Press release
Photovoltaic Global Market Report 2025: Rising Demand for Renewable Energy and Technological Advancements Drive Market Growth
Photovoltaic Global Market Size Report 2025
What Is The Projected Market Size Of The Global Photovoltaic Global Market And Its Growth Rate?
• The photovoltaic market experienced significant growth recently, with a size increase from $98.32 billion in 2024 to $106.88 billion in 2025. This growth corresponds to a compound annual growth rate (CAGR) of 8.7%.
• Factors such as environmental awareness, energy security, grid integration, and economic viability have attributed to the historic period's growth.
• Further growth is expected in the later years, with the market size predicted to reach $148.83 billion in 2029 at a compound annual growth rate (CAGR) of 8.6%. This forecast period's growth will be driven by trends such as energy storage integration, government climate targets, decentralized energy generation, and electric vehicle integration.
What Is Driving The Growth In The Photovoltaic Global Market Report 2025?
The increase in demand for renewable energy is a significant factor propelling the photovoltaic market's growth. Renewable energy, derived from natural sources regenerated at a faster pace than consumption, elevates the demand for photovoltaic systems. These systems primarily include solar panels, often silicon-based, and an inverter converting direct current electricity into alternate current electricity for powering homes and businesses. For example, according to the European Environment Agency, renewable sources accounted for 23% of energy consumption in the EU in 2022, up from 21.9% in 2021, with the increase mainly driven by significant solar power growth. This rise in renewable energy demand is propelling the photovoltaic market growth.
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Who Are the Key Players Driving Photovoltaic Global Market Report 2025 Growth?
• 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.
• NextEra Energy Inc.
• Sunrun Inc.
• Maxeon Solar Technologies Ltd.
• SolarEdge Technologies Inc.
• Emmvee Photovoltaic Power Private Limited
• ABB Ltd., SL Power Electronics Corp.
• Fimer SpA
• Sunnova Energy International Inc.
• Yingli Green Energy Holding Company Limited
• LG Corp.
• REC Solar Holdings AS.
What Are The Key Trends In The Photovoltaic Global Market Report 2025?
• Advancements in solar technology
• Enhanced energy storage integration
• Innovations in floating solar installations
• Increased digitalization and monitoring
• Opportunities for green financing and investment
What Are The Segments Of The Global Photovoltaic Global Market Report 2025?
• By Component: Modules, Inverters, Balance Of Systems (BOS)
• By Cell Type: Full-Cell PV Modules, Half-Cell PV Modules
• By Installation Type: Ground-Mounted, Building-Integrated Photovoltaics (BIPV), Floating PV
• By Technology: Thin Film, Mono-Si, Multi-Si
• By Application: Residential, Commercial And Industrial, Utilities
Which Region Leads The Photovoltaic Global Market Report 2025?
Asia-Pacific marked the largest region in the Photovoltaic market in 2024. The regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Photovoltaic Global Market Report 2025 Global Market Report?
• Market Size Analysis: Analyze the Photovoltaic Global Market Report 2025 size by key regions, countries, product types, and applications.
• Market Segmentation Analysis: Identify various subsegments within the Photovoltaic Global Market Report 2025 for effective categorization.
• Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
• Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
• Market Contribution: Evaluate contributions of different segments to the overall Photovoltaic Global Market Report 2025 growth.
• Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
• Industry Challenges: Analyze challenges and risks affecting the Photovoltaic Global Market Report 2025.
• Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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