Photovoltaic Market Report 2026

The photovoltaic market size has grown strongly in recent years. It will grow from $104.92 billion in 2025 to $113.04 billion in 2026 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increasing early adoption of silicon-based pv modules, expansion of residential rooftop installations, government incentives for renewable power, growing commercial pv adoption, development of grid-connected solar farms.

The photovoltaic market size is expected to see strong growth in the next few years. It will grow to $156.11 billion in 2030 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to rising demand for bifacial pv modules, increasing investment in floating pv plants, advancement of hybrid inverter technologies, expansion of building-integrated photovoltaics, rising utility-scale solar capacity additions. Major trends in the forecast period include adoption of sustainable photovoltaic manufacturing, integration of solar in smart energy networks, development of high-efficiency pv technologies, expansion of pv systems in electric mobility infrastructure, growth of digitally monitored solar installations.

The increasing demand for renewable energy is anticipated to drive the growth of the photovoltaic market in the coming years. Renewable energy refers to energy generated from natural sources that replenish at a faster rate than they are consumed. Photovoltaic systems consist of solar panels, typically made from silicon-based materials, and inverters that convert the direct current electricity produced by the panels into alternating current electricity, which can be used to power homes and businesses. As the demand for renewable energy rises, so does the demand for photovoltaic systems. For example, in January 2024, as reported by the International Energy Agency, a France-based intergovernmental organization, global renewable energy capacity additions in 2023 rose by 50%, reaching nearly 510 GW, with solar PV contributing around 75% of all new installations worldwide. Therefore, the rising demand for renewable energy is propelling the growth of the photovoltaic market.

Major companies within the photovoltaic market are strategically focusing on deploying innovative photovoltaic products, such as solar photovoltaic systems, in their production facilities to boost market profitability. These systems, harnessing sunlight through photovoltaic cells to generate clean and renewable energy, play a pivotal role in various applications. For instance, in March 2023, HAECO Group, a Hong Kong-based aircraft engineering company, installed cutting-edge solar photovoltaic systems at its Jinjiang composite services facility and Xiamen landing gear services facility. The operational solar PV power system, boasting advanced photovoltaic cells, is estimated to annually produce around 1.6 million kilowatt-hours (kWh) of clean electricity at HAECO Composite Services, contributing significantly to reducing carbon emissions by approximately 1,032 metric tons per year. Similarly, at HAECO Landing Gear Services, the system is expected to yield approximately 0.69 million kilowatt-hours (kWh) of renewable energy, resulting in an annual reduction of around 426 metric tons of carbon emissions.

In February 2025, TPG, a US-based investment firm, completed the acquisition of Altus Power for $2.2 billion. With this move, TPG seeks to boost its presence in the renewable energy market by broadening its solar portfolio and leveraging Altus Power’s expertise in solar development to deliver more scalable and sustainable clean energy solutions. Altus Power is a US-based solar developer offering photovoltaic systems.

Major companies operating in the photovoltaic market are JinkoSolar Holding Co. Ltd., JA Solar Technology Co. Ltd., Trina Solar Co. Ltd., LONGi Green Energy Technology Co. Ltd., Canadian Solar Inc., First Solar Inc., Hanwha Qcells, Wuxi Suntech Power Co. Ltd., Sharp Corporation, Mitsubishi Electric Corporation, GCL System Integration Technology Co. Ltd., Risen Energy Co. Ltd., Shunfeng International Clean Energy Ltd., Acciona S.A., SunPower Corporation, Waaree Energies Ltd., Suntech Power Holding Co. Ltd., QCELLS Co. Ltd., Maxeon Solar Technologies Ltd., SolarEdge Technologies Inc., Emmvee Photovoltaic Power Private Limited, ABB Ltd., SL Power Electronics Corp., Fimer SpA, Yingli Green Energy Holding Company Limited, LG Corp., REC Solar Holdings AS.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs have impacted the photovoltaic market by raising costs for imported solar modules, wafers, inverters, and balance-of-system components, particularly affecting large-scale utility and commercial installations. Regions such as Asia-Pacific, North America, and Europe face price fluctuations and extended supply chain cycles, especially for mono-Si and thin-film technologies. Despite challenges, tariffs are driving local manufacturing expansion, investments in domestic wafer and cell production, and innovation in more cost-efficient PV systems to enhance long-term energy security.

The photovoltaic market research report is one of a series of new reports that provides photovoltaic market statistics, including photovoltaic industry global market size, regional shares, competitors with a photovoltaic market share, detailed photovoltaic market segments, market trends, and opportunities, and any further data you may need to thrive in the photovoltaic industry. This photovoltaic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Photovoltaic technology refers to the direct conversion of light into electrical power by utilizing semiconducting materials, typically silicon. It stands as a crucial element in steering towards a more sustainable and renewable energy landscape. This technology enables the direct conversion of solar energy into electricity, bypassing the need to burn non-renewable carbon-based fuels such as coal, oil, or natural gas.

The key components of photovoltaic systems encompass modules, inverters, and the balance of systems (BOS). Modules serve as individual units that combine to form larger structures. They come in various cell types, including full-cell PV modules and half-cell PV modules. Installation methods vary, comprising ground-mounted setups, building-integrated photovoltaics (BIPV), and floating PV, employing diverse techniques such as thin film, mono-si, and multi-si. These applications find usage across residential, commercial, industrial, and utility sectors, showcasing the versatile nature of photovoltaic systems.Asia-Pacific was the largest region in the Photovoltaic market in 2025. The regions covered in the photovoltaic market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the photovoltaic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The photovoltaic market consists of sales of perovskite solar cells, flexible photovoltaics, and tandem. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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