| Product Code: ETC13190921 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | Author: Dhaval Chaurasia | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Solar Photovoltaic System Market was valued at USD 110 Billion in 2024 and is expected to reach USD 180 Billion by 2031, growing at a compound annual growth rate of 6.70% during the forecast period (2025-2031).
The Global Solar Photovoltaic System Market is experiencing robust growth driven by increasing awareness of renewable energy sources and government incentives for solar power adoption. The market is witnessing a surge in installations of solar PV systems across residential, commercial, and industrial sectors, fueled by declining costs of solar panels and rising environmental concerns. Technological advancements, such as higher efficiency solar cells and energy storage solutions, are also driving market growth. Asia Pacific is a key region for solar PV system adoption, with countries like China, India, and Japan leading the market expansion. Key players in the global solar PV system market include JinkoSolar, Trina Solar, and Canadian Solar, among others, driving innovation and competition in the industry. The market is poised for further growth as solar energy continues to gain prominence as a clean and sustainable power source worldwide.
The Global Solar Photovoltaic System Market is experiencing significant growth driven by increasing awareness of renewable energy, government incentives, and declining solar panel costs. Key trends include the rising adoption of residential and commercial solar PV systems, advancements in technology leading to higher efficiency and lower maintenance costs, and the integration of solar energy storage solutions. Opportunities in the market lie in emerging markets with high solar potential, such as Asia-Pacific and Latin America, as well as innovative financing models like solar leasing and power purchase agreements. Additionally, the shift towards sustainable energy sources and the push for carbon neutrality by governments and businesses present a favorable landscape for the continued expansion of the solar photovoltaic system market globally.
The Global Solar Photovoltaic System Market faces several challenges, including high initial installation costs, intermittency of solar power generation due to weather conditions, limited energy storage capabilities, and grid integration issues. The need for government subsidies and incentives to make solar power more economically viable is another challenge, as well as the competition from other renewable energy sources. Additionally, the lack of standardization in regulations and policies across different regions hinders the growth of the market. Technological advancements and innovations to address these challenges, along with increasing awareness about the benefits of solar energy, are crucial for the continued growth and development of the Global Solar Photovoltaic System Market.
The Global Solar Photovoltaic System Market is mainly driven by increasing environmental concerns and the push towards renewable energy sources to reduce carbon emissions. Government incentives and subsidies for solar power installations, along with declining costs of solar panels and components, have also fueled market growth. Additionally, advancements in technology, such as improved efficiency of solar panels and energy storage solutions, are making solar photovoltaic systems more attractive and cost-effective for both residential and commercial applications. The growing emphasis on energy independence and sustainability, coupled with the rising demand for clean energy solutions, is expected to continue driving the growth of the Global Solar Photovoltaic System Market in the foreseeable future.
Government policies related to the Global Solar Photovoltaic System Market vary by country and region. Many countries have implemented financial incentives such as feed-in tariffs, tax credits, and subsidies to encourage the adoption of solar photovoltaic systems. Additionally, regulations mandating the use of renewable energy sources in the electricity generation mix have also played a significant role in driving growth in the solar PV market. Some governments have set renewable energy targets and implemented net metering policies to enable solar PV system owners to sell excess electricity back to the grid. Furthermore, support for research and development, as well as initiatives to streamline permitting processes and reduce bureaucratic barriers, have been key components of government policies aimed at promoting the expansion of the solar photovoltaic industry globally.
The Global Solar Photovoltaic System Market is expected to witness significant growth in the coming years due to the increasing focus on renewable energy sources and the declining cost of solar technology. Factors such as government initiatives, favorable regulations, and growing environmental awareness are driving the adoption of solar photovoltaic systems across residential, commercial, and industrial sectors. Technological advancements, such as improved efficiency and energy storage capabilities, are also contributing to market expansion. Additionally, the rising demand for clean energy solutions to combat climate change and reduce carbon emissions is expected to further propel the growth of the solar photovoltaic system market globally. With ongoing innovations and supportive policies, the future outlook for the market appears promising, presenting opportunities for both established players and new entrants to capitalize on the growing demand for solar energy solutions.
