Global Solar Photovoltaic (PV) Market
 
 
Solar Photovoltaic (PV) Market size is valued at USD 979.9 billion in 2025 and is anticipated to surpass USD 2.24 trillion by 2036, expanding at a CAGR of 7.63% during the forecast period, i.e., 2026 to 2036. In 2026, the industry size of solar photovoltaic is estimated at USD 1.07 trillion.
The primary driver of the global solar PV market is the rapid expansion of cost-effective manufacturing capacity, supported by substantial investments and the accelerating transition to clean energy. China has invested more than USD 50 billion in domestic PV production and supply capacity, which is nearly ten times higher than Europe, and currently accounts for over 80% of global PV component production, expected to reach 95% during the forecast period. This dominance has significantly reduced production costs and improved global accessibility of solar technologies in the solar PV market. At the same time, solar energy is evolving into a mainstream power source, with projections indicating that it could supply 40% of U.S. electricity demand by 2035. The sector is also generating strong economic momentum, currently employing over 230,000 people in the U.S. and expected to create between 500,000 and 1,500,000 jobs by 2030. These developments highlight how large-scale manufacturing, declining costs, and increasing adoption of decarbonization across industries are collectively driving the growth of the global solar PV market.
Global Solar Deployment and Capacity Additions:

Source: NERL Spring 2024 Report
IEA reported that in 2023, around 446 GWdc of PV was deployed worldwide, bringing cumulative PV capacity addition so far to 1.6 TWdc. With China’s dominance in the global solar photovoltaic (PV) market, a whopping 60% of installations came from the country in 2023, while Italy and Germany showcased a 2x growth in installations.  The rest of the world experienced a 30% y-o-y growth, and the U.S. held the second-largest solar photovoltaic market share in terms of annual deployment and installations. Research Nester analysts project that cumulative global photovoltaic installations will reach up to 5 TWdc by 2030 and 15 TWdc by 2050. Mono c-Si technology-based PV shipments were 35% in 2015 and reached 98% in 2023, while n-type mono c-Si was 63% of total PV shipments, increasing from 5% in 2019 to 51% in 2022.
PV System and Component Pricing:
The median system costs of large-scale utility-owned photovoltaic systems in 2023 were USD 1.27/Wac (relatively flat since 2018), and the residential PV systems by median price as reported by EnergySage reached USD 2.8/Wdc, a 6.3% y-o-y surge. Global polysilicon spot prices in 2023 as of late April were USD 6.76/kg, which was a 22% drop from mid-January (USD 8.70/kg), thus registering the lowest price observed over the last decade. The recent slump in module prices worldwide leveled off at USD 0.11/Wdc in Q1 2024. The U.S. average module price in Q4 2023 was USD 0.31/Wdc, representing a 5% q-o-q and 22% y-o-y decrease in the country module pricing.
Supply chain mapping:
Component manufacturing and trade dynamics in key countries
Solar PV market is a cornerstone of clean electricity generation and overarches the goal of achieving sustainable energy transition and net-zero emissions by 2050. The PV supply chain starts with the refinement of polycrystalline silicon or polysilicon, derived from metallurgical-grade silicon (MGS) and crystalline silicon (c-Si). Approximately 96% of global PV module shipments in 2020 used c-Si technology, made from melting polysilicon chunks into ingots, slicing them into thin wafers, and converting the wafers into PV cells and PV modules. Other PV modules use cadmium telluride (CdTe) technology, with higher adoption in the U.S. (16% compared to 4% worldwide) and c-Si representing the other 84%.
The U.S. PV Supply Chain Dynamics:
Solar PV market play a pivotal role in the U.S. efforts to reduce GHG emissions and minimize the impact of climate change. Decades of innovation and significant cost reductions so far have made PV one of the most affordable forms of electricity generation. In regards to decoupling from China’s raw material supply and its influence on the U.S. manufacturing sector, the country is striving to bring the PV supply chain in-house. The U.S. has a certain thin-film CdTe module production capacity that does not rely on obtaining raw materials from China. Over 16% of CdTe module installations are all supplied by a single U.S. company that also produced one-third of those CdTe modules in the U.S. Given the rate at which the economy is inching toward decarbonization, it is unlikely that any alternate technology, including CdTe, could fully displace conventional electricity generation before 2050.
Solar power represented 5% of the energy generation capacity addition in 2010, and as of 2024, its share rose to 58%, accounting for a whopping 36.4 GW of 62.8 GW total electricity generated in the U.S. (almost double that of 18.4 GW in 2023). As described in the following graph, it is estimated that in a business-as-usual case, the global shipments will reach 200 GWdc by 2030, and in a global decarbonization scenario, they could grow to over 500 GWdc by 2030.

