How Has The Photovoltaic Market Size Evolved In Recent Years?
The photovoltaic market has seen considerable growth due to a variety of factors.
•The size of the photovoltaic market has seen significant growth in the past few years. It is projected to expand from $98.32 billion in 2024 to $106.88 billion in 2025, boasting a compound annual growth rate (CAGR) of 8.7%.
Factors driving this growth during the historic period included increased environmental consciousness, need for energy security, successful grid integration, the appeal of economic viability, and global transition to different energy sources.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Photovoltaic Market?
The photovoltaic market is expected to maintain its strong growth trajectory in upcoming years.
• Significant expansion is anticipated in the photovoltaic market within the next few years, with expectations of it reaching a hefty worth of "$148.83 billion by 2029. This reflects a compound annual growth rate (CAGR) of 8.6%.
A combination of factors are contributing to this growth in the projected period such as integration of energy storage, government-driven climate goals, decentralization of energy generation, integration of electric vehicles, and corporate drives towards sustainability. An identified spectrum of trends for this period includes evolution in solar technology, further integration of energy storage, implementing floating solar installations, increasing digitalization and monitoring, as well as the involvement of green financing and investment.
Which Key Drivers Are Propelling The Photovoltaic Market's Growth?
The photovoltaic market is projected to expand due to the growing demand for renewable energy. Renewable energy, which is energy derived from natural resources that replenish quicker than they're consumed, forms the backbone of these photovoltaic systems. These systems consist of solar panels, typically made from silicon-based materials, and an inverter that transforms the direct current electricity generated by the panels into alternating current electricity. This can then be used to power homes and enterprises, which in turn, amplifies the demand for the photovoltaic market. For instance, the European Environment Agency, a Denmark-based government agency, noted in March 2024 that the proportion of energy consumption from renewable sources in the EU rose from 21.9% in 2021 to 23% in 2022. This surge was largely driven by substantial growth in solar power, highlighting the connection between the burgeoning demand for renewable energy and the expansion of the photovoltaic market.
What Are The Key Segments Within The Global Photovoltaic Market?
The photovoltaic market covered in this report is segmented –
1) By Component: Modules, Inverters, Balance Of Systems (BOS)
2) By Cell Type: Full-Cell PV Modules, Half-Cell PV Modules
3) By Installation Type: Ground-Mounted, Building-Integrated Photovoltaics (BIPV), Floating PV
4) By Technology: Thin Film, Mono-Si, Multi-Si
5) By Application: Residential, Commercial And Industrial, Utilities
Subsegments:
1) By Modules: Monocrystalline Solar Modules, Polycrystalline Solar Modules, Thin-Film Solar Modules, Bifacial Solar Modules, Building-Integrated Photovoltaics (BIPV)
2) By Inverters: String Inverters, Central Inverters, Microinverters, Power Optimizers, Hybrid Inverters
3) By Balance of Systems (BOS): Mounting Structures, Electrical Components, Monitoring Systems, Energy Storage Systems, Safety And Protection Equipment
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How Are New Trends Impacting The Size Of The Photovoltaic Market?
Leading corporations in the photovoltaic market are prioritizing the creation of innovative items like solar panels to enhance energy efficiency and lower consumer expenses. Solar panels are devices that transform sunlight into electricity, serving as a renewable energy solution for residential and commercial properties. For example, Silfab Solar, a solar cell and module producer from Canada, introduced 640 W utility-scale solar panels in September 2024. These are groundbreaking bifacial modules crafted for large-scale photovoltaic (PV) projects, equipped with advanced N-type solar cell technology that boosts efficacy and performance.
Who Are the Key Players in the Photovoltaic Market?
Major companies operating in the photovoltaic market include:
• JinkoSolar Holding Co. Ltd.
• JA Solar Technology Co. Ltd.
• Trina Solar Co. Ltd.
• LONGi Green Energy Technology Co. Ltd.
• Canadian Solar Inc.
• First Solar Inc.
• Hanwha Qcells
• Wuxi Suntech Power Co. Ltd.
• Sharp Corporation
• Mitsubishi Electric Corporation
• GCL System Integration Technology Co. Ltd.
• Risen Energy Co. Ltd.
• Shunfeng International Clean Energy Ltd.
• Acciona S.A.
• SunPower Corporation
• Waaree Energies Ltd.
• Suntech Power Holding Co. Ltd.
• QCELLS Co. Ltd.
• NextEra Energy Inc.
• Sunrun Inc.
• Maxeon Solar Technologies Ltd.
• SolarEdge Technologies Inc.
• Emmvee Photovoltaic Power Private Limited
• ABB Ltd.
• SL Power Electronics Corp.
• Fimer SpA
• Sunnova Energy International Inc.
• Yingli Green Energy Holding Company Limited
• LG Corp.
• REC Solar Holdings AS
What are the Regional Insights into the Photovoltaic Market?
Asia-Pacific was the largest region in the Photovoltaic market in 2024. The regions covered in the photovoltaic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
