Photovoltaic (PV) Market Size, Share, Growth, Trends, and Global Industry Analysis: By Technology (Thin film, Multi-Si, Mono-Si, and Others), By Deployment (Ground-mounted, Rooftop Solar, and Floating), By Connectivity (On-grid and Off-grid), By End Use (Residential, Commercial, Utility), and Region

Photovoltaic (PV) Market size was valued at US$ 97, 897 million in 2023 and poised to grow at a CAGR of 10.2% from 2024-2030. The market is driven by several factors declining cost of solar PV modules, supportive government policies and initiatives, rising investments in solar energy, and carbon emission reduction targets.  The cost of solar panels has dropped significantly over the past decade, making them a more affordable option for residential and commercial properties. This trend is expected to continue, further driving market growth. Many governments around the world are offering incentives for solar energy adoption, such as tax credits, feed-in tariffs, and net metering programs. These policies are making solar power more attractive to consumers and businesses. There is a growing awareness of the environmental benefits of solar energy, which is leading to increased investment in the sector. This investment is helping to drive down the cost of solar panels and other components, making solar power even more competitive.

Many countries have set ambitious carbon emission reduction targets, and solar energy is seen as a key way to achieve these goals. This is driving demand for solar power from both governments and businesses. However, the constraints hindered the growth of the market intermittency and storage issues, the need for land and space, and initial financial expenditure. Solar energy is a renewable resource, but it is also intermittent, meaning that it is not always available. This can be a challenge for integrating solar power into the grid. However, advances in battery storage technology are helping to address this issue. Large-scale solar installations require a significant amount of land. This can be a challenge in some areas, particularly in densely populated regions. While the cost of solar panels has decreased, the upfront cost of a solar PV system can still be a barrier for some consumers.

Photovoltaic (PV) Market Key Developments

• May 2023 First Solar, a global leader in thin film photovoltaics, acquired Evolar AB, a European leader in perovskite technology. The purchase price was approximately $38 million, with an additional $42 million subject to technical milestones. This acquisition is expected to accelerate the development of next-generation PV technology, including high-efficiency tandem devices.
• Oct 2021 Reliance New Energy Solar Limited (RNESL), a subsidiary of Reliance Industries Limited (RIL), acquired a complete stake in REC Solar Holdings (REC Group) from China National Bluestar for $771 million. REC Group, based in Norway, operates manufacturing facilities for solar-grade polysilicon and PV cells/modules. RIL plans to use REC’s technology in its integrated PV panel manufacturing gigafactory in Gujarat, India.