Photovoltaics (PV) Market Size, Share, Trends, Growth 2032

Photovoltaics (PV) Industry Prospective:

The global photovoltaics (PV) market size was evaluated at $97 billion in 2023 and is slated to hit $170 billion by the end of 2032 with a CAGR of nearly 6.43% between 2024 and 2032.

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Photovoltaics (PV) Market: Overview

Photovoltaics help in converting light into electricity by using semiconductor materials that exhibit a PV effect. For the record, the photovoltaic effect is utilized for power generation and photosensors. Moreover, the photovoltaic system makes use of solar modules which comprise solar cells that help in producing electricity. PV deployments can be ground-mounted, wall-mounted, or rooftop-mounted.

Key Insights

• As per the analysis shared by our research analyst, the global photovoltaics (PV) market is projected to expand annually at the annual growth rate of around 6.43% over the forecast timespan (2024-2032)
• In terms of revenue, the global photovoltaics (PV) market size was evaluated at nearly $97 billion in 2023 and is expected to reach $170 billion by 2032.
• The global photovoltaics (PV) market is anticipated to grow rapidly over the forecast timeline owing to a favorable law by various governments and incentives provided by them for enhancing energy security.
• In terms of component, the inverters segment is slated to register the highest CAGR over the forecast period.
• Based on type, the low concentration photovoltaic segment is expected to dominate the segmental growth over the analysis timeline.
• Based on installation type, the ground-mounted segment is predicted to lead the segmental space in the upcoming years.
• Based on technology, the thin film segment is anticipated to dominate the segmental surge in the ensuing years.
• Region-wise, the European photovoltaics (PV) industry is projected to register the fastest CAGR during the projected timespan.

Photovoltaics (PV) Market: Growth Factors

Surging renewable energy trends to embellish the global market expansion over the forecast period

Growing focus on zero emissions and renewable energy is likely to drive the growth of the global photovoltaics (PV) market. A favorable law by various governments and incentives provided by them for enhancing energy security is anticipated to boost global market trends. Surging government inclination to produce power-efficient tools is predicted to propel the expansion of the market globally. A massive demand for clean energy has translated into large-scale use of photovoltaics (PV).

Reduction in the energy storage device prices and low costs of PV systems along with tax credits offered by authorities are likely to culminate in huge growth of the global market. New product launches are likely to make notable contributions towards the growth of the global market. For instance, in March 2023, DOW, a material science firm, introduced the DOWSIL™ PV Product Portfolio with 6 silicone-based sealants & adhesives solutions. Moreover, the initiative of the firm is aimed at contributing sizably towards renewable energy growth apart from focusing on corporate social responsibility.   

Photovoltaics (PV) Market: Restraints

Less availability of raw components can hinder the growth of the global industry over the forecast timeline

The scarcity of raw materials and the need for large acres of land along with surging costs of producing photovoltaic solar cells can retard the growth of the photovoltaics (PV) industry across the globe. The lack of strict laws governing the production & use of PV cells can further decimate the growth of the industry across the globe.

Photovoltaics (PV) Market: Opportunities

Growing urbanization & renewable energy trends pave the way for humungous expansion of the market globally

An increment in the use of photovoltaics in residential and commercial sectors is predicted to open new avenues of growth for the global photovoltaics (PV) market. Apart from this, rise in the urbanization has paved the way for the humungous growth of the global market. Growing allocation of funds in the renewable energy sector can proliferate the expansion of the market globally.

Photovoltaics (PV) Market: Challenges

Less availability of experts can pose a huge threat to the global industry over the analysis timeframe

The low availability of skilled persons for the deployment of PV cells along with the rise in the maintenance charges can put a big challenge for the global photovoltaics (PV) industry expansion.               

Photovoltaics (PV) Market: Segmentation

The global photovoltaics (PV) market is sectored into component, type, installation type, technology, application, and region.                                          

In component terms, the photovoltaics (PV) market across the globe is segregated into modules, balance of system, and inverters segments. Furthermore, the inverters segment, which accumulated nearly 57% of the global market earnings in 2023, is projected to record the fastest CAGR over the period from 2024 to 2032. The expansion of the segment over the forecast period can be subject to rising acceptance of PV inverters in various sectors such as residential and utilities.

Based on the type, the global photovoltaics (PV) industry is sectored into low concentration photovoltaic and high-concentration photovoltaic segments. Additionally, the low concentration photovoltaic segment, which amassed a major share of the global industry in 2023, is anticipated to lead the segmental elevation in the upcoming years. The segmental expansion from 2024 to 2032 can be credited to the humungous use of electric grids for storing the renewable energy produced by using solar cells & solar panels.  

Based on the installation type, the global photovoltaics (PV) market is divided into ground-mounted, rooftop-mounted, and others segments. Additionally, the ground-mounted segment, which led the global market in 2023, is predicted to maintain segmental domination during the timeline from 2024 to 2032. The growth of the segment in the coming eight years can be attributed to a reduction in the prices of solar panel deployments. 

Based on the technology, the photovoltaics (PV) industry globally is bifurcated into polycrystalline silicon, monocrystalline silicon, thin film, and others segments. Additionally, the thin film segment, which gained a major share of the global industry in 2023, is expected to lead the segmental surge in the ensuing years. The segmental expansion over the anticipated timeline can be owing to the rapidly expanding capacities of solar PVs.

Based on the application, the global photovoltaics (PV) market is sectored into commercial, utility, and residential segments.   

Photovoltaics (PV) Market: Report Scope

Photovoltaics (PV) Market: Regional Insights

Asia-Pacific is anticipated to retain the dominating position in the global photovoltaics (PV) market in the forecast timeframe

Asia-Pacific, which accounted for nearly 71% of the global photovoltaics (PV) market earnings in 2023, will be a dominating region in the coming seven years. Apart from this, the regional market expansion over the forecast timeline can be attributed to an increase in the use of PVs in countries such as India and China. Additionally, the presence of key players in the sub-continent is anticipated to spur regional market trends.

The European photovoltaics (PV) industry is anticipated to register the fastest CAGR in the forecast timeline. The expansion of the industry in Europe can be due to technological breakthroughs along with growing awareness about the benefits of using renewable & sustainable energy such as solar energy in countries such as the UK, Germany, Estonia, France, Sweden, and Finland.

 Photovoltaics (PV) Market: Competitive Space

The global photovoltaics (PV) market profiles key players such as:

• JA Solar
• Canadian Solar
• JinkoSolar
• LONGi
• Mitsubishi Electric
• Huawei Corporation
• Suntech Power
• ABB
• SMA Solar Technology
• Array Technologies
• GCL System Integration Technology
• Eaton Corporation
• NEXTracker
• Chint Solar
• Power Electronics
• Tongwei Solar
• LG Electronics
• Fimer
• ShunFeng International Clean Energy
• AllEarth Renewables
• LG Electronics
• Waaree Energies Limited
• Emmvee Photovoltaic Power Private Limited
• Yingli Solar

The global photovoltaics (PV) market is segmented as follows:

By Component

• Modules
• Balance of System
• Inverters

By Installation Type

• Ground-Mounted
• Rooftop-Mounted
• Others

By Type

• Low Concentration Photovoltaic
• High Concentration Photovoltaic

By Application

• Commercial
• Utility
• Residential

By Technology

• Monocrystalline Silicon
• Thin Film
• Polycrystalline Silicon
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa