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Solar Photovoltaic (PV) Market Size & Share 2026-2035

Market Size By Connectivity (On Grid, Off Grid), By Mounting (Ground Mounted, Roof Top), By End Use (Residential, Commercial & Industrial, Utility), By Component (Modules, Inverters, Trackers, BOS), By Technology (Monocrystalline, Polycrystalline, Thin Film), Growth Forecast. The market forecasts are provided in terms of value (USD Billion) & volume (MW).

Report ID: GMI5407
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Published Date: May 2026
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Report Format: PDF

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Solar Photovoltaic Market Size

The global solar photovoltaic market was estimated at USD 404.3 billion in 2025. The market is expected to grow from USD 424.5 billion in 2026 to USD 867.6 billion in 2035, at a CAGR of 8.3% according to a recent study by Global Market Insights Inc.

Solar Photovoltaic (PV) Market Key Takeaways

Market Size & Growth

  • 2025 Market Size: USD 404.3 Billion
  • 2026 Market Size: USD 424.5 Billion
  • 2035 Forecast Market Size: USD 867.6 Billion
  • CAGR (2026–2035): 8.3%

Regional Dominance

  • Largest Market: Asia Pacific
  • Fastest Growing Region: Europe

Key Market Drivers

  • Increasing focus on clean electricity through various solar PV targets.
  • Growing focus on net zero initiatives.
  • Favorable government schemes.

Challenges

  • Longer payback period.

Opportunity

  • Increasing investments and government tenders to influence the costs.
  • Growing demand for distributed and backup power systems.

Key Players

  • Market Leader: LONGi led with over 25% market share in 2025.
  • Leading Players: Top 5 players in this market include LONGi, JinkoSolar, Trina Solar, JA Solar, Canadian Solar, which collectively held a market share of 65% in 2025.
Get Market Insights & Growth Opportunities

  • Integrating solar PV into agriculture and businesses is expected to boost product demand. Rooftops and agrivoltaic systems make good use of available land while proving to be economical. The dual-use application not only produces electricity but also provides economic benefits which helps in cross-sector expansion and the growth of the solar PV market.
  • Growing corporate investment and capacity expansion projects in manufacturing solar PV modules is likely to fuel the industry growth. For instance, in September 2024, First Solar announced its USD 1.1 billion integrated manufacturing facility in Alabama which can produce 3.5 GW of additional annual capacity of modules. Such high scale investment would boost the domestic manufacturing capacity and supply chain efficiency.
  • Favorable land availability and decreasing installation prices are expected to drive utility scale solar installations. Lower levelized cost of electricity coupled with advancements in panel performance and design, will enhance large-scale solar deployments, making them economical. Further, the cost competitiveness of solar power compared to traditional sources will support the product penetration.
  • Increased global funding and strategic investment in local solar production will support market growth. For instance, in February 2025, TP Solar secured a major SECI contract for the supply of domestic-content solar modules. The total capacity amounts to 292.5 MW commissioned from the 4.3 GW integrated solar cell and module manufacturing facility in India.
Solar Photovoltaic (PV) Market Research Report
To get key market trends

Solar Photovoltaic Market Trends

  • Advanced solar technologies such as bifacial and thin film solar panels will enhance the product demand. For instance, First Solar expanded the deployment of its advanced Series 7 thin film photovoltaic modules for utility-scale projects across North America in 2025. This will help increase energy output and reliability, hence support the market increase.
  • Future generations of grid integration quality solar inverters will augment the industry trends through increased energy conversion efficiency, reliability, and system operational stability. These inverters will enable system integration with smart grids, enabling market growth in large-scale utility, commercial and industrial projects.
  • The floating offshore solar power system integration is anticipated to support the adoption of solar PV technologies. For instance, in July 2025, China Petroleum & Chemical Corporation commissioned China’s first commercial offshore floating solar PV project in Qingdao, Shandong Province. The 7.5 MW floating solar plant spans approximately 60,000 square meters and is expected to generate around 16.7 million kWh of electricity annually, demonstrating the growing commercialization of offshore floating solar technologies in Asia.
  • The implementation of AI-enabled optimization of solar energy performance will further increase the market growth for solar PV. Complex algorithms used for predictive maintenance and immediate adjustments to energy production will improve overall efficiency of solar PV systems and will increase the overall lifespan of the technology. Use of this technology in large solar energy systems will enable the system to increase its energy output.

Solar Photovoltaic Market Analysis

Solar PV Market Size, By Connectivity, 2023 – 2035 (USD Billion)

The on-grid market is estimated to be worth over USD 840 billion by 2035 driven by utility scale installations, favorable policies, and rising investments.

  • For instance, in February 2025, the Government of India approved the development of the 1,200 MW Jalaun Ultra Mega Solar Park in Uttar Pradesh under the Ultra Mega Renewable Energy Power Parks scheme. Such initiatives will enhance the energy security and promote sustainable development, leading to market growth.
  • The off-grid solar PV market will grow at a CAGR of more than 14.3% from 2026 to 2035, due to the rising demand of electricity in rural communities that are in need for reliability. Increasing rural electrification programs, development in the batteries, falling prices of solar components and positive government policies and subsidies will increase the overall market scope. Also, the increasing use of smart energy management systems in the off-grid communities will optimize energy use further.

Solar PV Market Revenue Share, By Mounting, 2025

Learn more about the key segments shaping this market

Based on mounting, the solar photovoltaic market is segmented into ground mounted and rooftop. Ground mounted segment holds a 58.1% market share in 2025.

  • Rising agrivoltaics adoption and optimized land use strategies. Integrating different solar projects with agriculture enhances the resource efficiency, fueling product growth. For instance, in June 2025, KPI Green Energy Limited secured a larger utility-scale solar EPC order from Coal India Limited for a ~500 MW solar power project in Gujarat, strengthening its position in India’s renewable EPC segment and reflecting Coal India’s accelerating diversification into clean energy through large-scale solar procurement and development programs.
  • The rooftop solar PV segment is projected to grow at a rate of more than 8.3% from 2026 to 2035, driven by expanding community solar initiatives and strategic energy provider partnerships. For instance, in April 2025, the GS Power Partners launched 8 MW rooftop community solar project in Maryland, providing low-cost power to households and supporting Maryland’s Renewable Portfolio Standard. Additionally, advancements in modular installation techniques will streamline deployments, thereby fueling the market expansion.

U.S. Solar PV Market Size, 2023-2035 (USD Billion)

The U.S. solar photovoltaic market was valued at USD 36 billion in 2025. North America holds a market share of 9.2% which is anticipated to improve by 2035.

  • Introduction of energy storage systems and massive inflow of finances. The increasing demand for dependable renewable energy will consequently result in the rise of solar-plus-storage. In April 2025, Sunraycer Renewables received USD 475 million in project finance facility to develop two solar-plus-storage projects in Texas with total 241 MW solar PV capacity and 125 MW of battery energy storage. Moreover, grid modernization initiatives would accelerate the market growth.
  • The European industry is estimated to value more than USD 106 billion by 2035. Growing adoption of smart grid technologies and robust corporate investments in renewable energy targets. Enhanced energy storage solutions and streamlined permitting processes for solar projects will drive market expansion. These factors will bolster grid resilience and foster broader integration of solar power across diverse sectors, advancing regional energy transitions.
  • The Asia Pacific solar PV market is projected to grow at a CAGR of more than 9% by 2035, strong policy support, falling technology costs, rapid advancements in energy storage integration and rising electricity demand across emerging and developed economies. Countries such as India, Japan, Australia, and South Korea will witness robust growth, with India accelerating utility-scale and rooftop installations under national solar missions, while Japan and Australia focus on distributed PV, storage integration, and grid resilience.
  • Growing regulatory framework will bring a new wave of activities thus promoting the reliability of energy supply and market development in the remote areas. Furthermore, rich solar potential and limited land area in crowded areas, high-efficiency & high-power modules, bifacial solar PV and floating solar PV technologies will become increasingly popular.
  • Middle East solar photovoltaic market is set to grow more than USD 28.5 Billion by 2035 owing to strong solar irradiation, declining technology costs, and national strategies aimed at economic diversification and energy transition. Countries such as Saudi Arabia, the UAE, Oman, and Qatar are developing large-scale utility solar projects through competitive auctions, resulting in some of the world’s lowest solar power tariffs. Furthermore, government-led programs under initiatives comprising of Saudi Vision 2030 and the UAE Energy Strategy 2050 will support GW-scale solar parks, and increasing interest in hybrid projects combining solar PV with storage and green hydrogen production will strengthen the demand.
  • Africa will grow more than CAGR 6% by 2035 on account of energy access, grid expansion, and power reliability, particularly in regions with limited or unreliable electricity infrastructure. South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) along with North Africa’s solar initiatives will play a crucial role in scaling installed capacity and attracting private investment.
  • Solar PV adoption in Latin America is growing owing to high solar resources and a liberalizing power market, coupled with a very competitive renewable energy auction mechanism. In countries like Brazil, Mexico, Colombia and Chile installations are advancing at a fast pace and large utility-scale PV projects with PPAs are on the rise. Chile, which has become the dominant solar player of the region thanks to efficient regulatory support, high irradiation, and growing interest from mining and industry players.

Solar Photovoltaic Market Share

  • The global solar PV market is highly competitive and increasingly consolidated, characterized by the dominance of a few large, vertically integrated manufacturers alongside a long tail of regional and niche players. General strategies involve pushing the development of next-generation high-efficiency module technologies including n-type and TOPCon cells in pursuit of maximum energy production. Further, the top companies also focus on lowering costs through large-scale manufacturing and vertical integration, reaching competitive pricing and robust supply chains in a fast-growing global market.
  • Industry players are concentrated on developing international manufacturing capacity to satisfy local demand and complement local regulations. They are also investing in developer and utility partnerships to gain long term off-take agreements; growing their market share and allowing for massive solar projects across geographies. Technology differentiation and localized strategy are becoming increasingly important competitive drivers. Chinese players are still dominant on global volumes but their non-Chinese competitors are cementing their position by scaling local production, leveraging policy, focusing on low carbon/ premium modules.
  • Dominant players invest significantly in R&D for developing new-generation solar products, such as heterojunction and back contact cells. They offer an integrated end to end energy solutions using storage and smart metering, with the reliability needed for the ever increasing, dynamic customer requirements, in this aggressive, technology focused solar PV market. In summation the market is driven by rapid capacity build-outs, decrease in module price, alliances and a localization of manufacturing in order to circumvent supply chain concerns and trade issues.

Solar Photovoltaic Market Companies

Eminent players operating in the Solar Photovoltaic (PV) industry are:

