Global Solar Photovoltaic Market 2025 – 2034

According to Custom Market Insights (CMI), the Global Solar PV (Photovoltaic) Market Size was worth USD 274.82 Billion in 2024 and is expected to be worth USD 296.61 Billion in 2025. It is also expected to be worth USD 622.19 Billion by the end of 2034, with a CAGR of about 8.51% from 2025 to 2034.

Photovoltaic (PV) cells, also known as solar cells, turn sunlight into a flow of electrons that makes electricity. The heat energy from the sun is taken directly and turned into electrical energy, which is then used to charge the batteries of the equipment. At first, photovoltaic (PV) cells were used in spacecraft and organic satellites. They have been making electricity through a grid connection for the past few years. The photovoltaic system in the solar panel is made up of crystalline silicon cells. These cells can turn light energy into electrical energy. Most solar panels use crystalline silicon cells, which make up 95% of them. The other 5% depends on the experimental organic photovoltaic cells.

Market Forces

Things that make growth happen

There are many reasons why solar panels are becoming more popular for generating energy. The main reason for its industrial growth is that more people are becoming aware of the pollutant-free environment and the industry's growing potential, which will eventually make it more cost-competitive. It is a good alternative to fossil fuels, which can take more than 1000 years to become useful. The photovoltaic (PV) system, on the other hand, makes sure that low-carbon-intensive technologies are used. This is a big reason why the solar PV system is being used in homes, businesses, and factories.

Silicone cells are the most important parts of the PV system. Silicone is the best material for this system because it is cheap and lasts a long time. Because silicone lasts a long time, the money spent on solar panels can last for a long time.

Limits

Installing solar power panels requires a lot of land for both the industrial setup and the generation of power. Some environmental concerns may make it harder for the solar PV panel industry to grow. It may not be best for the environment or for technical reasons to use such lands. Some of the restricted areas, like wetlands, water bodies, forests, and other unstable land, make it harder for solar panels to grow in the industry.

Chances

The government is putting in place a number of programs and incentives, such as tariffs, auctions, and tax breaks, to keep up with technological progress and the needs of smart customers. The huge growth in the solar PV panel industry is due to environmental concerns, lower prices, and less use of pollution-causing substances.

Highlights of the Segments

When it comes to technology, the market is split into two groups: thin-film and crystalline silicon. The thin film part of the global PV market is the most important. It is light and can bend. Thin film solar panels are very important in the business and utility sectors because they are thin, light, and cheap to install.

The market is split into two groups based on where the products are mounted: ground-mounted and rooftop. The ground-mounted segment had the biggest market share and is expected to grow quickly during the forecast period. The growing use of high-capacity ground-mounted panels has made solar PV mounting systems better.

Based on the grid analysis, the solar panel market is divided into two groups: on-grid and off-grid. This is based on how the panels are connected to the grid. During the forecast period, the off-grid segment is expected to be the biggest. The off-grid type segment is likely to do well in the forecast period because more and more people want to get electricity in remote areas. Solar panels that are on the grid are connected to the utility grid and make electricity with solar photovoltaics. It is thought that the off-grid part will grow a lot. This is because it is cheap to keep running. They make electricity cheaply and send it to the power grids without needing a storage battery.

The solar PV market is split into three groups based on who will use it: residential, commercial and industrial, and utility. The utility sector is likely to be the biggest player in the coming year. This is because the utility sector has the most shares and investments from both the government and the private sector are going up, which is driving up demand in the solar PV market. A lot of money was put into building solar power plants, parks, and other solar structures. The investment projects have a lower Levelized Cost of Energy (LCOE) for revenue. This means that the solar projects are very efficient and cost little to make and install.

Regional Snapshots

The Asia Pacific region will have the biggest market share from 2025 to 2034. The solar panel market is growing in the Asia Pacific region because of many government programs and the quick installation of solar power plants in India and China.

During the forecast period, the solar panel market in North America grew a lot. The solar PV market grew because there was a lot of competition among the main players, and they are now launching a lot of different solar panels that cost less to make.

The solar PV market grew thanks to government programs and initiatives like Feed-in tariffs, net metering, self-consumption schemes, investment subsidiaries, and other similar changes. All of these things should help the overall market in the APAC region.

The announced LTA project in Mexico from 2015 to 2018 has led to more solar panels being installed. During the forecasting period, it is expected that energy production from solar panels will keep going up. Using solar panels is good for the environment.

A lot of solar power plants are being built in places like Africa and the Middle East, and they should work for many years to come. There have been many industrial setups in different areas.

Scope of the Report

Details about the Report's Features

The market will be worth $296.61 billion in 2025.

Estimated Market Size in 2034: $622.19 Billion

CAGR Growth Rate: 8.51% CAGR

The year 2024 is the base year.

Time of the forecast: 2025–2034

Key Segment: By Technology, Product, Connectivity, Mounting, End-Use, and Region

Report Coverage: Company Profile, Revenue Estimation and Forecast, Competitive Landscape, Growth Factors, and Recent Trends

North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America are all in the scope. Show more