The Global Solar Photovoltaic (PV) Market was valued at USD 323.5 billion in 2025 and is estimated to grow at a CAGR of 8.1% to reach USD 694.5 billion by 2035.

The Global Solar Photovoltaic (PV) Market was valued at USD 323.5 billion in 2025 and is estimated to grow at a CAGR of 8.1% to reach USD 694.5 billion by 2035.

Rising integration of solar PV systems in agricultural and commercial operations is driving demand, as rooftop installations and agrivoltaic systems optimize land use while providing cost-effective energy solutions. This dual-use approach not only generates electricity but also delivers economic benefits, encouraging adoption across multiple sectors. Growing corporate investments and capacity expansion initiatives in solar PV manufacturing are fueling industry development.

Favorable land availability, declining installation costs, and improvements in panel efficiency and design are promoting utility-scale solar deployments. The cost competitiveness of solar power versus traditional sources further supports widespread adoption. Additionally, global funding and strategic investments in local solar production, along with next-generation solar inverters that enhance grid integration, energy conversion efficiency, and operational stability, strengthen market dynamics and enabling applications across utility, commercial, and industrial segments.

Here are the top 10 growth drivers of the global Solar Photovoltaic (PV) market, based on the latest industry analyses and forecasts:

1. Falling Module and System Costs
2. Technological Advancements in PV Efficiency
3. Supportive Government Policies, Subsidies, and Targets
4. Environmental and Climate Change Awareness
5. Energy Security and Diversification Needs
6. Growth of Distributed and Utility-Scale Solar Installations
7. Integration with Energy Storage and Smart Grids
8. Corporate and Power Purchase Agreements (PPAs)
9. Urbanization and Rising Electricity Demand
10. Corporate ESG Commitments and Investments

The off-grid solar PV segment is anticipated to grow at a CAGR of 13% from 2026 to 2035, driven by increasing electricity demand in remote areas. Expansion of rural electrification initiatives, advancements in battery storage technology, decreasing solar component costs, and supportive government subsidies are accelerating adoption. Integration of smart energy management systems is also optimizing power usage, supporting growth in off-grid communities.

The ground-mounted solar PV segment accounted for 57.8% share in 2025, benefiting from agrivoltaic adoption and efficient land utilization strategies. Combining solar projects with agriculture enhances resource efficiency, driving sector growth.

Europe Solar Photovoltaic (PV) Market is projected to reach USD 134.5 billion by 2035, fueled by strong corporate investment in renewable energy targets, adoption of smart grid solutions, and enhanced energy storage capabilities. Streamlined permitting processes and improved grid resilience are further enabling large-scale integration of solar power across diverse applications.

Leading players operating in the Global Solar Photovoltaic (PV) Market include LONGi, First Solar, JA Solar Technology, Canadian Solar, Emmvee Solar, Jinko Solar, Q CELLS, Vikram Solar, LG Electronics, Trina Solar, Renesola, Motech Industries, SunPower Corporation, Solaria Corporation, Shunfeng International Clean Energy, CSunSolarTech, Solar Frontier, Risen Energy, Asun Trackers, Shenzhen Shine Solar, Su-vastika Solar, REC Solar Holdings, and GCL-SI. Companies in the Global Solar Photovoltaic (PV) Market are strengthening their presence by investing in advanced manufacturing technologies and improving panel efficiency and durability. Strategic collaborations with energy developers and government programs allow companies to expand regional footprints and accelerate project deployment. Firms are also focusing on R&D for next-generation inverters and smart grid-compatible solutions, optimizing system performance and reliability.

Source: https://www.gminsights.com/industry-analysis/solar-photovoltaic-pv-market