The global solar photovoltaic (PV) installation market was valued at USD 279.4 billion in 2024 and is projected to reach USD 1,063.4 billion by the end of 2035, expanding at a CAGR of 13.5% from 2025 to 2035. The strong growth outlook is driven by rising adoption of clean energy, declining solar module costs, supportive government incentives, and increasing investments in utility-scale and rooftop solar projects worldwide.

The rising adoption of clean energy and the declining prices of solar modules are driving the solar photovoltaic (PV) installation market. The growing provisions and government incentives, renewable energy target, and growing demand of sustainable sources of power are driving new installations in the residential, commercial, and utility scale applications alike.

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PV systems have been scaled up in farm size and power ratings, and have also been made cost-competitive at large scales, which is why they are now a mass-scale energy source. The major players are busy investing in bifacial modules, thin-film PV and intelligent inverters with the idea to maximize the output and lower the whole system costs.

Key Findings of the Market Report

• Utility-scale installations continue to hold the largest market share (over 55%), driven by massive government-backed solar parks and corporate Power Purchase Agreements (PPAs).
• The Residential segment is the fastest-growing niche in developed markets, as rising retail electricity prices and "net-metering" policies encourage homeowners to seek energy autonomy.
• On-grid systems dominate the market, but off-grid installations are witnessing a surge in remote regions of Africa and Southeast Asia for rural electrification.
• Asia-Pacific remains the global powerhouse, accounting for over 50% of total capacity additions, with China and India leading in both manufacturing and domestic deployment.

Global Market: Growth Drivers

• Dramatic Cost Reductions: The Levelized Cost of Energy (LCOE) for solar PV has plummeted by nearly 90% over the last decade, making it more economically viable than coal or gas in most regions.
• Supportive Policy Frameworks: Initiatives such as the U.S. Inflation Reduction Act (IRA), the EU’s REPowerEU, and India’s PLI Scheme provide the tax credits and subsidies necessary to de-risk large-scale investments.
• Technological Innovation: The shift from p-type to n-type silicon and the emergence of perovskite-silicon tandem cells are pushing efficiency boundaries beyond 25%, allowing for more power generation in smaller footprints.
• Energy Security Concerns: Geopolitical volatility has accelerated the push for domestic energy production, with solar being the fastest "plug-and-play" solution to reduce dependence on imported fossil fuels.
• Electrification of Heat and Transport: The rising adoption of Electric Vehicles (EVs) and heat pumps is significantly increasing household and commercial electricity demand, which solar is uniquely positioned to meet.

Regional Landscape: Global Highlights

• Asia-Pacific is the largest market. China alone is installing more solar capacity annually than the rest of the world combined. India is also a critical player, aiming for 500 GW of non-fossil capacity by 2030, with a heavy emphasis on "Floating Solar" to preserve land.
• North America is seeing a revitalization of its domestic supply chain. The U.S. market is being reshaped by a move toward utility-scale "solar-plus-storage" projects, particularly in Texas and California, to stabilize grids against extreme weather.
• Europe is focused on "Smarter" installations. Germany and Spain are leading the way in integrating AI-driven grid management and peer-to-peer energy trading platforms within residential communities.

Global Solar PV Installation Market: Key Players

The market includes a mix of top-tier module manufacturers and global EPC (Engineering, Procurement, and Construction) firms:

• LONGi Green Energy Technology
• Jinko Solar Holding Co., Ltd.
• Trina Solar
• Canadian Solar Inc.
• First Solar, Inc.
• JA Solar Technology
• SunPower Corporation
• Hanwha Q CELLS
• Suntech Power
• Risen Energy

Global Solar Photovoltaic (PV) Installation Market: Key Developments

·         In 2025, JA Solar was awarded 2.4 GW of the 5.1 GW PV module tender by Yalong River Hydropower Development Co., Ltd., out of which 808 MW is generated in SuoRong project. This scheme forms part of the Yalong River Integrated Hydro-Wind-Solar Base in China, one of nine significant countrywide clean energy bases, which would have a planned capacity of more than 80 GW.

·         In 2024, 4.3 GW solar cell and module manufacturing facility is the largest single site solar cell and solar module factory in India, and Tata Power has begun commercial production at the facility located in Tirunelveli, Tamil Nadu. This new world-class manufacturing plant, managed by TP Solar Ltd. is a part of Tata Power Renewable Energy Ltd. and employs high-tech TOPCon and Mono PERC technology to increase the efficiency of the solar cells. The factory will address the rise in demand of high quality, locally manufactured solar components to support India clean energy targets and lessen dependency on foreign sourced materials

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Market Segmentation

By Installation Type

• Ground-Mounted (Utility-Scale)
• Rooftop Solar (Residential & Commercial)
• Floating Solar (F-PV)
• Building-Integrated PV (BIPV)

By Technology

• Crystalline Silicon (Mono-Si, Multi-Si)
• Thin Film (CdTe, CIGS)
• n-Type (TOPCon, HJT)
• Perovskite Tandem Cells (Emerging)

By End-User

• Residential
• Commercial & Industrial (C&I)
• Utility

By Connectivity

• On-Grid (Grid-Tied)
• Off-Grid (Standalone)

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