Domestic Production of Feedstocks, Ingots, and Wafers in 2022
Key Players/ Manufacturers
Process & technology
Total Production (Tons)
DC Alabama
Silicon feedstock
42,000
Globe Metallurgical
Silicon feedstock
16,000
Mississippi Silicon
Silicon feedstock
36,000
WVA Manufacturing
Silicon feedstock
73,000
Globe Metallurgical
Silicon feedstock
24,000
Hemlock Semiconductor Corporation
Polysilicon (Siemens)
32,000
Wacker Polysilicon
Polysilicon (Siemens)
19,000
REC Silicon
Silanes
2,000
CubicPV
c-Si Wafers
Not Available
(20 MWdc/yr capacity)
Electricity decarbonization in the U.S. will require a significant acceleration in annual PV deployment. Under an aggressive decarbonization scenario, solar installations are expected to quadruple by 2030 compared to 19 GWdc in 2020. According to SEIA, 40.3 GWdc of PV capacity was installed in 2023, bringing cumulative capacity to 186.5 GWdc. While adoption is increasing, solar accounted for only 5.6% of total electricity generation and 11.2% of net summer capacity in 2023. Around 22 states generated at least 5% of their electricity from solar, with California leading at 28.2%. In parallel, energy storage deployment is rising rapidly, with 26.0 GWh or 8.8 GWac added to the grid in 2023, marking a 34% year-over-year increase. Looking ahead, global PV shipments are projected to reach around 200 GWdc under a business-as-usual scenario, while a full decarbonization pathway could push installations beyond 500 GWdc by 2030, highlighting the scale of growth required to meet climate targets.
Strategies, Actions, and Recommendations:
Production Tax Credit (PTC) and Investment Tax Credit (ITC) are the primary framework policies in the U.S. However, the most prominent change in direct support policies was implemented in 2022 with the introduction of the Inflation Reduction Act (IRA), a federal law for loans, grants, and tax credit expansions. This has been pivotal for small- and large-scale PV manufacturing and installations in a socially equitable manner. The law has sanctioned USD 370 billion in investments, and the U.S. EPA’s GHG Reduction Fund has allocated USD 7 billion in grants.
The IRA offers the following solar production incentives
Component
Tax Credits
Solar cells
USD 0,04/watt
Wafers
USD 12/m3
Polysilicon
USD 3/kg
(must be 99.9% pure)
Backsheets
USD 0,40/m2
Modules
USD 0,07/watt
Inverters
Varies
Torque tubes (trackers)
USD 0,87/kg
Structural fasteners
USD 2,28/kg
Source: The European Technology and Innovation Platform for Photovoltaics
Summary of the tax credits applicable to PV within the scope of IRA. MPTC = Manufacturing Production Tax Credit, PTC = Production Tax Credit, ITC = Investment Tax Credit, GHG = greenhouse gas