In the global solar photovoltaic system market, Asia is a key player due to the high demand for renewable energy, particularly in countries like China, India, and Japan. North America is experiencing significant growth driven by government incentives and the increasing adoption of solar energy in the United States. Europe is a mature market with countries like Germany leading in solar installations and policy support. The Middle East and Africa region is witnessing a growing interest in solar PV systems, driven by abundant sunlight and the need for energy diversification. Latin America is also showing promise, with countries like Brazil and Mexico investing in solar projects to reduce reliance on conventional energy sources. Overall, the global solar photovoltaic system market is poised for continued growth across these key regions.
Global Solar Photovoltaic (PV) System Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Solar Photovoltaic (PV) System Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Solar Photovoltaic (PV) System Market Revenues & Volume, 2021 & 2031F |
3.3 Global Solar Photovoltaic (PV) System Market - Industry Life Cycle |
3.4 Global Solar Photovoltaic (PV) System Market - Porter's Five Forces |
3.5 Global Solar Photovoltaic (PV) System Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Solar Photovoltaic (PV) System Market Revenues & Volume Share, By Type, 2021 & 2031F |
3.7 Global Solar Photovoltaic (PV) System Market Revenues & Volume Share, By Component, 2021 & 2031F |
3.8 Global Solar Photovoltaic (PV) System Market Revenues & Volume Share, By System Type, 2021 & 2031F |
3.9 Global Solar Photovoltaic (PV) System Market Revenues & Volume Share, By Project Type, 2021 & 2031F |
4 Global Solar Photovoltaic (PV) System Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Solar Photovoltaic (PV) System Market Trends |
6 Global Solar Photovoltaic (PV) System Market, 2021 - 2031 |
6.1 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Type, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Multi-Si, 2021 - 2031 |
6.1.3 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Mono-Si, 2021 - 2031 |
6.1.4 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Thin Film, 2021 - 2031 |
6.2 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Component, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Hardware, 2021 - 2031 |
6.2.3 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Services, 2021 - 2031 |
6.3 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By System Type, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Grid-Tied System, 2021 - 2031 |
6.3.3 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Grid-Tied System with Battery Back-Up, 2021 - 2031 |
6.3.4 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Off-Grid System, 2021 - 2031 |
6.4 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Project Type, 2021 - 2031 |
6.4.1 Overview & Analysis |
6.4.2 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Solar Roof Top, 2021 - 2031 |
6.4.3 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Solar Car Port, 2021 - 2031 |
6.4.4 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Solar Ground Mounted, 2021 - 2031 |
6.4.5 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Solar BIPV, 2021 - 2031 |
6.4.6 Global Solar Photovoltaic (PV) System Market, Revenues & Volume, By Others, 2021 - 2031 |
7 North America Solar Photovoltaic (PV) System Market, Overview & Analysis |
7.1 North America Solar Photovoltaic (PV) System Market Revenues & Volume, 2021 - 2031 |
7.2 North America Solar Photovoltaic (PV) System Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Solar Photovoltaic (PV) System Market, Revenues & Volume, By Type, 2021 - 2031 |
7.4 North America Solar Photovoltaic (PV) System Market, Revenues & Volume, By Component, 2021 - 2031 |
7.5 North America Solar Photovoltaic (PV) System Market, Revenues & Volume, By System Type, 2021 - 2031 |
7.6 North America Solar Photovoltaic (PV) System Market, Revenues & Volume, By Project Type, 2021 - 2031 |
8 Latin America (LATAM) Solar Photovoltaic (PV) System Market, Overview & Analysis |
