Global Solar Photovoltaic (PV) Market Size and Forecast (2021–2030) – Analysis by Deployment Model (Ground Mounted, Rooftop), Application, Grid Type, Technology, and Geography (Asia Pacific, Europe, North America, and Other Regions) Report
Global Solar Photovoltaic (PV) Market Growth
The Global Solar Photovoltaic (PV) Market has emerged as a core pillar of the global energy transition, driven by accelerating renewable energy adoption, sustained declines in solar technology costs, and strong capacity additions across both utility-scale and distributed solar PV segments. As a result, global cumulative solar PV capacity is estimated to reach approximately 3 TW in 2025, underscoring the sector’s scale and maturity.
Between 2020 and 2024, the global solar PV market growth trajectory remained robust, driven primarily by large-scale deployment across the Asia Pacific Solar PV Market, improving project economics, and heightened energy security considerations across major economies. In 2024, the Asia–Pacific region alone added approximately 430 GW of new solar capacity, reinforcing its position as the dominant contributor to global solar installations in both volume and value terms.
While 2025 is expected to witness a relatively moderated global growth rate, this slowdown reflects rising external pressures rather than a decline in underlying demand. Factors such as renewed political support for fossil fuels in select regions, global economic headwinds, trade uncertainties, and evolving geopolitical risks are contributing to uneven regional growth patterns.
Key Drivers Shaping the Global Solar Photovoltaic (PV) Market
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Asia–Pacific Capacity Expansion: Large-scale solar deployment across Asia–Pacific, led by China and supported by India and Southeast Asia, continues to anchor global installation growth and investment flows.
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Cost Declines and Manufacturing Scale: Ongoing reductions in module prices, driven by manufacturing scale, technology upgrades, and supply chain optimization, have strengthened solar PV’s cost competitiveness versus conventional power sources.
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Advancements in PV Technology: Wider adoption of high-efficiency crystalline silicon technologies, including TOPCon and bifacial modules, is improving energy yields and project economics, supporting faster deployment across markets.
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Energy Security and Decarbonization Goals: Governments are increasingly prioritizing solar PV to reduce fossil fuel dependence, enhance energy security, and meet long-term climate and net-zero commitments.
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Utility-Scale Dominance with Distributed Growth: Utility-scale solar remains the largest contributor to capacity additions, while commercial, industrial, and residential rooftop installations continue to gain momentum in high-tariff and urbanized markets.
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Scope of the Study for the Global Solar Photovoltaic (PV) Market
Makreo Research presents a comprehensive study titled "Global Solar Photovoltaic (PV) Market Size and Forecast (2021–2030) – Analysis by Deployment Model (Ground Mounted, Rooftop), Application, Grid Type, Technology, and Geography (Asia Pacific, Europe, North America, and Other Regions) Report." The report delivers an in-depth evaluation of the Global Solar PV Market, covering capacity installations, revenue dynamics, technology evolution, and regional deployment patterns. The study reviews the historical development and recent performance of the solar photovoltaic industry, highlighting the structural and policy-driven shifts that have positioned solar PV as a leading source of new power generation capacity worldwide.
Global Solar Photovoltaic (PV) Market Analysis
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The report evaluates the global solar PV market across key performance indicators, including installed capacity, annual capacity additions, cumulative deployment growth, pricing trends, and solar PV’s contribution to total electricity generation.
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It provides a comparative assessment of country-level rankings, examining installed capacity, per-capita solar penetration, application-wise deployment patterns, and regional contributions to global installations.
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Historical and current market performance is analyzed to identify demand cycles, supply-side adjustments, and emerging pricing pressures across major solar PV markets.
Regional and Country-Level Solar PV Market Assessment
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The study delivers a comprehensive regional assessment across Asia-Pacific, Europe and North America, assessing installation trends, investment flows, policy frameworks, and long-term outlooks.
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In-depth country analyses for major solar markets such as China, India and United States examine incentives, regulatory environments, capacity trends, system costs, manufacturing demand, and future growth prospects.
Global Solar PV Market Competitive Landscape and Positioning
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The report presents a structured assessment of the Global Solar PV Market competitive landscape, benchmarking leading solar PV manufacturers and developers across revenue, module shipments, production capacity, patent activity, geographic reach, and technological innovation.
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Detailed company profiles provide insights into business overviews, segment-wise strengths, financial performance, and strategic outlooks of key global players.
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The analysis also tracks mergers, acquisitions, investments, disinvestments, and funding timelines are tracked to assess consolidation trends and capital flows shaping the market.