  • Asun Trackers
  • Canadian Solar
  • CsunSolarTech
  • Emmvee Solar
  • First Solar
  • GCL-SI
  • Jinko Solar
  • JA Solar Technology
  • LONGi
  • Q CELLS
  • LG Electronics
  • Motech Industries
  • Renesola
  • REC Solar Holdings
  • Risen Energy
  • Solar Frontier
  • SunPower Corporation
  • Solaria Corporation
  • Shunfeng International Clean Energy
  • Shenzhen Shine Solar
  • Su-vastika Solar
  • Trina Solar
  • Vikram Solar
  • Yingli Solar
Solar Photovoltaic (PV) Market Report Attributes
Key TakeawayDetails
Market Size & Growth
Base Year2025
Market Size in 2025USD 404.3 Billion
Market Size in 2026USD 424.5 Billion
Forecast Period 2026-2035 CAGR 8.3%
Market Size in 2035USD 867.6 Billion
Key Market Trends
DriversImpact
Increasing focus on clean electricity through various solar PV targetsThe increasing focus on clean electricity through solar PV targets is a major driver of growth in the global solar PV market, as governments worldwide set ambitious renewable energy and decarbonization goals to reduce dependence on fossil fuels and meet climate commitments. National and regional targets such as net-zero pledges, renewable portfolio standards, and capacity addition goals are accelerating large-scale investments in utility, commercial, and residential solar projects.
Growing focus on net zero initiativesThe growing global emphasis on net-zero initiatives is driving adoption of solar PV technologies as countries and corporations strive to decarbonize their energy systems. With commitments to achieve net-zero carbon emissions by mid-century, governments are implementing policies, incentives, and regulations to accelerate renewable energy deployment, including solar PV.
Favorable government schemesThese schemes include subsidies, tax incentives, feed-in tariffs, low-interest loans, and production-linked incentive programs, which reduce upfront capital costs and improve project viability for both developers and end-users. Additionally, governments are implementing policies such as renewable energy mandates, net-metering regulations, and auction-based procurement to encourage large-scale utility projects and distributed solar installations.
Pitfalls & ChallengesImpact
Longer payback periodDespite declining module and system costs, the initial capital investment for solar PV systems including modules, inverters, mounting structures, and, in some cases, energy storage can still be substantial, making adoption less attractive for cost-sensitive consumers. Extended payback periods, often ranging from 5 to 10 years depending on region, electricity tariffs, and financing options, can slow decision-making and limit market penetration.
Opportunities:Impact
Increasing investments and government tenders to influence the costsGovernment tenders, auctions, and competitive bidding programs further stimulate cost efficiency by encouraging developers to optimize project design, financing, and execution. These initiatives not only lower the levelized cost of electricity (LCOE) from solar PV but also attract new entrants and private-sector investment, thereby accelerating deployment, expanding market capacity, and supporting sustainable growth across regions.
Growing demand for distributed and backup power systemsAdvances in high-efficiency modules, bifacial technology, and tracker systems have improved energy yields and economic viability, making both rooftop and large-scale deployments more attractive. Combined with supportive policies, net-metering, and corporate sustainability commitments, the growing adoption of these systems is expanding the overall solar PV market and reinforcing its role in global clean energy transition.
Market Leaders (2025)
Market Leader
  • LONGi

    • 25% market share
Top Players
  • LONGi
  • JinkoSolar
  • Trina Solar
  • JA Solar
  • Canadian Solar

    • Collective market share in 2025 is 65%
Competitive Edge
  • LONGi Solar is a global leader in monocrystalline solar technology, with a strong emphasis on high‑efficiency wafers, cells and modules. The company’s business model centers on continuous innovation, large‑scale manufacturing, and cost optimization to serve utility‑scale, commercial, and residential markets worldwide. The company focus on advanced cell technologies and sustainable manufacturing practices has positioned it as a key supplier for large solar projects across major global markets.
  • Trina Solar is one of the world leaders in solar PV technology with a vision towards module production and energy storage. Trina Solar is widely recognized for its strong focus on high-efficiency technologies, including TOPCon, bifacial, and ultra-high-power modules exceeding 700 W, catering primarily to utility-scale and large commercial & industrial (C&I) projects.
  • JinkoSolar operates one of the most extensive vertically integrated solar manufacturing platforms in the world. Its business strategy is driven by high production capacity, global distribution networks, and a diversified portfolio of advanced PV modules. By focusing on technology upgrades, product reliability, and geographic expansion, JinkoSolar supports large‑scale utility projects as well as distributed solar applications
  • Canadian Solar combines solar module manufacturing with downstream project development and energy storage solutions, enabling it to participate across multiple segments of the solar value chain. The company supplies modules to global markets while also developing, owning, and operating solar power plants. This integrated approach allows Canadian Solar to diversify revenue streams and strengthen its position in utility‑scale solar and emerging energy storage markets.
  • JA Solar is a prominent PV manufacturer known for its focus on high‑efficiency cell and module production supported by cost‑competitive manufacturing. The company continues to expand its global footprint by serving utility‑scale, commercial, and residential customers.
Regional Insights
Largest MarketAsia Pacific
Fastest growing marketEurope
Emerging countriesSpain, China, Turkey, South Africa, Brazil
Future outlook
  • Accelerating energy transition goals, declining technology costs, and supportive government policies worldwide. With countries setting ambitious renewable energy targets and net-zero commitments, solar PV is expected to remain the fastest-growing electricity generation technology.
  • Advancements in digitalization, smart inverters, and energy storage integration will further enhance system reliability and grid flexibility, making solar PV a cornerstone of both centralized and decentralized energy infrastructure.
What are the growth opportunities in this market?

Solar Photovoltaic Industry News

  • In May 2026, SAEL commissioned a 600 MW solar power portfolio in Andhra Pradesh, in its renewable energy expansion strategy. These projects has developed across multiple locations in the state and are expected to contribute substantially to clean power generation and support India’s renewable energy goals. The company has its position in the utility‑scale solar segment for large‑scale solar development.
  • In May 2026, GameChange Solar partnered with First Solar to support the deployment in thin‑film modules in India. GameChange Solar’s tracker solutions with First Solar’s thin‑film modules and the partnership is expected to enhance project efficiency and to performance, supporting India’s renewable energy targets and accelerating the shift toward cleaner power generation.
  • In March 2026, Trinasolar has launched the Vertex S+ G3 and Vertex N G3 series solar PV modules with an advanced i‑TOPCon cell technology. Designed to deliver higher efficiency performance with the growing demand for reliable and high-output photovoltaic solutions. It focuses on delivering superior performance through n-type technology with lower degradation rates.
  • In December 2025, the Tunisian government approved concession and authorization frameworks to accelerate the development of multiple solar PV projects. New market entrants, such as SoleCrypt, announced plans for additional plants, supporting capacity expansion, self-generation, and increased panel imports. Under the concession regime applicable to projects above 10 MW, the first tender, totaling 500 MW across five regions, achieved key implementation milestones.
  • In October 2025, First Solar has opened a new 3.7 GW solar module facility in U.S. and has strengthened with local supply chains and supporting and the growing demand for clean energy solutions across the country. This new plant has surged to enhance the availability of advanced thin film solar modules with regional economic growth.

The solar photovoltaic (PV) market research report includes an in-depth coverage of the industry with estimates & forecasts in terms of revenue and volume in “USD Billion & MW” from 2023 to 2035, for the following segments:

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Market, By Connectivity

  • On grid

  • Off grid

Market, By Mounting

  • Ground mounted
  • Roof top

Market, By End Use

  • Residential
  • Commercial & industrial
  • Utility

Market, By Component

  • Modules
  • Inverters
  • Trackers
  • BOS

Market, By Technology

  • Monocrystalline

    • PERC
    • TopCon
    • HJT
    • IBC/TBC
  • Polycrystalline
  • Thin film
    • Cadmium Telluride
    • Amorphous Silicon
    • Copper Indium Gallium Diselenide

The above information has been provided for the following countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Austria
    • Norway
    • Denmark
    • Finland
    • France
    • Italy
    • Switzerland
    • Spain
    • Sweden
    • UK
    • Netherlands
    • Poland
    • Belgium
    • Ireland
    • Baltics
    • Portugal
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Malaysia
    • Singapore
    • Thailand
    • Philippines
    • Vietnam
  • Middle East & Africa
    • Israel
    • Saudi Arabia
    • UAE
    • Jordan
    • Oman
    • Kuwait
    • Turkey
  • Africa
    • South Africa
    • Egypt
    • Algeria
    • Nigeria
    • Morocco
  • Latin America
    • Brazil
    • Argentina
    • Chile
    • Peru
Authors:  Ankit Gupta, Srishti Agarwal

Research methodology, data sources & validation process

This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.

