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Renewable energy

Photovoltaic Market Size to Reach USD 450.0 Billion by 2024, Driven by Government-led Incentives and Technological Innovations

Strategic Insights

— 1 min read

The photovoltaic market is poised for significant growth, with a projected market size of USD 450.0 billion by 2024. This growth is attributed to government-led incentives and schemes, increasing investments in renewable energy, and technological innovations in solar inverters. The market is expected to register a CAGR of 13.03% during 2025-2031, driven by the increasing demand for solar energy as a primary energy source. Governments worldwide are launching various schemes to encourage the use of solar power, and the application of solar energy has increased rapidly due to its capability to reduce adverse environmental effects of conventional energy resources.

Key Takeaways:

  • The photovoltaic market is expected to reach USD 450.0 billion by 2024, driven by government-led incentives and technological innovations in solar inverters.
  • The market is expected to register a CAGR of 13.03% during 2025-2031, driven by the increasing demand for solar energy as a primary energy source.
  • Governments worldwide are launching various schemes to encourage the use of solar power, including tax incentives and favorable policies to support the growth of solar energy.
  • The application of solar energy has increased rapidly due to its capability to reduce adverse environmental effects of conventional energy resources, such as coal, natural gas, and oil.
  • The photovoltaic market is segmented into five major regions: North America, Europe, APAC, Middle East & Africa, and South America, with Asia Pacific leading the market in 2024.
  • Key players in the photovoltaic market include Hanwha Q Cells, Kaneka Solar Energy, Sharp Corporation, MiaSole, Panasonic Corporation, and others.

Statistics:

  • The photovoltaic market size is projected to reach USD 450.0 billion by 2024, growing at a CAGR of 13.03% during 2025-2031.
  • The Asia Pacific region led the market in 2024, accounting for a significant revenue share, followed by North America and Europe.
  • The photovoltaic market is categorized into on-grid and off-grid installations, with the on-grid segment dominating the market in 2024.
  • The ground-mounted segment dominated the market in 2024, followed by rooftop-mounted installations.

Sources:

  • The Insight Partners, "Photovoltaic Market Report"
  • EIA, "Energy Sector and Greenhouse Gas Emissions"
  • U.S. Government, "Net Zero Emissions by 2050 Scenario"
  • NASA, "Satellite Images Show Increase in Large Solar Farms in China"
  • Government of China, "Encouraging Financial Institutions to Incentivize Solar Installations"

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