Solar PV Systems

Global Solar PV Systems Market to Reach US$645.7 Billion by 2030

The global market for Solar PV Systems estimated at US$215.0 Billion in the year 2024, is expected to reach US$645.7 Billion by 2030, growing at a CAGR of 20.1% over the analysis period 2024-2030. Utility, one of the segments analyzed in the report, is expected to record a 12.5% CAGR and reach US$174.7 Billion by the end of the analysis period. Growth in the Residential segment is estimated at 27.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$56.0 Billion While China is Forecast to Grow at 27.2% CAGR

The Solar PV Systems market in the U.S. is estimated at US$56.0 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$175.9 Billion by the year 2030 trailing a CAGR of 27.2% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 15.6% and 16.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 15.4% CAGR.

Global Solar PV Systems Market - Key Trends and Drivers Summarized

Why Are Solar PV Systems Leading the Charge in Renewable Energy Adoption?
Solar Photovoltaic (PV) systems have emerged as the cornerstone of the global renewable energy transition, driven by their ability to convert sunlight directly into electricity using solar cells. These systems are highly favored due to their scalability, environmental benefits, and potential for cost savings. With governments worldwide pushing for decarbonization and the adoption of clean energy, the demand for solar PV systems has surged across residential, commercial, and utility-scale sectors. The flexibility to install these systems in diverse settings—from rooftop installations to large solar farms—has propelled their growth. Furthermore, advancements in PV technologies, such as the development of bifacial and high-efficiency solar panels, are enhancing the energy yield of solar systems, making them an increasingly viable alternative to conventional fossil fuel-based energy generation.

How Are Technological Innovations Shaping the Solar PV Systems Market?
Technological advancements are at the forefront of the solar PV systems market, driving the development of more efficient, reliable, and cost-effective solutions. Innovations in PV modules, such as the use of monocrystalline and polycrystalline silicon, thin-film technology, and PERC (Passivated Emitter Rear Cell) technology, are significantly boosting the efficiency rates of solar panels. The integration of smart inverters, which convert DC to AC power more effectively, is further optimizing solar energy harvest and grid compatibility. Additionally, the emergence of energy storage solutions like lithium-ion batteries integrated with PV systems is facilitating energy management and reliability, especially for off-grid and hybrid applications. The ongoing research into perovskite and tandem solar cells also presents promising opportunities for even higher efficiency rates and lower production costs in the future.

Which Market Segments Are Leading the Growth of the Solar PV Systems Industry?
Types of solar PV systems include monocrystalline, polycrystalline, thin-film, and bifacial PV modules, with monocrystalline holding the largest market share due to their higher efficiency and space-saving benefits. Grid connectivity is categorized into on-grid and off-grid systems, with on-grid systems dominating the market because of their integration with utility networks and government incentives. Applications of solar PV systems span residential, commercial, and utility-scale sectors, with utility-scale installations leading the market due to large projects aimed at meeting renewable energy targets. Geographically, Asia-Pacific is the largest market for solar PV systems, driven by the rapid expansion of solar capacity in countries like China and India, while North America and Europe are also significant markets due to strong policy support and technological innovation.

What Are the Key Drivers of Growth in the Solar PV Systems Market?
The growth in the solar PV systems market is driven by several factors, including rising government incentives and subsidies, technological advancements in PV modules and energy storage solutions, and the increasing focus on energy independence and sustainability. The demand for efficient, reliable, and cost-effective solar PV systems is growing across residential, commercial, and utility-scale applications, driven by the need to reduce carbon emissions and achieve energy security. Technological innovations in high-efficiency solar panels, smart inverters, and integrated energy storage are enhancing the performance and reliability of solar PV systems, supporting market growth. The expansion of large-scale solar projects, the growing popularity of distributed generation, and the increasing integration of solar PV systems with smart grids and digital monitoring platforms are creating new opportunities for market players. Additionally, the focus on achieving grid stability, reducing LCOE, and meeting global renewable energy targets is further propelling the growth of the solar PV systems market.

SCOPE OF STUDY:

The report analyzes the Solar PV Systems market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
End-Use (Utility, Residential, C&I)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 38 Featured) -

• Ambassador Energy Inc
• Canadian Solar, Inc.
• Clean Footprint
• Emergent Energy
• ESTG
• Green Hedge
• Hanwha Group
• JA Solar Technology Co., Ltd.
• Joju Solar
• Juabar Design

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.