Source: The European Technology and Innovation Platform for Photovoltaics
The c-Si module assembly began in the U.S. in 2018 using imported cells, and by 2020, 4.3 GWdc of PV modules were assembled, with 24% over 2019. This growth was primarily led by First Solar’s strategic doubling of production capacity. As the PV demand continues to grow, more opportunities to further domestic manufacturing are set to surface. In the wake of import restrictions implemented in 2021, potentially traceable to China-based companies, will inevitably strengthen the U.S. PV supply chain. Some of the prominent polysilicon companies in the country include Michigan-based Hemlock (with 35,000 MT of annual production capacity); Wacker (with 20,000 MT) operating in Tennessee; REC Silicon (with a 16,000 MT plant in Washington and a 4,000 MT capacity plant in Montana), and Alabama-based Mitsubishi (with 1,500 MT).  Hemlock, REC, and Wacker have been awarded tax credits under Section 48C, which subsequently helped in the expansion of polysilicon production capacity.
Source: EIA
According to the EIA, the U.S. retail electricity sales were USD 3,861 billion, a notable rise from USD 66 billion in 2022. Retail sales comprise net imports or imports minus exports of electricity from Mexico and Canada.
Electricity sales to U.S. retail-electricity customers and percentage shares of total sales (2023)
End user
Sales in volume (USD billion kWh)
Shares
Residential
1,455 billion kWh
38%
Commercial
1,375 billion kWh
36%
Industrial
1,025 billion kWh
27%
Transportation
7 billion kWh
<1%
Comparative Analysis of Manufacturing Capacity of PV Components:
A top-down analysis of Polysilicon production
High-purity polysilicon is typically obtained by refining metallurgical-grade silicon, which is used to make solar wafers, silicones, semiconductors, and aluminum alloys. To ensure supply and purity levels, MGS suppliers often backward integrate and own a significant portion of the quartz mines. Furthermore, MSG processing is typically energy-intensive, making it imperative to be produced in locations with abundant and affordable electricity sources such as Malaysia, Norway, the U.S., and the Xinjiang region of China. Presently, China dominates that solar photovoltaic market with over 70% of the worldwide MGS production capacity, and ten Chinese companies account for 35% of domestic capacity, whereas the top five hold approximately 25%.

Source: the U.S. DOE
c-Si and CdTe production and global trade:
More than 75% of the c-Si and CdTe modules imported by the U.S. in 2020 came from just three Southeast Asian countries- Vietnam, Malaysia, and Thailand, and the remainder from South Korea. These Southeast Asian countries rely heavily on an upstream Chinese supply chain. The U.S., as of 2020, had limited silicon solar cell operating capacity.  However, the following upstream manufacturing in the U.S. gained traction and proved pivotal in the country’s surging solar demand. According to the SEIA, 8.6 GW worth of installation was completed in 2019, showcasing a 21% year-over-year growth.

Source: NREL update of (Smith et al. 2021)
Owing to gaps in the global PV supply chain, such as high capital expenditure and labor costs, virtually all c-Si raw materials and components are imported to Western nations from Southeast Asian countries. These import costs add around 11% to the total manufacturing expenses. A build-up in the domestic PV supply chain would significantly reduce these costs. There are pathways to cut down the cost delta with automation in wafer and ingot assembly lines. In February 2024, First Solar announced its plans to invest USD 10 billion in CdTe thin film in the U.S. Retrospective figures from 2023 added USD 2.75 billion in value to the module production capacity, USD 900 million in economic value, and USD 2 billion in output.
Ingots and Wafers
Ten Chinese companies manufactured 98% of the overall solar wafers in 2020, of which three companies- LONGi, GCL, and Zhonghuan garnered 71% of the produced capacity. From 2016 to 2020, the abovementioned companies grew their collective capacity to 173 GWdc (58% of global capacity) from 29 GWdc (29% of global capacity). This trend was followed by the rapid growth in the monocrystalline PV modules solar photovoltaic market share. Furthermore, seven Chinese provinces were assigned 10 GWdc of wafer production capacity. Notably, Jiangsu, located in the north of Shanghai, accounted for 28% of China’s total wafer capacity, while outside of China, East Asia contributes 10 GWdc of global wafer capacity. China-based Jinko Solar announced its plans to build a 7 GWdc wafer and ingot facility in Vietnam. This aims at streamlining cell production operations in Malaysia and module assembly in the U.S. The company stated initiation of the project was made in 2020 to bypass U.S. trade restrictions on imported materials. This strategic expansion underscores the company’s efforts to build a robust supply chain while navigating the changing trade dynamics.
Module and Cells
Since the implementation of new manufacturing tax credits, there has been a significant influx of investments to build and expand the entire solar module supply chain, including ingots, modules, wafers, and cells. Before the enactment of the federal manufacturing incentives, there was roughly 16.6GW or 41,500 MT/year of polysilicon capacity and 7 GW/year of module capacity. Cell manufacturing was onshored for the first time since 2019, and it is expected that additional cell capacity will come online by the end of 2025. To date, there has been a steep growth in module production, climbing from 7 GW before the federal manufacturing tax credits to 44.4 GW in December 2024, marking a rise of over 500%.

