The Photovoltaic Market is projected to grow at a CAGR of 8.4% between 2026 and 2030
The Business Research Company
The Business Research Company's Photovoltaic Global Market Report 2026 – Market Size, Trends, And Global Forecast 2026-2035
LONDON, GREATER LONDON, UNITED KINGDOM, January 22, 2026 /EINPresswire.com/ -- "The photovoltaic market has emerged as a vital sector in the global shift towards clean and sustainable energy. As solar technology evolves and adoption grows, this market is positioned for substantial expansion in the coming years. Below, we explore the current size, growth drivers, leading regions, and key market dynamics shaping the future of photovoltaic energy.
Forecasted Market Size and Growth Trajectory of the Photovoltaic Market
The photovoltaic market has experienced significant growth over recent years and is projected to continue this upward trend. Market value is expected to rise from $104.92 billion in 2025 to $113.04 billion in 2026, reflecting a compound annual growth rate (CAGR) of 7.7%. This increase has been driven by early adoption of silicon-based PV modules, growth in residential rooftop solar installations, supportive government incentives for renewable energy, rising commercial solar use, and the development of grid-connected solar farms.
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Looking further ahead, the market is anticipated to reach $156.11 billion by 2030, with an accelerated CAGR of 8.4%. This forecasted growth is fueled by strong demand for bifacial photovoltaic modules, expanding investment in floating solar plants, technological advances in hybrid inverters, growth in building-integrated photovoltaics, and increasing utility-scale solar capacity. Key trends during this period include more sustainable photovoltaic manufacturing processes, integration of solar power into smart energy networks, innovations in high-efficiency PV technology, expansion of solar infrastructure in electric transportation, and the rise of digitally monitored solar installations.
Overview of Photovoltaic Technology and Its Role in Sustainable Energy
Photovoltaics involve the direct transformation of sunlight into electricity using semiconducting materials such as silicon. This technology plays a crucial role in advancing renewable energy solutions by enabling clean power generation without relying on fossil fuels like coal, oil, or natural gas. By harnessing solar energy, photovoltaic systems contribute significantly to reducing carbon emissions and fostering a sustainable energy future.
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Primary Driver Behind the Global Photovoltaic Market’s Growth
The increasing global demand for renewable energy is a major force propelling the photovoltaic market’s expansion. Renewable energy refers to power generated from natural sources that replenish faster than they are consumed. Photovoltaic systems typically consist of solar panels—often made from silicon-based materials—and inverters that convert the direct current electricity generated into alternating current electricity used in homes and businesses. As awareness and adoption of renewable energy rise, so does the need for photovoltaic solutions. For example, in January 2024, the International Energy Agency (IEA), an intergovernmental organization based in France, reported that global renewable energy capacity additions surged by 50% in 2023, reaching nearly 510 gigawatts (GW), with solar PV representing about 75% of all new installations worldwide. This surge clearly highlights how the growing demand for renewable energy underpins the photovoltaic market’s growth.
Asia-Pacific’s Leading Position in the Global Photovoltaic Market
In 2025, Asia-Pacific maintained its position as the largest regional market for photovoltaics. The comprehensive market analysis spans key areas including Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, emphasizing Asia-Pacific’s dominant role in driving photovoltaic adoption and innovation.
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