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Green technology

Global Solar PV Market to Reach $330.5 Billion by 2032, Driven by Renewable Capacity Additions and Policy Support

Strategic Insights

— 2 min read

The global solar PV market has been witnessing unprecedented growth over the past decade, with its value increasing from $180.29 billion in 2024 to $330.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.87% from 2025 to 2032. The solar PV market's transformation from a niche technology to a central pillar of the global energy system is driven by the accelerating demand for clean and renewable energy, policy support, and falling technology costs. The International Energy Agency (IEA) reports that solar PV capacity has grown from around 1,048 GW in 2021 to more than 2.2 TW by the end of 2024.

Key Takeaways:

  • The global solar PV market is expected to reach $330.5 billion by 2032, growing at a CAGR of 7.87% from 2025 to 2032.
  • Renewable capacity additions are expected to approach 935 GW by 2030, with solar PV representing the dominant share.
  • Solar PV technology is emerging as a scalable and cost-competitive solution, benefiting from sustained policy support and falling technology costs.
  • The Government of India's June 2026 mandate requiring solar modules to be manufactured using domestically produced cells highlights the direction of industrial policy and the expanding scope for localized manufacturing ecosystems.
  • Private sector investments are amplifying momentum, with Reliance Industries launching a 10 GW solar PV production line in April 2025.
  • Europe is entering a structural growth phase in solar deployment, driven by the EU's decarbonization commitments and the REPowerEU plan.
  • The U.S. solar industry faces escalating trade disputes, with American manufacturers petitioning the U.S. Commerce Department to levy anti-dumping duties on imports from India, Indonesia, and Laos.

Statistics:

  • Solar PV capacity has grown from around 1,048 GW in 2021 to more than 2.2 TW by the end of 2024 (IEA).
  • Renewable capacity additions are expected to approach 935 GW by 2030 (IEA).
  • The global solar PV market is expected to reach $330.5 billion by 2032, growing at a CAGR of 7.87% from 2025 to 2032.
  • The number of solar PV installations in the EU-28 has increased from 10 MW in 2010 to 1,207 MW in 2024 (EU).
  • JinkoSolar has delivered over 200 GW of modules globally, while Reliance Industries plans to produce 10 GW of solar PV modules by the end of 2025.

Sources:

  • DataM Intelligence analysis, 2025.
  • International Energy Agency (IEA), 2024.
  • Government of India, June 2026.
  • Reliance Industries, April 2025.
  • EU-28, 2024.
  • JinkoSolar, 2024.

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