Press release
Photovoltaics (PV) Market to Reach USD 566.7 Billion by 2030
Photovoltaics (PV) Market
Introduction
Pune, India - Exactitude Consultancy publishes its latest insights on the Photovoltaics (PV) Market, showcasing exceptional global growth driven by declining solar module prices, rapid expansion of renewable projects, energy transition policies, and advancements in high-efficiency PV technologies. Photovoltaics-the direct conversion of sunlight into electricity-has become the fastest-growing renewable energy source worldwide.
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Key Takeaways
• Market Size (2030): USD 566.7 Billion
• CAGR (2025-2030): 16.3%
• Utility-scale PV accounts for the largest market share; rooftop solar growing strongly.
• Asia Pacific dominates production and installation; Europe leads in regulatory support.
• New high-efficiency cell technologies transforming PV performance.
Market Story: Why Photovoltaics Are Leading the Global Energy Transition
Countries worldwide are shifting from fossil fuels to clean energy sources to meet climate goals, reduce carbon emissions, and enhance energy security. Photovoltaics offer unique advantages:
• Lowest cost of electricity generation (LCOE)
• Scalability from rooftop systems to gigawatt-scale solar farms
• Zero emissions during operation
• Minimal maintenance
• High reliability & long lifespan
• Compatibility with battery storage systems
Key drivers include:
• Government incentives and net-metering
• Renewable purchase obligations (RPOs)
• Strong corporate sustainability commitments
• Global investments in grid modernization
• Rapid growth in solar + storage hybrid systems
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Market Segmentation
By Technology
• Crystalline Silicon (c-Si) - Dominant Technology
o Monocrystalline
o Polycrystalline
• Thin-Film Photovoltaics
o Amorphous Silicon
o Cadmium Telluride (CdTe)
o CIGS
• Next-Gen PV Technologies:
o Perovskite Solar Cells
o Tandem Cells
o Bifacial Modules
By Grid Type
• On-Grid (Largest Share)
• Off-Grid / Standalone Systems
By Application
• Utility-Scale Solar Power Plants
• Residential Rooftop Solar
• Commercial & Industrial (C&I)
• Floating Solar (Floating PV)
• Solar Farms with Energy Storage
• Building-Integrated Photovoltaics (BIPV)
• Agriculture & Solar Water Pumping
By Installation Type
• Ground-Mounted
• Rooftop
• Floating
• Portable & Mobile PV
By End User
• Power Utilities
• Residential Consumers
• Commercial Enterprises
• Industrial Manufacturers
• Agriculture & Rural Electrification
• Government & Public Infrastructure
By Region
• Asia Pacific - Largest & fastest-growing market (China, India, Japan)
• Europe - Strong policy frameworks & carbon-neutral commitments
• North America - Rapid expansion of C&I and utility-scale projects
• Latin America - High solar potential & rising clean energy investments
• Middle East & Africa - Mega solar farms and desert solar developments
Recent Developments
• LONGi introduced next-gen HPBC & TOPCon cells achieving record efficiencies.
• First Solar expanded CdTe module manufacturing capacity across the US & India.
• Trina Solar launched ultra-high-power bifacial PV modules for utility-scale projects.
• JinkoSolar broke module efficiency records with n-type TOPCon solar cells.
• Tata Power Solar scaled domestic module production under "Make in India".
• Canadian Solar invested in integrated solar + storage project pipelines.
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Expert Quote
"Photovoltaics are driving global decarbonization at an unprecedented pace. With falling module costs, advanced cell technologies, and large-scale renewable commitments, solar power is becoming the backbone of clean energy ecosystems worldwide,"
- Irfan Tamboli, Business Development Executive, Exactitude Consultancy
Key Drivers
• Declining PV module prices
• Increasing global solar installations & grid connections
• Advances in high-efficiency solar technologies
• Growth of solar + storage hybrid systems
• Strong policy support for renewables
• Corporate sustainability and carbon-neutrality initiatives
Forecast Outlook (2025-2030)
The Photovoltaics Market is projected to grow at a remarkable 16.3% CAGR, driven by global solar expansion, improved module efficiencies, and large-scale deployments across residential, commercial, and utility sectors. By 2030, PV will be one of the largest segments of the global energy market.
Regional Insights
• Asia Pacific:
o Dominates production, installation, and R&D
• Europe:
o High solar penetration driven by decarbonization efforts
• North America:
o Large-scale utility solar and corporate PPAs driving market growth
Conclusion
The Photovoltaics Market is undergoing historic expansion, driven by global energy transition, technological advancements, and rising demand for sustainable, low-cost power. Solar energy will play a defining role in enabling a carbon-neutral world.
This report is also available in the following languages : Japanese (太陽光発電(PV)市場), Korean (태양광(PV) 시장), Chinese (光伏(PV)市场), French (Marché du photovoltaïque (PV)), German (Photovoltaikmarkt (PV)), and Italian (Mercato del fotovoltaico (FV)), etc.
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Connect Us:
Irfan Tamboli
PHONE NUMBER +1 (704) 266-3234
EMAIL ADDRESS: sales@exactitudeconsultancy.com
About Us
Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.
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