Solar PV Market Size

Solar PV Market size was over USD 317 Billion in 2023 and is anticipated to exceed USD 641 Billion by the end of 2036, growing at over 26% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solar PV is evaluated at USD 400 Billion.

The reason behind the growth is the rising installation of solar PVs across the world. According to the Solar Energy Industries Association (SEIA) with the support of robust federal policies such as the solar Investment Tax Credit, rapidly falling costs, and growing demand for clean electricity in both the public and private sectors, the global solar capacity installed to date has exceeded 179 gigawatts (GW), or nearly 33 million homes.