The total U.S. module supply chain, including operational, under-construction, and announced projects, reached an estimated value of 81.6 GW. The establishment of the PV module supply chain is a sluggish process due to conformance periods, permits, construction, and commissioning. The further up the supply chain ladder, the longer the building time. New factory expansions are anticipated to continue over the next several years.
The exponential growth in the solar PV market is positively influencing the global semiconductor solar photovoltaic market. In 2022, devices were the world's 33rd most traded product, with an overall trade of USD 87.7 billion. Between 2021 and 2022, photovoltaic/photosensitive/LED semiconductor grew by 21.9%, from USD 72B to USD 87.7B, representing 0.37% of total world trade.
Yearly growth of Photovoltaic & LED Semiconductor Devices global trade
Year
Trade value (in USD billion)
2019
56
2020
57.4
2021
72
2022
87.7
Source: OEC
Photovoltaic/LED Semiconductor Devices Global Trade
Country
Exports
Imports
 
Total Trade Value
Market Share
Total Trade Value
Market Share
China
USD 44.7 Billion
51%
USD 6.6 Billion
3.19%
Vietnam
USD 6.83 Billion
7.79%
USD 693 Million
1.55%
Malaysia
USD 4.92 Billion
5.61%
USD 321 Million
0.72%
Japan
USD 4.01 Billion
4.57%
USD 2.05 Billion
4.58%
Germany
USD 3.52 Billion
4.01%
USD 5.03 Billion
5.73%
The U.S.
USD 2.08 Billion
2.37%
USD 13.2 Billion
15.10%
Source: OEC
Photovoltaic End of Life (EOL)
Rising focus on decarbonizing electricity grids has proportionately ramped up solar energy generation and storage capacities across the world. For context, to meet decarbonization goals, the U.S. must install 30 GWac every year from 2025 to 2030. 19 GW of solar capacity was installed in 2021, and the cumulative capacity has reached 100 GW in the U.S. This signifies that installation of new systems is likely to surge at a steep rate in the forthcoming years.
While the lifespan of a PV system is about 25-35 years, some system components, including modules, are already entering the waste stream. Moreover, modules reach end-of-life owing to weather damage, manufacturing serial defects, or installation errors. Yearly PV module EOL volume reaches up to 12% of the annual municipal electronic waste in the U.S. by the end of 2050. 99% of PV module materials are non-hazardous, and 95% are fully recyclable with available technologies. This sets a robust foundation for low-impact and safe EOL material handling methods. Presently, EOL handling processes are unfavorable to recycling. PV modules recycling cost to waste generators is USD 15- USD 45 per module, which is significantly higher than the landfill fee of USD 1-USD 5 for each module. This, in turn, is likely to impact federal and state policies on how waste is processed.

Source: IRENA
Action Plan Coverage
In June 2021, the Solar Energy Technologies Office (SETO) issued an RFI to solicit feedback from the PV waste management communities regarding key challenges in EOL processing. The responses, expert interviews, and literature reviews were used to identify potential research areas to streamline and optimize PV EOL practices. Responses emphasized the role of policy in EOL handling and developing separation technologies to enhance materials recovery.
With stakeholder input on prevalent challenges in hardware design, data collection and analysis, and identifying DOE’s role in EOL management, SETO, in 2021, rolled out a five-year action plan.

The 2021 multi-year program plan was established based on the 2021 PV EOL workshop and RFI feedback. It focuses on the following enablers of a circular economy:
Key Players: First Solar (U.S.), Tata Power Solar Systems Ltd. (India), Canadian Solar Inc. (Canada), Wuxi Suntech Power Co. Ltd (China), NextEra Energy Resources LLC (U.S.), BrightSource Energy Inc. (U.S.), SunPower Corporation (U.S.), Vivaan Solar Pvt. Ltd. (India), Waaree Group (India), Jinko Solar (China), OMCO Solar (U.S.).
Last updated on : 27 March, 2026
Base Year
2025
Forecast Year
2026-2036
CAGR
7.63%
Base Year Market Size (2025)
USD 979.9 billion
Forecast Year Market Size (2036)
USD 2.24 trillion
Regional Scope

• North America (U.S., and Canada)
• Latin America (Mexico, Argentina, Rest of Latin America)
• Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
• Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
• Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

The crystalline silicon (c-Si) segment is expected to hold 71.54% of the solar photovoltaic market share between 2026 and 2036, owing to its high efficiency, reliability, and long operational lifespan, making it the preferred technology across residential, commercial, and utility-scale installations. Its dominance is supported by continuous technological advancements, particularly in mono-crystalline modules, which offer superior performance. Additionally, large-scale manufacturing and well-established supply chains have significantly reduced production costs, enhancing affordability and adoption. The technology’s compatibility with diverse applications and proven track record further strengthen its widespread deployment. As a result, c-Si remains the backbone of global solar PV expansion.
The ground-mounted segment is expected to grow with a CAGR of 7.16% by 2036 due to its suitability for large-scale utility projects that generate high power output efficiently. These systems benefit from economies of scale, resulting in lower installation and operational costs per unit of electricity. They also allow optimal panel orientation and tracking technologies, improving energy generation compared to rooftop systems. Additionally, increasing investments in solar parks and grid-connected projects are accelerating the deployment of ground-mounted installations globally.
Segments
Subsegments
Technology
Installation Type
End user
Component
Vishnu Nair
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Asia Pacific is expected to dominate the solar PV market, accounting for 69.65% of the total share by 2036, due to its large-scale solar deployment supported by rising electricity demand and rapid industrialization. The region benefits from strong manufacturing capabilities and cost-efficient production, enabling widespread adoption of solar PV systems. Government initiatives promoting renewable energy and expanding infrastructure further accelerate installations across countries. Additionally, the presence of major solar photovoltaic markets and continuous capacity additions positions the Asia Pacific as the leading contributor to global solar photovoltaic (PV) market expansion.
In China, the solar photovoltaic market is strongly driven by the country’s overwhelming control over the photovoltaic supply chain, which ensures cost efficiency and large-scale availability of components. With 97% of global silicon wafer production concentrated in China and a significant share of solar cells and modules produced either domestically or through Chinese subsidiaries in Southeast Asia, the country enables a consistent and affordable supply.
Additionally, China’s dominance extends across critical components such as polysilicon, ingots, manufacturing equipment, inverters, and module materials like aluminum frames and glass. This high level of vertical integration and supply chain control reduces production costs globally and accelerates deployment, making China’s manufacturing ecosystem a key driver of growth in the global solar PV market.
China’s influence on global solar photovoltaics:
Around 97% of silicon wafer production is done in China, and a major volume is then shipped to other countries as raw material for solar cells. Approximately 75% of the silicon solar cells integrated into modules and deployed in the U.S. are manufactured by Chinese subsidiaries in Southeast Asian countries, including Malaysia, Vietnam, and Thailand. Furthermore, a large volume of PV-component supply comes from China. While a minority but a considerable portion of polysilicon, cells, and modules are sourced outside of China, the global photovoltaic supply chain is significantly dependent on wafers and ingots from China. In addition, other pieces of the module supply chain, comprising manufacturing equipment and balance-of-module components (for example, aluminum frames and glass), are predominantly supplied from China. The local manufacturers account for a key balance-of-PV-system component share, including inverters used in electrical grids, as well as steel and aluminum used for mounting PV modules.
Further, the presence of key supplies in China is instrumental in determining component costs, including polysilicon. As per EIA, polysilicon prices increased threefold from USD 6.27/kg in June 2020 to USD 28.46/kg in June 2021. This is ascribed to a supply/demand imbalance owing to wafer and cell manufacturing capacity expansion. With polysilicon emerging as a critical bottleneck, downstream entities such as cells and wafer producers have been strategically stockpiling polysilicon supplies to meet the anticipated demand, largely driven by the proliferation of utility-scale deployment in China. Based on announced projects, polysilicon manufacturing is expected to double in capacity over the next few years. Some of the new plants built have manufacturing capacities of 30,000-70,000 MT per year, and there are anticipated plans to build facilities with more than 100,000 MT capacities.

Chinese companies have been keen on lowering polysilicon prices by establishing manufacturing facilities and manufacturing in areas with affordable land, electricity, and labor costs. Western provinces have a considerable build-out, including Inner Mongolia, Qinghai, Sichuan, and especially, Xinjiang. It currently hosts China’s 54% and 39% of China's global production. Based on active projects till 2022, an estimate of China’s overall solar PV component yield is mentioned below.

China’s low labor costs and concentrated c-Si PV supply chain have posed an entry barrier for other players. In the U.S., labor expenditure represents 22% of the manufacturing costs versus 8% in China, 36% of wafer manufacturing costs in the U.S. versus 23% in China, and 33% of cell manufacturing costs in the U.S. versus 8% in China.
Moreover, despite the ongoing efforts to decouple from the reliance on China for component supplies, China’s solar panel export spiked by 34% in the first half of 2023. This is pivotal in meeting the high energy demand in Europe and South Africa. The rising focus on clean energy transition has further increased dependency on China’s solar exports. Out of the 90.4% export volume, Europe emerged as the biggest importer (58%), followed by Brazil receiving 9.5 GW of solar panels made in China in the first half of 2023. Africa is projected to witness the fastest import growth rate of 187% as the government is seeking ways to mitigate the rising energy crisis, while China is heavily capitalizing on the prevailing demand-supply gap.
China’s solar exports in the first half of 2023, share (%) in USD value terms
Export destination
Export Share
Europe
52.50%
Brazil
7.60%
Pakistan
3%
Australia
2.60%
Japan
2.70%
South Africa
2.70%
Saudi Arabia
2.10%
Rest of World
11.10%
Source: Ember Energy
Furthermore, India solar PV market is experiencing strong growth driven by rising electricity demand and supportive government policies promoting renewable energy adoption. The country has significantly expanded its installed solar capacity, growing from a minimal base to over 130 GW in recent years, reflecting sustained investment and policy focus. Large-scale solar projects dominate capacity additions, supported by competitive auctions and infrastructure development. Additionally, initiatives such as rooftop solar programs are encouraging wider adoption across residential and commercial sectors. Increasing electrification, industrial expansion, and a robust project pipeline are expected to further accelerate solar deployment in the coming years.
The solar PV market in North America is expected to hold a share of 14.09% by 2036, driven by rising electricity demand, increasing renewable energy adoption, and strong policy support for the clean energy transition. Expanding investments in utility-scale solar projects, grid modernization, and energy storage are accelerating deployment across the region. The presence of advanced infrastructure and growing electrification across transport and buildings further supports sustained demand for solar PV systems.
At the same time, the growth of metallurgical-grade silicon (MGS) production in North America is strengthening the regional solar PV market by enhancing domestic supply chains. Increased MGS production reduces reliance on imports for key raw materials used in solar modules, improving cost stability and supply security. This supports local manufacturing of wafers and cells while aligning with government initiatives to boost domestic production. As a result, expanding MGS capacity is playing a crucial role in driving solar PV market growth in North America.
North America MGS production by top contenders (2022)
MGS Plant
Manufacturing Capacity (Tons)
Quebec Silicon Becancour, QC
50,000
Ferroglobe Niagara Falls
30,000
Ferroglobe Beverly, OH
16,000
Ferroglobe Alloy, WV
75,000
Dow Corning Mt. Meigs, AL
42,000
Ferroglobe Selma, AL
31,000
Mississippi Silicon Burnsville, MS
36,000
The primary use case of polysilicon is photovoltaic (comprising 80% of the demand), and the other is semiconductors and consumer electronics. Despite there being several polysilicon production techniques, two general approaches are ascribed to the largest solar photovoltaic market shares. The fluidized bed reactor (FBR) method accounts for 3%-5% of the solar PV market share, and the Siemens chemical vapor deposition method holds a 90% share.  The Siemens process entails the passage of silane precursor or gaseous trichlorosilane (TCS) over the heated silicon filaments. Recovered compounds are further processed to synthesize polysilicon. Virtually all polysilicon manufacturing capacity lies within 10 countries, with China capturing 72% of the global capacity.  
The U.S. solar PV market growth is driven by surging investments in solar manufacturing and deployment, along with rapid capacity expansion, enabling large-scale installation of PV systems. Additionally, the rise in energy storage strengthens grid reliability and supports efficient solar integration, accelerating overall solar photovoltaic market adoption.
Electricity providers have been bifurcated into two groups, including full-service providers, which supply bundled electricity services, and other providers. Full-service providers typically provide autonomously generated electricity or are outsourced from other independent power producers. These include investor-owned utilities such as publicly traded stock electric utilities, public entities such as state power agencies, municipalities, and municipal solar PV marketing authorities, federal entities comprising power marketers and producers either financed or owned by the federal government, and cooperatives that are owned by and operated by cooperative members. In addition to end-use customers' sales, electricity is often traded on wholesale solar photovoltaic markets or via bilateral contracts.
The percentage shares of electricity sales, by provider type (2022)
Provider type
Electricity sales share
Investor-owned utilities
75%
Public and federal entities
16%
Cooperatives
13%
Others
15%
U.S. solar manufacturing and storage investments reached a record high in 2023, owing to both public and private funding.  A comparative analysis of 2023 and 2022 has been provided in the following table.
U.S. solar investments through 2023
Investment area
2023
Solar manufacturing
USD 5.1 billion (+470% from 2022)
Battery manufacturing
USD 33.9 billion (+240%)
(vehicle and stationery)
Large-scale solar deployment
USD 35.4 billion (+45%)
Large-scale storage deployment
USD 17.0 billion (+71%)
Distributed electricity and storage deployment
USD 21.6 billion (+18%)

Source: U.S. Energy Information Administration, Preliminary Monthly Electric Generator Inventory
In 2024, the total energy produced added up to approximately 62.8 GW of new utility-scale electric-generating capacity, which registered a steep surge from 18.4 GW in 2023. Solar held the largest share of new capacity, followed by battery storage. 50% of the overall solar capacity is accounted for by Texas (35%), California (10%), and Florida (6%). Besides the three states, Nevada’s Gemini solar facility, which is expected to be commissioned in 2025, will allow a value addition of 690 MW of photovoltaic capacity and 380 MW of battery storage.  Furthermore, the U.S. battery storage capacity reached approximately 89% in 2024, with an extended capacity of 30 GW. This is a 705 rise from the 6.4 GW of new battery storage capacity in 2023. The Inflation Reduction Act has also accelerated the energy storage development with investment tax credits (ITCs) for stand-alone storage. Before the IRA, batteries qualified for federal tax credits only if they were co-located with solar photovoltaic market.
Canada solar PV market is growing steadily, supported by increasing renewable energy adoption and consistent capacity additions across provinces. The country has surpassed 5 GW of installed solar capacity, reflecting sustained expansion in recent years. Growth is largely driven by distributed and rooftop installations, alongside a stable pipeline of utility-scale projects. Additionally, Canada’s strong focus on clean energy transition and high share of renewable electricity generation are encouraging further solar deployment. With ongoing investments and supportive policies, the solar photovoltaic market is expected to witness continued growth in the coming years.
Europe solar photovoltaic (PV) market will grow with a market share of 10.06% by 2036, driven by strong decarbonization targets and rising energy security concerns. Increasing investments in renewable energy and grid modernization are accelerating solar deployment across the region. Government policies and incentives are supporting both utility-scale and rooftop installations. Additionally, the push to reduce dependence on fossil fuels is further boosting solar adoption.
Germany solar PV market is expanding rapidly, supported by high electricity demand and strong policy backing for renewable energy. The country is increasing solar capacity through large-scale projects and rooftop installations under its energy transition strategy. Rising electrification across industries and transport is further driving demand for solar power. Continuous investments in grid upgrades and renewable integration are sustaining solar photovoltaic market growth.
France solar PV market is growing steadily, supported by its strong electricity infrastructure and increasing focus on renewable diversification. Expansion of solar capacity alongside its nuclear energy base is enhancing energy mix flexibility. Government initiatives promoting clean energy and solar installations are boosting adoption. Additionally, rising electrification and infrastructure upgrades are contributing to consistent solar photovoltaic market growth.
Below is the list of the key players operating in the global solar PV market:
Key players are dominating the solar PV market through large-scale manufacturing capabilities, strong global supply chains, and continuous technological innovation. They invest heavily in research and development to enhance module efficiency, durability, and cost competitiveness, enabling wider adoption. Strategic partnerships, mergers, and project-level collaborations further help them expand their solar photovoltaic market presence and access new regions. Additionally, their involvement across the value chain, from production to project development and installation, allows them to maintain a competitive edge and capture a significant share of the solar photovoltaic market.
Corporate Landscape of the Global Solar PV Market: 
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Vishnu Nair is the Head, Business Development handling Global Sales at Research Nester. With a decade of sales and business development experience, he excels in identifying client needs, tailoring solutions and driving revenue through strategic client partnerships and is responsible for Business Expansion and Strategic Growth. Passionate about understanding the ever-evolving market landscape, Vishnu’s focus is on identifying opportunities for both clients and Research Nester.
A growth-oriented business professional with vast experience in market research and project management across verticals in Asia Pacific, Europe, Middle East & Africa, and Americas, his understanding of the industry landscape, ability to make the complex, simple and the challenging attainable has resulted in remarkable ROI for businesses across various sectors. His expertise extends to developing and implementing business development strategies that align with corporate goals, optimizing market positioning and enhancing revenue streams. He remains committed to staying abreast of industry trends and leveraging innovative strategies to achieve business goals.
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Sector Specialist – Energy & Power
Shweta Singh is an accomplished Research Analyst at Research Nester Private Limited, with over six years of specialized experience in delivering high-value market research and consulting solutions exclusively within the Energy & Power sector. Her expertise covers a wide array of segments, including renewable energy (solar, wind, hydro, bioenergy), power generation (thermal, nuclear, combined cycle), smart grid technologies, battery energy storage systems (BESS), hydrogen economy, and energy efficiency solutions.
Renowned for her ability to transform complex market data into strategic insights, Shweta plays a pivotal role in supporting energy & power sector stakeholders worldwide with data-driven recommendations. She leads the development of syndicated studies, bespoke consulting projects, and customized market intelligence reports tailored to strategic client goals—ranging from product commercialization and market access planning to regulatory analysis and competitive intelligence.
Shweta holds a Master’s degree in Business Analytics from University of Petroleum and Energy Studies (UPES), providing a strong foundation to her analytical work. Her career is marked by a sharp focus on accuracy, insight generation, and client-centric delivery. She is also highly skilled in project management and team leadership, ensuring timely, high-quality outcomes across research engagements.
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