Solar Photovoltaic (PV) Market Size, Share and Trends 2026-2034

# Solar Photovoltaic (PV) Market Size, Share and Trends 2026-2034 Market Overview: The solar photovoltaic (pv) market is experiencing rapid growth, driven by Favorable Government Policies and Incentives, Falling System Costs and Enhanced Competitiveness and Surging Demand for Utility-Scale and Distributed Energy. According to IMARC Group's latest research publication, "Solar Photovoltaic (PV) Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2026-2034", The global solar photovoltaic (PV) market size was valued at 1,585.1 TWh in 2025. Looking forward, IMARC Group estimates the market to reach 5,009.6 TWh by 2034, exhibiting a CAGR of 13.64% during 2026-2034. This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis. Download a sample PDF of this report:<a href="https://www.imarcgroup.com/solar-photovoltaic-market/requestsample"> https://www.imarcgroup.com/solar-photovoltaic-market/requestsample</a> Our report includes: <ul> <li style="font-weight: 400;">Market Dynamics</li> <li style="font-weight: 400;">Market Trends And Market Outlook</li> <li style="font-weight: 400;">Competitive Analysis</li> <li style="font-weight: 400;">Industry Segmentation</li> <li style="font-weight: 400;">Strategic Recommendations</li> </ul> Growth Factors in the Solar Photovoltaic (PV) Industry: <ul> <li style="font-weight: 400;">Favorable Government Policies and Incentives</li> </ul> Government support continues to be one of the strongest growth drivers in the global solar photovoltaic (PV) market. Across major economies, policy measures such as tax credits, feed-in tariffs, renewable energy mandates, and net-metering programs are accelerating solar adoption. These initiatives not only reduce upfront installation costs but also guarantee long-term returns for both residential and commercial users. Countries are also implementing clean energy targets to meet carbon neutrality goals, further spurring solar investments. With renewable energy policies creating regulatory stability, investor confidence is rising, leading to an influx of capital into large-scale solar projects. This combination of financial incentives and political will is driving solar power toward becoming a dominant force in global energy production. <ul> <li style="font-weight: 400;">Falling System Costs and Enhanced Competitiveness</li> </ul> The continuous decline in solar PV system costs remains a cornerstone of market growth. Over the past decade, advancements in manufacturing efficiency, automation, and economies of scale—particularly in Asia—have driven module prices down to record lows. Technological innovations such as high-efficiency cell designs, perovskite integration, and improved inverter systems are further reducing the cost per kilowatt-hour of solar energy. As a result, solar has become one of the most cost-competitive energy sources globally, often undercutting coal and natural gas in several markets. This affordability is accelerating adoption among utilities, industries, and homeowners alike, making solar a viable and sustainable solution for the world’s growing energy needs. <ul> <li style="font-weight: 400;">Surging Demand for Utility-Scale and Distributed Energy</li> </ul> The global shift toward renewable energy is driving demand across both utility-scale and distributed solar installations. Large solar farms are being rapidly deployed to help nations meet renewable energy targets, while decentralized rooftop systems are gaining traction among households and small businesses seeking energy independence. This dual growth pattern reflects a broader transition toward cleaner, more resilient energy systems. The increasing demand for power in emerging economies and the global push for carbon reduction are creating unprecedented opportunities for solar PV deployment. As a result, solar capacity additions are outpacing all other energy technologies, solidifying its position as a cornerstone of the global clean energy transition. Key Trends in the Solar Photovoltaic (PV) Market <ul> <li style="font-weight: 400;">Shift Toward High-Efficiency N-Type and TOPCon Modules</li> </ul> A major trend in solar manufacturing is the rapid transition from traditional P-type cells to advanced N-type technologies such as TOPCon and HJT. These modules offer higher conversion efficiencies, lower degradation rates, and better low-light performance, making them ideal for both commercial and utility-scale projects. Manufacturers in China, Europe, and the U.S. are expanding N-type cell production lines, enabling faster global penetration of high-efficiency modules. As project developers prioritize energy yield and lifecycle performance, N-type technologies are becoming the preferred choice for next-generation