Global Solar PV Market Challenges and Opportunities
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The report examines structural, operational, and policy-related challenges are analysed using frameworks such as Six Sigma to identify systemic constraints impacting growth.
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It also identifies emerging opportunity areas expected to act as key growth drivers through 2030.
Global Solar PV Market Outlook and Strategic Considerations
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The final section provides a forward-looking outlook for the global solar PV market, including cumulative installed capacity forecasts, regional and country-wise capacity addition projections, and scenario-based analysis.
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The analysis integrates historical deployment trends, evolving policy signals, and technology development trajectories to support strategic decision-making for policymakers, investors, manufacturers, and project developers operating across the global solar PV value chain.
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2021 - 2025: Past and Present Scenario
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2025: Base year of study
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2026– 2030: Outlook
Market Segmentation of Global Solar PV Market
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Utility-Scale
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Residential, Commercial & Industrial
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Ground Mounted
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Rooftop
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On-Grid
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Off-Grid
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Crystalline Silicon (Mono + Poly)
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Thin-Film (CdTe, CIGS, a-Si, etc.)
Geography Assessed
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Asia Pacific
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Europe
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North America
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Other Regions
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Competition Section
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Mergers, Acquisitions, and Investments
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Funding Timeline
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Company Profiles
Global Solar PV Industry Insights
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Global Solar PV Market Outlook 2025 - Strong Growth Amid Rising Uncertainty
The global solar PV market is expected to reach around 2.9 TW of cumulative installed capacity in 2025 and while long-term growth fundamentals remain robust, supported by China’s continued leadership, strong cost competitiveness, and declining technology costs, 2025 marks a critical transition phase for the industry.
Rising political support for fossil fuels in select regions, persistent global macroeconomic pressures, and elevated geopolitical risks are increasing uncertainty across key markets. These factors are expected to result in uneven regional performance, despite resilient underlying demand for solar PV capacity additions. In this context, global solar PV market revenue is estimated to grow at a slightly above 8% year-on-year rate.
China’s Dominance in the Global Solar PV Market
China continues to represent the most dominant and influential ecosystem within the Global Solar Photovoltaic (PV) Market, underpinned by unmatched manufacturing scale, aggressive capacity additions, and a deeply integrated supply chain.
China’s dominance extends far beyond installations. The country controls over 80% of the global solar PV supply chain, spanning polysilicon, wafers, cells, and module manufacturing, granting it unparalleled cost leadership and technological influence.
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Strategic Investments and Developments in the Global Solar PV Market
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Jinko Solar Holding Co., Ltd: In 2025, JinkoSolar and DKEM entered a strategic cooperation agreement to jointly advance high-efficiency PV cell metallization paste technologies.
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JA Solar Technology Co, Ltd: In 2025, JA Solar secured a 1.2 GW module supply agreement for the Samarkand 1 and 2 utility-scale solar projects in Uzbekistan. Under the contract, the company will supply photovoltaic modules for both plants, strengthening its presence in Central Asia’s utility-scale solar market.
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Hanwha Q CELLS Co., Ltd: In 2024, Qcells expanded its strategic alliance with Microsoft, committing to supply 12 GW of solar modules and EPC services over an eight-year period. The agreement underscores long-term corporate demand for clean energy and the growing role of large-scale procurement partnerships in the global solar PV market.
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Adani Solar: In 2024, Adani Group partnered with Google to develop a 61.4 MW solar–wind hybrid project in Khavda, Gujarat. The project is intended to support Google’s cloud operations in India and advance its 24/7 carbon-free energy objectives.
Funding Raised by Key Players in Recent Years
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Tandem PV, Inc. (2025): Tandem PV secured USD 50 million through a combined Series A equity and debt financing round. The capital is being deployed to support the construction of a commercial-scale perovskite–silicon tandem solar module manufacturing facility in the United States
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SolarSquare Energy Pvt. Ltd. (2024): SolarSquare raised USD 40 million in a Series B funding round to expand its rooftop solar operations across India
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Recurrent Energy LLC (2024): Recurrent Energy secured USD 500 million in preferred equity financing from BlackRock to fund the development of solar-plus-storage projects across multiple global markets.
Companies Covered in the Global Solar PV Market
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Jinko Solar Holding Co., Ltd.
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JA Solar Technology Co., Ltd.
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Canadian Solar Inc.
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LONGi Green Energy Technology Co., Ltd
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Trina Solar Co., Ltd.
The study covers a total of 12 Global Solar PV market companies. To know more, please reach out to sales@makreo.com
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