The global solar PV market was valued at USD 334.21 billion in 2024 and is forecast to reach USD 609.30 billion by 2030, exhibiting a robust Compound Annual Growth Rate (CAGR) of 10.6% from 2025 to 2030. This significant expansion is primarily driven by escalating global concerns regarding climate change, a heightened emphasis on sustainable and clean energy solutions, supportive government policies and subsidies, and continuous innovations in PV technology.
Governments worldwide are increasingly transitioning towards clean and renewable energy sources to mitigate their contribution to global warming and carbon emissions. Solar energy, offering a sustainable and scalable alternative to conventional energy sources, is consequently experiencing surging demand globally. For instance, according to the International Energy Agency, in 2023, global renewable capacity additions saw an almost 50% surge, reaching 510 GW, with solar PV alone accounting for approximately 75% of this growth. Notably, China's solar PV installations in 2023 matched the total global installations from 2022. By 2028, solar PV and wind power are projected to double their share, contributing to 25% of global electricity generation. As developing economies progressively adopt renewable energy solutions, an accelerated demand for solar PV modules is anticipated throughout the forecast period.
Key Market Insights:
- Asia Pacific Dominance: The Asia Pacific region held the largest share of the global solar PV market in 2024, accounting for 55.6% of the revenue.
- China's Leadership in Asia Pacific: Within the Asia Pacific market, China was the leading country and held the largest revenue share in 2024.
- Ground-Mounted Segment: By mounting type, ground-mounted installations led the market, holding the largest revenue share of 62.7% in 2024.
- Utility Segment Dominance: In terms of end-use, the utility segment maintained the dominant position in the market, representing the largest revenue share of 57.3% in 2024.
- Fastest Growing End-Use Segment: The commercial & industrial segment, by end-use, is projected to experience the fastest growth, with a CAGR of 12.1% from 2025 to 2030.
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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:
The global solar PV market features prominent players like RENESOLA, KYOCERA Corporation, and Hanwha Group, among others. These companies are actively focused on advancing solar PV technology, optimizing their manufacturing processes for greater efficiency, and expanding their production capacities to meet rising global demand.
Jinko Solar is a specialist in the design, development, and manufacturing of high-efficiency solar photovoltaic (PV) products and energy storage systems (ESS). Their comprehensive product portfolio includes a diverse range of solar modules, such as monocrystalline, polycrystalline, and bifacial options, all offering various power outputs and efficiency rates. Beyond modules, Jinko Solar also provides solar cells, solar inverters, and mounting systems, catering to the varied needs of residential, commercial, and utility-scale solar energy projects.
Hanwha Group is a diversified conglomerate with a strong presence in sectors including aerospace, mechatronics, clean energy, materials, retail, finance, and lifestyle services. Through its subsidiary Hanwha Energy Corporation (and its Qcells division), Hanwha has developed and contributed to major solar energy projects across the globe. Notable examples include large-scale solar farms in the U.S. (like the Ocotillo Wells Solar project in California that supplies Meta), Mexico (e.g., Laguna), Japan (e.g., Kitsuki), and Vietnam (e.g., Cam Lam). Hanwha Qcells is also significantly investing in building a fully integrated solar supply chain in the U.S.
Leading Companies:
- First Solar
- Wuxi Suntech Power Co., Ltd.
- Canadian Solar
- Trinasolar
- SHARP CORPORATION
- SunPower Corporation
- Yingli Solar
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Conclusion
The global solar PV market is undergoing rapid transformation, fueled by the urgency to adopt clean energy solutions and reduce carbon emissions. With governments implementing favorable policies and technological advancements making solar power more efficient and accessible, demand continues to rise across sectors. Asia Pacific, particularly China, remains at the forefront of market expansion. Ground-mounted and utility-scale installations currently dominate, while the commercial and industrial sector is poised for the fastest growth. Major industry players are scaling operations and investing in innovation to meet increasing global demand, solidifying solar PV’s pivotal role in the future energy landscape.
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