The photovoltaic market is projected to grow from USD 96.5 billion in 2023 to reach USD 155.5 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.0% from 2023 to 2028.The growth of the Photovoltaic market is driven by the rising number of solar installations attributed to government-led incentives and schemes, growth in the adoption of PV systems for residential applications and decreasing cost of PV systems.

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By application, utilities application is projected to hold the largest share of the photovoltaic market during the forecast period.

The photovoltaic market is expected to experience significant growth in the utility applications sector during the forecast period. This sector includes solar power plants that are based on PV systems, which are considered environmentally friendly. Governments in many countries are promoting the installation of such plants, providing financial support and special schemes. This support is expected to boost the demand for PV systems to be installed for utilities applications during the forecast period. Currently, many solar/PV power plants are already operational in several countries, including the US, China, Germany, India, Japan, Italy, Canada, and Thailand. The increasing installation of photovoltaic plants using PV modules is driving the growth of the market for PV modules.

By component, modules are projected to hold the second-largest share of the photovoltaic market during the forecast period.

In 2022, modules held the second-largest share of the photovoltaic market and are expected to retain their position throughout the forecast period. These solar PV modules are used to increase the power output of PV cells by connecting them. There are many technological advancements occurring in solar modules to improve their functionality. For instance, JinkoSolar from China recently launched its flagship Tiger Pro module series that can generate a maximum power output of up to 580Wp, which is 40% higher than current mainstream products used in utility projects. These developments are anticipated to contribute to the growth of the market in the future.

Asia Pacific is expected to hold the highest share in the market by 2028.

The Asia Pacific region is expected to hold the largest share of the photovoltaic market during the forecast period, and this can be attributed to the presence of significant players such as JinkoSolar, JA Solar, Trina Solar, and LONGi in the region. The growing adoption of PV modules in countries such as China, Japan, and India is fueling the market growth. Additionally, the region is the largest producer and consumer of PV modules and related components. Several initiatives and favorable policies launched by governments in Asia Pacific to promote the use of solar energy are expected to drive the demand for PV systems in the region in the near future.

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Key players in the photovoltaic market include in the photovoltaic market include JinkoSolar (China), JA Solar (China), Trina Solar (China), LONGi (China), Canadian Solar (Canada), First Solar (US), Hanwha Q CELLS (South Korea), Wuxi Suntech Power (China), Sharp (Japan), Mitsubishi Electric (Japan), ABB (Switzerland), Huawei (China), SMA Solar Technology (Germany), Sungrow Power Supply (China). Array Technologies (US), Chint Solar (China), GCL System Integration Technology (China), NEXTracker (US), Risen Energy (China), Tongwei Solar (China), Eaton Corp. (Ireland), LG Electronics (South Korea), Power Electronics (Spain), Fimer (Italy), AllEarth Renewables (US), Emmvee Photovoltaic Power Private Limited (India), ShunFeng International Clean Energy (China), Waaree Energies Ltd. (India) and Yingli Solar (China) are among a few emerging companies in the photovoltaic market.

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