solar installations. <ul> <li style="font-weight: 400;">Growth of Hybrid Solar Systems with Energy Storage</li> </ul> Hybrid solar-plus-storage systems are gaining traction as energy users seek improved resilience, stability, and grid independence. By integrating lithium-ion or advanced flow batteries, these systems smooth out intermittency, deliver peak shaving, and support backup power needs. Utilities are adopting hybrid solar plants to enhance frequency regulation and reduce curtailment, especially in markets with high renewable penetration. Residential and commercial consumers are also adopting hybrid systems to protect themselves from grid outages and rising electricity costs. This expansion of solar paired with storage marks a significant shift toward flexible, dispatchable renewable energy solutions. <ul> <li style="font-weight: 400;">Expansion of Floating Solar (FPV) Installations</li> </ul> Floating photovoltaic systems are emerging as a transformative trend in markets with limited land availability or high land costs. FPV installations on reservoirs, lakes, and hydropower dams offer advantages such as reduced land-use conflicts, enhanced panel cooling (leading to higher efficiency), and complementary use of water infrastructure. Countries like India, China, Japan, and Southeast Asian nations are rapidly scaling utility-scale floating projects. Additionally, hybrid FPV-hydropower systems are gaining momentum, enabling consistent power generation and efficient grid integration. As technology improves and installation costs fall, FPV is becoming one of the fastest-growing solar subsegments worldwide. Our report provides a deep dive into the <a href="https://www.imarcgroup.com/solar-photovoltaic-market">solar photovoltaic (pv) market analysis</a>, outlining the current trends, underlying market demand, and growth trajectories. Leading Companies Operating in the Global Solar Photovoltaic (PV) Industry: <ul> <li style="font-weight: 400;">Acciona</li> <li style="font-weight: 400;">Canadian Solar</li> <li style="font-weight: 400;">First Solar</li> <li style="font-weight: 400;">JA Solar Technology Co. Ltd.</li> <li style="font-weight: 400;">Jinko Solar Co., Ltd.</li> <li style="font-weight: 400;">KYOCERA Corporation</li> <li style="font-weight: 400;">LONGi Green Energy Technology Co. Ltd.</li> <li style="font-weight: 400;">Renesola</li> <li style="font-weight: 400;">Sharp Corporation</li> <li style="font-weight: 400;">Tata Power Solar Systems Ltd.</li> <li style="font-weight: 400;">TCL Electronics</li> <li style="font-weight: 400;">Trinasolar</li> <li style="font-weight: 400;">Wuxi Suntech Power Co., Ltd.</li> </ul> Solar Photovoltaic (PV) Market Report Segmentation: By Type: <ul> <li style="font-weight: 400;">Thin Film</li> <li style="font-weight: 400;">Multi-Si</li> <li style="font-weight: 400;">Mono-Si</li> </ul> On the basis of type, the market has been divided into thin film, multi-Si, and mono-Si. By Grid Type: <ul> <li style="font-weight: 400;">On-Grid</li> <li style="font-weight: 400;">Off-Grid</li> </ul> On-grid represents the largest segment due to its ability to provide a consistent energy supply by connecting to the utility grid, facilitating the sale of excess electricity generated. By Deployment: <ul> <li style="font-weight: 400;">Ground-mounted</li> <li style="font-weight: 400;">Rooftop Solar</li> </ul> Ground-mounted represents the largest segment due to its scalability and efficiency advantages, allowing for optimal solar panel orientation and exposure to sunlight. By End User: <ul> <li style="font-weight: 400;">Residential</li> <li style="font-weight: 400;">Commercial</li> <li style="font-weight: 400;">Utility</li> </ul> Utility represents the largest segment as large-scale solar installations are increasingly adopted by utilities to meet renewable energy targets and supply electricity on a mass scale. Regional Insights: <ul> <li style="font-weight: 400;">North America (United States, Canada)</li> <li style="font-weight: 400;">Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)</li> <li style="font-weight: 400;">Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)</li> <li style="font-weight: 400;">Latin America (Brazil, Mexico, Others)</li> <li style="font-weight: 400;">Middle East and Africa</li> </ul> Asia Pacific’s dominance in the solar photovoltaic (PV) market is attributed to the rising implementation of stringent regulations encouraging individuals and businesses to invest in renewable energy sources. Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations. About Us: IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research. Contact Us: IMARC Group 134 N 4th St. Brooklyn, NY 11249, USA Email: sales@imarcgroup.com Tel No:(D) +91 120 433 0800 United States: +1–201971–6302