The global solar photovoltaic (PV) market is on track for a period of unprecedented growth, with market size projected to rise from USD 339.7 billion in 2025 to USD 753.9 billion by 2035. This expansion, representing a compound annual growth rate of 8.3%, underscores the sector’s pivotal role in shaping the global energy transition. Manufacturers, both established leaders and emerging innovators, are positioning themselves to capture growth by leveraging advanced technologies, large-scale projects, and expanding adoption across utility, commercial, and residential sectors.

Steady Growth in the First Half of the Forecast

The first five years from 2025 to 2030 will see the market lift from USD 339.7 billion to USD 506.1 billion, an increase of USD 166.4 billion. Year-on-year increments will expand steadily, moving from USD 28.2 billion early in the forecast to USD 38.8 billion by 2030. This consistent pace reflects the acceleration of global projects driven by experienced EPC contractors, reliable component supplies, and competitive power purchase agreements. As inverter reliability strengthens and module efficiency continues to rise, balance of system costs will remain competitive. The combination of scalable rooftop and utility installations ensures that the solar PV sector will maintain its position as a leading contributor to renewable energy deployment.

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Acceleration in the Second Half of the Decade

From 2030 to 2035, the market will accelerate further, adding USD 247.8 billion in just five years and delivering nearly 60% of the total ten-year increase. The surge is attributed to pipeline conversions of large-scale tenders, storage hybridization, and improved grid interconnection timelines. Key drivers include the maturation of corporate PPAs, innovative financing models, and standardized O&M programs that improve yields and minimize downtime. Manufacturers who achieve scale efficiencies in module and tracker production, alongside developers who streamline system integration, will benefit from the steepening adoption curve.

Regional and Segment Insights

On-grid systems will remain the backbone of the market, accounting for over 71% of installations in 2025 due to their cost-effectiveness and ability to integrate seamlessly with existing grids. Ground-mounted solutions will dominate mounting types, contributing nearly 65% of installations, while the utility sector will account for more than half of the market share, driven by national renewable energy targets and competitive project economics.

Regionally, North America, Asia-Pacific, and Europe will lead in adoption, supported by favorable policies, financing innovations, and rapid technology integration. China and India are projected to outpace global growth averages, recording CAGRs of 11.2% and 10.4% respectively, propelled by massive utility-scale deployments, strong domestic manufacturing bases, and ambitious government targets. Europe will continue to expand through auction-driven projects, agrivoltaics, and building-integrated systems, while the United States will strengthen growth through storage-coupled utility projects and corporate PPAs.

Why the Market is Growing

Supportive government incentives, rapidly advancing technology, and increasing awareness of the need for decarbonization are fueling demand for solar PV. Module costs continue to decline, while efficiency levels improve, ensuring solar remains one of the most competitive sources of energy. Policy frameworks such as net metering, carbon credits, and renewable energy credits further enhance the commercial viability of solar. Importantly, solar is increasingly integrated with storage solutions, enabling round-the-clock supply and grid stability.

Competitive Landscape

The solar PV market is highly competitive, with established leaders and innovative new entrants expanding their presence. Nextracker, Array Technologies, Arctech, and SOLTEC are recognized for their bankable tracker solutions, while SunPower and Trina Solar provide high-performance modules that pair seamlessly with advanced systems. ArcelorMittal and Gonvarri Solar Steel strengthen the market with robust structural solutions, while regional manufacturers like Powerway, Haosolar, and Scorpius Trackers deliver cost-effective options tailored for emerging markets. New players such as All Earth Renewables and SmartTrak Solar Systems are creating opportunities in distributed and commercial applications, emphasizing agility and customization.

Competition increasingly centers on efficiency, resilience, and cost reduction. Manufacturers are pushing bifacial modules, higher current inverters, and advanced tracking systems designed to maximize energy yields in diverse conditions. Preassembled kits, standardized EPC templates, and digital monitoring are shortening project timelines while reducing costs. At the same time, warranties, verified performance, and long-term O&M support are becoming critical differentiators for buyers seeking reliable investments.

Opportunities and Challenges

Opportunities abound in rooftop portfolios, floating and agrivoltaic projects, and hybrid systems integrating storage or other renewables. Emerging markets are scaling rapidly through competitive auctions, while developed markets emphasize repowering existing sites with next-generation modules. However, challenges persist, including volatility in module pricing, land acquisition delays, interconnection bottlenecks, and permitting hurdles. Manufacturers and developers who can secure supply chains, standardize designs, and streamline grid integration will be best positioned to capture future growth.