Solar Photovoltaic Market Share, Growth & Trends, 2032
Jun 30, 2025 · The global solar photovoltaic (PV) market size is expected to grow from $399.44 billion in 2024 to $2,517.99 billion by 2032 at a CAGR of 25.88%
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6 Frequently Asked Questions about “Solar PV Module Growth”
How big is the solar PV module market?
The solar PV module market size exceeded USD 280.5 billion in 2023 and is set to expand at more than 8.2% CAGR from 2024 to 2032, owing to rising need to capture sunlight and convert it into direct current (DC) electricity.
How much is the solar PV module market worth in 2023?
According to GlobalData's Solar PV Modules and Inverters Market Trends and Analysis report, the global solar PV module market was valued at $102.76bn in 2023. The Asia-Pacific (APAC) region led the charge in 2023, registering $60.15bn.
How big is the Asia Pacific solar PV module market?
Asia Pacific solar PV module market is projected to surpass USD 354.6 billion by 2032. Rapid economic growth and urbanization along with increasing energy demand, particularly in countries such as China, India, and Southeast Asian nations are driving the business growth.
Why is global solar photovoltaic (PV) market growth hampered?
Global solar photovoltaic (PV) market growth is hampered by the aforementioned factors. This particular factor is anticipated to restrain the market growth and drastically reduce the sales and demands of this particular product market. Past-Time Activities To Create Opportunity for the Product in the Market
Will the global solar PV market grow in 2025?
Despite these headwinds, the global solar PV market is still expected to grow by 10% in 2025, reaching 655 GW under the Medium Scenario (see Fig. 4). This would mark a continuation of the deceleration trend following the extraordinary 85% growth in 2023 and the more moderate 33% in 2024.
Does China still dominate the global solar PV module market?
China continues its dominance of the global solar PV module market. Declining costs of PV module production have made solar installations more affordable globally. Source: abriendomundo/Shutterstock.com.