Solar photovoltaic (PV) is an emerging technology for generating energy. Solar PV system converts sunlight into electrical energy. This technology is growing rapidly owing to the low investment required, compared to other renewable technologies. A solar PV system is powered by many interconnected PV cells, which are light-sensitive semiconductor materials assembled in the form of modules. A number of modules connected form a PV array. The global cumulative installed capacity of solar PV in 2020 was 735.4 gigawatts (GW) and is forecast to grow at a CAGR of more than 12%. The Asia-Pacific (APAC) region dominates the PV market followed by Europe and North America.
The global market for solar photovoltaic (PV) has increased rapidly, recording a high year-on-year (YoY) growth rate of cumulative installed capacity between 2010 and 2020. The increasing need to reduce greenhouse gas (GHG) emissions, growing demand for energy, and the need for energy independence and security are some of the major factors for the adoption of solar PV.
 Global solar photovoltaic (PV) market overview
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What are the global solar photovoltaic (PV) market dynamics?
Solar PV is one of the fastest-growing sources of energy globally. The need for energy security, stability, and independence is a major factor for the governments to promote and develop renewable sources of power, including PV. Solar PV is considered a crucial means of addressing the growing demand for energy without depleting existing resources and emitting environment-damaging gases.
Various governments have been making the transition from Feed-in Tariffs (FiTs) to competitive auctions to make solar PV capacity building more open and competitive. Due to falling costs, several developers are able to make highly competitive bids, leading to a reduced burden of subsidy on the governments. The development, operation in the soar power industry, and maintenance of solar PV power capacity created a large number of employment opportunities.
What are the types in global solar photovoltaic (PV) market?
The different types of solar photovoltaic modules are crystalline silicon modules, and thin-film technology. Crystalline silicon modules are the first-generation solar PV cells are referred to as crystalline silicon cells, which are made of a single crystal or a polycrystalline wafer of silicon. Thin-film solar cell is the second-generation PV technology and forms the basis of all recent advancements in the field.
Global solar photovoltaic (PV) market, by type
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What are the top regions and countries for the global solar photovoltaic (PV) market?
The Asia-Pacific (APAC) region has been the global leader of cumulative solar photovoltaic (PV) capacity, followed by Europe and North America. Asia-Pacific remained the largest solar PV generator in 2020 and is set to hold this position throughout 2021–2030.
Of the top 5 countries, China’s solar PV electricity generation, accounted for over half of the generation in the Asia-Pacific region, followed by the US. The top five countries together accounted for more than 80% of the global PV electricity generation with Japan, Germany, and India ranked third, fourth, and fifth, respectively.
Global solar photovoltaic (PV) market, by region
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Market report scope
| Market size (Year – 2020) | 735.4 gigawatt |
| Growth rate | CAGR of >12% from 2021 to 2030 |
| Base year for estimation | 2020 |
| Product segmentation | Crystalline Silicon Modules, Thin-film Technology, Dye-Sensitized Cell (DSC) Technology, Organic Photovoltaic. |
| Regional coverage | North America, Europe, Asia-Pacific, Middle East & Africa, Central & South America |
| Forecast period | 2021–2030 |
What else is contained:
- The report provides a clear overview of and detailed insight into the global Solar PV market. The report provides data and analysis on the historic and forecast solar PV capacity and generation; the impact of COVID-19 pandemic, major active and upcoming plants, market size, and market drivers and challenges for eleven key solar PV market countries – the US, China, India, Japan, South Korea, Australia, France, Germany, the UK, Turkey, and Vietnam.
- Solar PV market study at global level, and at key country level covering eleven key countries in depth.
- Key growth drivers and challenges at a country level.
- The impact of the COVID-19 pandemic on the solar PV market at a country level.
- Historic (2010-2020) and forecast (2021-2030) data for cumulative installed solar PV capacity and generation globally, and for each of the key countries.
- Market size globally and in each of the key countries.
- Import and export values in each of the key countries.
Reasons to Buy
- Facilitate decision-making by providing historical and forecast data in the solar PV market.
- Develop business strategies by understanding the drivers and challenges of the market.
- Position yourself to gain the maximum advantage of the industry’s growth potential.
- Maximize potential in the growth of the solar PV market.
- Identify key partners, geographies, and business-development avenues.
- Respond to business structure, strategy, and prospects.
Key Players
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The global solar photovoltaic (PV) market capacity was estimated at 735.4 GW in 2020.
The global solar photovoltaic (PV) market is expected to grow at a compound annual growth rate of more than 12% from 2021 to 2030.
Asia-Pacific accounted for the largest region of the global solar photovoltaic (PV) market in 2020, followed by Europe and North America.
The high-potential countries identified were China, US, Vietnam, Japan, India, South Korea, Australia, UK, France, Germany, and Turkey.
