Global Solar Photovoltaic (PV) Market Size 2023, Growth Rate (16.4%), Share, Trends, Analysis, Forecast by 2028

February 02 20:42 2023
Global Solar Photovoltaic (PV) Market Size 2023, Growth Rate (16.4%), Share, Trends, Analysis, Forecast by 2028
Solar Photovoltaic (PV) Market
The escalating demand for sustainable and continuous electric supply is primarily driving the solar photovoltaic (PV) market.

The latest research study “Solar Photovoltaic (PV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global solar photovoltaic (PV) market size reached 1,034.5 TWh in 2022. Looking forward, IMARC Group expects the market to reach 2,546.5 TWh by 2028, exhibiting a growth rate (CAGR) of 16.4% during 2023-2028.

A solar photovoltaic (PV) system usually consists of solar panels with an inverter as well as other mechanical and electrical hardware that convert sunlight into electrical energy. In line with this, it relies on mounting structures that point panels toward the sun for converting direct current (DC) into alternating current (AC). Solar photovoltaic is extensively utilized to generate clean and green energy and reduce air pollution levels and greenhouse gas emissions. It is highly versatile, easy to install, noise-free, etc. Solar photovoltaic has low maintenance costs as compared to other renewable energy systems. Consequently, it finds wide-ranging applications in commercial and residential sectors across the globe.

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Solar Photovoltaic (PV) Market Trends and Drivers:

The escalating demand for sustainable and continuous electric supply is primarily driving the solar photovoltaic (PV) market. Additionally, the increasing consumer awareness towards using low carbon-intensive technologies for minimizing the carbon footprint is further catalyzing the market growth. Besides this, the widespread adoption of solar PV systems to power spacecraft and orbiting satellites is acting as another significant growth-inducing factor. Moreover, it is also utilized to reduce dependency on fossil fuels and in the residential sector for generating grid-connected electricity, which is propelling the market growth. Apart from this, the rising investments in R&D activities by key market players to develop improved solar energy generation technologies are positively influencing the global market. Furthermore, the launch of numerous favorable policies by government bodies across countries to promote the use of solar energy is anticipated to fuel the solar photovoltaic (PV) market over the forecasted period.

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Solar Photovoltaic (PV) Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • Canadian Solar Inc.
  • Acciona S.A.
  • First Solar Inc.
  • JA Solar Technology Co
  • JinkoSolar Holding Co. Ltd.
  • LONGi Green Energy Technology Co. Ltd.
  • Sharp Corporation, Solar Frontier K.K
  • SunPower Corporation
  • Suntech Power Co. Ltd. (Shunfeng Int’l)
  • Tata Power Solar Systems Limited (Tata Power Company Limited)
  • Trina Solar Co. Ltd.


The report has segmented the market on the basis of type, grid type, deployment and end user.


Breakup by Type:

  • Thin Film
  • Multi-Si
  • Mono-Si


Breakup by Grid Type:

  • On-Grid
  • Off-Grid 


Breakup by Deployment:

  • Ground-mounted
  • Rooftop Solar


Breakup by End User:

  • Residential
  • Commercial
  • Utility


Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa


Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023- 2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape


If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.


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