Photovoltaics (PV) Market By Components (Solar Panels, Inverters, Mounting Systems, Batteries, Charge Controllers), By Installation Type (Ground-Mounted, Building-Integrated Photovoltaics (BIPV), Floating PV), By Application (Residential, Commercial, Utility-Scale, Off-Grid), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Photovoltaics (PV) Market was valued at USD 103.6 billion in 2023 and will surpass USD 173.3 billion by 2030; growing at a CAGR of 7.6% during 2024 - 2030.

The Photovoltaics (PV) market is witnessing remarkable growth, driven by the global transition towards renewable energy sources and the increasing demand for sustainable power solutions. Photovoltaic technology, which converts sunlight into electricity, is becoming a cornerstone of modern energy systems due to its environmental benefits and cost-effectiveness.This growth is propelled by government initiatives, technological advancements, and increasing investments in solar energy infrastructure worldwide.

As concerns about climate change and energy security intensify, stakeholders across various sectors are prioritizing the adoption of solar energy. The global push towards decarbonization and energy independence is driving both residential and commercial installations of photovoltaic systems. The PV market encompasses various technologies, applications, and regions, reflecting its broad scope and potential for innovation. This overview will explore key segments within the market, highlighting the largest and fastest-growing sub-segments while providing insights into regional dynamics and competitive landscape.

Crystalline Silicon PV Segment is Largest Owing to Established Market Dominance

The crystalline silicon PV segment stands as the largest within the Photovoltaics market, accounting for a significant share of the total installed capacity globally. This dominance is primarily attributed to the widespread adoption of crystalline silicon technology due to its high efficiency and reliability. Crystalline silicon PV cells, which can be monocrystalline or polycrystalline, have established themselves as the preferred choice for both residential and commercial solar installations. Their proven performance, coupled with decreasing manufacturing costs, has made them an attractive option for consumers and businesses alike.

Additionally, advancements in manufacturing techniques and the development of more efficient cell designs are further solidifying the position of crystalline silicon in the market. As the technology matures, new innovations, such as bifacial and PERC (Passivated Emitter Rear Cell) technologies, are enhancing the efficiency and power output of crystalline silicon PV modules. This segment is expected to maintain its leading position in the Photovoltaics market as more countries ramp up their renewable energy targets and seek reliable solar solutions.

Thin-Film PV Segment is Fastest Growing Owing to Versatility and Low Production Costs

The thin-film PV segment is recognized as the fastest-growing area in the Photovoltaics market, driven by its versatility, lightweight nature, and lower production costs compared to crystalline silicon counterparts. Thin-film technologies, which include CdTe (Cadmium Telluride), CIGS (Copper Indium Gallium Selenide), and a-Si (Amorphous Silicon), are gaining traction in diverse applications ranging from building-integrated photovoltaics (BIPV) to portable solar chargers. The adaptability of thin-film PV systems allows them to be installed in locations where traditional panels may not be feasible, enhancing their appeal in the market.

Furthermore, the increasing focus on cost-effective solar solutions has accelerated the adoption of thin-film technologies. As manufacturers innovate to enhance efficiency and performance, the cost-to-energy ratio of thin-film PV modules continues to improve, making them a viable option for both commercial and residential applications. The combination of flexibility, reduced weight, and aesthetic appeal positions the thin-film segment for substantial growth in the coming years, especially in markets prioritizing building integration and flexible solar solutions.

BIPV Segment is Largest Owing to Integration in Urban Infrastructure

The Building-Integrated Photovoltaics (BIPV) segment is significant within the Photovoltaics market, primarily due to its unique ability to integrate solar technology into the architecture of buildings. BIPV systems replace conventional building materials in roofs, facades, and windows, providing dual functionality as both energy generators and structural components. As urban areas continue to expand and the demand for sustainable buildings rises, BIPV is becoming an essential element in modern architectural design.

The growth of the BIPV segment is also supported by increasing regulatory mandates promoting sustainable construction practices. As governments worldwide establish green building codes and incentivize renewable energy adoption, BIPV solutions are gaining traction in residential, commercial, and public infrastructure projects. The versatility of BIPV products enables architects and builders to create aesthetically pleasing designs while achieving energy efficiency, positioning this segment as a critical player in the future of the Photovoltaics market.

