Solar PV Market To Reach 604.83 Billion By 2030 | CAGR 10.6%

Solar PV Market Growth & Trends

The global solar PV market size is expected to reach 604.83 billion by 2030, expanding at a CAGR of 10.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Rising demand for sustainable energy resources coupled with favorable regulatory policies is expected to drive the market growth over the forecast period.

Supportive regulations involving federal subsidy and incentives expected to be the prime factors impacting the industry growth on a positive note. Europe has been a major market for solar PV owing to the early adoption of the technology in the region owing to high consumer awareness and positive government outlook in the region.

Increasing demand for renewable energy sources owing to rising consumer awareness towards cost benefits associated with the technology is expected to propel growth. Furthermore, depleting fossil fuel resources coupled with the growing demand for durable energy sources is expected to have a positive impact on industry growth.

The technology offers low conversion efficiencies as compared to conventional energy sources including oil and biomass. Furthermore, the solar PV performance gets affected by various factors including the type of raw material used for solar cell manufacturing, availability of sunlight, and solar PV designs which is expected to hamper its growth over the forecast period.

 Request a free sample copy or view report summary: Solar PV Market Report

Solar PV Market Report Highlights

• On-grid connectivity dominated the market with a revenue share of 73.5% in 2023 and The off-grid segment is expected to register the fastest CAGR over the forecast period

• The segment, ground mounted solar PVs held the largest market share in 2023 and Meanwhile, the rooftop segment is anticipated to witness the fastest growth from 2024 to 2030

• Asia Pacific accounted for 63.1% of the total market share in 2023, on account of the favorable government regulations and initiatives taken by the government to install clean energy resources in order to curb the prevailing issue of pollution

• The major players in the market are investing in R&D activities in order to come up with efficient and high-performance systems in order to tap the rising consumer attention and to compete with the alternative energy resources

Solar PV Market Segmentation

Grand View Research has segmented the global solar PV market report based on connectivity, mounting, end use, and region:

Solar PV Connectivity Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030) 

• On Grid

• Off Grid

Solar PV Mounting Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030) 

• Ground Mounted

• Roof Top

Solar PV End Use Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030) 

• Residential

• Commercial & Industrial

• Utility

Solar PV Regional Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030) 

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Russia

• Asia Pacific

  • Japan

  • India

  • China

  • Australia

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players of Solar PV Market

• 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