The declining cost of photovoltaic (PV) and energy storage systems is significantly accelerating the growth of the photovoltaics market. As technology advances and economies of scale increase, the installation and upkeep expenditures of solar PV systems have fallen. In the same way, innovations in battery technology decreased storage prices, making solar energy more stable and affordable. These cost savings increase the return on investment, increasing the attractiveness of PV systems for residential, commercial, and utility customers. Consequently, affordability accelerates broader adoption and enables the global shift to renewable energy.
“Rigid segment is expected to account for largest share of photovoltaics market in 2030”
The rigid type of segment is expected to hold a larger market share in the photovoltaics market due to its widespread use in residential, commercial, and utility-scale installations. These panel types can achieve higher efficiency rates, require less maintenance, and can operate longer than flexible alternatives. Rigid panels are established in the manufacturing sectors and tend to have comparable prices with their alternatives. Rigid panels are compatible with fixed installations where minimal structural limitations exist. As demand increases for large-scale solar projects, their utility in a solar project will not diminish.
“Inverters segment is likely to witness highest CAGR during the forecast period”
Inverters are expected to register the highest CAGR in the photovoltaics market during the forecast period due to their critical role in converting DC electricity generated by solar panels into usable AC power. The rising adoption of smart inverters with grid-support functionalities, remote monitoring, and energy storage integration drives their demand across residential, commercial, and utility-scale projects. Additionally, advancements in inverter efficiency, modular designs, and compliance with evolving grid regulations further accelerate their deployment. As distributed energy resources grow, inverters are becoming essential for optimizing solar system performance and enabling grid stability.
“China is projected to hold largest share of Asia Pacific photovoltaics market in 2030”
China is expected to hold the largest share of the Asia Pacific photovoltaics market by 2030, driven by its dominant manufacturing capacity and strong policy support. The country is the global leader in the production of solar modules, wafers, and polysilicon, reaping the benefits of economies of scale and cost savings. For instance, according to the National Renewable Energy Laboratory (Spring 2024 Solar Industry Update). As of January 2024, 26 provinces mandated storage with PV projects, with an average storage capacity requirement equivalent to 12% of the PV capacity.
Extensive primary interviews were conducted with key industry experts in the photovoltaics market space to determine and verify the market size for various segments and subsegments gathered through secondary research. The breakup of primary participants for the report is shown below: The study contains insights from various industry experts, from component suppliers to Tier 1 companies and OEMs. The breakup of the primaries is as follows:
• By Company Type: Tier 1 – 40%, Tier 2 – 40%, and Tier 3 – 20%
• By Designation: C-level Executives – 40%, Directors – 40%, and Others – 20%
• By Region: North America – 40%, Europe – 30%, Asia Pacific – 20%, and RoW – 10%
Note: Three tiers of companies are defined based on their total revenue as of 2024: tier 1: revenue more than or equal to USD 500 million, tier 2: revenue between USD 100 million and USD 500 million, and tier 3: revenue less than or equal to USD 100 million.
Jinko Solar (China), JA SOLAR Technology Co., Ltd. (China), Trinasolar (China), LONGi (China), Tongwei Co.Ltd (China), Canadian Solar (Canada), First Solar (US), Hanwha Qcells (South Korea), Mitsubishi Electric Corporation (Japan), SHARP CORPORATION (Japan), Wuxi Suntech Power Co., Ltd. (China), Huawei Technologies Co., Ltd. (China), SUNGROW (China), SMA Solar Technology AG (Germany), SolarEdge (Israel) are some key players in the photovoltaics market.
The study includes an in-depth competitive analysis of these key players in the photovoltaics market, with their company profiles, recent developments, and key market strategies.
Study Coverage: This research report categorizes the photovoltaics market based on component (modules, inverters, balance of system), type (rigid, flexible), material type [silicon, copper indium gallium selenide (CIGS), cadmium telluride (CDTE), perovskite, organic photovoltaic, quantum dot], cell type (full-cell PV modules, half-cell PV modules), installation type (ground-mounted, building-integrated, floating), application (residential, commercial & industrial, utilities), and region (North America, Europe, Asia Pacific, and RoW). The report describes the major drivers, restraints, challenges, and opportunities pertaining to the photovoltaics market and forecasts the same till 2030. The report also consists of leadership mapping and analysis of all the companies in the photovoltaic ecosystem.
