Global Photovoltaics Market Size study & Forecast, by Material (Silicon, CIGS, CdTe, Perovskite, Organic Photovoltaic, and Quantum Dot), by Component (Modules, Inverters, and BOS), by Installation Type (Ground-mounted, Building-integrated, and Floating),

The Global Photovoltaics Market is valued approximately at USD 0.56 billion in 2024 and is anticipated to grow with a CAGR of more than 9.60% over the forecast period 2025–2035. Photovoltaic technology has emerged as the cornerstone of the global renewable energy transformation, harnessing sunlight to generate electricity with high efficiency and minimal environmental footprint. It operates through semiconductor materials that absorb photons and convert them into electric current, forming the foundation for solar power systems across residential, commercial, and industrial sectors. The growing demand for sustainable energy alternatives, coupled with the declining cost of PV modules and increasing efficiency of solar cells, has accelerated the global adoption of photovoltaics. Governments worldwide are introducing favorable policies, subsidies, and clean energy targets, propelling massive investments in solar infrastructure. Additionally, ongoing innovations in perovskite and organic photovoltaic materials are redefining performance standards, making solar energy more accessible and economically viable.

The continuous rise in global electricity consumption, combined with ambitious decarbonization targets, has fueled a rapid surge in the demand for photovoltaic systems. According to the International Energy Agency (IEA), solar PV capacity additions reached a record high in 2023, accounting for nearly two-thirds of global renewable power expansion. The shift from conventional fossil-based generation to solar-centric energy ecosystems has driven extensive deployment of large-scale solar farms and distributed rooftop installations. Furthermore, the integration of advanced energy storage systems, AI-based monitoring, and grid optimization technologies enhances operational stability, ensuring uninterrupted supply and improved return on investment. However, challenges such as intermittent energy generation, land constraints for large-scale projects, and the environmental impact of panel disposal remain hurdles. Yet, the growing R&D efforts in recyclable materials and hybrid energy architectures promise to mitigate these issues over the coming decade.

The detailed segments and sub-segments included in the report are:

By Material:
• Silicon
• CIGS (Copper Indium Gallium Selenide)
• CdTe (Cadmium Telluride)
• Perovskite
• Organic Photovoltaic
• Quantum Dot

By Component:
• Modules
• Inverters
• BOS (Balance of System)

By Installation Type:
• Ground-mounted
• Building-integrated
• Floating

By Region:

North America
• U.S.
• Canada

Europe
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe

Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific

Latin America
• Brazil
• Mexico

Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Ground-mounted Photovoltaic Systems Expected to Dominate the Market

Ground-mounted systems continue to dominate the global photovoltaics market, accounting for the majority share in total installations. Their dominance stems from their ability to accommodate large-scale solar farms that deliver high energy yields and benefit from economies of scale. These installations are particularly prevalent in regions with vast land availability and high solar irradiation levels, such as the U.S., India, China, and the Middle East. Their ease of maintenance, superior cooling efficiency, and potential for integration with agricultural and hybrid renewable systems further reinforce their market leadership. Conversely, the floating PV segment is gaining rapid traction, particularly in countries with limited land resources. Floating installations not only reduce land competition but also enhance energy conversion efficiency due to water’s natural cooling effect. This innovative approach signifies an emerging opportunity within the broader photovoltaic landscape.

Silicon-Based Photovoltaics Lead in Revenue Contribution

When categorized by material, silicon-based photovoltaic cells hold the lion’s share of the global market revenue. Their dominance can be attributed to decades of technological maturity, extensive supply chain networks, and continual enhancements in crystalline efficiency. Monocrystalline and polycrystalline silicon modules have established themselves as the industry benchmark, combining cost-effectiveness with durability. Meanwhile, emerging materials like perovskite and quantum dot photovoltaics are redefining the innovation frontier, offering higher flexibility and lower production costs. Although silicon maintains its leadership position, these next-generation materials are projected to exhibit the fastest growth during the forecast period as manufacturers race to commercialize lightweight, high-performance, and sustainable solar solutions. This dynamic interplay between legacy reliability and next-gen potential underscores a transformative decade for photovoltaic materials.

The key regions analyzed for the Global Photovoltaics Market include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific currently dominates the market, driven by large-scale solar deployment initiatives in China and India, backed by aggressive renewable energy targets and declining module prices. North America follows closely, with the U.S. witnessing a surge in residential solar installations and tax incentives under renewable energy programs. Europe remains a strong contender, propelled by ambitious carbon neutrality goals and widespread adoption of building-integrated photovoltaics. Meanwhile, Latin America and the Middle East are rapidly emerging as lucrative markets, particularly due to favorable climatic conditions and rising investments in solar-powered desalination and microgrid systems. Collectively, these regions are setting the stage for unprecedented expansion in the global photovoltaic ecosystem.

Major market players included in this report are:
• First Solar Inc.
• JA Solar Technology Co., Ltd.
• Canadian Solar Inc.
• Trina Solar Limited
• SunPower Corporation
• Sharp Corporation
• Q Cells Co., Ltd.
• Longi Green Energy Technology Co., Ltd.
• JinkoSolar Holding Co., Ltd.
• Risen Energy Co., Ltd.
• REC Solar Holdings AS
• Talesun Solar Co., Ltd.
• Wuxi Suntech Power Co., Ltd.
• GCL System Integration Technology Co., Ltd.
• Hanwha Solutions Corporation

Global Photovoltaics Market Report Scope:
• Historical Data – 2023, 2024
• Base Year for Estimation – 2024
• Forecast period – 2025–2035
• Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments and countries in recent years and to forecast the values for the coming years. The report integrates both qualitative and quantitative insights within the countries included in the study. It further delivers an in-depth exploration of driving forces, restraints, and emerging opportunities that are shaping the industry landscape. The research also provides a deep dive into competitive dynamics, technological advancements, and strategic initiatives of leading companies, offering investors and stakeholders actionable intelligence. The detailed segments and sub-segments of the market are explained below.

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional-level analysis for each market segment.
• Detailed analysis of the geographical landscape with country-level insights of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approaches.
• Analysis of the competitive structure of the market.
• Demand-side and supply-side analysis of the market.

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