PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1877392
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1877392
Solar Photovoltaic (PV) Installation Market size was valued at US$ 278,878.98 Million in 2024, expanding at a CAGR of 13.2% from 2025 to 2032.
The Solar Photovoltaic (PV) Installation Market involves deploying solar panels and related infrastructure to convert sunlight into electricity for residential, commercial, and utility-scale applications. Increasing government incentives and renewable energy mandates are boosting installations, with countries like India installing over 15 GW of solar capacity in 2024 alone. High upfront costs and grid integration challenges continue to limit adoption in some regions, while technological advancements in bifacial panels and energy storage systems are creating new opportunities for efficient and cost-effective solar deployment. Additionally, rising electricity demand and corporate sustainability targets are driving the development of large-scale solar projects, thereby expanding the market's reach across both urban and rural areas.
Solar Photovoltaic (PV) Installation Market- Market Dynamics
Rising Government Incentives and Technological Advancements Propel Solar PV Installations Globally
Rising government incentives and technological advancements are accelerating global adoption of solar photovoltaic (PV) installations. In India, the PM Surya Ghar: Muft Bijli Yojana, launched in 2024, has facilitated over 700,000 rooftop solar installations within its first ten months. The scheme offers subsidies up to ₹78,000 for systems up to 3 kW and provides collateral-free loans at approximately 7% interest, making solar energy more accessible to households. Additionally, the government's Production Linked Incentive (PLI) Scheme for High Efficiency Solar PV Modules aims to establish 39.6 GW of domestic manufacturing capacity by 2026, with an investment of ₹93,041 crore, thereby reducing dependence on imports and enhancing supply chain resilience. These initiatives, coupled with technological innovations in bifacial panels and energy storage, are driving the widespread adoption of solar PV systems, contributing to a more sustainable and energy-secure future.
The Global Solar Photovoltaic (PV) Installation Market is segmented on the basis of Technology, Installation, Installation Service, Grid Type, Application, and Region.
The market is divided into three categories based on Technology: Crystalline Silicon, Thin-film, Passivated Emitter and Rear Cell (PERC), and Others. Crystalline silicon dominates the Solar PV market, with monocrystalline preferred for high efficiency and polycrystalline for cost-effectiveness. Thin-film technologies like CdTe and CIGS follow, while PERC gains traction for improved performance, and other emerging technologies occupy a smaller share.
The market is divided into two categories based on Installation: Ground Mounted, Rooftop, and Others. Ground-mounted installations lead the Solar PV market due to large-scale utility projects, while rooftop systems follow, driven by residential and commercial adoption. Other installation types, including floating and hybrid setups, hold a smaller share but are gradually gaining attention.
Solar Photovoltaic (PV) Installation Market- Geographical Insights
Globally, the Asia-Pacific (APAC) region leads the Solar Photovoltaic (PV) Installation Market, largely due to massive installations in China, India, and Japan. Europe follows, with Germany, Spain, and Italy driving steady growth, while North America ranks next, led by the U.S. and Canada. Latin America and the Middle East & Africa are emerging regions, with increasing government incentives and utility-scale projects contributing to gradual adoption. Strategic collaborations, such as Tata Power Solar partnering with Schneider Electric in India and Enel Green Power acquiring Edisun Power Europe in Germany, highlight how regional investments and technological integration are shaping market expansion. These trends show APAC's dominance, supported by policy initiatives, large-scale projects, and private sector involvement.
Solar Photovoltaic (PV) Installation Market- Country Insights
Asia-Pacific leads the Solar PV Installation Market, driven by large-scale deployments and government incentives. In China, the National Energy Administration reported 253 GW of solar capacity installed by 2023, representing over half of global installations, supported by favorable policies and grid modernization projects. India has also expanded rapidly, adding 24.5 GW of solar capacity in 2024, with initiatives like the PM Surya Ghar: Muft Bijli Yojana facilitating over 700,000 rooftop installations. Companies are actively collaborating to strengthen market presence; for example, Tata Power Solar partnered with Schneider Electric to enhance grid-integrated rooftop solutions. Japan's focus on utility-scale solar projects and energy storage further reinforces APAC's market dominance. These country-level efforts illustrate how policy support, technology adoption, and private sector collaborations are accelerating solar deployment in the region.
The global Solar Photovoltaic (PV) Installation Market features a mix of established global leaders and emerging regional players. JinkoSolar, LONGi, JA Solar, Trina Solar, and Canadian Solar dominate module production, leveraging scale and technology for high efficiency. In the U.S., residential installations are led by SunPower, Sunrun, and Tesla Energy, while Enphase Energy commands 54.7% of the inverter market. Commercial installations feature CS Energy, Nexamp, and PowerFlex, securing a combined 11.5% share. Strategic moves include Tata Power Solar investing in a 4.3 GW manufacturing facility in India and TotalEnergies capturing 22% of France's rooftop solar tender. Technological innovation, policy incentives, and supply chain strategies continue to shape competitive dynamics globally.
In November 2024, the Global Solar Council announced a significant milestone: the global solar photovoltaic (PV) capacity reached 2 terawatts, doubling from 1 TW in just two years. This achievement underscores solar energy's rapid growth and pivotal role in the global energy transition.
In November 2024, the Global Solar Council announced a significant milestone: the global solar photovoltaic (PV) capacity reached 2 terawatts, doubling from 1 TW in just two years. This achievement underscores solar energy's rapid growth and pivotal role in the global energy transition.