Key Benefits of Buying the Report The report will help the market leaders/new entrants in this market by providing information on the closest approximations of the revenue numbers for the overall photovoltaics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (rising solar installations due to government-led incentives and schemes, growing adoption of PV systems in residential applications, decreasing cost of energy storage devices), restraints (lack of skilled workforce for PV installation and maintenance,), opportunities (increasing investment in renewable energy, ongoing technological developments such as Perovskite solar cell manufacturing), and challenges (issues related to land acquisition for deployment of solar projects) influencing the growth of the photovoltaics market
• Product Development/Innovation: Detailed insights into upcoming technologies, research and development activities, and the latest product and service launches in the photovoltaics market
• Market Development: Comprehensive information about lucrative markets–the report analyzes the photovoltaics market across varied regions
• Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the photovoltaics market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, such as Jinko Solar (China), JA SOLAR Technology Co., Ltd. (China), Trinasolar (China), LONGi (China), Tongwei Co.Ltd (China) in the photovoltaics market
圖表清單 List of Tables & Figures
TABLE 1 LIST OF KEY SECONDARY SOURCES 32
TABLE 2 LIST OF PRIMARY INTERVIEW PARTICIPANTS 33
TABLE 3 MAJOR SOLAR PROJECTS ACROSS VARIOUS REGIONS 37
TABLE 4 PHOTOVOLTAICS MARKET: RISK ANALYSIS 41
TABLE 5 ROLE OF COMPANIES IN PHOTOVOLTAICS ECOSYSTEM 59
TABLE 6 PORTER’S FIVE FORCES ANALYSIS 61
TABLE 7 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION (%) 63
TABLE 8 KEY BUYING CRITERIA, BY APPLICATION 63
TABLE 9 IMPORT DATA FOR HS CODE 854140-COMPLIANT PRODUCTS, BY COUNTRY, 2019–2023 (USD THOUSAND) 69
TABLE 10 EXPORT DATA FOR HS CODE 854140-COMPLIANT PRODUCTS, BY COUNTRY, 2019–2023 (USD THOUSAND) 70
TABLE 11 LIST OF KEY PATENTS, 2024 71
TABLE 12 MFN TARIFF FOR HS CODE 854140-COMPLIANT PRODUCTS EXPORTED BY TAIPEI, CHINA, 2023 73
TABLE 13 MFN TARIFF FOR HS CODE 854140-COMPLIANT PRODUCTS EXPORTED
BY PHILIPPINES, 2023 73
TABLE 14 MFN TARIFF FOR HS CODE 854140-COMPLIANT PRODUCTS EXPORTED
BY KENYA, 2023 74
TABLE 15 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 74
TABLE 16 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 75
TABLE 17 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 75
TABLE 18 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
TABLE 19 LIST OF KEY CONFERENCES AND EVENTS, 2025–2026 78
TABLE 20 PRICING RANGE OF PV MODULES OFFERED BY KEY PLAYERS, BY APPLICATION, 2024 (USD/WATT) 79
TABLE 21 AVERAGE SELLING PRICE TREND OF PHOTOVOLTAIC CELLS, BY REGION,
2021–2024 (USD/KW) 80
TABLE 22 US-ADJUSTED RECIPROCAL TARIFF RATES 82
TABLE 23 DIFFERENT CLASSES OF CPV SYSTEMS AND THEIR REQUIREMENTS 87
TABLE 24 COMPANIES OFFERING PV MODULES OF UP TO 100 WP 88
TABLE 25 COMPANIES OFFERING PV MODULES OF 100.1–300 WP 88
TABLE 26 COMPANIES OFFERING PV MODULES OF ABOVE 300 WP 89
TABLE 27 PHOTOVOLTAICS MARKET, BY COMPONENT, 2021–2024 (USD BILLION) 92
TABLE 28 PHOTOVOLTAICS MARKET, BY COMPONENT, 2025–2030 (USD BILLION) 92
TABLE 29 PHOTOVOLTAICS MARKET, BY VALUE AND VOLUME,
