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Market Overview:
The Solar Photovoltaic Market size is estimated to reach $1,566 Billion by 2031, growing at a CAGR of 22.0% during the forecast period 2025-2031, according to a recent report published by IndustryARC, titled, “Solar Photovoltaic Market – By Type (Thin film and Crystalline), By Material (Silicon based, Perovskite, Organic Photovoltaic and Others), By Grid Connectivity (On Grid and Off Grid), By Installation (Ground mounted, Rooftop and Floating Solar), By Application (Residential, Commercial, Utilities and Others) and By Geography - Global Opportunity Analysis & Industry Forecast, 2025-2031”
The Solar Photovoltaic market is experiencing robust growth driven by an increasing preference for plant-based beverages and a surge in global Solar Photovoltaic consumption. Additionally, the widespread popularity of Solar Photovoltaic culture and the rising number of cafes are also contributing to market growth.
APAC Dominated the Market in 2024:
APAC accounted for the largest share of 36% of the Solar Photovoltaic Market in 2024. Due to the abundance of sunshine many countries, including China, India and Japan, have implemented supportive government policies, incentives and subsidies to promote solar energy adoption. Additionally, the region benefits from localized manufacturing of solar photovoltaics. The pressure to meet net zero is also driving the adoption of solar energy. According to the Central Electricity Authority (CEA) of India, the country’s cumulative PV installed capacity reached 97.9 GW in 2024.
Solar Photovoltaic Market: Key Takeaways
Government Incentives
Government policies and financial incentives play a critical role in expanding the solar PV market. Many countries offer subsidies, tax credits, feed-in tariffs (FITs), and low-interest loans to encourage solar adoption among consumers and businesses. Programs like India’s Solar Energy Corporation (SECI), China’s National Energy Administration (NEA) and the U.S. Investment Tax Credit (ITC) have accelerated solar installations. Additionally, governments are implementing renewable portfolio standards (RPS) and net metering policies, making solar investments more attractive. As the urgency for climate action increases, governments are enhancing their support for solar energy, driving substantial market growth.
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Need for Renewable Energy
The growing urgency to transition away from fossil fuels is a significant driver for the solar PV market. With rising concerns over climate change, energy security, and carbon emissions, governments and businesses are investing heavily in solar energy. Solar power is increasingly viewed as a sustainable and cost-effective alternative to traditional energy sources. Advancements in solar energy storage, smart grids and decentralized solar power systems further enhance its feasibility.
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Recent Developments:
- In February 2025, Vikram Solar announced that it had increased its solar photovoltaic (PV) module manufacturing capacity by 1 gigawatt (GW) at its Falta facility in West Bengal.
- In February 2025, SEG Solar, a U.S.-based manufacturer of photovoltaic (PV) modules, and Talon PV, a U.S.-based manufacturer of solar cells, announced a strategic partnership under which Talon would supply high-performance N-type solar cells to SEG starting in Q1 2026.
Solar Photovoltaic Market: Competitive Landscape
Key companies profiled in the Solar Photovoltaic Market are Canadian Solar Inc., First Solar Inc., LONGi Green Energy Technology Co. Ltd., Jinko Solar Holding Company Ltd., Shanghai AIKO Energy Co. Ltd., JA Solar Technology Co. Ltd., Tongwei Solar Co. Ltd., Wuxi Suntech Power Co., Ltd., Trina Solar Ltd., Yingli Green Energy Holding Co. Ltd and Others
Related Reports:
Solar Backsheet Market – Solar Backsheet Market Size is valued at $7.44 Billion by 2030, and is anticipated to grow at a CAGR of 7.8% during the forecast period 2024 -2030. The advancements in solar technology have increased efficiency, driving higher installation rates globally, supported by environmental policies favoring renewable energy sources are stimulating market growth.
Floatovoltaics Market - The Global Floatovoltaics Market size is estimated to reach US$3.5 billion by 2027, growing at a CAGR of 12.5% from 2022 to 2027 owing to increasing demand for sustainable solar energy. Additionally, increasing investment in solar-based energy projects and growing awareness about clean and sustainable energy have boosted the market growth
Solar Project Financing Market - Solar Project Financing Market size is estimated to reach $1150 Billion by 2030, growing at a CAGR of 15% during the forecast period 2024-2030. The Government incentives in and the cost of solar photovoltaic (PV) technology has seen a significant decline in recent years, rendering solar projects increasingly cost-effective and appealing to investors are propelling the Solar Project Financing Market growth.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
Contact Us:
Mr. Venkat Reddy
IndustryARC
Email: [email protected]
USA: (+1) 518-282-4727