Photovoltaics Market Size Worth USD 1,452.65 Billion by 2034 | CAGR: 9.2%

The photovoltaic market size is expected to reach USD 1,452.65 Billion by 2034, according to a new study by Polaris Market Research. The report “Photovoltaics Market Share, Size, Trends, Industry Analysis Report: By Type (Rigid, Flexible), By Material Type, By Cell Type, By Installation Type, By End User, and By Region; Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Photovoltaic is a solar power technology that uses semiconducting cells to convert sunlight directly to electricity. The cells are packaged into modules and panels used in rooftop systems, ground-mounted solar farms, and remote energy systems for power generation. The systems function silently, require low maintenance, and perform reliably in diverse environmental conditions. The market is witnessing consistent demand from regions prioritizing clean, reliable, and low-maintenance energy solutions that support long-term scalability and sustainability.

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The market growth is fueled by higher government spending on clean energy to cut emissions and ensure energy security. The growing world consumption of renewable energy is also driving demand for photovoltaic systems with modular scalability, and environmental advantages.  Continuous innovation in materials such as monocrystalline silicon, cadmium telluride, and perovskites is enhancing performance across varied climatic and installation conditions.

Top of FormPhotovoltaics Market Report Highlights

• In terms of material type, the silicon segment led the market in 2024, benefiting from superior energy efficiency, durability, and an established manufacturing infrastructure.
• Based on cell type, the full-cell modules are expected to maintain strong market presence by 2034, driven by their standardized configuration, installation simplicity, and economic advantages for small-to-medium scale projects.
• Asia Pacific emerged as the photovoltaic industry leader in 2024, supported by proactive solar adoption policies, manufacturing capabilities, and favorable regulatory environments.
• North America is anticipated to achieve substantial market share by 2034, as energy security priorities and decarbonization commitments accelerate PV adoption across all consumer segments.
• A few global key market players include JinkoSolar Holding Co., Ltd., JA Solar Technology Co., Ltd., Trinasolar, LONGi, Tongwei Co. Ltd, Hanwha Qcells, Mitsubishi Electric Corporation, Sharp Corporation, Wuxi Suntech Power Co., Ltd., Huawei Technologies Co., Ltd., SMA Solar Technology AG, and Xiamen Mibet Energy Co.,Ltd.

Polaris Market Research has segmented the market report on the basis of type, material type, cell type, installation type, end user, and region:

By Type Outlook (Revenue, USD Billion, 2020–2034)

• Rigid
• Flexible

By Material Type Outlook (Revenue, USD Billion, 2020–2034)

• Silicon
• Copper Indium Gallium Selenide
• Cadmium Telluride
• Perovskite
• Other Materials

By Cell Type Outlook (Revenue, USD Billion, 2020–2034)

• Full - Cell PV Modules
• Half – Cell PV Modules

By Installation Type Outlook (Revenue, USD Billion, 2020–2034)

• Ground Mounted
• Building – Integrated Photovoltaic
• Floating PV

By End User Type Outlook (Revenue, USD Billion, 2020–2034)

• Residential
• Commercial and Industrial
• Utilities

By Regional Outlook (Revenue, USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America