2021–2024 (USD BILLION/GW) 93
TABLE 30 PHOTOVOLTAICS MARKET, BY VALUE AND VOLUME,
2025–2030 (USD BILLION/GW) 93
TABLE 31 COMPANIES OFFERING 60-CELL PV MODULES 95
TABLE 32 COMPANIES OFFERING 72-CELL PV MODULES 96
TABLE 33 COMPANIES OFFERING 96-CELL PV MODULES 97
TABLE 34 MODULES: PHOTOVOLTAICS MARKET, BY REGION, 2021–2024 (USD BILLION) 97
TABLE 35 MODULES: PHOTOVOLTAICS MARKET, BY REGION, 2025–2030 (USD BILLION) 97
TABLE 36 MODULES: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 98
TABLE 37 MODULES: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 98
TABLE 38 INVERTERS: PHOTOVOLTAICS MARKET, BY REGION, 2021–2024 (USD BILLION) 99
TABLE 39 INVERTERS: PHOTOVOLTAICS MARKET, BY REGION, 2025–2030 (USD BILLION) 100
TABLE 40 INVERTERS: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 100
TABLE 41 INVERTERS: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 100
TABLE 42 BALANCE OF SYSTEM (BOS): PHOTOVOLTAICS MARKET, BY REGION,
2021–2024 (USD BILLION) 101
TABLE 43 BALANCE OF SYSTEM (BOS): PHOTOVOLTAICS MARKET, BY REGION,
2025–2030 (USD BILLION) 102
TABLE 44 BALANCE OF SYSTEM (BOS): PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 102
TABLE 45 BALANCE OF SYSTEM (BOS): PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 102
TABLE 46 BALANCE OF SYSTEM (BOS): PHOTOVOLTAICS MARKET, BY BOS TYPE,
2021–2024 (USD BILLION) 103
TABLE 47 BALANCE OF SYSTEM (BOS): PHOTOVOLTAICS MARKET, BY BOS TYPE,
2025–2030 (USD BILLION) 103
TABLE 48 PHOTOVOLTAICS MARKET, BY TYPE, 2021–2024 (USD BILLION) 109
TABLE 49 PHOTOVOLTAICS MARKET, BY TYPE, 2025–2030 (USD BILLION) 109
TABLE 50 RIGID: PHOTOVOLTAICS MARKET, BY REGION, 2021–2024 (USD BILLION) 110
TABLE 51 RIGID: PHOTOVOLTAICS MARKET, BY REGION, 2025–2030 (USD BILLION) 110
TABLE 52 FLEXIBLE: PHOTOVOLTAICS MARKET, BY REGION, 2021–2024 (USD BILLION) 111
TABLE 53 FLEXIBLE: PHOTOVOLTAICS MARKET, BY REGION, 2025–2030 (USD BILLION) 111
TABLE 54 PHOTOVOLTAICS MARKET, BY MATERIAL TYPE, 2021–2024 (USD BILLION) 114
TABLE 55 PHOTOVOLTAICS MARKET, BY MATERIAL TYPE, 2025–2030 (USD BILLION) 115
TABLE 56 SILICON: PHOTOVOLTAICS MARKET, BY REGION, 2021–2024 (USD BILLION) 116
TABLE 57 SILICON: PHOTOVOLTAICS MARKET, BY REGION, 2025–2030 (USD BILLION) 116
TABLE 58 SILICON: PHOTOVOLTAIC MARKET, BY SILICON TYPE, 2021–2024 (USD BILLION) 118
TABLE 59 SILICON: PHOTOVOLTAIC MARKET, BY SILICON TYPE, 2025–2030 (USD BILLION) 118
TABLE 60 COPPER INDIUM GALLIUM SELENIDE (CIGS): PHOTOVOLTAICS MARKET,
BY REGION, 2021–2024 (USD BILLION) 119
TABLE 61 COPPER INDIUM GALLIUM SELENIDE (CIGS): PHOTOVOLTAICS MARKET,
BY REGION, 2025–2030 (USD BILLION) 119
TABLE 62 CADMIUM TELLURIDE (CDTE): PHOTOVOLTAICS MARKET, BY REGION,
2021–2024 (USD BILLION) 120
TABLE 63 CADMIUM TELLURIDE (CDTE): PHOTOVOLTAICS MARKET, BY REGION,
2025–2030 (USD BILLION) 120
TABLE 64 PEROVSKITE: PHOTOVOLTAICS MARKET, BY REGION, 2025–2030 (USD BILLION) 121
TABLE 65 ORGANIC PHOTOVOLTAIC: PHOTOVOLTAICS MARKET, BY REGION,
2021–2024 (USD BILLION) 122
TABLE 66 ORGANIC PHOTOVOLTAIC: PHOTOVOLTAICS MARKET, BY REGION,
2025–2030 (USD BILLION) 122
TABLE 67 QUANTUM DOT: PHOTOVOLTAICS MARKET, BY REGION, 2025–2030 (USD BILLION) 123
TABLE 68 PHOTOVOLTAICS MARKET, BY CELL TYPE, 2021–2024 (USD BILLION) 125
TABLE 69 PHOTOVOLTAICS MARKET, BY CELL TYPE, 2025–2030 (USD BILLION) 126
TABLE 70 PHOTOVOLTAICS MARKET, BY INSTALLATION TYPE, 2021–2024 (USD BILLION) 129
