Photovoltaic Market

• Growing number of off-grid areas worldwide to boost market growth

The growing number of off-grid areas worldwide is indeed one of the key drivers for the growth of the global photovoltaic market. Off-grid areas refer to regions that are not connected to the traditional grid and lack access to electricity. There is a growing demand for reliable and sustainable energy solutions in these areas, as they are often located in remote or rural regions. Photovoltaic technology offers a clean, renewable, and cost-effective solution for powering off-grid areas.

The increasing awareness about the need for sustainable energy sources, along with declining costs for photovoltaic technology, has made it an attractive solution for powering off-grid areas.

In addition to the growing number of off-grid areas, several other factors are driving the growth of the global photovoltaic market. The global push towards clean energy sources has led to an increase in the demand for photovoltaics, as it is a clean and renewable source of energy. Governments around the world are offering incentives and subsidies to encourage the adoption of photovoltaic technology. The continuous improvement of photovoltaic technology has made it more efficient and cost-effective, further driving its growth.

Therefore, such factors related to Photovoltaic (PV) have enhanced the Photovoltaic (PV) market CAGR across the globe in recent years.

The escalating costs of traditional energy sources are driving consumers and businesses to seek alternative energy solutions, thereby benefiting the Global Photovoltaic (PV) Market Industry. As fossil fuel prices fluctuate and energy bills rise, solar energy emerges as a cost-effective alternative. The long-term savings associated with solar installations, combined with decreasing installation costs, make solar energy an attractive option for many. This trend is likely to accelerate the growth of the market, as more entities recognize the financial advantages of transitioning to solar energy. Consequently, the Global Photovoltaic (PV) Market Industry is expected to witness substantial expansion in the coming years.

The Global Photovoltaic (PV) Market Industry is projected to experience substantial growth in the coming years, with estimates indicating a market value of 100.6 USD Billion in 2024 and a remarkable increase to 193.9 USD Billion by 2035. This growth trajectory reflects the increasing adoption of solar energy across various sectors, driven by technological advancements, government support, and rising energy costs. The compound annual growth rate (CAGR) of 6.14% from 2025 to 2035 further underscores the market's potential. Such projections highlight the dynamic nature of the Global Photovoltaic (PV) Market Industry and its critical role in the global energy landscape.

Government incentives and subsidies significantly influence the Global Photovoltaic (PV) Market Industry by making solar energy installations more financially viable for consumers and businesses. Many countries offer tax credits, rebates, and grants to encourage the adoption of solar technology. For instance, the Investment Tax Credit in the United States allows homeowners to deduct a substantial percentage of the cost of solar systems from their federal taxes. Such financial incentives are expected to contribute to a compound annual growth rate (CAGR) of 6.14% from 2025 to 2035, further propelling the growth of the Global Photovoltaic (PV) Market Industry.

The Global Photovoltaic (PV) Market Industry is significantly influenced by global energy transition initiatives aimed at reducing reliance on fossil fuels. International agreements, such as the Paris Agreement, encourage countries to adopt cleaner energy sources, including solar power. As nations commit to ambitious renewable energy targets, the demand for photovoltaic systems is likely to surge. This transition is not only essential for environmental sustainability but also presents economic opportunities in the form of job creation in the solar sector. The Global Photovoltaic (PV) Market Industry stands to benefit immensely from these initiatives, fostering a favorable environment for growth.

The Global Photovoltaic (PV) Market Industry experiences a robust demand for renewable energy sources, driven by the urgent need to mitigate climate change and reduce greenhouse gas emissions. Governments worldwide are implementing policies that promote the adoption of solar energy, leading to a projected market value of 100.6 USD Billion in 2024. This demand is further fueled by public awareness of environmental issues and the economic benefits of solar energy, such as lower electricity bills and energy independence. As countries strive to meet their renewable energy targets, the Global Photovoltaic (PV) Market Industry is poised for significant growth.

