Through market attractiveness analysis, total addressable market evaluation, company benchmarking matrices, interactive Excel dashboards, expanded supply chain intelligence, emerging startup coverage, and detailed product insights, The Business Research Company’s 2026 market reports provide more actionable and strategically valuable research.
Photovoltaic Market Value Analysis: What Growth Is Expected Over The Forecast Period?
The photovoltaic market has seen considerable expansion in recent years. It is expected to increase from $104.92 billion in 2025 to $113.04 billion in 2026, achieving a compound annual growth rate (CAGR) of 7.7%. The historical growth of this market is attributable to the rising early adoption of silicon-based pv modules, the enlargement of residential rooftop installations, government incentives for renewable power, increasing commercial pv adoption, and the establishment of grid-connected solar farms.
The photovoltaic market size is anticipated to undergo significant expansion over the next few years. It is predicted to reach $156.11 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 8.4%. This growth during the forecast period is driven by factors such as increasing demand for bifacial PV modules, higher investment in floating PV plants, advancements in hybrid inverter technologies, the expansion of building-integrated photovoltaics, and a rise in utility-scale solar capacity additions. Prominent trends expected in this period include the adoption of sustainable photovoltaic manufacturing processes, the integration of solar into smart energy networks, the development of high-efficiency PV technologies, the wider deployment of PV systems in electric mobility infrastructure, and an increase in digitally monitored solar installations.
Download A Free Sample Report For Comprehensive Market Insights:
Photovoltaic Market Industry Drivers: What Is Driving Revenue Growth?
The increasing need for renewable energy is anticipated to boost the expansion of the photovoltaic market. Renewable energy is characterized as power derived from natural origins that regenerate more quickly than they are utilized. Photovoltaic systems are composed of solar panels, typically built from silicon-based materials, and an inverter, which transforms the direct current electricity generated by the panels into alternating current suitable for powering homes and businesses. Consequently, the escalating demand for renewable energy directly fuels the demand for the photovoltaic market. For instance, in January 2024, the International Energy Agency, a France-based intergovernmental organization, reported that in 2023, global renewable energy capacity additions surged by 50%, reaching nearly 510 gigawatts (GW), with solar PV contributing approximately three-quarters of the total new installations worldwide. Hence, the rising demand for renewable energy is propelling the growth of the photovoltaic market.
Photovoltaic Market Segment Outlook: Which Categories Are Expanding The Fastest?
The photovoltaic market covered in this report is segmented –
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
Subsegments:
1) By Modules: Monocrystalline Solar Modules, Polycrystalline Solar Modules, Thin-Film Solar Modules, Bifacial Solar Modules, Building-Integrated Photovoltaics (BIPV)
2) By Inverters: String Inverters, Central Inverters, Microinverters, Power Optimizers, Hybrid Inverters
3) By Balance of Systems (BOS): Mounting Structures, Electrical Components, Monitoring Systems, Energy Storage Systems, Safety And Protection Equipment
Photovoltaic Market Strategic Trends: What Is Defining The Next Phase Of Growth?
Leading companies within the photovoltaic market are concentrating on integrating novel photovoltaic solutions, such as solar photovoltaic systems, into their production sites to enhance market profitability. These solar photovoltaic systems represent sophisticated technologies that capture sunlight, transforming it into electricity via photovoltaic cells, thereby playing a critical role in producing clean, renewable energy for diverse applications. An illustration of this is HAECO Group, an aircraft engineering firm based in Hong Kong, which, in March 2023, installed advanced solar photovoltaic systems at its Jinjiang composite services facility and its Xiamen landing gear services facility. This fully operational solar PV power system, equipped with advanced photovoltaic cells designed for maximum solar energy conversion, highlights the company’s dedication to sustainable operational methods. The system at HAECO Composite Services, boasting an impressive 1.54 Megawatts (MW) capacity, is projected to generate approximately 1.6 million kilowatt-hours (kWh) of clean electricity each year, leading to a substantial reduction in carbon emissions, estimated at 1,032 metric tons annually. Likewise, at HAECO Landing Gear Services, the 0.59 MW capacity is forecast to produce approximately 0.69 million kilowatt-hours (kWh) of renewable energy, contributing to an annual decrease of roughly 426 metric tons in carbon emissions.
Photovoltaic Market Key Companies And Competitive Benchmarking
Major companies operating in the photovoltaic market are 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., Maxeon Solar Technologies Ltd., SolarEdge Technologies Inc., Emmvee Photovoltaic Power Private Limited, ABB Ltd., SL Power Electronics Corp., Fimer SpA, Yingli Green Energy Holding Company Limited, LG Corp., REC Solar Holdings AS
Access The Complete Photovoltaic Market Report:
Photovoltaic Market Regional Analysis: Which Region Leads By Revenue?
Asia-Pacific was the largest region in the Photovoltaic market in 2025. The regions covered in the photovoltaic market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Get in touch with us:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas: +1 310-496-7795
Asia: +44 7882 955267 & +91 8897263534
Europe: +44 7882 955267
Email us at: marketing@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.