TABLE 71 PHOTOVOLTAICS MARKET, BY INSTALLATION TYPE, 2025–2030 (USD BILLION) 130
TABLE 72 PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 135
TABLE 73 PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 135
TABLE 74 RESIDENTIAL: PHOTOVOLTAICS MARKET, BY REGION, 2021–2024 (USD BILLION) 137
TABLE 75 RESIDENTIAL: PHOTOVOLTAICS MARKET, BY REGION, 2025–2030 (USD BILLION) 137
TABLE 76 RESIDENTIAL: PHOTOVOLTAICS MARKET, BY COMPONENT,
2021–2024 (USD BILLION) 137
TABLE 77 RESIDENTIAL: PHOTOVOLTAICS MARKET, BY COMPONENT,
2025–2030 (USD BILLION) 137
TABLE 78 COMMERCIAL & INDUSTRIAL: PHOTOVOLTAICS MARKET, BY REGION,
2021–2024 (USD BILLION) 139
TABLE 79 COMMERCIAL & INDUSTRIAL: PHOTOVOLTAICS MARKET, BY REGION,
2025–2030 (USD BILLION) 140
TABLE 80 COMMERCIAL & INDUSTRIAL: PHOTOVOLTAICS MARKET, BY COMPONENT,
2021–2024 (USD BILLION) 140
TABLE 81 COMMERCIAL & INDUSTRIAL: PHOTOVOLTAICS MARKET, BY COMPONENT,
2025–2030 (USD BILLION) 140
TABLE 82 UTILITIES: PHOTOVOLTAICS MARKET, BY REGION, 2021–2024 (USD BILLION) 141
TABLE 83 UTILITIES: PHOTOVOLTAICS MARKET, BY REGION, 2025–2030 (USD BILLION) 142
TABLE 84 UTILITIES: PHOTOVOLTAICS MARKET, BY COMPONENT, 2021–2024 (USD BILLION) 142
TABLE 85 UTILITIES: PHOTOVOLTAICS MARKET, BY COMPONENT, 2025–2030 (USD BILLION) 142
TABLE 86 PHOTOVOLTAICS MARKET, BY REGION, 2021–2024 (USD BILLION) 144
TABLE 87 PHOTOVOLTAICS MARKET, BY REGION, 2025–2030 (USD BILLION) 145
TABLE 88 NORTH AMERICA: PHOTOVOLTAICS MARKET, BY COUNTRY,
2021–2024 (USD BILLION) 147
TABLE 89 NORTH AMERICA: PHOTOVOLTAICS MARKET, BY COUNTRY,
2025–2030 (USD BILLION) 147
TABLE 90 NORTH AMERICA: PHOTOVOLTAICS MARKET, BY COMPONENT,
2021–2024 (USD BILLION) 147
TABLE 91 NORTH AMERICA: PHOTOVOLTAICS MARKET, BY COMPONENT,
2025–2030 (USD BILLION) 147
TABLE 92 NORTH AMERICA: PHOTOVOLTAICS MARKET, BY MATERIAL TYPE,
2021–2024 (USD BILLION) 148
TABLE 93 NORTH AMERICA: PHOTOVOLTAICS MARKET, BY MATERIAL TYPE,
2025–2030 (USD BILLION) 148
TABLE 94 NORTH AMERICA: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 148
TABLE 95 NORTH AMERICA: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 149
TABLE 96 NORTH AMERICA: PHOTOVOLTAICS MARKET, BY TYPE, 2021–2024 (USD BILLION) 149
TABLE 97 NORTH AMERICA: PHOTOVOLTAICS MARKET, BY TYPE, 2025–2030 (USD BILLION) 149
TABLE 98 US: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 150
TABLE 99 US: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 151
TABLE 100 CANADA: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 152
TABLE 101 CANADA: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 152
TABLE 102 MEXICO: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 153
TABLE 103 MEXICO: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 153
TABLE 104 EUROPE: PHOTOVOLTAICS MARKET, BY COUNTRY, 2021–2024 (USD BILLION) 156
TABLE 105 EUROPE: PHOTOVOLTAICS MARKET, BY COUNTRY, 2025–2030 (USD BILLION) 156
TABLE 106 EUROPE: PHOTOVOLTAICS MARKET, BY COMPONENT, 2021–2024 (USD BILLION) 156
TABLE 107 EUROPE: PHOTOVOLTAICS MARKET, BY COMPONENT, 2025–2030 (USD BILLION) 157
TABLE 108 EUROPE: PHOTOVOLTAICS MARKET, BY MATERIAL TYPE,
2021–2024 (USD BILLION) 157
TABLE 109 EUROPE: PHOTOVOLTAICS MARKET, BY MATERIAL TYPE,
2025–2030 (USD BILLION) 157
TABLE 110 EUROPE: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 158
TABLE 111 EUROPE: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 158