Technological innovations play a crucial role in the Global Photovoltaic (PV) Market Industry, enhancing the efficiency and affordability of solar panels. Recent advancements, such as bifacial solar panels and improved energy storage solutions, are making solar energy more accessible and appealing to consumers. These innovations not only increase energy output but also reduce the overall cost of solar installations. As a result, the market is expected to grow substantially, with projections indicating a market value of 193.9 USD Billion by 2035. The continuous evolution of solar technology is likely to attract further investments and drive the expansion of the Global Photovoltaic (PV) Market Industry.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is the largest market for photovoltaic (PV) technology, and it holds the largest market share in the Photovoltaic (PV) Market. The region has a large number of vendors and key players in the PV market, which has helped to drive growth and increase market share. The region's rapidly growing population and increasing industrialization are driving the energy demand. Many governments in the region have implemented favorable policies and incentives to support the growth of renewable energy, including photovoltaic technology.

The region is home to many leading photovoltaic technology companies, and the region has seen several technological advancements that have helped to improve the efficiency and cost-effectiveness of photovoltaic systems.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

Figure 3: Photovoltaic (PV) Market SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe’s Photovoltaic (PV) market accounts for the second-largest market share. Many European countries have implemented strong policies and incentives to support the growth of renewable energy, including photovoltaic technology. This support has helped to drive growth and increase market share. Europe is home to many leading photovoltaic technology companies, and the region has seen several technological advancements that have helped to improve the efficiency and cost-effectiveness of photovoltaic systems. The European Photovoltaic (PV) market is expected to continue to grow in the coming years, driven by increasing demand for renewable energy, supportive government policies, and technological advancements.

Further, the Germany Photovoltaic (PV) market held the largest market share, and the UK Photovoltaic (PV) market was the fastest-growing market in the European region.

North America is expected to generate the second-largest market share in the global photovoltaic market. The region has seen a growing demand for renewable energy, particularly in the residential and non-residential segments. The region is home to many leading photovoltaic technology companies, and the region has seen several technological advancements that have helped to improve the efficiency and cost-effectiveness of photovoltaic systems. The North American Photovoltaic (PV) market is expected to continue to grow in the coming years, driven by increasing demand for renewable energy, supportive government policies, and technological advancements.

The region is expected to remain a key player in the Photovoltaic (PV) Market, with growth expected to continue in the residential, non-residential, and utility-scale segments. Moreover, the U.S. Photovoltaic (PV) market held the largest market share, and the Canada Photovoltaic (PV) market was the fastest-growing market in the North American region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Photovoltaic (PV) market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Photovoltaic (PV) industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Photovoltaic (PV). With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Photovoltaic (PV) industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Photovoltaic (PV) industry to benefit customers and expand the market sector. Major Photovoltaic (PV) market players, including Risen Energy Co. Ltd, Shunfeng International Clean Energy Limited, Mitsubishi Electric Corporation, GCL System Integration, JA Solar Holdings, Kaneka Corporation, Sharp Corporation, Suntech Power Co., Trina Solar Limited, Canadian Solar Inc., Jinko Solar Holding Co., Ltd., and others, are attempting to increase market demand by funding R&D initiatives.

Risen Energy Co. Ltd is a Chinese company that specializes in the production and distribution of photovoltaic (PV) products and solutions. Risen Energy's product portfolio includes photovoltaic modules, photovoltaic systems, and related components. The company's photovoltaic modules are designed for use in residential, commercial, and utility-scale applications. Its photovoltaic systems offer customers a turnkey solution for the design, engineering, and construction of photovoltaic systems.

Shunfeng International Clean Energy Limited is a leading provider of clean energy solutions, with a focus on photovoltaic (PV) power generation. Shunfeng International's product portfolio includes photovoltaic modules, photovoltaic systems, and related components. The company's photovoltaic modules are designed for use in a wide range of applications, including residential, commercial, and utility-scale projects. Its photovoltaic systems provide customers with turnkey solutions for the design, engineering, and construction of photovoltaic systems. The company is committed to providing high-quality, reliable, and cost-effective photovoltaic products and solutions to its customers.

It invests heavily in research and development and is constantly seeking to improve its products and technologies.