Photovoltaics

Global Photovoltaics Market to Reach US$136.6 Billion by 2030

The global market for Photovoltaics estimated at US$96.6 Billion in the year 2024, is expected to reach US$136.6 Billion by 2030, growing at a CAGR of 6.0% over the analysis period 2024-2030. Modules, one of the segments analyzed in the report, is expected to record a 6.3% CAGR and reach US$68.0 Billion by the end of the analysis period. Growth in the Inverters segment is estimated at 5.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$25.2 Billion While China is Forecast to Grow at 10.0% CAGR

The Photovoltaics market in the U.S. is estimated at US$25.2 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$32.7 Billion by the year 2030 trailing a CAGR of 10.0% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.4% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.0% CAGR.

Global Photovoltaics Market - Key Trends and Drivers Summarized

Harnessing the Sun: The Evolution and Impact of Photovoltaics

Photovoltaics (PV) is a technology that converts sunlight directly into electricity using semiconductor materials. The fundamental component of a PV system is the solar cell, typically made from silicon, which generates an electric current when exposed to light through the photovoltaic effect. This effect occurs when photons from sunlight knock electrons loose from atoms in the semiconductor material, creating an electrical flow. PV systems can be configured in various sizes, from small rooftop installations to large utility-scale solar farms. These systems are comprised of multiple solar cells connected to form solar panels, which are then linked to an inverter that converts the direct current (DC) produced by the cells into alternating current (AC) for use in homes and businesses. Photovoltaics offers a sustainable and renewable energy solution, reducing dependence on fossil fuels and contributing to the reduction of greenhouse gas emissions.

How Are Photovoltaic Systems Applied in Various Sectors?

Photovoltaic systems are versatile and find applications across multiple sectors, each harnessing solar energy to meet diverse energy needs. In the residential sector, rooftop solar panels provide homeowners with a reliable and cost-effective way to generate electricity, often reducing or eliminating their dependence on the grid. Commercial and industrial sectors use PV systems to power operations, from small businesses to large manufacturing plants, enhancing energy security and reducing operational costs. Utility-scale solar farms, spanning vast areas of land, generate significant amounts of electricity, feeding directly into the national grid and supporting large-scale energy consumption. In addition, off-grid PV systems provide electricity in remote and rural areas, powering homes, schools, and hospitals where traditional grid infrastructure is unavailable. The integration of photovoltaics in public infrastructure, such as solar street lighting and solar-powered transportation, further demonstrates the broad applicability of this technology in enhancing sustainability across various sectors.

What Are the Emerging Trends in Photovoltaic Technologies?

The field of photovoltaics is experiencing rapid advancements, driven by innovation and the increasing demand for clean energy solutions. One key trend is the development of high-efficiency solar cells, such as those based on perovskite materials, which promise higher conversion efficiencies at lower costs compared to traditional silicon cells. Bifacial solar panels, capable of capturing sunlight on both sides, are also gaining popularity, offering increased energy yield from the same panel footprint. Another significant trend is the integration of PV systems with energy storage solutions, such as lithium-ion batteries, enabling the storage of excess solar power for use during non-sunny periods and enhancing grid stability. The rise of building-integrated photovoltaics (BIPV) is transforming architectural design, with solar cells seamlessly integrated into building materials like windows and facades, combining aesthetics with functionality. Digital technologies and the Internet of Things (IoT) are being integrated into PV systems for real-time monitoring and optimization, ensuring maximum efficiency and performance. These trends highlight the dynamic evolution of photovoltaic technologies, continually expanding their capabilities and applications.

What Factors Are Driving the Growth in the Photovoltaics Market?

The growth in the photovoltaics market is driven by several factors, each contributing to its expanding adoption and development. Technological advancements, such as improved solar cell efficiencies and cost reductions, are making PV systems more affordable and accessible. Government policies and incentives, including tax credits and subsidies, are encouraging investments in solar energy, boosting market growth. The increasing global emphasis on reducing carbon emissions and combating climate change is driving demand for renewable energy sources, with photovoltaics playing a critical role. The rising cost of traditional energy sources and concerns about energy security are prompting businesses and consumers to turn to solar power as a reliable and sustainable alternative. Additionally, the expanding applications of PV systems in residential, commercial, and industrial sectors, as well as in emerging markets, are further propelling market growth. The growing awareness and adoption of off-grid solar solutions in remote areas are also contributing to the market`s expansion. Together, these factors are fostering robust growth in the photovoltaics market, ensuring its continued evolution and prominence in the global energy landscape.

SCOPE OF STUDY:

The report analyzes the Photovoltaics market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Type (Modules, Inverters, Balance of System (BOS)); Installation Type (Ground Mounted, BIPV, Floating PV); Application (Utility, Commercial & Industrial, Residential)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 43 Featured) -

• Canadian Solar, Inc.
• Ja Solar Co. Ltd.
• JinkoSolar Holding Co., Ltd.
• Kaneka Corporation
• Kyocera Corporation
• Mitsubishi Electric Corporation
• Panasonic Corporation
• Renesola Co. Ltd.
• Sharp Corporation
• Trina Solar Ltd.
• Wuxi Suntech Power Co., Ltd.
• Yingli Green Energy Holding Co., Ltd.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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