Solar Photovoltaic (PV) Market Size, Grooming Regions, Industry Forecast to 2022-27

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The latest research study “Solar Photovoltaic (PV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global solar photovoltaic (PV) market size reached 883.4 TWh in 2021. Looking forward, IMARC Group expects the market to reach 2,434.93 TWh by 2027, exhibiting a growth rate (CAGR) of 17.70% during 2022-2027.

A solar photovoltaic (PV) system refers to an arrangement consisting of solar panels with an inverter and other electrical and mechanical hardware that convert sunlight directly into electrical energy. It relies on mounting structures that point panels towards the sun for converting direct current (DC) into alternating current (AC). Solar PV systems are widely utilized to generate clean and green energy and reduce air pollution as well as greenhouse gas emissions. They are highly cost-effective, versatile, easy to install, and noise-free, with lower maintenance costs when compared to other renewable energy systems. As a result, solar photovoltaic systems find extensive applications in residential and commercial sectors across the globe.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion, TWh
Segment Coverage Type, Grid Type, Deployment, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Acciona S.A., Canadian Solar Inc., First Solar Inc., JA Solar Technology Co, JinkoSolar Holding , LONGi Green Energy Technology , Sharp Corporation, Solar Frontier K.K, SunPower Corporation, Suntech Power (Shunfeng Int’l), Tata Power Solar Systems Limited (Tata Power Company Limited) and Trina Solar

Solar Photovoltaic (PV) Market Trends and Drivers:

The increasing awareness among the masses towards the importance of using low carbon-intensive technologies for reducing carbon footprint is among the key factors stimulating the solar photovoltaic (PV) market. Additionally, the growing utilization of photovoltaic systems to power spacecraft and orbiting satellites is also propelling the global market. Besides this, the inflating need for these systems to reduce the dependency on fossil fuels by government bodies of several countries is further fueling the market growth.

Apart from this, the introduction of financial incentives to encourage the utilization of solar energy modules across the globe is acting as another significant growth-inducing factor. Furthermore, the elevating applications of photovoltaic systems in the residential sector for grid-connected electricity generation are also bolstering the market growth. Moreover, the increasing demand for sustainable and continuous electric supply among consumers across various countries and the expanding electrical industry are augmenting the global market. Additionally, the escalating investments by key market players to introduce enhanced solar energy generation technologies are expected to positively influence the solar photovoltaic (PV) market over the forecasted period.

Solar Photovoltaic (PV) Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • Acciona S.A., Canadian Solar Inc.
  • First Solar Inc., JA Solar Technology Co
  • JinkoSolar Holding
  • LONGi Green Energy Technology
  • Sharp Corporation
  • Solar Frontier K.K
  • SunPower Corporation, Suntech Power Co. Ltd. (Shunfeng Int’l)
  • Tata Power Solar Systems Limited (Tata Power Company Limited) and Trina Solar

The report has segmented the market on the basis of type, grid type, deployment and end user.


  • Thin Film
  • Multi-Si
  • Mono-Si

Grid Type:

  • On-Grid
  • Off-Grid


  • Ground-mounted
  • Rooftop Solar

End User:

  • Residential
  • Commercial
  • Utility


  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

1    Preface
2    Scope and Methodology

2.1    Objectives of the Study
2.2    Stakeholders
2.3    Data Sources
2.3.1    Primary Sources
2.3.2    Secondary Sources
2.4    Market Estimation
2.4.1    Bottom-Up Approach
2.4.2    Top-Down Approach
2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

4.1    Overview
4.2    Key Industry Trends
5    Global Solar Photovoltaic (PV) Market
5.1    Market Overview
5.2    Market Performance
5.3    Impact of COVID-19
5.4    Market Forecast
6    Market Breakup by Type
6.1    Thin Film
6.1.1 Market Trends
6.1.2 Market Forecast
6.2    Multi-Si
6.2.1 Market Trends
6.2.2 Market Forecast
6.3    Mono-Si
6.3.1 Market Trends
6.3.2 Market Forecast
7    Market Breakup by Grid Type
7.1    On-Grid
7.1.1 Market Trends
7.1.2 Market Forecast
7.2    Off-Grid
7.2.1 Market Trends
7.2.2 Market Forecast
8    Market Breakup by Deployment
8.1    Ground-mounted
8.1.1 Market Trends
8.1.2 Market Forecast
8.2    Rooftop Solar
8.2.1 Market Trends
8.2.2 Market Forecast
9    Market Breakup by End User
9.1    Residential
9.1.1 Market Trends
9.1.2 Market Forecast
9.2    Commercial
9.2.1 Market Trends
9.2.2 Market Forecast
9.3    Utility
9.3.1 Market Trends
9.3.2 Market Forecast
10    Market Breakup by Region
10.1    North America
10.1.1 United States Market Trends Market Forecast
10.1.2 Canada Market Trends Market Forecast
10.2    Asia-Pacific
10.2.1 China Market Trends Market Forecast
10.2.2 Japan Market Trends Market Forecast
10.2.3 India Market Trends Market Forecast
10.2.4 South Korea Market Trends Market Forecast
10.2.5 Australia Market Trends Market Forecast
10.2.6 Indonesia Market Trends Market Forecast
10.2.7 Others Market Trends Market Forecast
10.3    Europe
10.3.1 Germany Market Trends Market Forecast
10.3.2 France Market Trends Market Forecast
10.3.3 United Kingdom Market Trends Market Forecast
10.3.4 Italy Market Trends Market Forecast
10.3.5 Spain Market Trends Market Forecast
10.3.6 Russia Market Trends Market Forecast
10.3.7 Others Market Trends Market Forecast
10.4    Latin America
10.4.1 Brazil Market Trends Market Forecast
10.4.2 Mexico Market Trends Market Forecast
10.4.3 Others Market Trends Market Forecast
10.5    Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11    SWOT Analysis
11.1    Overview
11.2    Strengths
11.3    Weaknesses
11.4    Opportunities
11.5    Threats
12    Value Chain Analysis
13    Porters Five Forces Analysis

13.1    Overview
13.2    Bargaining Power of Buyers
13.3    Bargaining Power of Suppliers
13.4    Degree of Competition
13.5    Threat of New Entrants
13.6    Threat of Substitutes
14    Price Analysis
15    Competitive Landscape

15.1    Market Structure
15.2    Key Players
15.3    Profiles of Key Players
15.3.1    Acciona S.A. Company Overview Product Portfolio
15.3.2    Canadian Solar Inc. Company Overview Product Portfolio Financials SWOT Analysis
15.3.3    First Solar Inc. Company Overview Product Portfolio Financials SWOT Analysis
15.3.4    JA Solar Technology Co Company Overview Product Portfolio
15.3.5    JinkoSolar Holding Co. Ltd. Company Overview Product Portfolio
15.3.6    LONGi Green Energy Technology Co. Ltd. Company Overview Product Portfolio Financials
15.3.7    Sharp Corporation Company Overview Product Portfolio Financials SWOT Analysis
15.3.8    Solar Frontier K.K Company Overview Product Portfolio
15.3.9    SunPower Corporation Company Overview Product Portfolio Financials SWOT Analysis
15.3.10    Suntech Power Co. Ltd. (Shunfeng Int’l) Company Overview Product Portfolio
15.3.11    Tata Power Solar Systems Limited (Tata Power Company Limited) Company Overview Product Portfolio
15.3.12    Trina Solar Co. Ltd. Company Overview Product Portfolio

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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