Global Photovoltaic Market Growth Prediction: CAGR of 8.6% Predicted, Reaching $148.83 Billion by 2029

The Photovoltaic Market has witnessed robust growth in the past few years, expanding from $98.32 billion in 2024 to $106.88 billion in 2025, growing at a compound annual growth rate (CAGR) of 8.7%. The substantial growth during this historical period can be attributed to several driving factors such as environmental awareness, energy security, grid integration, economic viability, and global energy transition.

The Photovoltaic Market is expected to continue this momentum, growing to an estimated $148.83 billion by 2029 at a compound annual growth rate (CAGR) of 8.6%. The main growth drivers in the forecast period include integration with energy storage, adoption of government climate targets, decentralized energy generation, electric vehicle integration, and corporate sustainability initiatives. Major trends in the forecast period include advancements in solar technology, energy storage integration, floating solar installations, digitalization and monitoring, as well as green financing and investment.

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What Are The Growth Drivers in the Photovoltaic Market?
The Photovoltaic Market is experiencing significant growth due to the rising demand for renewable energy. Renewable energy is produced from natural sources that regenerate more quickly than they are consumed. Photovoltaic systems, composed of solar panels often made from silicon-based materials and an inverter that converts the direct current produced by the panels into alternating current, therefore increased demand for renewable energy propels the demand for photovoltaic market. For instance, renewable sources made up 23% of energy consumption in the EU in 2022, up from 21.9% in 2021. This growth is primarily attributed to the surge in solar power demand.

Which Are The Key Segments In The Photovoltaic Market?
The Photovoltaic Market report covers the following segments-
1) By Component: Modules, Inverters, Balance Of Systems (BOS)
2) By Cell Type: Full-Cell PV Modules, Half-Cell PV Modules
3) By Installation Type: Ground-Mounted, Building-Integrated Photovoltaics (BIPV), Floating PV
4) By Technology: Thin Film, Mono-Si, Multi-Si
5) By Application: Residential, Commercial And Industrial, Utilities

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What Key Companies Are Operating In The Photovoltaic Market?
Major players in the Photovoltaic market include 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, GCL System Integration Technology Co. Ltd., Risen Energy Co. Ltd., Shunfeng International Clean Energy Ltd., Acciona S.A., SunPower Corporation, Waaree Energies Ltd., Suntech Power Holding Co. Ltd., QCELLS Co. Ltd., NextEra Energy Inc., Sunrun Inc., Maxeon Solar Technologies Ltd., SolarEdge Technologies Inc., Emmvee Photovoltaic Power Private Limited, ABB Ltd., SL Power Electronics Corp., Fimer SpA, Sunnova Energy International Inc., Yingli Green Energy Holding Company Limited, LG Corp., REC Solar Holdings AS.

What Are The Emerging Trends In The Photovoltaic Market?
Major companies operating in the photovoltaic market are zeroing in on the development of innovative products such as solar panels to improve energy efficiency and decrease costs for consumers. For instance, Canada-based solar cell and module manufacturing company Silfab Solar launched a 640 W utility-scale solar panel in September 2024. This bifacial module was designed for large-scale photovoltaic (PV) projects and used advanced N-type solar cell technology to amplify efficiency and performance.

Which Region Will Experience The Fastest Growth In The Photovoltaic Market?
Asia-Pacific was the largest region in the Photovoltaic market as of 2024. The regions covered in the photovoltaic market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

What Does The Photovoltaic Market Report 2025 Offer?
Photovoltaic refers to the direct conversion of light into electrical power using semiconductive materials, such as silicon. It plays a crucial role in the transition to a more sustainable and renewable energy future, as it converts solar energy directly into electrical power without the need to burn non-renewable carbon fuels like coal, oil, or natural gas. The Photovoltaic Market research report from The Business Research Company offers an in-depth analysis of global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.

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