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Solar Photovoltaic (PV) Market to Exhibit 5.3% CAGR; Rising Need to Surge Renewable Energy Power Generation will Accelerate Growth

November 03, 2020 | Energy & Power

The global solar photovoltaic (PV) market size is projected to reach USD 185.62 billion by 2027. The increasing focus of major countries on surging their renewable energy power generation is set to affect growth positively. It would help in lowering their dependency on fossil fuels for conventional power generation. This information is published by Fortune Business Insights™ in a new study, titled, “Solar Photovoltaic (PV) Market Size, Share and COVID-19 Impact Analysis, By Technology (Monocrystalline Silicon, Thin Film, Polycrystalline Silicon, and Others), By Grid Type (On-grid and Off-grid), By Installation (Ground Mounted, Rooftop, and Others), By Application (Residential, Non-Residential and Utilities), and Regional Forecast, 2020-2027.” The study further mentions that the market stood at USD 162.65 billion in 2019. But, it is set to exhibit a CAGR of 5.3% during the forecast period between 2020 to 2027.

Narendra Modi Inaugurates 750-megawatt Rewa Ultra Mega Solar Power Project

In July 2020, Narendra Modi, the Indian Prime Minister inaugurated a new solar power plant in Rewa district, Madhya Pradesh. This 750-megawatt plant is called ‘Rewa Ultra Mega Solar Power Project’ and is considered to be the largest to date in Asia. Every year, it would lower emissions equivalent to 15 lakh tonne of carbon dioxide.

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According to Modi, “In the 21st century, solar energy is expected to be one of the most crucial mediums of energy needs.” The new project is a joint venture of Madhya Pradesh Urja Vikas Nigam Ltd. and Solar Energy Corporation of India. It will provide around 24% of energy to the Delhi Metro Rail Corporation.

Increasing Demand for Power to Accelerate Growth

Most of the off-grid areas either have no access or limited access to grid-connected electricity. They are highly reliant on secondary sources; such as wind or solar energy. Various countries in Latin America and Sub-Sahara have poor infrastructure and sluggish electrification rates. Hence, the demand for power is increasing rapidly in these regions. To meet the high demand, government authorities are compelling these countries to focus on using solar energy. The Bloomberg New Energy Finance report declared that by the end of 2021, around 1.2 GW of solar PV projects would be online in the Sub-Saharan countries. These factors are expected to bolster the solar photovoltaic (PV) market growth in the near future. However, the COVID-19 pandemic has delayed several solar PV projects across the globe, thereby restricting growth.

Key Players Aim to Fulfil Growing Demand by Opening New Facilities

The global market for solar photovoltaic (PV) is fragmented with the presence of leading companies, such as Trina Solar, First Solar, and Canadian Solar Inc. They are mainly focusing on fulfilling the high demand for power coming from various countries. To do so, they are building new manufacturing facilities.

Fortune Business Insights™ presents a list of all the renowned solar photovoltaic (PV) producers operating in the global market. They are as follows:

  • Waaree Group (India)

  • Canadian Solar Inc. (Canada)

  • Abengoa (Spain)

  • BrightSource Energy, Inc. (U.S.)

  • Tata Power Solar Systems Ltd. (India)

  • First Solar (U.S.)

  • eSolar Inc. (U.S.)

  • SunPower Corporation (U.S.)

  • Trina Solar (China)

  • Yingli Solar (China)

  • Acciona Energia S.A.(Spain)

  • Wuxi Suntech Power Co. Ltd. (China)

  • Nextera Energy Sources LLC (U.S.)

  • Vivaan Solar (India)

  • Jinko Solar (China)

A Significant Industry Development-

  • February 2019: JinkoSolar, the world's largest solar panel manufacturer headquartered in China, opened its new manufacturing facility in Jacksonville. The facility is worth USD 50 million and it will be able to employ around 200 workers and manufacture approximately 400 megawatts of high-powered 72-cell and 60-cell monocrystalline PERC modules per year.

Further Report Findings-

  • In 2019, Asia Pacific held USD 74.57 billion in terms of revenue and is set to dominate in the coming years. This growth is attributable to the rising demand for electricity, mainly from India and China. Besides, China installed multiple solar projects in 2019 with a total capacity of 30.1 GW.

  • Europe is anticipated to remain in the second position by deploying favorable norms and regulations. Also, the rising installation of solar farms in the region would aid growth.

  • Based on the installation, the ground-mounted segment procured 61.26% in terms of solar photovoltaic (PV) market share in 2019. It would dominate throughout the forthcoming years stoked by their increasing usage for utility and commercial purposes.

The global market can be segmented in the following way:



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD Billion) & Volume (GW)



By Technology

  • Monocrystalline Silicon

  • Thin Film

  • Polycrystalline Silicon

  • Others

By Installation

  • Ground Mounted

  • Rooftop

  • Others

By Grid Type

  • On-grid

  • Off-grid

By Application

  • Residential

  • Non-Residential

  • Utilities

By Region

  • North America (U.S., and Canada)

  • Europe (UK, Germany, France, Spain, Netherland, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, UAE, Israel, Egypt and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

 Global Solar Photovoltaic (PV) Market
  • PDF
  • 2020
  • 2017-2019
  • 240


  • 4850

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