Global Photovoltaics Market Size study & Forecast, by Material, by Component, by Installation Type, Cell Type and Regional Forecasts 2025-2035

Description

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
Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

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.

Chapter 1. Global Photovoltaics Market Report Scope & Methodology

1.1. Research Objective
1.2. Research Methodology
- 1.2.1. Forecast Model
- 1.2.2. Desk Research
- 1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
- 1.4.1. Market Definition
- 1.4.2. Market Segmentation
1.5. Research Assumption
- 1.5.1. Inclusion & Exclusion
- 1.5.2. Limitations
- 1.5.3. Years Considered for the Study

Chapter 2. Executive Summary

2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. key Findings

Chapter 3. Global Photovoltaics Market Forces Analysis

3.1. Market Forces Shaping The Global Photovoltaics Market (2024-2035)
3.2. Drivers
- 3.2.1. growing demand for sustainable energy alternatives
- 3.2.2. declining cost of PV modules and increasing efficiency of solar cells
3.3. Restraints
- 3.3.1. intermittent energy generation
3.4. Opportunities
- 3.4.1. continuous rise in global electricity consumption

Chapter 4. Global Photovoltaics Industry Analysis

4.1. Porter's 5 Forces Model
- 4.1.1. Bargaining Power of Buyer
- 4.1.2. Bargaining Power of Supplier
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Forecast Model (2024-2035)
4.3. PESTEL Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024-2025)
4.7. Global Pricing Analysis And Trends 2025
4.8. Analyst Recommendation & Conclusion

Chapter 5. Global Photovoltaics Market Size & Forecasts by Material 2025-2035

5.1. Market Overview
5.2. Global Photovoltaics Market Performance - Potential Analysis (2025)
5.3. Silicon
- 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.3.2. Market size analysis, by region, 2025-2035
5.4. CIGS (Copper Indium Gallium Selenide)
- 5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.4.2. Market size analysis, by region, 2025-2035
5.5. CdTe (Cadmium Telluride)
- 5.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.5.2. Market size analysis, by region, 2025-2035
5.6. Perovskite
- 5.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.6.2. Market size analysis, by region, 2025-2035
5.7. Organic Photovoltaic
- 5.7.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.7.2. Market size analysis, by region, 2025-2035
5.8. Quantum Dot
- 5.8.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.8.2. Market size analysis, by region, 2025-2035

Chapter 6. Global Photovoltaics Market Size & Forecasts by Component 2025-2035

6.1. Market Overview
6.2. Global Photovoltaics Market Performance - Potential Analysis (2025)
6.3. Modules
- 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.3.2. Market size analysis, by region, 2025-2035
6.4. Inverters
- 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.4.2. Market size analysis, by region, 2025-2035
6.5. BOS (Balance of System)
- 6.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.5.2. Market size analysis, by region, 2025-2035

Chapter 7. Global Photovoltaics Market Size & Forecasts by Installation Type 2025-2035

7.1. Market Overview
7.2. Global Photovoltaics Market Performance - Potential Analysis (2025)
7.3. Ground-mounted
- 7.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.3.2. Market size analysis, by region, 2025-2035
7.4. Building-integrated
- 7.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.4.2. Market size analysis, by region, 2025-2035
7.5. Floating
- 7.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.5.2. Market size analysis, by region, 2025-2035

Chapter 8. Global Photovoltaics Market Size & Forecasts by Region 2025-2035

8.1. Growth Photovoltaics Market, Regional Market Snapshot
8.2. Top Leading & Emerging Countries
8.3. North America Photovoltaics Market
- 8.3.1. U.S. Photovoltaics Market
  - 8.3.1.1. Material breakdown size & forecasts, 2025-2035
  - 8.3.1.2. Component breakdown size & forecasts, 2025-2035
  - 8.3.1.3. Installation type breakdown size & forecasts, 2025-2035
- 8.3.2. Canada Photovoltaics Market
  - 8.3.2.1. Material breakdown size & forecasts, 2025-2035
  - 8.3.2.2. Component breakdown size & forecasts, 2025-2035
  - 8.3.2.3. Installation type breakdown size & forecasts, 2025-2035
8.4. Europe Photovoltaics Market
- 8.4.1. UK Photovoltaics Market
  - 8.4.1.1. Material breakdown size & forecasts, 2025-2035
  - 8.4.1.2. Component breakdown size & forecasts, 2025-2035
  - 8.4.1.3. Installation type breakdown size & forecasts, 2025-2035
- 8.4.2. Germany Photovoltaics Market
  - 8.4.2.1. Material breakdown size & forecasts, 2025-2035
  - 8.4.2.2. Component breakdown size & forecasts, 2025-2035
  - 8.4.2.3. Installation type breakdown size & forecasts, 2025-2035
- 8.4.3. France Photovoltaics Market
  - 8.4.3.1. Material breakdown size & forecasts, 2025-2035
  - 8.4.3.2. Component breakdown size & forecasts, 2025-2035
  - 8.4.3.3. Installation type breakdown size & forecasts, 2025-2035
- 8.4.4. Spain Photovoltaics Market
  - 8.4.4.1. Material breakdown size & forecasts, 2025-2035
  - 8.4.4.2. Component breakdown size & forecasts, 2025-2035
  - 8.4.4.3. Installation type breakdown size & forecasts, 2025-2035
- 8.4.5. Italy Photovoltaics Market
  - 8.4.5.1. Material breakdown size & forecasts, 2025-2035
  - 8.4.5.2. Component breakdown size & forecasts, 2025-2035
  - 8.4.5.3. Installation type breakdown size & forecasts, 2025-2035
- 8.4.6. Rest of Europe Photovoltaics Market
  - 8.4.6.1. Material breakdown size & forecasts, 2025-2035
  - 8.4.6.2. Component breakdown size & forecasts, 2025-2035
  - 8.4.6.3. Installation type breakdown size & forecasts, 2025-2035
8.5. Asia Pacific Photovoltaics Market
- 8.5.1. China Photovoltaics Market
  - 8.5.1.1. Material breakdown size & forecasts, 2025-2035
  - 8.5.1.2. Component breakdown size & forecasts, 2025-2035
  - 8.5.1.3. Installation type breakdown size & forecasts, 2025-2035
- 8.5.2. India Photovoltaics Market
  - 8.5.2.1. Material breakdown size & forecasts, 2025-2035
  - 8.5.2.2. Component breakdown size & forecasts, 2025-2035
  - 8.5.2.3. Installation type breakdown size & forecasts, 2025-2035
- 8.5.3. Japan Photovoltaics Market
  - 8.5.3.1. Material breakdown size & forecasts, 2025-2035
  - 8.5.3.2. Component breakdown size & forecasts, 2025-2035
  - 8.5.3.3. Installation type breakdown size & forecasts, 2025-2035
- 8.5.4. Australia Photovoltaics Market
  - 8.5.4.1. Material breakdown size & forecasts, 2025-2035
  - 8.5.4.2. Component breakdown size & forecasts, 2025-2035
  - 8.5.4.3. Installation type breakdown size & forecasts, 2025-2035
- 8.5.5. South Korea Photovoltaics Market
  - 8.5.5.1. Material breakdown size & forecasts, 2025-2035
  - 8.5.5.2. Component breakdown size & forecasts, 2025-2035
  - 8.5.5.3. Installation type breakdown size & forecasts, 2025-2035
- 8.5.6. Rest of APAC Photovoltaics Market
  - 8.5.6.1. Material breakdown size & forecasts, 2025-2035
  - 8.5.6.2. Component breakdown size & forecasts, 2025-2035
  - 8.5.6.3. Installation type breakdown size & forecasts, 2025-2035
8.6. Latin America Photovoltaics Market
- 8.6.1. Brazil Photovoltaics Market
  - 8.6.1.1. Material breakdown size & forecasts, 2025-2035
  - 8.6.1.2. Component breakdown size & forecasts, 2025-2035
  - 8.6.1.3. Installation type breakdown size & forecasts, 2025-2035
- 8.6.2. Mexico Photovoltaics Market
  - 8.6.2.1. Material breakdown size & forecasts, 2025-2035
  - 8.6.2.2. Component breakdown size & forecasts, 2025-2035
  - 8.6.2.3. Installation type breakdown size & forecasts, 2025-2035
8.7. Middle East and Africa Photovoltaics Market
- 8.7.1. UAE Photovoltaics Market
  - 8.7.1.1. Material breakdown size & forecasts, 2025-2035
  - 8.7.1.2. Component breakdown size & forecasts, 2025-2035
  - 8.7.1.3. Installation type breakdown size & forecasts, 2025-2035
- 8.7.2. Saudi Arabia (KSA) Photovoltaics Market
  - 8.7.2.1. Material breakdown size & forecasts, 2025-2035
  - 8.7.2.2. Component breakdown size & forecasts, 2025-2035
  - 8.7.2.3. Installation type breakdown size & forecasts, 2025-2035
- 8.7.3. South Africa Photovoltaics Market
  - 8.7.3.1. Material breakdown size & forecasts, 2025-2035
  - 8.7.3.2. Component breakdown size & forecasts, 2025-2035
  - 8.7.3.3. Installation type breakdown size & forecasts, 2025-2035

Chapter 9. Competitive Intelligence

9.1. Top Market Strategies
9.2. First Solar Inc.
- 9.2.1. Company Overview
- 9.2.2. Key Executives
- 9.2.3. Company Snapshot
- 9.2.4. Financial Performance (Subject to Data Availability)
- 9.2.5. Product/Services Port
- 9.2.6. Recent Development
- 9.2.7. Market Strategies
- 9.2.8. SWOT Analysis
9.3. JA Solar Technology Co., Ltd.
9.4. Canadian Solar Inc.
9.5. Trina Solar Limited
9.6. SunPower Corporation
9.7. Sharp Corporation
9.8. Q Cells Co., Ltd.
9.9. Longi Green Energy Technology Co., Ltd.
9.10. JinkoSolar Holding Co., Ltd.
9.11. Risen Energy Co., Ltd.
9.12. REC Solar Holdings AS
9.13. Talesun Solar Co., Ltd.
9.14. Wuxi Suntech Power Co., Ltd.
9.15. GCL System Integration Technology Co., Ltd.
9.16. Hanwha Solutions Corporation