Our 6-step research process

  1. 1. Research design & analyst oversight

    At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.

    Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.

  2. 2. Primary research

    Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.

  3. 3. Data mining & market analysis

    Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.

  4. 4. Market sizing

    Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.

  5. 5. Forecast model & key assumptions

    Every forecast includes explicit documentation of:

    • ✓ Key growth drivers and their assumed impact

    • ✓ Restraining factors and mitigation scenarios

    • ✓ Regulatory assumptions and policy change risk

    • ✓ Technology adoption curve parameter

    • ✓ Macroeconomic assumptions (GDP growth, inflation, currency)

    • ✓ Competitive dynamics and market entry/exit expectations

  6. 6. Validation & quality assurance

    The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.

    Our triple-layer validation process ensures maximum data reliability:

    • ✓ Statistical Validation

    • ✓ Expert Validation

    • ✓ Market Reality Check

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Verified data sources

  • Trade publications

    Security & defense sector journals and trade press

  • Industry databases

    Proprietary and third-party market databases

  • Regulatory filings

    Government procurement records and policy documents

  • Academic research

    University studies and specialist institution reports

  • Company reports

    Annual reports, investor presentations, and filings

  • Expert interviews

    C-suite, procurement leads, and technical specialists

  • GMI archive

    13,000+ published studies across 30+ industry verticals

  • Trade data

    Import/export volumes, HS codes, and customs records

Parameters studied & evaluated

  • Macroeconomic factors
  • Microeconomic factors
  • Technology & innovation
  • Regulatory & political environment
  • Demographics
  • Value chain analysis
  • Market dynamics
  • Porter's five forces
  • PESTLE analysis
  • Competitive benchmarking
  • Supply-demand gap analysis
  • Pricing trends
  • SWOT Analysis
  • Mergers & Acquisitions Activity
  • Investment & Funding Landscape
  • Company Profiles

Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →

Frequently Asked Question(FAQ) :
How big is the solar photovoltaic (pv) market?
The solar PV market size was estimated at USD 404.3 billion in 2025 and is expected to reach USD 424.5 billion in 2026.
What is the 2035 forecast for the solar photovoltaic (PV) market?
The market is projected to reach USD 867.6 billion by 2035, growing at a CAGR of 8.3% from 2026 to 2035.
Which region dominates the solar photovoltaic (PV) market?
Asia Pacific currently holds the largest share of the solar PV market in 2025.
Which region is expected to grow the fastest in the solar photovoltaic (PV) market?
Europe is projected to be the fastest-growing region during the forecast period.
Who are the major players in solar photovoltaic (PV) market?
Some of the major players in solar photovoltaic (PV) market include LONGi, JinkoSolar, Trina Solar, JA Solar, Canadian Solar, which collectively held 65% market share in 2025.
What is the growth outlook for the on-grid segment in the solar photovoltaic market?
The on-grid segment in the solar PV market is projected to surpass USD 840 billion by 2035, driven by increasing utility-scale installations, supportive government policies, and rising investments in renewable energy infrastructure.
Which mounting type segment dominates the solar photovoltaic industry?
The ground-mounted segment dominates the solar PV market, accounting for 58.1% of the market share in 2025, supported by large-scale utility projects and higher power generation capacity compared to rooftop installations.
Solar Photovoltaic (PV) Market Scope
  • Solar Photovoltaic (PV) Market Size

  • Solar Photovoltaic (PV) Market Trends

  • Solar Photovoltaic (PV) Market Analysis

  • Solar Photovoltaic (PV) Market Share

Authors:  Ankit Gupta, Srishti Agarwal
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Premium Report Details:

Base Year: 2025

Companies Profiled: 24

Tables & Figures: 45

Countries Covered: 46

Pages: 140

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