TABLE 112 EUROPE: PHOTOVOLTAICS MARKET, BY TYPE, 2021–2024 (USD BILLION) 158
TABLE 113 EUROPE: PHOTOVOLTAICS MARKET, BY TYPE, 2025–2030 (USD BILLION) 158
TABLE 114 UK: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 160
TABLE 115 UK: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 160
TABLE 116 GERMANY: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 161
TABLE 117 GERMANY: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 161
TABLE 118 FRANCE: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 162
TABLE 119 FRANCE: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 162
TABLE 120 ITALY: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 163
TABLE 121 ITALY: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 164
TABLE 122 SPAIN: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 164
TABLE 123 SPAIN: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 164
TABLE 124 POLAND: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 165
TABLE 125 POLAND: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 165
TABLE 126 NORDICS: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 166
TABLE 127 NORDICS: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 166
TABLE 128 REST OF EUROPE: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 167
TABLE 129 REST OF EUROPE: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 167
TABLE 130 ASIA PACIFIC: PHOTOVOLTAICS MARKET, BY COUNTRY, 2021–2024 (USD BILLION) 170
TABLE 131 ASIA PACIFIC: PHOTOVOLTAICS MARKET, BY COUNTRY, 2025–2030 (USD BILLION) 170
TABLE 132 ASIA PACIFIC: PHOTOVOLTAICS MARKET, BY COMPONENT,
2021–2024 (USD BILLION) 171
TABLE 133 ASIA PACIFIC: PHOTOVOLTAICS MARKET, BY COMPONENT,
2025–2030 (USD BILLION) 171
TABLE 134 ASIA PACIFIC: PHOTOVOLTAICS MARKET, BY MATERIAL TYPE,
2021–2024 (USD BILLION) 171
TABLE 135 ASIA PACIFIC: PHOTOVOLTAICS MARKET, BY MATERIAL TYPE,
2025–2030 (USD BILLION) 172
TABLE 136 ASIA PACIFIC: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 172
TABLE 137 ASIA PACIFIC: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 172
TABLE 138 ASIA PACIFIC: PHOTOVOLTAICS MARKET, BY TYPE, 2021–2024 (USD BILLION) 172
TABLE 139 ASIA PACIFIC: PHOTOVOLTAICS MARKET, BY TYPE, 2025–2030 (USD BILLION) 173
TABLE 140 CHINA: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 173
TABLE 141 CHINA: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 174
TABLE 142 JAPAN: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 175
TABLE 143 JAPAN: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 175
TABLE 144 INDIA: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 176
TABLE 145 INDIA: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 177
TABLE 146 SOUTH KOREA: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 177
TABLE 147 SOUTH KOREA: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 178
TABLE 148 AUSTRALIA: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 178
TABLE 149 AUSTRALIA: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 179
TABLE 150 INDONESIA: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 179
TABLE 151 INDONESIA: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 179
TABLE 152 MALAYSIA: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 180
TABLE 153 MALAYSIA: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 180
TABLE 154 THAILAND: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 181
