Photovoltaic Market

Global Photovoltaic Market Research Report: By Component Type (Modules, Inverters, and Balance of System), By Material (Silicon and Compounds), By Cell Type (Full-Cell PV Modules and Half-Cell PV Modules), By Application (Residential, Commercial & Industrial, and Utilities), By Installation Type (Ground-mounted, Building-Integrated Photovoltaics, and Floating PV), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

Energy & Power | September 2023 | Report ID: EMR00123 | Pages: 217

The Global Photovoltaic Market was valued at USD 91.85 billion in 2022, and is estimated to reach approximately USD 220.15 billion by 2031, at a CAGR of 10.2% from 2023 to 2031. Photovoltaic (PV) technology is a sustainable and fast-developing renewable energy source that turns sunlight directly into electricity. PV systems are made up of solar panels made up of photovoltaic cells, which are commonly comprised of semiconductor materials such as silicon. When exposed to sunlight, these cells create an electric current via the photovoltaic effect. PV systems may be installed in various sizes, ranging from modest rooftop installations to enormous solar farms. They have various advantages, including zero greenhouse gas emissions, low maintenance requirements, and extended lifespans. Furthermore, PV technology has gotten more efficient and inexpensive over the years, making it a feasible choice for wider adoption.




Report Attribute


Estimated Market Value (2022)

91.85 Bn

Projected Market Value (2031)

220.15 Bn

Base Year


Forecast Years

2023 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Component Type, By Material, By Cell Type, By Installation Type, By Application, & Region

Segments Covered

By Component Type, By Material, By Cell Type, By Installation Type, By Application, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.


Global Photovoltaic Market Dynamics

The growing worldwide concern about climate change and the need to cut greenhouse gas emissions has resulted in a greater emphasis on renewable energy sources, with photovoltaics (PV) playing a crucial role. Furthermore, government regulations and incentives, including feed-in tariffs and tax credits, have played an important role in increasing PV system adoption. Furthermore, the rising demand for energy, along with the necessity for decentralized and off-grid power solutions in rural places, has increased PV system implementation. Overall, improving consumer knowledge of the environmental and economic benefits of PV has resulted in increased demand for solar power installations.


Global Photovoltaic Market Drivers

  • Increasing Demand for Renewable Energy

The growing global awareness of the environmental impact of traditional energy sources has led to a surge in demand for renewable energy solutions like photovoltaic (PV) systems. The need to reduce carbon emissions and combat climate change is a major driver of the PV market.

  • Supportive Government Policies and Incentives



  • Competition from Other Renewable Technologies

While PV is one of the most widely adopted renewable energy technologies, it faces competition from other sources such as wind power, hydropower, and geothermal energy. The availability of alternative renewable options may divert some investments away from PV systems.

  • High Initial Costs



  • Energy Storage Integration

The integration of PV systems with energy storage technologies, such as batteries, presents a significant opportunity for the market. Energy storage enhances the value proposition of PV systems by enabling load shifting, grid stabilization, and backup power, making them more reliable and versatile.

  • Building-Integrated Photovoltaics


Segment Overview

By Component

Based on the component, the global photovoltaic market is divided into modules, inverters, and balance of system. The balance of system category dominates the market with the largest revenue share of around 53.8% in 2022. BOS refers to all of the components and equipment needed for the installation and operation of a photovoltaic (PV) system, excluding the solar panels themselves. Inverters, mounting structures, cabling, connections, monitoring systems, and other essential equipment are all included.


By Cell Type

Based on the cell type, the global photovoltaic market is divided into full-cell PV modules and half-cell PV modules. The full-cell PV modules category dominates the market with the largest revenue share of around 63.7% in 2022. Full-cell modules have busbars that completely cover the cell area, leading to lower power losses and improved overall module performance. When compared to other module types, this design provides better power output and improved efficiency.


By Application

Based on application, the global photovoltaic market is divided into residential, commercial & industrial, and utilities. The utilities category dominates the market with the largest revenue share of around 34.5% in 2022. This may be attributable to a number of things, including the fact that utilities have substantially invested in large-scale solar projects, utilizing economies of scale and cost-effectiveness.


Global Photovoltaic Market Overview by Region

By Region, the global photovoltaic market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for 42.5% revenue share of the global market in 2022. The growth factors including the substantial expenditures made in solar energy infrastructure by nations like China, Japan, and India, which has resulted in a sharp rise in PV installations. To encourage the use of PV systems, these countries have enacted favorable government policies, such as feed-in tariffs, subsidies, and renewable energy objectives.



Global Photovoltaic Market Competitive Landscape

In the global photovoltaic market, a handful of major players hold substantial market domination and exhibit a robust regional presence. These influential players remain dedicated to continuous research and development endeavors. Additionally, they actively engage in strategic growth initiatives, including product creation, product launches, joint ventures, and partnerships. By employing these tactics, these organizations aim to bolster their market position, expand their client base, and secure a significant market share.


Some of the leading companies in the global photovoltaic market include Trina Solar, LONGi, Canadian Solar, First Solar, Hanwha Q CELLS, Sungrow Power Supply, Wuxi Suntech Power, Sharp, Mitsubishi Electric, ABB, Huawei, SMA Solar Technology, Array Technologies, Chint Solar, GCL System Integration Technology, and various other key players.


Global Photovoltaic Market Recent Developments

In February 2022, The 54-cell Hi-MO 5m 54c module was recently presented by LONGi in China. The newest member of the Hi-MO 5m series has been designed exclusively for rooftop installations in residential and commercial & industrial (C&I) buildings. The Hi-MO 5m module has an excellent efficiency of 21.25% while producing a maximum power output of 415W.


Scope of the Global Photovoltaic Market Report

Photovoltaic Market Report Segmentation



By Component Type

  • Modules
  • Inverters
  • Balance of System


By Material

  • Silicon
  • Compounds


By Cell Type

  • Full-Cell PV Modules
  • Half-Cell PV Modules


By Installation Type

  • Ground-mounted
  • Building-Integrated Photovoltaics
  • Floating PV

By Application

  • Residential
  • Commercial & Industrial
  • Utilities

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request


  • Available upon request


Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:


  • Global Photovoltaic Market Size and Forecast:

To identify and estimate the market size for the global photovoltaic market segmented by component type, by material, by cell type, by installation type, by application, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of Photovoltaic between 2019 and 2031.


  • Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges for the global photovoltaic market


  • Market Influencing Factors:

To find out the factors which are affecting the sales of photovoltaic among consumers


  • Impact of COVID-19:

To identify and understand the various factors involved in the global photovoltaic market affected by the pandemic


  • Company Profiling:

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience

  • Photovoltaic Manufacturers
  • Raw Material Suppliers
  • Retailers, Wholesalers, and Distributors
  • Governments, Associations, and Industrial Bodies
  • Investors and Trade Experts

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The global photovoltaic market forecast period is 2023 - 2031
According to photovoltaic market research, the market is expected to grow at a CAGR of ~10.2% over the coming years.
Asia-Pacific is expected to register the highest CAGR during 2023 - 2031
Asia-Pacific held the largest share in 2022
The major companies operating in the global photovoltaic market include Trina Solar, LONGi, Canadian Solar, First Solar, Hanwha Q CELLS, Sungrow Power Supply, Wuxi Suntech Power, Sharp, Mitsubishi Electric, ABB, Huawei, SMA Solar Technology, Array Technologies, Chint Solar, GCL System Integration Technology, and others.

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