Solar Photovoltaic (PV) Market Size, Share, By Technology [Crystalline Silicon (Monocrystalline silicon, Multi-crystalline silicon), Thin-Film (Cadmium Telluride, Copper Indium Gallium Selenide, Amorphous Silicon), Others (Perovskite solar cells, Organic solar cells, Dye-sensitized solar cells)], By Deployment (Rooftop, Private Ground-mounted), By End User (Commercial, Industrial, and Residential), and By Region- Trends, Analysis and Forecast till 2034

Solar Photovoltaic (PV) Market Size was valued at USD 144.3 Billion in 2024 and is expected to reach USD 337.5 Billion by 2034 growing at a CAGR of 9.8%

Solar photovoltaic energy is a concept in which sunlight is converted directly into electricity. It uses semiconductor materials, typically silicon, to make solar cells, which generate electricity when exposed to photons from the sun. Solar photovoltaic technology has grown at its fastest rate in recent decades. As technology has advanced, efficiency has increased, and costs have decreased. PV's greatest energy conversion rate is now around 22%; however, specific cells may achieve much higher efficiencies at the laboratory size. Government incentives, environmental concerns, and improved economics have all influenced the worldwide PV market's exponential expansion. PV is also being integrated with other renewable technologies and smart grids, opening the way for a more sustainable and resilient energy system worldwide. Solar PV has become very popular recently as a clean, renewable source of energy because of the falling cost, growing efficiency, and carbon reduction climbing in priority.