holdings Co. Ltd, among others.

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 (PV) Market Concentration
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Solar Photovoltaic Market News

  • May 2023: State-owned SJVN Ltd. bagged a 100 MW solar power project worth USD 73.24 Million from Rajasthan Urja Vikas Nigam Ltd. SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of SJVN, participated in an open competitive tariff bidding process followed by e-Reverse Auction (e-RA) organized by Rajasthan Urja Vikas Nigam Ltd (RUVNL).
  • November 2022: European Energy, a Danish-based developer of solar parks, was set to build a 128.5 MW solar park near Helsingborg in southern Sweden. The plant is expected to produce 175 GWh of electricity annually. Production is scheduled to begin in 2024 after the completion of the project by 2023.

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, till 2028

    3. 4.3 Annual Solar PV Shipments in GW, till 2022

    4. 4.4 Share of Solar PV Shipments (%), by Technology, 2022

    5. 4.5 Average Selling Price of Solar PV Modules in USD/W, till 2022

    6. 4.6 Utility-Scale Solar PV Installation Cost in USD/kW, by Major Countries, 2022

    7. 4.7 Solar PV Average Electricity Cost, by Major Countries, 2022

    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

        1. Favorable Government Policies and Increasing Adoption of Solar PV Systems

        2. Soaring Electricity Prices Incentivized Installing Solar PV Systems for Self-Consumption

      2. 4.11.2 Restraints

        1. The Growth of Other Renewable Technologies Such as Wind and Bioenergy

    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

        1. United States of America

        2. Canada

        3. Rest of North America

      2. 5.4.2 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. Rest of Asia-Pacific

      3. 5.4.3 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      4. 5.4.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. Saudi Arabia

        2. United Arab Emirates

        3. South Africa

        4. Rest of Middle East & 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

    1. 7.1 The Efforts by Several Governments Across the Emerging Nations in the Regions Like Africa and Southeast Asia to Provide 100% Electricity Access

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Solar Photovoltaic Industry Segmentation

Photovoltaic solar energy is a clean, renewable energy source that uses solar radiation to produce electricity. It is based on the so-called photoelectric effect, by which certain materials can absorb photons (light particles) and release electrons, generating an electric current.

The Solar Photovoltaic (PV) Market is segmented by product type, end-user, deployment and geography. By product, the market is segmented by thin film, multi-si, and mono-si. By end-user, the market is segmented by residential, commercial, and utility. By deployment, the market is segmented into ground-mounted and rooftop solar. The report also covers the market size and forecasts for the solar photovoltaic (PV) market across major regions. The market sizing and forecasts for each segment have been done based on installed capacity.

Thin film
Rooftop Solar
North America
United States of America
Rest of North America
Rest of Asia-Pacific
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle East & Africa
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Solar Photovoltaic Market Research FAQs

The Solar Photovoltaic (PV) Market size is expected to reach 1.76 thousand gigawatt in 2024 and grow at a CAGR of 22.90% to reach 6.09 thousand gigawatt by 2029.

In 2024, the Solar Photovoltaic (PV) Market size is expected to reach 1.76 thousand gigawatt.

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

Middle-East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Solar Photovoltaic (PV) Market.

Solar Photovoltaic Industry Report

Statistics for the 2024 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 for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Solar Photovoltaic Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)