Global Photovoltaic Market
Electrical And Electronics Manufacturing

Understand How The Photovoltaic Market Is Set To Grow In Through 2024-2033

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033


Overview of Market Growth

  • Historic Growth:
    • The photovoltaic market size has seen significant growth recently.
    • From $91.06 billion in 2023 to $99.97 billion in 2024 at a CAGR of 9.8%.
    • Key drivers: environmental awareness, energy security, grid integration, economic viability, global energy transition.
  • Future Projections:
    • Expected to grow to $139.28 billion by 2028 at a CAGR of 8.6%.
    • Key drivers: energy storage integration, government climate targets, decentralized energy generation, electric vehicle integration, corporate sustainability initiatives.
    • Major trends: advancements in solar technology, energy storage integration, floating solar installations, digitalization and monitoring, green financing and investment.


Rising Renewable Energy Demand

  • Impact on Photovoltaic Market:
    • The increasing demand for renewable energy is driving the photovoltaic market.
    • Renewable energy sources like solar and wind are growing rapidly.
    • For example, in 2021, wind and solar PV technologies accounted for about 90% of the increase in renewable electricity output.
  • Photovoltaic Systems:
    • Made up of solar panels (often silicon-based) and an inverter.
    • Convert direct current (DC) electricity into alternating current (AC) electricity.
    • Rise in renewable energy demand boosts photovoltaic system demand.


Read The Full Photovoltaic Market Report Here:


Key Market Players

  • Major Companies:
    • JinkoSolar Holding Co. Ltd.
    • JA Solar Technology Co. Ltd.
    • Trina Solar Co. Ltd.
    • LONGi Green Energy Technology Co. Ltd.
    • Canadian Solar Inc.
    • First Solar Inc.
    • Hanwha Qcells
    • Wuxi Suntech Power Co. Ltd.
    • Sharp Corporation
    • Mitsubishi Electric Corporation


Technological Advancements

  • Emerging Trends:
    • Adoption of new technologies by major companies to maintain market position.
    • Example: PZL Sedziszow’s modern photovoltaic panels for Avia Solar brand using silicon–monocrystalline technology.
  • Acquisitions:
    • Example: Enverus’s acquisition of RatedPower in September 2022 to enhance its solar portfolio and expand its international reach.


Market Segmentation

  • By Component:
    • Modules, Inverters, Balance Of Systems (BOS)
  • By Cell Type:
    • Full-Cell PV Modules, Half-Cell PV Modules
  • By Installation Type:
    • Ground-Mounted, Building-Integrated Photovoltaics (BIPV), Floating PV
  • By Technology:
    • Thin Film, Mono-Si, Multi-Si
  • By Application:
    • Residential, Commercial and Industrial, Utilities


Regional Insights

  • Leading Region:
    • Asia-Pacific was the largest region in the photovoltaic market in 2023.



The photovoltaic market is poised for continued robust growth, driven by increasing demand for renewable energy, technological advancements, and supportive government policies. As more companies innovate and expand their capabilities, the future of the photovoltaic market looks bright and sustainable.


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The Photovoltaic Global Market Report 2024  provides an overview of the photovoltaic market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The photovoltaic market forecast analyzes photovoltaic market size, photovoltaic market share, leading competitor and their market positions.


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