Global Solar Photovoltaic (PV) Market Statistics: 4,919.2 TWh by 2033
Summary:
- The global solar photovoltaic (PV) market size reached 1,386.1 TWh in 2024.
- The market is expected to reach 4,919.2 TWh by 2033, exhibiting a growth rate (CAGR) of 14.36% during 2025-2033.
- Asia Pacific leads the market, accounting for the largest solar photovoltaic (PV) market share.
- On-grid represents the largest segment due to its ability to provide a consistent energy supply by connecting to the utility grid, facilitating the sale of excess electricity generated.
- Utility represents the largest segment as large-scale solar installations are increasingly adopted by utilities to meet renewable energy targets and supply electricity on a mass scale.
- Supportive government policies and incentives play a crucial role in driving the market growth of the solar photovoltaic (PV) industry.
- Continuous technological advancements in solar PV panels, including increases in efficiency and reductions in manufacturing costs, are key factors propelling the market growth.
Industry Trends and Drivers:
- Increasing Government Policies and Incentives:
The solar photovoltaic (PV) industry needs government policies and incentives to grow. Governments offer incentives like subsidies, tax credits, and feed-in tariffs to boost solar energy use. This support lowers installation costs, making solar more appealing to homes and businesses. Market evidence shows these factors greatly increase the chances and prospects for solar PV.
- Continuous Technological Advancements:
Progress in solar photovoltaic products drives market growth. Improvements include higher efficiency and lower production costs. Bifacial panels generate electricity from both sides, while PERC technology boosts panel power. These factors make solar energy cheaper than other energy sources. They also increase solar PV's share in the renewable sector.
- Rising Awareness of Renewable Energy:
Awareness of solar energy and a commitment to cutting greenhouse gases are boosting the Solar Photovoltaic (PV) market. There is a growing need for clean, renewable power. This makes solar energy key to building a green economy. Consumers are increasingly choosing green energy. Industries and manufacturers are also moving toward green energy production. This trend will help drive market growth. Reports show a positive forecast for the solar PV market.
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Solar Photovoltaic (PV) Market Report Segmentation:
By Type:
- Thin Film
- Multi-Si
- Mono-Si
On the basis of type, the market has been divided into thin film, multi-Si, and mono-Si.
By Grid Type:
On-grid represents the largest segment due to its ability to provide a consistent energy supply by connecting to the utility grid, facilitating the sale of excess electricity generated.
By Deployment:
- Ground-mounted
- Rooftop Solar
Ground-mounted represents the largest segment due to its scalability and efficiency advantages, allowing for optimal solar panel orientation and exposure to sunlight.
By End User:
- Residential
- Commercial
- Utility
Utility represents the largest segment as large-scale solar installations are increasingly adopted by utilities to meet renewable energy targets and supply electricity on a mass scale.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the solar photovoltaic (PV) market is attributed to the rising implementation of stringent regulations encouraging individuals and businesses to invest in renewable energy sources.
Top Solar Photovoltaic (PV) Market Leaders:
The solar photovoltaic (PV) market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- Acciona S.A.
- Canadian Solar Inc.
- First Solar Inc.
- JA Solar Technology Co
- JinkoSolar Holding Co. Ltd.
- LONGi Green Energy Technology Co. Ltd.
- Sharp Corporation
- Solar Frontier K.K
- SunPower Corporation
- Suntech Power Co. Ltd. (Shunfeng Int'l)
- Tata Power Solar Systems Limited (Tata Power Company Limited)
- Trina Solar Co. Ltd.
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