Global Solar Photovoltaic (PV) Installation Market Outlook 2035: Surging from USD 279.4 Billion in 2024 to USD 1,063.4 Billion by 2035 amid Accelerated Energy Transition and Technological Advancements

The global solar photovoltaic (PV) installation market is on an unprecedented growth trajectory, driven by the worldwide push for renewable energy adoption, declining solar module prices, and supportive government policies aimed at decarbonization. Valued at US$ 279.4 billion in 2024, the market is anticipated to expand at a remarkable CAGR of 13.5% from 2025 to 2035, ultimately reaching a massive US$ 1,063.4 billion by 2035. This rapid expansion marks one of the most significant shifts in the global power generation landscape, underlining the pivotal role of solar PV in ensuring energy security, sustainability, and affordability.

Discover Market Opportunities - Request Your Sample Copy Now: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=762

Analysts' Viewpoint on the Solar Photovoltaic (PV) Installation Market

According to industry analysts, the global solar PV installation industry is witnessing exponential growth across residential, commercial, and utility-scale applications. The surge is primarily fueled by favorable policy frameworks, carbon neutrality commitments, and continuous technological innovations such as bifacial panels, thin-film modules, and intelligent inverters. Additionally, government incentives, renewable energy targets, and power purchase agreements (PPAs) are accelerating the deployment of solar PV systems globally.

As energy systems transition toward net-zero emissions, solar PV has become the cornerstone of renewable electricity generation. Utility-scale solar farms, rooftop installations, and microgrid solutions are being deployed at record rates, supported by improved financing options, cost reductions, and enhanced grid integration capabilities. The outlook remains highly positive, with companies localizing supply chains and expanding manufacturing capacities to counter energy cost fluctuations and import dependencies.

Market Overview: The Growing Role of Solar Photovoltaic Installations

The solar PV installation market represents the ecosystem responsible for integrating solar energy systems that convert sunlight into electricity. It encompasses residential rooftops, commercial buildings, and vast utility-scale solar farms. The increasing emphasis on sustainable, low-carbon energy solutions has turned solar PV from an alternative source into a mainstream contributor to global electricity generation.

The installation process involves deploying solar panels, inverters, and balance-of-system components essential for efficient energy conversion. Residential PV systems enable homeowners to reduce grid dependency, while commercial installations help enterprises cut operating costs and carbon footprints. On the other hand, utility-scale PV farms feed electricity directly into national grids, supporting renewable energy targets and improving grid resilience.

Solar PV installations also generate significant employment opportunities across design, procurement, engineering, construction, and long-term operations and maintenance (O&M). These segments form a robust value chain, enhancing the economic and environmental value of solar adoption.

Key Growth Drivers of the Solar Photovoltaic (PV) Installation Market

Declining Installation Costs Boosting Project Feasibility

One of the strongest drivers of the solar PV installation market is the continuous decline in system costs. Over the last decade, the price of solar modules, inverters, and mounting systems has dropped dramatically due to technological innovation, mass manufacturing, and economies of scale. According to industry data, solar module prices have plummeted by more than 80% since 2010, positioning PV as one of the most cost-competitive energy sources globally.

This cost decline has significantly reduced capital expenditure (CAPEX) for installations, making solar an attractive investment option for both residential and commercial sectors. The Levelized Cost of Electricity (LCOE) of solar PV has fallen below that of fossil fuels in many regions, further enhancing its economic competitiveness.

The integration of automation, digitalization, and prefabricated engineering designs has streamlined construction timelines, reducing labor costs and project delays. As a result, solar energy projects have become easier to deploy at scale and within shorter timeframes. Financial institutions, too, view solar projects as lower-risk investments, ensuring better financing conditions and promoting market expansion.

Rising Global Electricity Demand Accelerating Solar Adoption

The demand for electricity continues to soar globally, driven by rapid urbanization, industrialization, and the growing electrification of sectors such as transportation and manufacturing. This escalating energy demand is propelling the expansion of solar PV installations across continents.

As fossil fuels face regulatory pressure and volatile pricing, nations are turning to solar PV as a scalable and reliable solution. The technology can be deployed faster than traditional power plants-often within 12 to 18 months-making it an ideal choice to address both immediate and long-term energy requirements.

Developing regions such as India, Southeast Asia, and Africa are investing heavily in solar infrastructure to meet rising power demands and expand electricity access. Simultaneously, developed economies are deploying solar installations to meet the growing energy needs of data centers, electric vehicle (EV) infrastructure, and smart cities. Thus, solar PV installations are emerging as the backbone of future-ready energy systems.

Technological Advancements: Monocrystalline Silicon Dominating Market Growth

Technological innovation remains central to market expansion, with monocrystalline silicon technology leading the segment due to its superior efficiency and performance. Monocrystalline panels deliver higher energy output in smaller areas, making them ideal for residential rooftops and space-constrained urban environments.

The introduction of Passivated Emitter and Rear Cell (PERC) technology and TOPCon (Tunnel Oxide Passivated Contact) innovations has further enhanced power conversion efficiency, driving down energy generation costs. These technologies, combined with intelligent inverters and bifacial module designs, are enabling greater energy capture and operational flexibility.

Thin-film technologies such as cadmium telluride (CdTe) and CIGS (Copper Indium Gallium Selenide) are also gaining traction for large-scale installations, offering lighter weight and better performance under low-light or high-temperature conditions.

Explore Strategies & Trends - Request Full Report Access - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=762

Regional Outlook: Asia-Pacific Leading Global Solar Expansion

The Asia-Pacific region dominates the global solar photovoltaic installation market, driven by ambitious renewable energy policies, large-scale investments, and rapidly decreasing module costs. China leads global capacity addition with aggressive utility-scale solar deployment, while India continues to expand its rooftop and grid-connected solar systems to meet rising electricity demand.

Japan and South Korea are also advancing PV integration through innovation and strong government backing. Asia-Pacific's leadership is fueled by industrialization, urban expansion, and a firm commitment to decarbonization targets. Moreover, the region's dominance is supported by robust local manufacturing ecosystems that reduce supply chain dependencies and promote energy sovereignty.

Competitive Landscape: Strategic Investments and Technological Integration

Key players are reshaping the competitive landscape through strategic expansions, partnerships, and technological innovations. JA Solar Technology Co., Ltd., SunPower Corporation, Suntech Power Holding Co. Ltd., Sharp Corporation, Acciona SA, and Tata Power Solar Systems Ltd. are among the prominent global players.

In 2025, JA Solar secured a 2.4 GW contract under the Yalong River Hydropower Development project in China, part of an 80 GW clean energy base integrating hydro, wind, and solar power. Similarly, Tata Power Solar Systems Ltd. inaugurated a 4.3 GW solar cell and module manufacturing facility in Tirunelveli, India - the largest of its kind - employing advanced TOPCon and Mono PERC technologies to boost domestic solar production and support India's renewable energy targets.

These developments underscore a global movement toward localization, efficiency, and sustainability, strengthening the solar industry's resilience against global supply disruptions.

Future Outlook: Toward a Trillion-Dollar Solar Economy

The global solar PV installation market's journey toward US$ 1,063.4 billion by 2035 highlights the monumental shift underway in the world's energy systems. With a sustained 13.5% CAGR, the industry is set to outpace many other renewable technologies, driven by the dual imperatives of climate action and energy independence.

As innovation accelerates and costs continue to fall, solar PV will emerge not just as a viable alternative, but as the dominant source of global electricity generation. Integration with energy storage, smart grids, and digital monitoring systems will further amplify its role in shaping a clean, resilient, and sustainable energy future.

In summary, the next decade will define the solar photovoltaic era, where technological excellence, policy support, and economic viability converge to power the world's transition toward net-zero emissions.

Buy Full Report Now: https://www.transparencymarketresearch.com/checkout.php?rep_id=762<ype=S

Explore Latest Research Reports by Transparency Market Research:

Marine Propulsion and Auxiliary Power Market: https://www.transparencymarketresearch.com/marine-propulsion-and-auxiliary-power-market.html

Molten Salt Thermal Energy Storage (TES) Market: https://www.transparencymarketresearch.com/molten-salt-thermal-energy-storage-market.html

Sulfur Market for Mining Application: https://www.transparencymarketresearch.com/sulfur-market-for-mining-application.html

Contact Us:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports

This release was published on openPR.