Utility-Scale PV Segment is Fastest Growing Owing to Rising Energy Demand

The utility-scale PV segment is emerging as the fastest-growing area within the Photovoltaics market, driven by the increasing demand for large-scale renewable energy generation to meet global energy needs. Utility-scale solar farms are being deployed to provide significant amounts of electricity to the grid, and they play a crucial role in national and regional energy strategies aimed at reducing carbon emissions. The declining costs of PV technologies, combined with government incentives and favorable policies, are encouraging the rapid development of utility-scale solar projects.

Moreover, the ability of utility-scale PV systems to generate electricity at competitive rates compared to traditional fossil fuel sources has positioned them as a viable solution for utilities seeking to diversify their energy portfolios. The scalability of utility-scale solar projects allows for quick implementation and significant energy production, meeting the rising electricity demand in both developed and emerging markets. As investment in large solar installations continues to surge, the utility-scale PV segment is expected to witness substantial growth in the coming years.

Fastest Growing Region in the Photovoltaics Market: Asia-Pacific

The Asia-Pacific region is identified as the fastest-growing market for photovoltaics, driven by robust government support, declining technology costs, and increasing energy demands. Countries like China, India, Japan, and South Korea are leading the charge in solar energy adoption, accounting for a significant share of global photovoltaic installations. China's dominance in the manufacturing of solar panels and components has positioned it as the largest producer and consumer of PV technology worldwide, while India is rapidly expanding its solar capacity as part of its ambitious renewable energy targets.

In addition, the region's focus on renewable energy as a solution to combat air pollution and enhance energy security is further fueling the growth of the PV market. The influx of investments in solar infrastructure, combined with supportive policies and incentives, is driving the installation of solar systems across residential, commercial, and utility sectors. As the Asia-Pacific region continues to lead in the adoption of photovoltaic technology, it is set to maintain its status as a crucial player in the global solar energy landscape.

Competitive Landscape of the Photovoltaics Market

The competitive landscape of the Photovoltaics market is characterized by the presence of several key players that are driving innovation and expanding their market reach. Among the top companies in this sector are:

1. Trina Solar Limited: A leading global provider of solar modules and solutions, Trina Solar is known for its high-efficiency products and strong presence in the utility-scale segment.
2. First Solar, Inc.: Specializing in thin-film PV technology, First Solar is a prominent player in the utility-scale market, focusing on sustainable energy solutions and innovation.
3. JA Solar Technology Co., Ltd.: A major manufacturer of solar cells and modules, JA Solar is recognized for its extensive product portfolio and commitment to research and development.
4. Canadian Solar Inc.: Canadian Solar is a global leader in solar photovoltaic modules and energy solutions, with a strong emphasis on sustainability and innovative technology.
5. LONGi Green Energy Technology Co., Ltd.: As one of the largest manufacturers of monocrystalline solar products, LONGi is known for its cutting-edge technology and efficiency.
6. JinkoSolar Holding Co., Ltd.: JinkoSolar is a prominent global solar module manufacturer, with a focus on high-performance products and strong market presence.
7. SunPower Corporation: A leader in solar technology, SunPower is recognized for its high-efficiency solar panels and comprehensive energy solutions.
8. Risen Energy Co., Ltd.: Risen Energy is a leading global provider of solar products, focusing on innovation and cost-effective solutions for various applications.
9. Hanwha Q CELLS Co., Ltd.: Hanwha Q CELLS is known for its high-quality solar cells and modules, with a commitment to sustainability and performance.
10. Enphase Energy, Inc.: Enphase Energy specializes in microinverter technology and energy management solutions, enhancing the efficiency of solar energy systems.

The competitive dynamics in the Photovoltaics market are characterized by continuous innovation, strategic partnerships, and collaborations aimed at enhancing product offerings and market presence. Companies are increasingly investing in research and development to improve solar technology efficiency, durability, and cost-effectiveness. As the PV market continues to evolve, emerging players and established manufacturers alike are expected to play crucial roles in shaping the future of solar energy.

Report Objectives:

The report will help you answer some of the most critical questions in the Photovoltaics (PV) Market. A few of them are as follows:

1. What are the key drivers, restraints, opportunities, and challenges influencing the market growth?
2. What are the prevailing technology trends in the Photovoltaics (PV) Market?
3. What is the size of the Photovoltaics (PV) Market based on segments, sub-segments, and regions?
4. What is the size of different market segments across key regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa?
5. What are the market opportunities for stakeholders after analyzing key market trends?
6. Who are the leading market players and what are their market share and core competencies?
7. What is the degree of competition in the market and what are the key growth strategies adopted by leading players?
8. What is the competitive landscape of the market, including market share analysis, revenue analysis, and a ranking of key players?

Report Scope: