Photovoltaic Market Report 2026

Photovoltaic Market Overview

• Photovoltaic market size has reached to $104.92 billion in 2025 • Expected to grow to $156.11 billion in 2030 at a compound annual growth rate (CAGR) of 8.4% • Growth Driver: The Impact Of Rising Renewable Energy Demand On The Photovoltaic Market • Market Trend: Innovative Solar Photovoltaic Systems For Sustainable Energy Generation • Asia-Pacific was the largest region in 2025.

What Is Covered Under Photovoltaic Market?

Photovoltaic refers to the direct conversion of light into electrical power using semiconducting materials, such as silicon. Photovoltaic technology is a key component of the transition to a more sustainable and renewable energy future. It is used to convert solar energy directly into electrical power without burning non-renewable carbon fuels like coal, oil, or natural gas. The main components of photovoltaics are modules, Inverters, and the balance of systems (BOS). A module is a separate component combined with others to create other things. The various cell types include full-cell PV modules and half-cell PV modules. The various installation types include ground-mounted, building-integrated photovoltaics (BPPV), and floating PV, which includes techniques such as thin film, mono-SI, and multi-SI. These are used in various applications such as residential, commercial, and industrial, utilities.

What Is The Photovoltaic Market Growth Forecast?

The photovoltaic market size is expected to see strong growth in the next few years. It will grow to $156.11 billion in 2030 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to rising demand for bifacial pv modules, increasing investment in floating pv plants, advancement of hybrid inverter technologies, expansion of building-integrated photovoltaics, rising utility-scale solar capacity additions. Major trends in the forecast period include adoption of sustainable photovoltaic manufacturing, integration of solar in smart energy networks, development of high-efficiency pv technologies, expansion of pv systems in electric mobility infrastructure, growth of digitally monitored solar installations.

Global Photovoltaic Market Segmentation

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

What Is The Driver Of The Photovoltaic Market?

The rise in demand for renewable energy is expected to propel the growth of the photovoltaic market going forward. Renewable energy is defined as energy produced from natural sources that are regenerated at a faster rate than it is consumed. Photovoltaic systems are made up of solar panels, which are commonly built of silicon-based materials, and an inverter, which converts the direct current electricity produced by the solar panels into alternating current electricity that may be utilized to power homes and businesses, as a result, rise in demand for renewable energy increases the demand for photovoltaic market. For instance, in January 2024, according to the the International Energy Agency, a France-based an intergovernmental organization, in 2023, global renewable energy capacity additions surged by 50%, reaching nearly 510 gigawatts (GW), with solar PV contributing about three-quarters of the total new installations worldwide. Therefore, the rise in demand for renewable energy is driving the growth of the photovoltaic industry.

Key Players In The Global Photovoltaic Market

Major companies operating in the photovoltaic market are 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., Maxeon Solar Technologies Ltd., SolarEdge Technologies Inc., Emmvee Photovoltaic Power Private Limited, ABB Ltd., SL Power Electronics Corp., Fimer SpA, Yingli Green Energy Holding Company Limited, LG Corp., REC Solar Holdings AS

Global Photovoltaic Market Trends and Insights

Major companies operating in the photovoltaic market are focused on the deployment of innovative photovoltaic products in their production facilities, such as solar photovoltaic systems, to increase their profitability in the market. Solar photovoltaic systems are advanced technologies that harness sunlight and convert it into electricity using photovoltaic cells, playing a crucial role in generating clean and renewable energy for various applications. For instance, in March 2023, HAECO Group, a Hong Kong-based aircraft engineering company, deployed cutting-edge solar photovoltaic systems at its Jinjiang composite services facility and Xiamen landing gear services facility. The fully operational solar PV power system, equipped with advanced photovoltaic cells for optimal solar energy conversion, underscores the company's commitment to sustainable practices. With an impressive 1.54 Megawatts (MW) capacity at HAECO Composite Services, the system is poised to generate approximately 1.6 million kilowatt-hours (kWh) of clean electricity annually, contributing significantly to carbon emissions reduction an estimated 1,032 metric tons per year. Similarly, at HAECO Landing Gear Services, the 0.59 MW capacity is anticipated to yield around 0.69 million kilowatt-hours (kWh) of renewable energy, resulting in a yearly reduction of approximately 426 metric tons of carbon emissions.

What Are Latest Mergers And Acquisitions In The Photovoltaic Market?

In February 2025, TPG, a US-based investment company, acquired Altus Power for $2.2 billion. With this acquisition, TPG aims to accelerate its growth in the renewable energy sector by expanding its solar portfolio and leveraging Altus Power’s advanced solar development expertise to deliver more sustainable and scalable clean energy solutions. Altus Power is a US-based solar developer that offers a photovoltaic systems.

Regional Outlook

Asia-Pacific was the largest region in the Photovoltaic market in 2025. The regions covered in this market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in this market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

What Defines the Photovoltaic Market?

The photovoltaic market consists of sales of perovskite solar cells, flexible photovoltaics, and tandem. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What Key Data and Analysis Are Included in the Photovoltaic Market Report 2026?

The photovoltaic market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the photovoltaic industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.