TABLE 155 THAILAND: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 181
TABLE 156 VIETNAM: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 182
TABLE 157 VIETNAM: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 182
TABLE 158 REST OF ASIA PACIFIC: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 183
TABLE 159 REST OF ASIA PACIFIC: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 183
TABLE 160 ROW: PHOTOVOLTAICS MARKET, BY REGION, 2021–2024 (USD BILLION) 184
TABLE 161 ROW: PHOTOVOLTAICS MARKET, BY REGION, 2025–2030 (USD BILLION) 184
TABLE 162 ROW: PHOTOVOLTAICS MARKET, BY COMPONENT, 2021–2024 (USD BILLION) 184
TABLE 163 ROW: PHOTOVOLTAICS MARKET, BY COMPONENT, 2025–2030 (USD BILLION) 185
TABLE 164 ROW: PHOTOVOLTAICS MARKET, BY MATERIAL TYPE, 2021–2024 (USD BILLION) 185
TABLE 165 ROW: PHOTOVOLTAICS MARKET, BY MATERIAL TYPE, 2025–2030 (USD BILLION) 185
TABLE 166 ROW: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 186
TABLE 167 ROW: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 186
TABLE 168 ROW: PHOTOVOLTAICS MARKET, BY TYPE, 2021–2024 (USD BILLION) 186
TABLE 169 ROW: PHOTOVOLTAICS MARKET, BY TYPE, 2025–2030 (USD BILLION) 186
TABLE 170 MIDDLE EAST: PHOTOVOLTAICS MARKET, BY COUNTRY,
2021–2024 (USD BILLION) 187
TABLE 171 MIDDLE EAST: PHOTOVOLTAICS MARKET, BY COUNTRY,
2025–2030 (USD BILLION) 187
TABLE 172 MIDDLE EAST: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 188
TABLE 173 MIDDLE EAST: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 188
TABLE 174 AFRICA: PHOTOVOLTAICS MARKET, BY REGION, 2021–2024 (USD BILLION) 191
TABLE 175 AFRICA: PHOTOVOLTAICS MARKET, BY REGION, 2025–2030 (USD BILLION) 191
TABLE 176 AFRICA: PHOTOVOLTAICS MARKET, BY APPLICATION, 2021–2024 (USD BILLION) 191
TABLE 177 AFRICA: PHOTOVOLTAICS MARKET, BY APPLICATION, 2025–2030 (USD BILLION) 192
TABLE 178 SOUTH AMERICA: PHOTOVOLTAICS MARKET, BY APPLICATION,
2021–2024 (USD BILLION) 193
TABLE 179 SOUTH AMERICA: PHOTOVOLTAICS MARKET, BY APPLICATION,
2025–2030 (USD BILLION) 193
TABLE 180 PHOTOVOLTAICS MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, JANUARY 2023–JANUARY 2025 194
TABLE 181 PHOTOVOLTAICS MARKET: DEGREE OF COMPETITION, 2024 197
TABLE 182 PHOTOVOLTAICS MARKET: REGION FOOTPRINT 204
TABLE 183 PHOTOVOLTAICS MARKET: COMPONENT FOOTPRINT 205
TABLE 184 PHOTOVOLTAICS MARKET: MATERIAL TYPE FOOTPRINT 206
TABLE 185 PHOTOVOLTAICS MARKET: TYPE FOOTPRINT 207
TABLE 186 PHOTOVOLTAICS MARKET: APPLICATION FOOTPRINT 209
TABLE 187 PHOTOVOLTAICS MARKET: DETAILED LIST OF KEY STARTUPS/SMES 212
TABLE 188 PHOTOVOLTAICS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 212
TABLE 189 PHOTOVOLTAICS MARKET: PRODUCT LAUNCHES, JANUARY 2023–JANUARY 2025 213
TABLE 190 PHOTOVOLTAICS MARKET: DEALS, JANUARY 2023–JANUARY 2025 214
TABLE 191 PHOTOVOLTAICS MARKET: OTHER DEVELOPMENTS,
JANUARY 2023–JANUARY 2025 215
TABLE 192 JINKO SOLAR: COMPANY OVERVIEW 216
TABLE 193 JINKO SOLAR: PRODUCTS/SOLUTIONS/SERVICES OFFERED 217
TABLE 194 JINKO SOLAR: PRODUCT LAUNCHES 218
TABLE 195 JINKO SOLAR: DEALS 219
TABLE 196 JA SOLAR TECHNOLOGY CO.,LTD.: COMPANY OVERVIEW 221
TABLE 197 JA SOLAR TECHNOLOGY CO.,LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 221
TABLE 198 JA SOLAR TECHNOLOGY CO.,LTD.: DEALS 223
TABLE 199 TRINASOLAR: COMPANY OVERVIEW 225
TABLE 200 TRINASOLAR: PRODUCTS/SOLUTIONS/SERVICES OFFERED 225
TABLE 201 TRINASOLAR: PRODUCT LAUNCHES 226
TABLE 202 TRINASOLAR: DEALS 227
TABLE 203 TRINASOLAR: OTHER DEVELOPMENTS 227
TABLE 204 LONGI: COMPANY OVERVIEW 229
TABLE 205 LONGI: PRODUCTS/SOLUTIONS/SERVICES OFFERED 230
TABLE 206 LONGI: PRODUCT LAUNCHES 232
TABLE 207 LONGI: DEALS 232
TABLE 208 TONGWEI CO., LTD.: COMPANY OVERVIEW 234
TABLE 209 TONGWEI CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 235
TABLE 210 TONGWEI CO., LTD.: DEVELOPMENTS 236
TABLE 211 CANADIAN SOLAR: COMPANY OVERVIEW 237
TABLE 212 CANADIAN SOLAR: PRODUCTS/SOLUTIONS/SERVICES OFFERED 238
TABLE 213 CANADIAN SOLAR: PRODUCT LAUNCHES 239
TABLE 214 CANADIAN SOLAR: DEALS 240
TABLE 215 CANADIAN SOLAR: EXPANSIONS 240
TABLE 216 FIRST SOLAR: COMPANY OVERVIEW 241
TABLE 217 FIRST SOLAR: PRODUCTS/SOLUTIONS/SERVICES OFFERED 242
TABLE 218 FIRST SOLAR: EXPANSIONS 243
TABLE 219 HANWHA QCELLS: COMPANY OVERVIEW 244
TABLE 220 HANWHA QCELLS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 244
TABLE 221 HANWHA QCELLS: DEALS 245
TABLE 222 HANWHA QCELLS: OTHER DEVELOPMENTS 246
TABLE 223 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW 247
TABLE 224 MITSUBISHI ELECTRIC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 248
TABLE 225 MITSUBISHI ELECTRIC CORPORATION: DEALS 249
TABLE 226 SHARP CORPORATION: COMPANY OVERVIEW 250
TABLE 227 SHARP CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 251
TABLE 228 WUXI SUNTECH POWER CO., LTD.: COMPANY OVERVIEW 252
TABLE 229 WUXI SUNTECH POWER CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 252
TABLE 230 WUXI SUNTECH POWER CO., LTD.: DEVELOPMENTS 253
TABLE 231 HUAWEI TECHNOLOGIES CO., LTD.: COMPANY OVERVIEW 254
TABLE 232 HUAWEI TECHNOLOGIES CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 255
TABLE 233 HUAWEI TECHNOLOGIES CO., LTD.: PRODUCT LAUNCHES 256
TABLE 234 SUNGROW: COMPANY OVERVIEW 257
TABLE 235 SUNGROW: PRODUCTS/SOLUTIONS/SERVICES OFFERED 258
TABLE 236 SUNGROW: PRODUCT LAUNCHES 258
TABLE 237 SUNGROW: DEALS 259
TABLE 238 SMA SOLAR TECHNOLOGY AG: COMPANY OVERVIEW 260
TABLE 239 SMA SOLAR TECHNOLOGY AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED 261
TABLE 240 SOLAREDGE: COMPANY OVERVIEW 263
TABLE 241 SOLAREDGE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 264
TABLE 242 SOLAREDGE: PRODUCT LAUNCHES 265
TABLE 243 SOLAREDGE: DEALS 265
TABLE 244 ABB: COMPANY OVERVIEW 266
TABLE 245 ABB: PRODUCTS/SOLUTIONS/SERVICES OFFERED 267
FIGURE 1 PHOTOVOLTAICS MARKET SEGMENTATION AND REGIONAL SCOPE 27
FIGURE 2 PHOTOVOLTAICS MARKET: RESEARCH DESIGN 31
FIGURE 3 KEY DATA FROM SECONDARY SOURCES 33
FIGURE 4 BREAKDOWN OF PRIMARIES 34
FIGURE 5 KEY DATA FROM PRIMARY SOURCES 34
FIGURE 6 KEY INDUSTRY INSIGHTS 35
FIGURE 7 PHOTOVOLTAICS MARKET SIZE ESTIMATION METHODOLOGY 36
FIGURE 8 PHOTOVOLTAICS MARKET: BOTTOM-UP APPROACH 37
FIGURE 9 PHOTOVOLTAICS MARKET: TOP-DOWN APPROACH 39
FIGURE 10 PHOTOVOLTAICS MARKET: DATA TRIANGULATION 39
FIGURE 11 PHOTOVOLTAICS MARKET: RESEARCH ASSUMPTIONS 40
FIGURE 12 PHOTOVOLTAICS MARKET: RESEARCH LIMITATIONS 40
FIGURE 13 BALANCE OF SYSTEM (BOS) SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030 43
FIGURE 14 SILICON SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030 43
FIGURE 15 UTILITIES SEGMENT TO HOLD LARGEST SHARE OF PHOTOVOLTAICS MARKET
IN 2030 44
FIGURE 16 ASIA PACIFIC TO HOLD LARGEST SHARE OF PHOTOVOLTAICS MARKET IN 2030 45
FIGURE 17 DECREASING COSTS OF PV SYSTEMS TO CONTRIBUTE TO MARKET GROWTH 46
FIGURE 18 HALF-CELL PV MODULES SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 46
FIGURE 19 FLOATING SEGMENT TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 47
FIGURE 20 UTILITIES SEGMENT TO DOMINATE PHOTOVOLTAICS MARKET FROM
2025 TO 2030 47
FIGURE 21 CHINA AND UTILITIES SEGMENT TO CAPTURE LARGEST SHARE OF PHOTOVOLTAICS MARKET IN ASIA PACIFIC IN 2025 48
FIGURE 22 INDIA TO RECORD HIGHEST CAGR IN GLOBAL PHOTOVOLTAIC MARKET DURING FORECAST PERIOD 48
FIGURE 23 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 49
FIGURE 24 IMPACT ANALYSIS: DRIVERS 50
FIGURE 25 IMPACT ANALYSIS: RESTRAINTS 52
FIGURE 26 IMPACT ANALYSIS: OPPORTUNITIES 53
FIGURE 27 IMPACT ANALYSIS: CHALLENGES 54
FIGURE 28 SUPPLY CHAIN ANALYSIS 56
FIGURE 29 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 58
FIGURE 30 ECOSYSTEM ANALYSIS 59
FIGURE 31 PORTER’S FIVE FORCES ANALYSIS 60
FIGURE 32 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION 62
FIGURE 33 KEY BUYING CRITERIA, BY APPLICATION 63
FIGURE 34 INVESTMENT AND FUNDING SCENARIO, 2021–2024 66
FIGURE 35 IMPORT DATA FOR HS CODE 854140-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2019–2023 69
FIGURE 36 EXPORT DATA FOR HS CODE 854140-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2019–2023 70
FIGURE 37 PATENTS APPLIED AND GRANTED, 2014–2024 71
FIGURE 38 AVERAGE SELLING PRICE TREND OF PHOTOVOLTAIC CELLS, BY REGION,
2021–2024 80
FIGURE 39 IMPACT OF AI/GEN AI ON PHOTOVOLTAICS MARKET 82
FIGURE 40 INVERTERS SEGMENT TO WITNESS HIGHEST CAGR IN PHOTOVOLTAICS MARKET FROM 2025 TO 2030 92
FIGURE 41 FLEXIBLE SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD 109
FIGURE 42 SILICON SEGMENT TO DOMINATE PHOTOVOLTAICS MARKET DURING FORECAST PERIOD 114
FIGURE 43 HALF-CELL PV MODULES SEGMENT TO HOLD LARGER MARKET SHARE IN 2025 125
FIGURE 44 FLOATING SEGMENT TO WITNESS HIGHEST CAGR IN PHOTOVOLTAICS MARKET FROM 2025 TO 2030 129
FIGURE 45 UTILITIES SEGMENT TO DOMINATE PHOTOVOLTAICS MARKET BETWEEN
2025 AND 2030 135
FIGURE 46 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD 144
FIGURE 47 NORTH AMERICA: PHOTOVOLTAICS MARKET SNAPSHOT 146
FIGURE 48 EUROPE: PHOTOVOLTAICS MARKET SNAPSHOT 155
FIGURE 49 ASIA PACIFIC: PHOTOVOLTAICS MARKET SNAPSHOT 169
FIGURE 50 PHOTOVOLTAICS MARKET: REVENUE ANALYSIS OF KEY FIVE PLAYERS,
2022–2024 196
FIGURE 51 MARKET SHARE ANALYSIS OF COMPANIES OFFERING PV MODULES, 2024 197
FIGURE 52 COMPANY VALUATION 199
FIGURE 53 FINANCIAL METRICS (EV/EBITDA) 200
FIGURE 54 BRAND COMPARISON 200
FIGURE 55 PHOTOVOLTAICS MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024 202
FIGURE 56 PHOTOVOLTAICS MARKET: COMPANY FOOTPRINT 203
FIGURE 57 PHOTOVOLTAICS MARKET: COMPANY EVALUATION MATRIX
(STARTUPS/SMES), 2024 211
FIGURE 58 JINKO SOLAR: COMPANY SNAPSHOT 217
FIGURE 59 LONGI: COMPANY SNAPSHOT 230
FIGURE 60 TONGWEI CO., LTD.: COMPANY SNAPSHOT 235
FIGURE 61 CANADIAN SOLAR: COMPANY SNAPSHOT 238
FIGURE 62 FIRST SOLAR: COMPANY SNAPSHOT 242
FIGURE 63 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT 248
FIGURE 64 SHARP CORPORATION: COMPANY SNAPSHOT 251
FIGURE 65 HUAWEI TECHNOLOGIES CO., LTD.: COMPANY SNAPSHOT 255
FIGURE 66 SUNGROW: COMPANY SNAPSHOT 257
FIGURE 67 SMA SOLAR TECHNOLOGY AG: COMPANY SNAPSHOT 261
FIGURE 68 SOLAREDGE: COMPANY SNAPSHOT 264
FIGURE 69 ABB: COMPANY SNAPSHOT 267