Soaring Demand Set to Propel Photovoltaic Market to $143.27 Billion by 2029

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What Is the Expected CAGR for the Photovoltaic Market Through 2025?
The growth of the photovoltaic market has seen a considerable surge in recent years. The market, which was valued at $98.32 billion in 2024, is projected to reach $104.92 billion in 2025, delivering a compound annual growth rate (CAGR) of 6.7%. This substantial growth during the historic period can be attributed to various factors such as environmental consciousness, energy security, grid integration, economic viability, and a worldwide shift towards renewable energy sources.

What's the Projected Size of the Global Photovoltaic Market by 2029?
Anticipations indicate a significant upsurge in the photovoltaic market size in the coming years, with projections estimating a growth to $143.27 billion by 2029, corresponding to a compound annual growth rate (CAGR) of 8.1%. The forecasted growth during this period can be largely credited to the integration of energy storage, established climate goals by the government, decentralized power generation, the incorporation of electric vehicles and corporate initiatives focused on sustainability. The upcoming period is expected to be characterized by trends like advancements in solar technology, further integration of energy storage, floating solar installations, enhanced digitalization and monitoring as well as increasing green financing and investment.

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Top Growth Drivers in the Photovoltaic Industry: What's Accelerating the Market?
The growth of the photovoltaic market is likely to be boosted by the increasing demand for renewable energy. Renewable energy, which is energy derived from natural resources, can be replenished at a rate faster than consumption. Solar panels, typically made from silicon-based materials, and an inverter, which changes direct current electricity into alternating current electricity, form photovoltaic systems. These systems can provide power for residential and commercial buildings, leading to an increase in the demand for photovoltaic market, due to the growing interest in renewable energy. For instance, as per the European Environment Agency, a government organization from Denmark, renewable energy made up 23% of the energy consumption in the EU in 2022, which showed an uptick from 21.9% in 2021. This boost can largely be attributed to the significant increase in solar power. Hence, the growing demand for renewable-energy resources is propelling the expansion of the photovoltaic market.

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What Trends Will Shape the Photovoltaic Market Through 2029 and Beyond?
The focus of leading businesses in the photovoltaic sector is on creating inventive goods such as solar panels to boost energy efficiency and decrease customers' costs. These solar panels are devices that transform sunlight into power, offering a sustainable energy solution for homes and commercial establishments. For example, Silfab Solar, a Canadian solar cell and module production company, unveiled its 640 W utility-scale solar panels in September 2024. This new bifacial module, which is intended for large-scale photovoltaic (PV) initiatives, boasts superior N-type solar cell tech that improves efficiency and functionality.

What Are the Main Segments in the Photovoltaic Market?
The photovoltaic market covered in this report is segmented -

1) By Component: Modules, Inverters, Balance Of Systems (BOS)
2) By Cell Type: Full-Cell PV Modules, Half-Cell PV Modules
3) By Installation Type: Ground-Mounted, Building-Integrated Photovoltaics (BIPV), Floating PV
4) By Technology: Thin Film, Mono-Si, Multi-Si
5) By Application: Residential, Commercial And Industrial, Utilities

Subsegments:
1) By Modules: Monocrystalline Solar Modules, Polycrystalline Solar Modules, Thin-Film Solar Modules, Bifacial Solar Modules, Building-Integrated Photovoltaics (BIPV)
2) By Inverters: String Inverters, Central Inverters, Microinverters, Power Optimizers, Hybrid Inverters
3) By Balance of Systems (BOS): Mounting Structures, Electrical Components, Monitoring Systems, Energy Storage Systems, Safety And Protection Equipment

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Which Top Companies are Driving Growth in the Photovoltaic Market?
Major companies operating in the photovoltaic market include 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

Which Regions Will Dominate the Photovoltaic Market Through 2029?
Asia-Pacific was the largest region in the Photovoltaic market in 2024. The regions covered in the photovoltaic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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