8.1 Latin America (LATAM) Solar Photovoltaic (PV) System Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Solar Photovoltaic (PV) System Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Solar Photovoltaic (PV) System Market, Revenues & Volume, By Type, 2021 - 2031 |
8.4 Latin America (LATAM) Solar Photovoltaic (PV) System Market, Revenues & Volume, By Component, 2021 - 2031 |
8.5 Latin America (LATAM) Solar Photovoltaic (PV) System Market, Revenues & Volume, By System Type, 2021 - 2031 |
8.6 Latin America (LATAM) Solar Photovoltaic (PV) System Market, Revenues & Volume, By Project Type, 2021 - 2031 |
9 Asia Solar Photovoltaic (PV) System Market, Overview & Analysis |
9.1 Asia Solar Photovoltaic (PV) System Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Solar Photovoltaic (PV) System Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Solar Photovoltaic (PV) System Market, Revenues & Volume, By Type, 2021 - 2031 |
9.4 Asia Solar Photovoltaic (PV) System Market, Revenues & Volume, By Component, 2021 - 2031 |
9.5 Asia Solar Photovoltaic (PV) System Market, Revenues & Volume, By System Type, 2021 - 2031 |
9.6 Asia Solar Photovoltaic (PV) System Market, Revenues & Volume, By Project Type, 2021 - 2031 |
10 Africa Solar Photovoltaic (PV) System Market, Overview & Analysis |
10.1 Africa Solar Photovoltaic (PV) System Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Solar Photovoltaic (PV) System Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Solar Photovoltaic (PV) System Market, Revenues & Volume, By Type, 2021 - 2031 |
10.4 Africa Solar Photovoltaic (PV) System Market, Revenues & Volume, By Component, 2021 - 2031 |
10.5 Africa Solar Photovoltaic (PV) System Market, Revenues & Volume, By System Type, 2021 - 2031 |
10.6 Africa Solar Photovoltaic (PV) System Market, Revenues & Volume, By Project Type, 2021 - 2031 |
11 Europe Solar Photovoltaic (PV) System Market, Overview & Analysis |
11.1 Europe Solar Photovoltaic (PV) System Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Solar Photovoltaic (PV) System Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Solar Photovoltaic (PV) System Market, Revenues & Volume, By Type, 2021 - 2031 |
11.4 Europe Solar Photovoltaic (PV) System Market, Revenues & Volume, By Component, 2021 - 2031 |
11.5 Europe Solar Photovoltaic (PV) System Market, Revenues & Volume, By System Type, 2021 - 2031 |
11.6 Europe Solar Photovoltaic (PV) System Market, Revenues & Volume, By Project Type, 2021 - 2031 |
12 Middle East Solar Photovoltaic (PV) System Market, Overview & Analysis |
12.1 Middle East Solar Photovoltaic (PV) System Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Solar Photovoltaic (PV) System Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Solar Photovoltaic (PV) System Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Solar Photovoltaic (PV) System Market, Revenues & Volume, By Type, 2021 - 2031 |
12.4 Middle East Solar Photovoltaic (PV) System Market, Revenues & Volume, By Component, 2021 - 2031 |
12.5 Middle East Solar Photovoltaic (PV) System Market, Revenues & Volume, By System Type, 2021 - 2031 |
12.6 Middle East Solar Photovoltaic (PV) System Market, Revenues & Volume, By Project Type, 2021 - 2031 |
13 Global Solar Photovoltaic (PV) System Market Key Performance Indicators |
14 Global Solar Photovoltaic (PV) System Market - Export/Import By Countries Assessment |
15 Global Solar Photovoltaic (PV) System Market - Opportunity Assessment |
15.1 Global Solar Photovoltaic (PV) System Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Solar Photovoltaic (PV) System Market Opportunity Assessment, By Type, 2021 & 2031F |
15.3 Global Solar Photovoltaic (PV) System Market Opportunity Assessment, By Component, 2021 & 2031F |
15.4 Global Solar Photovoltaic (PV) System Market Opportunity Assessment, By System Type, 2021 & 2031F |
15.5 Global Solar Photovoltaic (PV) System Market Opportunity Assessment, By Project Type, 2021 & 2031F |
16 Global Solar Photovoltaic (PV) System Market - Competitive Landscape |
16.1 Global Solar Photovoltaic (PV) System Market Revenue Share, By Companies, 2024 |
16.2 Global Solar Photovoltaic (PV) System Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |