Market Size of Solar Photovoltaic (PV) Industry
| 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.
