Photovoltaic Market Size to Reach USD 1,145.70 billion by 2031, Experiences Increasing Demand for Solar Panels | The Insight Partners

NEW YORK, July 3, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the photovoltaic market size is projected to reach USD 1,145.70 billion by 2031 from USD 450.0 billion in 2024. The market is expected to register a CAGR of 13.03% during 2025–2031. Solar installations across the globe, attributed to government-led incentives and schemes, along with growing residential solar rooftop installations, positively influence the photovoltaic market growth.

Further, the increasing investments in the renewable energy sector to reduce fossil fuel consumption to lower carbon emissions, coupled with technological innovations in solar inverters, are among the factors driving the market growth. Governments worldwide are launching various schemes to encourage the use of solar power as a primary energy source.

Installing solar rooftop systems helps people produce electricity and utilize it for different applications, including residential, commercial, and even industrial. In addition, the application of solar energy has rapidly increased in recent years due to its capability to reduce the adverse environmental effects of conventional energy resources such as coal, natural gas, and oil. Hence, governments of various countries across the globe-imposed tax incentives and favorable policies to support the remarkable growth of solar energy which in turn is anticipated to fuel the market growth in the coming years.

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The report runs an in-depth analysis of market trends, key players, and future opportunities. Types of next generation solar cell include crystalline silicone, thin film, and others. Photovoltaic manufacturers procure specific grades of materials from material suppliers and process further to develop the final product.

Overview of Report Findings

Growing Investment in Renewable Power Generation:

Since over 70% of greenhouse gas emissions come from the energy sector, an EMS is an effective tool in the fight against CO2 emissions as per the EIA. A battery energy storage system boosts the usage of renewable energy during peak periods and thus reduces dependence on fossil fuels.

The load optimization process ensures a device operates at peak efficiency, preventing energy wastage and lowering emissions. In addition, an EMS facilitates the seamless integration of renewable power sources, including solar and wind, into the power grid. By prioritizing renewable energy when available, BESS minimizes reliance on fossil fuels, which are the primary contributors to carbon emissions. Efficiency is an important measure for reducing energy demand in the Net Zero Emissions by the 2050 scenario and has made progress in recent years. However, to achieve this target, the rate of improvement in global energy intensity must be higher than in the past.

Role of Solar Energy in Energy Transition:

The energy transition is the transition from dependency on fossil fuels to renewable and cleaner energy sources. This change addresses the urgent need for sustainable, environmentally friendly energy solutions. Recent decades have seen an increase in carbon dioxide (CO2) emissions, contributing to climate change. Transitioning to renewable and environment-friendly energy sources is a critical strategy to reduce these emissions and mitigate environmental damage. Solar energy is one of the fastest growing renewable energy sources and is playing an important role in the US's energy transition goals. In addition, technological advancements in solar panels and related power-generating devices such as inverters, batteries, and others are expected to be the future trend in the Photovoltaic market.

The increasing frequency of storms highlights the urgent need for an energy transition by fueling the adoption of solar energy in the US. In the country, as of November 8, 2023, there were 25 catastrophic events in 2023, each causing over US$ 1 billion in damages. Those events include two floods, 19 severe storms, one wildfire, one winter storm, and others. Hence, switching to renewable energy can help reduce the greenhouse gas (GHG) emissions that drive climate change and these devastating weather phenomena. Transitioning to clean energy can protect communities, save lives, and prevent major economic damage, which is anticipated to be the key trend in the Photovoltaic market from 2023 to 2031.

Geographical Insights:

In 2024, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period.

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Market Segmentation

• Based on type, the photovoltaic market is classified into organic and inorganic component. The inorganic component segment held the larger share of the market in 2024.
• Based on installation type, the market is categorized into on grid and off grid. The on grid segment dominated the market in 2024.
• Based on deployment, the market is categorized into ground mounted, rooftop mounted, BIPV, and floating PV. The ground mounted segment dominated the market in 2024.
• The end user segment of the photovoltaic market is categorized into residential, commercial and industrial, utilities. The utilities segment held largest share of the market in 2024.
• The photovoltaic market is segmented into five major regions: North America, Europe, APAC, Middle East & Africa, and South America. 

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Competitive Strategy and Development

• Key Players: A few major companies operating in the photovoltaic market include Hanwha Q Cells, Kaneka Solar Energy, Sharp Corporation, MiaSole, Panasonic Corporation, Geo Green Power, Sol Voltaics, Hanergy Thin Film Power Group, Oxford Photovoltaics Ltd, Ascent Solar Technologies, Inc., First Solar Inc., and Heliatek.
• Trending Topics: Solar PV Panels Market, Solar PV Inverter Market

Global Headlines on Photovoltaic

• "LONGi achieved Crystalline Silicon-Perovskite Tandem Solar Cell Efficiency of 34.85%."
• " TNO and Solarge unveiled lightweight perovskite solar module prototype which further aimed at scaling the technology for broad commercial applications."

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Conclusion

Asia Pacific is projected to register highest CAGR from 2025 to 2031. The Asia Pacific region includes Australia, China, India, South Korea, Japan, & the Rest of Asia Pacific. In Asia Pacific, the photovoltaic market growth is owing to the significant developments in the renewable energy industry owing to increased government strategies and initiatives towards climate change and net-zero emission targets.

The increasing investments in solar photovoltaic (PV) plants and the growth of solar power plant establishment in the residential sector across Asia Pacific countries such as China, India, Australia, and Japan are creating lucrative opportunities for the photovoltaic market players. In China, most PV products, or solar panels, are installed in remote areas in huge solar farms that sell the energy produced to utilities. Satellite images show a rise in these large solar farms across China. The drastic increase in solar energy in the country is due to the country's electricity demand and severe air pollution crisis. The Government of China is aimed at encouraging financial institutions to incentivize solar installations.

The report from The Insight Partners, therefore, provides several stakeholders—including raw equipment/component providers, manufacturers, suppliers & distributors, and end users—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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