Solar PV Market Analysis

Product (thin Film, Multi-Si, Mono-Si)

The multi-si segment is poised to account for more than 56% solar PV market share by the end of 2037. With the most market share in 2023, the multi-si is leading this segment because of the high market demand for multi-crystalline silicones in different sectors.

According to the International Energy Association (IEA), at a market share of over 97%, crystalline polysilicon continues to be the leading technology for photovoltaic modules in the year 2024. For crystalline polysilicon solar energy, a variety of wafers and cells are utilized, some of which are more efficient than others. In 2022, the transition to more energy-efficient monocrystalline wafers quickened, and the technology came to dominate the manufacture of crystalline photovoltaics.

End User (Residential, Commercial, Utility)

By 2037, residential segment is anticipated to dominate over 60% solar PV market share. This segment is assumed to reach around USD 26 billion by 2037. The limited cost of solar energy generation is primarily driving the household owner to incline towards installing solar PVs.

Moreover, as stated by the International Energy Association (IEA) in 2023, over the next five years, the amount of capacity added to renewable power sources will rise, with solar PV and wind power accounting for a record 96% of this increase. This is because, in most countries, their generation costs are lower than those of both fossil and non-fossil alternatives, and policies continue to promote them.

Deployment (Ground-Mounted, Rooftop Solar)

In solar PV market, ground-mounted segment is predicted to account for around 70% revenue share by 2037. This segment is projected to register over 4% by the end of 2037. Because of the several benefits of these machines such as increased effectiveness, simple installation, management, high execution, etc. will help this segment to grow by the end of 2037.

By precisely orienting ground-mounted solar panels to face the appropriate direction and at the right tilt angle, users may optimize solar energy output.

Our in-depth analysis of the solar PV market includes the following segments: