September 01, 2026 10:30 ET  | Source: MarketsandMarkets Research Pvt. Ltd. MarketsandMarkets Research Pvt. Ltd.
Delray Beach, FL, Sept. 01, 2026 (GLOBE NEWSWIRE) — The global Photovoltaics (PV) Market is projected to grow from USD 613.57 billion in 2025 to USD 968.32 billion by 2030, at a CAGR of 9.6% from 2025 to 2030, according to a new report by MarketsandMarkets™. Growth is being driven by rising government incentives and policy support for solar energy adoption, including subsidies, tax credits, feed-in tariffs, and net metering schemes that continue to improve the cost and return on investment of PV systems across residential, commercial, and utility-scale applications. The market’s installation-type segments include ground-mounted, building-integrated photovoltaics (BIPV), and floating PV systems.
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Key Market Highlights
Why This Market Matters
Solar power has moved from a niche environmental choice to a mainstream energy source shaping how homes, businesses, and entire national grids are powered. As panel and battery prices keep falling and government incentives make the payback period shorter, photovoltaic systems are showing up everywhere — on rooftops, across utility-scale solar farms, floating on reservoirs, and increasingly built directly into the facades and windows of buildings through BIPV technology. That expansion matters well beyond the energy sector: it’s reshaping construction standards, corporate sustainability commitments, and national energy security strategies simultaneously. As climate goals push governments and industries to decarbonize faster, the photovoltaics market is one of the clearest real-time indicators of how quickly the world is actually shifting toward renewable power.
Market Overview
According to the Solar Energy Industries Association (SEIA), photovoltaic (PV) devices generate electricity directly from sunlight via an electronic process that occurs naturally in certain types of semiconductor materials, where electrons freed by solar energy are induced to travel through an electrical circuit, powering electrical devices or feeding electricity to the grid. The market is segmented by component (modules, inverters, balance of system), type (rigid, flexible), material type (silicon, copper indium gallium selenide/CIGS, cadmium telluride/CdTe, perovskite, organic photovoltaic, quantum dot), cell type (full-cell, half-cell), installation type (ground-mounted, building-integrated photovoltaics, floating), and application (residential, commercial & industrial, utilities), with the report covering North America, Europe, Asia Pacific, and the Rest of the World across 20 countries. Within installation type, building-integrated photovoltaics — where PV modules are incorporated directly into rooftops, windows, and building facades — represents a distinct growth segment alongside conventional ground-mounted and floating installations.
Analyst Perspective
According to MarketsandMarkets™, the decreasing cost of energy storage devices is a primary driver of the market, as improvements in solar panel manufacturing, enhanced module efficiencies, and economies of scale have sharply reduced the levelized cost of electricity (LCOE) from solar sources over the last decade, with advancements in materials such as PERC cells, bifacial modules, and thin-film technologies improving performance while lowering production costs. Analysts see rapid advances in perovskite PV technology as the market’s biggest opportunity, as perovskite materials promise higher solar cell efficiency, flexibility, and affordability through simpler manufacturing processes and cheaper materials, with their compatibility with flexible substrates opening new possibilities in lightweight, portable, and building-integrated photovoltaic applications. At the same time, a shortage of skilled workforce for PV installation remains a significant restraint, as global demand for solar energy rises faster than the pipeline of qualified technicians, engineers, and maintenance professionals, particularly in developing economies. Legal issues related to land allotment for solar deployment are also flagged as a key challenge, as large-scale solar farms require extensive flat, high-irradiance land, and procuring it often involves complex regulatory permits, prolonged negotiations, and land ownership and environmental disputes.
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Segment Analysis
By Component: Balance of System (BOS) is expected to hold the largest market share during the forecast period, given its high collective cost relative to other components and its critical role in supporting overall solar power infrastructure — encompassing inverters, mounting structures, wiring, switches, junction boxes, monitoring systems, and energy storage — with demand for advanced BOS solutions rising as installations grow in size and complexity.
By Type: Rigid panels are expected to hold the larger market share, owing to their widespread use in residential, commercial, and utility-scale installations, higher efficiency rates, lower maintenance requirements, and longer operational life compared with flexible alternatives.
By Material Type: Silicon is expected to dominate the market, given its widespread acceptance, proven performance, and cost-effectiveness; whether in monocrystalline or polycrystalline form, silicon remains the primary material for solar cell production due to its high energy conversion efficiency, long lifespan, and wide availability, further supported by advances such as PERC and bifacial modules.
By Cell Type: Half-cell PV modules are expected to hold the largest market share, due to their higher efficiency, lower resistive losses, and improved shade tolerance compared to traditional full-cell modules, making them well suited for both residential and utility-scale installations.
By Installation Type: Floating PV is expected to register the higher CAGR during the forecast period, given its ability to overcome land constraints by utilizing underused water bodies such as reservoirs, lakes, and canals, offering the dual benefit of generating clean energy while reducing water evaporation and algae growth. Building-integrated photovoltaics, installed across residential and commercial building rooftops and windows, continues to expand as an architecturally integrated alternative to conventional ground-mounted systems.
By Application: Utilities is projected to capture the largest share of the market in 2030, driven by large-scale solar farm deployments, rising energy demand, supportive government policies, and declining installation costs. Residential is expected to record the highest CAGR between 2025 and 2030, supported by growing consumer awareness of reduced electricity bills, long-term cost benefits, and energy independence, along with net metering policies, tax rebates, and increasingly compact, aesthetically integrated PV system designs.
Regional Analysis
Asia Pacific is expected to hold the largest share of the global photovoltaics market in 2030 and is also projected to be the fastest-growing region during the forecast period, driven by robust solar deployment policies, growing energy demand, and strong manufacturing capabilities. Countries such as China, India, Japan, South Korea, and Australia are at the forefront of solar adoption, with China alone accounting for a significant portion of global PV module production and installations; India is expected to record the highest country-level CAGR in the region. The region benefits from high solar irradiance, large-scale land availability, and favorable policy frameworks, including feed-in tariffs, capital subsidies, and renewable energy targets supporting both utility-scale and rooftop solar projects. North America, Europe, and the Rest of the World also contribute to global demand, supported by net-zero emission targets, growing solar energy registrations, and expanding investment in renewable infrastructure across these regions.
Key Industry Trends
Competitive Landscape
MarketsandMarkets™ identifies Jinko Solar as a Star in the Photovoltaics Market Company Evaluation Matrix, leading with a strong market share and extensive product footprint. Star companies provide mature and reputable products and services that meet the requirements of most applications, industries, and regions worldwide. GCL-SI is recognized as an Emerging Leader, gaining visibility with its enhanced portfolio of photovoltaic products. Major market players — including Jinko Solar, JA SOLAR Technology, and Trinasolar — have adopted both organic and inorganic strategies, entering into partnerships and agreements to cater to growing global demand.
Related Reports
Thin-Film Photovoltaic Market
Perovskite Solar Cell Market
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