How big is the solar photovoltaic (PV) market?

The market is expected to grow from USD 399.44 billion in 2024 to USD 2,517.99 billion by 2032 at a CAGR of 25.88% over the forecast period (2024-2032). Asia pacific dominated the solar photovoltaic (PV) market with a market share of 49.16% in 2023. Solar energy is used to convert sunlight into electricity by using photovoltaic effect technology.

What is the global solar photovoltaic (PV) market share?

Geographically, the global solar photovoltaic (PV) market share is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The Asia Pacific region held the major share of the global market. More than 77 GW of solar capacity will be added in the region in 2020.

Why is the solar photovoltaic market growing?

The government in many countries has imposed stringent carbon emission norms due to which the focus towards the renewable sector is increasing, particularly towards solar photovoltaic generation. This is expected to push this market towards growth during the forecast period. Request a Free sample to learn more about this report.

Which country dominated the solar photovoltaic (PV) market in 2023?

Asia pacific dominated the solar photovoltaic (PV) market with a market share of 49.16% in 2023. Solar energy is used to convert sunlight into electricity by using photovoltaic effect technology. These PV systems are the most reliable and widely available source of renewable energy.

Which countries are increasing solar photovoltaic capacity?

The region is increasing solar photovoltaic capacity in the Canada and the U.S. The region along with Central America has installed a capacity of more than 100 MW of off-grid solar installation in 2020. Key Players Focus on Increasing Their Production Capacity by Introducing New Plants

What is an on-grid solar photovoltaic system?

An on-grid solar photovoltaic system is a grid-connected to a utility grid that generates electricity using solar photovoltaic. The on-grid system ranges from small residential units to large utility-scale solar photovoltaic generating stations. The adoption of off-grid systems is rapidly increasing in rural areas.