The global solar PV market size was valued at USD 334.21 billion in 2024 and is projected to reach USD 609.30 billion by 2030, growing at a CAGR of 10.6% from 2025 to 2030. The strong growth of the market is primarily driven by rising global concerns related to climate change, an increasing focus on sustainable and clean energy solutions, supportive government policies and subsidies, and continuous innovations in photovoltaic (PV) technologies. Together, these factors have significantly contributed to the widespread adoption and expansion of solar PV systems across residential, commercial, and utility-scale applications.

Governments around the world are increasingly shifting toward clean and renewable energy sources in an effort to reduce their contribution to global warming and lower carbon emissions caused by the use of non-renewable energy sources. Solar energy provides a sustainable, scalable, and environmentally friendly alternative to conventional power generation methods, which has resulted in its growing demand globally. For instance, according to the International Energy Agency, in 2023, global renewable capacity additions surged by nearly 50% to 510 GW, with solar PV alone accounting for approximately 75% of this growth. In the same year, China commissioned as much solar PV capacity as the entire world did in 2022. By 2028, solar PV and wind energy are expected to double their combined share, reaching 25% of global electricity generation. As developing economies continue to adopt renewable energy solutions at a faster pace, demand for solar PV modules is anticipated to accelerate further over the forecast period.

Additionally, at the 28th United Nations Climate Change Conference (COP 28) held in Dubai, UAE, more than 130 countries pledged to triple their renewable energy production by 2030 to help limit global warming within acceptable levels. To meet these ambitious targets, governments across regions are implementing a range of supportive policies and incentive programs aimed at encouraging the adoption of solar energy. These measures include tax credits, feed-in tariffs, and net metering regulations that make solar installations more financially attractive for consumers and businesses.

Moreover, ongoing technological advancements are significantly enhancing the efficiency and performance of solar PV systems. Innovations such as bifacial solar panels and advanced tracking systems enable higher energy generation and improved system output. As a result, the production cost of solar power has reached parity with fossil fuel-based energy sources, making solar PV a cost-competitive option. This cost competitiveness has further fueled demand for solar modules among a broader consumer base seeking affordable, reliable, and sustainable alternatives to traditional energy sources.

Key Market Trends & Insights:

• Asia Pacific solar PV dominated the global market with the largest revenue share of 55.6% in 2024. The region’s leadership is driven by rapid urbanization, strong government support for renewable energy deployment, declining solar installation costs, and large-scale investments in solar infrastructure. Several countries in the region have aggressively expanded their solar capacity to meet growing energy demand and sustainability targets, contributing to Asia Pacific’s dominant market position.

• Within the region, the solar PV market in China led the Asia Pacific market and held the largest revenue share in 2024. China’s dominance can be attributed to its extensive manufacturing capabilities, strong domestic demand, supportive government policies, and large-scale utility projects. The country’s focus on energy security and carbon reduction has further accelerated the deployment of solar PV systems across various applications.

• By mounting type, the ground-mounted segment led the market and held the largest revenue share of 62.7% in 2024. This dominance is largely due to the widespread adoption of ground-mounted systems in utility-scale solar projects, which offer higher capacity installations, better efficiency, and easier maintenance compared to other mounting types. Ground-mounted installations are particularly favored in regions with abundant land availability.

• By end use, the utility segment held the dominant position in the market and accounted for the largest revenue share of 57.3% in 2024. Utility-scale solar projects continue to attract significant investments due to their ability to generate electricity at scale and support national grid requirements, making them a key contributor to overall market revenue.

• Additionally, by end use, the commercial and industrial segment is expected to grow at the fastest CAGR of 12.1% from 2025 to 2030. This anticipated growth is driven by increasing electricity costs, rising corporate sustainability commitments, and favorable policies encouraging on-site solar installations. Businesses across industries are increasingly adopting solar PV systems to reduce operational costs and carbon footprints, supporting the rapid expansion of this segment over the forecast period.

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Market Size & Forecast:

• 2024 Market Size: USD 334.21 Billion

• 2030 Projected Market Size: USD 609.30 Billion

• CAGR (2025-2030): 10.6%

• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights:

Key players operating in the global solar PV market include RENESOLA, KYOCERA Corporation, Hanwha Group, and several other established and emerging companies. These market participants are primarily focused on advancing solar PV technologies, optimizing manufacturing processes to improve efficiency and reduce costs, and expanding their production capacities to meet the growing global demand for solar energy solutions. Strategic initiatives such as product innovation, capacity expansion, and global market penetration remain central to maintaining competitiveness in the industry.

Jinko Solar specializes in the design, development, and manufacturing of high-efficiency solar photovoltaic (PV) products as well as energy storage systems (ESS). The company offers a comprehensive range of solar modules, including monocrystalline, polycrystalline, and bifacial modules, each available in varying power outputs and efficiency levels to address diverse project requirements. In addition to solar modules, Jinko Solar’s product portfolio includes solar cells, solar inverters, and mounting systems, enabling the company to provide integrated solutions for residential, commercial, and utility-scale solar energy projects across global markets.

Hanwha Group operates across a broad spectrum of industries, including aerospace, mechatronics, clean energy, materials, retail, finance, and lifestyle services. Within the solar energy sector, the group has established a strong presence through its subsidiary, Hanwha Energy Corporation. The subsidiary has successfully developed and executed several major solar energy projects worldwide, including Oberon 1A in the United States, Laguna in Mexico, Kitsuki in Japan, and Cam Lam in Vietnam. These large-scale projects highlight Hanwha Group’s capabilities in project development and its commitment to expanding renewable energy infrastructure globally.

Key Players

• RENESOLA

• KYOCERA Corporation

• Hanwha Group

• REC Solar, Inc.

• Jinko Solar

• JA SOLAR Technology Co., Ltd.

• First Solar

• Wuxi Suntech Power Co., Ltd.

• Canadian Solar

• Trinasolar

• SHARP CORPORATION

• SunPower Corporation

• Yingli Solar

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Conclusion:

The report concludes that the solar photovoltaic (PV) industry is poised for continued growth driven by rising global demand for clean and renewable energy. Expansion is supported by increasing government initiatives and favorable regulatory policies, ongoing technological advancements, and enhanced cost competitiveness compared with conventional energy sources. Adoption of solar PV systems is expanding across multiple regions and end-use sectors as nations and businesses seek to reduce carbon emissions, improve energy security, and meet sustainability goals. Additionally, innovations in PV technology and broader integration with energy storage and electric vehicle systems are creating new opportunities for market expansion globally.