Solar Photovoltaic (PV) Market Size By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), By End-Use (Residential, Commercial & Industrial, Utility), 2024 – 2032
Report ID: GMI5407
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Published Date: July 2024
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Report Format: PDF
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Base Year: 2023
Companies covered: 24
Tables & Figures: 25
Countries covered: 55
Pages: 150
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Solar Photovoltaic (PV) Market
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Solar PV Market Size
The global solar PV market size was valued USD 289.6 billion in 2023 and is anticipated to grow at a CAGR of 8.3% by 2032. A solar photovoltaic (PV) system is a renewable energy system that converts sunlight directly into electricity using semiconductor materials. The components include solar panels, inverters, mounting systems, electrical components and battery storage.
Community solar projects allow multiple participants to benefit from a single solar installation, making solar energy accessible which will enhance the business statistics. Residential and commercial rooftop solar installations are becoming increasingly common due to falling costs and supportive policies. Additionally, solar PV systems are being integrated into microgrids to provide reliable and resilient power in remote or underserved areas which will accelerate the business dynamics.
Many countries have set ambitious renewable energy targets, driving the adoption of solar PV systems. Regulations requiring new buildings to include solar PV installations are being implemented in various regions. Large-scale solar farms are being developed worldwide to meet growing energy demand and renewable energy targets. Additionally, companies are investing in solar energy to power their operations and meet sustainability goals will boost the industry statistics.
Solar PV Market Trends
Ongoing research and development have led to more efficient solar panels, which can generate more electricity from the same amount of sunlight. Advances in battery technology, such as lithium-ion and solid-state batteries, are improving the reliability and effectiveness of solar energy storage. Bifacial solar panels, which capture sunlight from both sides, are becoming more popular due to their increased efficiency and energy yield. Additionally, Growing concerns about climate change and the need to reduce carbon emissions will boost the business scenario in the forecasted timeframe.
Solar PV Market Analysis
Based on connectivity, the solar PV industry is segmented into on grid and off grid. Off Grid is anticipated to grow by more than USD 12.1 billion by 2032. The solar systems provide a sustainable and reliable source of energy in areas without access to traditional grid infrastructure. Many governments and international organizations are prioritizing energy access for remote and underserved communities, through off-grid solar solutions. Additionally, innovative financing models, including PAYG, allow customers to pay for solar systems in small installments, making them more accessible and influencing the industry statistics.
Based on mounting, the solar PV market is segmented into Ground mounted and Rooftop. Rooftop is set to grow more than 8% by 2032 on account of favorable government policies and incentives. Shared solar projects allow communities to collectively invest in and benefit from solar PV systems, increasing access to solar energy. The systems increasingly integrate with smart home technologies necessary for better energy management and efficiency. Furthermore, continued advancements in solar panel technology and energy storage will make rooftop solar systems more efficient and cost-effective.
Based on end use, the solar PV market is segmented into residential, commercial & industrial and utility. Residential is set to grow on account of tax credits, rebates, and other financial incentives to reduce the upfront cost of installing solar PV systems. Growing awareness of climate change has led many homeowners to adopt solar PV systems as a way to reduce their carbon footprint. Increasing interest in sustainable and eco-friendly living practices has driven the adoption of renewable energy sources like solar. Moreover, the systems have higher property values and are more attractive to buyers, thereby contributing to the business scenario.
Asia Pacific solar PV market is set to grow more than USD 362.4 billion by 2032 driven by driven by a combination of supportive government policies, economic factors, technological advancements, and environmental considerations. Companies are adopting solar PV systems as part of their sustainability strategies to reduce carbon footprints and operational costs, which will complement the industry landscape. Developments in battery storage technologies are addressing the intermittency of solar power, making it a more reliable energy source. Additionally, international investments and partnerships are driving the growth of solar PV infrastructure in the region.
In the U.S. additional state and local incentives, including rebates, tax credits, and grants, will reduce the cost of solar installations, thereby augmenting the product demand. Advances in solar technology will increase the efficiency of PV systems, allowing for greater energy production from the same amount of sunlight. Furthermore, growing awareness of climate change along with the need for renewable energy sources will drive the business scenario.
Solar PV Market Share
The solar PV industry owing to continuous technological advancements and rapid product developments has witnessed immense competition. Increasing government funding schemes & subsidies favor startups and attract new investments across the industry. Production facilities & product customization deals with the increasing demand for flexible technological offerings that have been the major strategical implication across the industry landscape.
Solar PV Market Companies
Eminent players operating in the solar PV industry are:
Solar PV Industry News
Global solar PV market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Billion & MW” from 2021 to 2032, for the following segments:
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Market, By Connectivity
Market, By Mounting
Market, By End Use
The above information has been provided for the following countries: