Photovoltaics Market Size, Share, Trends, & Industry Analysis Report Type (Rigid, Flexible), By Material Type, By Cell Type, By Installation Type, By End User, and By Region – Market Forecast, 2025–2034

The photovoltaic market size is expected to reach USD 1,452.65 Billion by 2034, according to a new study by Polaris Market Research. The report “Photovoltaics Market Share, Size, Trends, Industry Analysis Report: By Type (Rigid, Flexible), By Material Type, By Cell Type, By Installation Type, By End User, and By Region; Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Photovoltaic is a solar power technology that uses semiconducting cells to convert sunlight directly to electricity. The cells are packaged into modules and panels used in rooftop systems, ground-mounted solar farms, and remote energy systems for power generation. The systems function silently, require low maintenance, and perform reliably in diverse environmental conditions. The market is witnessing consistent demand from regions prioritizing clean, reliable, and low-maintenance energy solutions that support long-term scalability and sustainability.

The market growth is fueled by higher government spending on clean energy to cut emissions and ensure energy security. The growing world consumption of renewable energy is also driving demand for photovoltaic systems with modular scalability, and environmental advantages. Continuous innovation in materials such as monocrystalline silicon, cadmium telluride, and perovskites is enhancing performance across varied climatic and installation conditions.

Photovoltaics Market Report Highlights

In terms of material type, the silicon segment led the market in 2024, benefiting from superior energy efficiency, durability, and an established manufacturing infrastructure.

Based on cell type, the full-cell modules are expected to maintain strong market presence by 2034, driven by their standardized configuration, installation simplicity, and economic advantages for small-to-medium scale projects.

Asia Pacific emerged as the photovoltaic industry leader in 2024, supported by proactive solar adoption policies, manufacturing capabilities, and favorable regulatory environments.

North America is anticipated to achieve substantial market share by 2034, as energy security priorities and decarbonization commitments accelerate PV adoption across all consumer segments.

A few global key market players include JinkoSolar Holding Co., Ltd., JA Solar Technology Co., Ltd., Trinasolar, LONGi, Tongwei Co. Ltd, Hanwha Qcells, Mitsubishi Electric Corporation, Sharp Corporation, Wuxi Suntech Power Co., Ltd., Huawei Technologies Co., Ltd., SMA Solar Technology AG, and Xiamen Mibet Energy Co.,Ltd.

Polaris Market Research has segmented the market report on the basis of type, material type, cell type, installation type, end user, and region:

By Type Outlook (Revenue, USD Billion, 2020–2034)

Rigid

Flexible

By Material Type Outlook (Revenue, USD Billion, 2020–2034)

Silicon

Copper Indium Gallium Selenide

Cadmium Telluride

Perovskite

Other Materials

By Cell Type Outlook (Revenue, USD Billion, 2020–2034)

Full - Cell PV Modules

Half – Cell PV Modules

By Installation Type Outlook (Revenue, USD Billion, 2020–2034)

Ground Mounted

Building – Integrated Photovoltaic

Floating PV

By End User Type Outlook (Revenue, USD Billion, 2020–2034)

Residential

Commercial and Industrial

Utilities

By Regional Outlook (Revenue, USD Billion, 2020–2034)

North America

US

Canada

Europe

Germany

France

UK

Italy

Spain

Netherlands

Russia

Rest of Europe

Asia Pacific

China

Japan

India

Malaysia

South Korea

Indonesia

Australia

Vietnam

Rest of Asia Pacific

Middle East & Africa

Saudi Arabia

UAE

Israel

South Africa

Rest of Middle East & Africa

Latin America

Mexico

Brazil

Argentina

Rest of Latin America Show more