Photovoltaic Market Size Share Industry Growth and Statistics [2023-2028] | CAGR of 10.0%


Chicago, Oct. 12, 2023 (GLOBE NEWSWIRE) — The Photovoltaic Market Size  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 rise in the number of solar installations owing to government-led incentives and schemes, growth in the adoption of PV systems for residential applications, decrease in the cost of PV systems and energy storage devices is expected to propel the growth of the photovoltaic market. However, issues related to land acquisition for deployment of solar projects is a major factor limiting the growth of the market.

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Key Market Players

Major vendors in the photovoltaic companies 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) are among a few emerging companies in the market.

Photovoltaic Market Dynamics

Drivers: Decreasing cost of PV systems and energy storage devices

The prices of solar systems and PV products have been decreasing continually over the past few years. The installation cost of these systems is undoubtedly higher than the conventional alternatives. However, once installed, these systems require very little maintenance and incur lower operational costs. A large number of players are present in the PV market. These players are constantly launching innovative and efficient products at competitive prices. This has resulted in a decline in the prices of PV products. Other factors that are leading to a drop in the prices of PV/solar systems include decreasing raw material prices, government subsidies, and large-scale production of the said systems. The decline can be mainly attributed to the improvement in material efficiency, production optimization, and economies of scale.

Restraint: Safety risks associated with high DC voltages

In traditional PV systems, PV panels, wires, and other equipment are energized with high DC voltages. Installers, maintenance personnel, and firefighters are at risk because of this high DC voltages.

Opportunity: Increasing investments in renewable energy

There has been a rise in demand for renewable energy over the past couple of years. With governments across the world coming together for initiatives such as the Paris Climate Agreement, the demand for renewable energy, such as solar, is set to rise in the coming years. According to the International Energy Agency (IEA), by 2026, global renewable electricity capacity is expected to rise by more than 60% from 2020 levels to over 4,800 GW, equivalent to the current total global power capacity of fossil fuels and nuclear combined. Renewables are set to account for almost 95% of the increase in global power capacity through 2026, with solar PV alone providing more than half.

Challenge: Issues related to land acquisition for deployment of solar projects

When it comes to obtaining a land parcel for a solar plant, there are numerous legalities to consider. The land is governed by various issues of environment, wildlife, legal title, ceiling limit, SEBI monitored assets of PACL, government land allotment, state laws on ancestral property sale, and more. The conflicts between conservationists and land seekers are unavoidable, and this presents an enormous challenge for the inception of solar projects. Private players are generally prohibited from acquiring large tracts of land in rural areas due to the existence of state land-ceiling laws. Hence, there are systematic measures that address these gaps in land allotment for large-scale solar projects toward a more sustainable response to the exponential rise in renewable investments.

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Photovoltaic Companies – ABB and Emerson Electric Co. (US) are the Key Players


JinkoSolar has a strong presence in the PV market. In 2021, the company recorded an annual PV module shipment of ~22.2 GW. The company relies on a combination of internal marketing professionals, external marketing agencies, and a network of the ecosystem and channel partners to effectively communicate its value proposition and differentiation to generate qualified leads for channel partners. Moreover, for its business growth, the company focuses on R&D to improve and enhance its existing PV portfolio, as well as develop new products, features, and functionalities. JinkoSolar has adopted both organic and inorganic growth strategies, such as product launches, expansions, acquisitions, and contracts, to stay ahead of the competition in the market. It undertook several agreements/partnerships in 2021.


LONGi is among the top players in the PV market. By the end of 2021, LONGi’s production capacity of monocrystalline modules reached 60 GW. In 2021, LONGi shipped 38.52 GW of mono-crystalline modules, of which external sales accounted for 37.24 GW and internal use 1.28 GW. The company also makes substantial investments in R&D, which helps it to bring innovative products to the market. Such initiatives by the company are expected to help the company increase its market share and global footprint in the PV market

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