The Report Covers European Solar Photovoltaic (PV) Market Size & Share, and It is Segmented by Type (Thin Film and Crystalline Silicon), End User (Residential, Commercial, and Industrial (including SMEs)), Deployment (Ground-Mounted and Rooftop Solar), and Geography (United Kingdom, Germany, Italy, Spain, France, Netherlands, Belgium, and Rest of Europe). The Report Offers the Market Size and Forecasts for Installed Capacity (GW) for all the Above Segments.

This graph displays the top market shares in Europe for Solar PV in 2018 and 2023. It shows that the top market in 2018 was Germany, with a share of 26 percent. By 2023, it is expected that Germany will remain Europe's largest solar market share, followed by Spain.

According to Cognitive Market Research, the global Solar Energy market size will be USD 95451.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 38180.6 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 28635.4 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 21953.8 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 4772.5 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1909.0 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
The Photovoltaic Systems Technology held the highest Solar Energy market revenue share in 2024.

Market Dynamics of Solar Energy Market

Key Drivers for Solar Energy Market

Increase in energy demand to Increase the Demand Globally

The growth of the global solar energy market is primarily driven by the increasing energy demand due to a surge in population. As the global population continues to rise, especially in developing countries, the energy demand grows proportionally. Urbanization is also accelerating, with more people moving to cities, leading to greater energy needs across residential, commercial, and industrial sectors. This rising energy demand is coupled with a growing emphasis on sustainable solutions due to environmental concerns. Solar energy, as a renewable and eco-friendly source, is well-suited to meet this demand without contributing to greenhouse gas emissions or depleting natural resources. Between 1990 and 2019, the world’s total energy supply (TES) increased by 68.2%, exceeding 600 EJ for the first time. This growth was largely driven by Asia, which accounted for 83.6% of the global increase during this period. China’s TES alone grew 4.5 times, making up over a fifth of the world’s TES by 2019. In 2022, solar PV generation saw a record increase of 270 TWh (up 26%), reaching nearly 1,300 TWh. https://unstats.un.org/unsd/energystats/pubs/documents/2022pb-web.pdf https://www.iea.org/energy-system/renewables/solar-pv

Countries Aiming to Achieve Green Energy Targets to Propel Market Growth

A global energy transition is urgently required to limit the increase in average global surface temperature to below 2°C. Consequently, the installation of renewable energy sources is expected to grow significantly in the coming years, driving market expansion. The shift from fossil fuels to low-carbon solutions will be crucial, as energy-related carbon dioxide emissions account for two-thirds of all greenhouse gases. Government initiatives and new energy targets aimed at promoting sustainable energy have positively influenced market growth. For example, Alberta has set a target for 30% of its electricity to be generated from renewable sources by 2030, with interim goals of 15% by 2022, 20% by 2025, and 26% by 2028. Canada’s current installed capacity includes 21.9 GW of wind energy, solar energy, and energy storage. In 2023, the industry added 2.3 GW of new capacity, including over 1.7 GW of new utility-scale wind, nearly 360 MW of new utility-scale solar, 86 MW of new on-site solar, and 140 MW / 190 MWh of energy storage. https://renewablesassociation.ca/by-the-numbers/ https://cleanenergycanada.org/wp-content/uploads/2023/01/RenewableCost_Report_CleaEnergyCanada_Feb2023.pdf

Restraint Factor for the Solar Energy Market

High Investment and Lack of Infrastructure to Limit the Sales

The overall cost of solar PV systems is higher than that of traditional solar panels, which may limit their adoption in residential buildings with comparatively lower energy needs. For instance, installing 15 ground-mounted solar panels with a capacity of 300 watts each would cost approximately USD 14,625, with an additional USD 500 per panel for the mounting structure. This higher initial cost can lead to reduced utilization of solar p...

The size of the Europe Solar PV Inverters Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 6.00">> 6.00% during the forecast period. The market for solar photovoltaic (PV) inverters in Europe is witnessing significant expansion, propelled by the region's strong dedication to renewable energy and sustainability initiatives. As European nations work diligently to fulfill rigorous climate objectives and shift towards more sustainable energy sources, solar PV systems have become a crucial component of their energy policies. Solar inverters play a vital role by converting the direct current (DC) produced by solar panels into alternating current (AC) suitable for grid use, thereby enhancing the overall efficiency and functionality of these systems. Technological progress and innovation are key factors driving this market forward. The emergence of smart inverters, which offer features such as improved grid stability, real-time monitoring capabilities, and compatibility with energy storage solutions, is significantly increasing demand. Furthermore, the decreasing costs associated with solar technology, along with government incentives like subsidies, tax credits, and feed-in tariffs, are rendering solar PV systems more accessible and appealing to both residential and commercial sectors. Nevertheless, the market encounters obstacles, including inconsistent regulatory frameworks across various European nations and the requirement for considerable upfront investment. However, robust policy backing, heightened environmental consciousness, and advancements in inverter technology are setting the stage for sustained growth and progress in the European solar PV inverter market. These elements collectively highlight Europe’s commitment to strengthening its renewable energy framework and achieving enduring sustainability objectives. Recent developments include: June 2022: SMA Solar Technology AG announced plans to build a solar inverter manufacturing facility in Niestetal, Germany. The new gigawatt factory is a part of the company's target to double the production capacity from 21 GW as of 2021 to 40 GW by 2024. The construction is expected to be started by the end of 2022., April 2022: SMA Solar Technology AG launched four new models of solar inverters for commercial and residential PV systems with a power output of up to 135 kW. The new Sunny Tripower-X models, with ratings 12 kW, 15 kW, 20 kW, and 25 kW, feature an exclusive system manager, three independent MPP trackers, and six-string inputs. The inverters provide grid-compliant power control of entire systems and over-dimensioning PV systems by up to 150%.. Key drivers for this market are: 4., Increasing Offshore Oil and Gas Exploration and Production Activities4.; Growing Demand for Energy. Potential restraints include: 4., High Upfront Costs. Notable trends are: Central Inverters Expected to Dominate the Market.

The Report Covers Solar Photovoltaic (PV) Market Size & Share and It is Segmented by Product Type (thin Film, Multi-Si, and Mono-Si), End User (Residential, Commercial, and Utility), Deployment (Ground-Mounted and Rooftop Solar), and Geography (North America, Asia-Pacific, Europe, South America, and Middle-East and Africa). The Report Offers the Market Size and Forecasts for Solar Photovoltaic in Installed Capacity for all the Above Segments.

The market value of solar energy systems in Europe stood at roughly 23 billion U.S. dollars in 2023 and is forecast to reach some 64.5 billion U.S. dollars in 2031. More information about the global market for solar energy systems can be found here.

According to Cognitive Market Research, the global Solar PV Mounting Systems market size will be USD 22154.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 8861.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 6646.35 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 5095.54 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 1107.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 443.09 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.
The commercial category is the fastest growing segment of the Solar PV Mounting Systems industry

Market Dynamics of Solar PV Mounting Systems Market

Key Drivers for Solar PV Mounting Systems Market

Growing Demand for Renewable Energy to Boost Market Growth

The increasing global shift towards renewable energy sources is a primary driver for the solar PV mounting systems market. As governments and industries strive to meet sustainability goals and reduce carbon footprints, solar energy adoption has surged. In regions like the Middle East and Africa (MEA), where sunlight availability is abundant, solar power is becoming a preferred solution for addressing energy demands. The growth of solar photovoltaic (PV) installations directly correlates with the need for efficient and durable mounting systems that can securely anchor solar panels on various terrains and structures. Moreover, favourable government policies, financial incentives, and decreasing costs of solar technology further encourage the widespread adoption of solar PV systems, driving the demand for mounting solutions. The global push for cleaner energy and energy independence is expected to continue fueling the market for solar PV mounting systems in the coming years. For instance, Antaisolar collaborated with UOB Thailand to become a solar mounting system supplier of UOB's U-Solar 2.0 program. This program aims to gather end-to-end support all over the supply chain to thrive solar market across Southeast Asia (SEA). Antaisolar's cumulative solar racking system shipments in SEA have reached 3080 MW. This initiative and collaborations will enhance the green energy transition while reducing the access cost, thereby it will fuel the product adoption

Technological Advancements in Mounting Solutions to Drive Market Growth

Technological innovations in solar PV mounting systems are playing a key role in expanding their market. Mounting systems have evolved significantly, becoming more versatile, cost-effective, and efficient. For example, lightweight, corrosion-resistant materials such as aluminium and advanced alloys, combined with automated installation processes, have made mounting systems easier to install and more durable in harsh environmental conditions. Additionally, innovative designs, such as adjustable tilt mounts and ground-mounted systems, enable better energy optimization based on geographic location and weather patterns. In the Middle East and Africa, where environmental conditions can be extreme, such technological advancements are crucial for ensuring long-term system performance. As the solar PV industry grows and technological improvements continue, the demand for enhanced and adaptable mounting solutions is likely to rise.

Restraint Factor for the Solar PV Mounting Systems Market

Supply Chain and Material Shortages will Limit Market Growth

The solar PV mounting systems market is vulnerable to supply chain disruptions and material shortages, which can hinder production and delay project timelines. Mounting systems often require high-quality, corrosion-resistant materials like aluminium and stainless steel. Fluctuations in the availability and price of these materials, often influenced by global trade tensions, shipping delays, or raw material shortag...

The size of the Europe Solar Backsheet Market was valued at USD 448.10 Million in 2023 and is projected to reach USD 729.02 Million by 2032, with an expected CAGR of 7.20% during the forecast period. The European solar backsheet market delivers a protective layer to enhance the durability and efficiency of photovoltaic panels. They come with features such as UV resistance, electrical insulation, and high durability and are available in options from fluoropolymer-based to non-fluoropolymer-based backsheets. These technologies help in enhancing the performance and reliability of solar panels and realize Europe's goals related to renewable energy. These include an increase in the rate of adoption of solar energy, bringing with it the associated benefits to the panels, better output, and reduced maintenance costs. With this, demand for advanced backsheets is going to significantly go up with increasing investment in solar energy. Recent developments include: November 2023, Germany's Fraunhofer Center for Silicon Photovoltaics (Fraunhofer CSP) is leading "Folie40," a research project strived at exploring novel encapsulation techniques and backsheet designs for PV modules with lifecycles of at least 40 years. The project consortium comprises German backsheet maker Folienwerk Wolfen, Switzerland-based module manufacturer Meyer Burger, Spanish coating specialist Aluminum Féron, the Fraunhofer Institute for Solar Energy Systems (Fraunhofer ISE), and the Anhalt University of Applied Sciences., October 2022: Enel Green Power secured USD 126 million in funds from the European Union Innovation Fund to support the project. The European Union is anticipating that it would spur additional investment in related initiatives and kick-start a high-tech revival of European solar manufacturing.. Key drivers for this market are: 4., Growing Demand for Solar Energy4.; Reducing Solar Panel Costs and Associated Components for Solar Projects. Potential restraints include: 4., Availability of Pure Silicon to make Solar PV Cells. Notable trends are: Fluoropolymer to Witness Significant Growth.

In 2023, Germany's solar PV market had the largest workforce amongst European Union countries, at more than 150 thousand full-time equivalents (FTEs). Poland and Spain ranked second and third that year, with employment figures amounting to some 113 and 90 thousand FTEs, respectively. Inverter manufacturing represented the largest share of solar PV manufacturing jobs in the EU in 2023.

“Solar Photovoltaic (PV) Market, Update 2015 – Global Market Size, Market Share, Average Price, Regulations and Key Country Analysis to 2025” is the latest report from GlobalData, the industry analysis specialists. The report analyses the global solar PV market, breaking it down into four regions: Europe, comprising Germany, Italy, and the UK; Asia-Pacific, comprising China, Japan, and India; North and South America, comprising the US and Chile; and the Middle East and Africa, comprising South Africa and Qatar. The global and regional sections cover installed capacity (2006–2025), capacity additions by region/country (2015–2025), generation (2006–2025), and capacity and generation shares by region/country (2014 and 2025). Data on average price and market size for the solar PV installations market is also given in each regional section and in the global section. In addition, the global section compares the Levelized Cost of Energy (LCOE) of solar PV technology in 2014 for each country covered in the report. The country section provides information on capacity and generation (2006–2025), capacity segmentation (2012–2014), average installation price (2014–2025), market size (2014–2025), and LCOE (2014–2025), along with details of major active and upcoming plants and key industry regulations. Production data for solar PV crystalline and thin-film modules, cells, and polysilicon are given for the 2010–2014 period where applicable. The report has been built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis by GlobalData’s team of industry experts. Read More

The Report Covers Rooftop Solar Photovoltaic (PV) Installation Market Sales and Major Companies. It is Segmented by Location of Deployment (residential, Commercial, and Industrial) and Geography (North America, Asia-Pacific, Europe, South America, and the Middle East and Africa). The Market Size and Forecasts for the Market are Provided in Revenue (USD) for all the Above Segments.

According to Cognitive Market Research, the global Solar PV Module market size is USD 129485.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 51794.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 38845.56 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 29781.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.
Latin America had a market share for more than 5% of the global revenue with a market size of USD 6474.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 2589.7 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.
The Monocrystalline held the highest Solar PV Module market revenue share in 2024.

Market Dynamics of Solar PV Module Market

Key Drivers for Solar PV Module Market

Growing global concern over climate change and environmental sustainability to Increase the Demand Globally

Growing global concern over climate change and environmental sustainability is a significant driver of the Solar PV Module Market for several reasons. First, solar PV offers a clean and renewable energy source, reducing greenhouse gas emissions compared to fossil fuels. This aligns with international commitments to mitigate climate change under agreements like the Paris Agreement. Second, increasing awareness of environmental impacts prompts governments, businesses, and consumers to seek sustainable energy solutions, including solar PV. Third, advancements in technology and economies of scale have made solar PV more affordable and efficient, enhancing its attractiveness as a viable alternative to conventional energy sources. Finally, policies and incentives supporting renewable energy adoption further bolster market growth, creating a favorable environment for expanding solar PV installations globally.

Continuous reductions in the cost of solar PV modules to Propel Market Growth

Continuous reductions in the cost of solar PV modules are a primary driver of the Solar PV Module Market for several compelling reasons. First, lower module costs make solar PV increasingly cost-competitive with traditional energy sources, enhancing its attractiveness for residential, commercial, and utility-scale applications. This cost reduction has been driven by technological advancements, economies of scale in manufacturing, and improved efficiency of solar cells and modules. Second, reduced costs facilitate broader deployment of solar PV systems, particularly in emerging markets and regions with high solar potential. Third, lower costs contribute to improving return on investment for solar projects, attracting more investments and accelerating market growth. Lastly, cost reductions support government policies and incentives aimed at promoting renewable energy adoption, further driving the transition towards a sustainable energy future worldwide.

Restraint Factor for the Solar PV Module Market

High Initial Investment Cost to Limit the Sales

High initial costs remain a significant constraint on the Solar PV Module Market for several reasons. First, despite declining costs of solar PV modules, the upfront investment required for solar installations can be prohibitive for some consumers, businesses, and governments, especially in developing countries. Second, financing options and access to affordable capital for solar projects may be limited, particularly for residential and small-scale installations. Third, perceived complexities in installation and integration with existing infrastructure can deter adoption. Additionally, regulatory barriers, such as grid connection issues and permitting processes, can further hinder market growth. Addressing these challenges through innovative financing mechanisms, supportive policies, streamlined processes, and public awareness campaigns can help mitigate the impact of high initial costs and unlock the full potential of the Solar PV Module Market worldwi...

Snapshot img

Solar Panels Market Size 2025-2029

The solar panels market size is forecast to increase by USD 60.1 billion at a CAGR of 8.2% between 2024 and 2029.

The renewable energy market is witnessing significant growth due to increasing investments in this sector. One of the key technologies driving this trend is solar power, with advancements in photovoltaic (PV) systems and PV panels using polysilicon and thin-film technology. However, the intermittent nature of solar power poses a challenge, which is being addressed through energy storage solutions. Floating solar panels are also gaining popularity as they offer space efficiency and reduced land usage. Coal, a traditional energy source, is facing increasing competition from renewable energy. Thermal energy, another renewable energy source, is also growing in popularity. Overall, the market is expected to continue its growth trajectory, driven by technological advancements and the need for sustainable energy solutions.

What will be the Size of the Market During the Forecast Period?

Request Free Sample

The market, also known as the photovoltaic (PV) panels industry, is experiencing significant growth as the global shift towards renewable energy sources continues. Solar energy, derived from the Earth's sunlight, is a clean and sustainable alternative to traditional energy sources like oil and coal. The market's expansion is driven by increasing environmental concerns, stringent emission standards, and government incentives, including tax breaks and rebates. Silver and polysilicon are essential components in the production of solar panels. The market's size is substantial, with numerous solar powerhouses investing heavily in research and development to improve efficiency and reduce costs. The use of PV panels for generating electrical energy from solar power has gained immense popularity due to their environmental benefits and potential for long-term savings.
The Renewable Energy Directive and other similar initiatives worldwide are further fueling the market's growth. As the world's energy needs continue to rise, the market is poised to play a crucial role in meeting these needs while reducing the environmental impact of energy production. The industry's future looks bright, with investments pouring in from various sectors and a strong commitment from governments and corporations to a cleaner, more sustainable energy future.

How is this Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Power utilities
  Commercial
  Residential


Type

  Crystalline panel
  Thin-film panel


Connectivity

  On-grid
  Off-grid


Technology

  Solar PV
  Concentrated solar power (CSP)


Geography

  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany
    UK
    France
    Italy


  North America

    Canada
    US


  Middle East and Africa



  South America

By End-user Insights

The power utilities segment is estimated to witness significant growth during the forecast period. The industry experienced significant growth in the utility segment in 2024, driven by the increasing installation of large-scale solar power plants to produce renewable energy and decrease carbon emissions. According to the International Energy Agency (IEA), utility-scale solar energy generation has seen substantial expansion. In 2024, global renewable capacity additions are projected to reach new records, with solar photovoltaics (PV) contributing around 80% to the growth in renewable electricity capacity. Major contributors to the utility segment in 2024 include China, the US, Germany, Japan, and India. For instance, China installed 277 GW of solar power capacity in 2024, as reported by the National Energy Administration (NEA).

Get a glance at the market report of share of various segments Request Free Sample

The power utilities segment was valued at USD 49.20 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The industry is experiencing significant growth due to increasing environmental concerns, escalating energy demands, and supportive government regulations. Solar PV, including Polycrystalline and Monocrystalline panels, is a key contributor to this market. China, India, and Japan are major players, with China leading in annual installed capacity. APAC has witnessed notable growth in the solar systems market, with China surpassing the US in solar

Registering a Y-o-Y growth of 9% in 2022, the Europe photovoltaic mounting system market reached US$ 35.7 billion by 2022-end. Total market size is projected to increase from US$ 40.6 billion in 2023 to US$ 178.7 billion by 2033. Over the forecast period (2023 to 2033), photovoltaic mounting system demand across Europe is likely to rise at a CAGR of 16%.

Country-wise Insights

Scope of the Report

In 2013, the global market value of solar photovoltaic systems was 91.3 billion U.S. dollars.

Solar PV manufacturing

While the sun provides an abundant source of energy, the electricity derived from solar sources is much less reliable than, say, power from nuclear fission. Nonetheless, solar power has come a long way over the last thirteen years and has experienced enormous growth between 2000 and 2013: Global cumulative installed solar PV capacity exceeded 136 gigawatts in 2013, up from less than 1.5 gigawatts in 2000. The leading markets in terms of cumulative solar photovoltaic capacity include Germany, Italy, China, the United States and Japan.

The process to convert solar radiation into direct current electricity requires the use of inverters and solar photovoltaic modules. Such modules consist of a number of solar cells which are usually made from semiconductor materials such as silicon. The most widely used materials to produce solar cells include multicrystalline (also called polycrystalline) silicon or monocrystalline (also called single-crystal) silicon. China, the United States and Germany are the most important solar cell manufacturing markets worldwide. Due to involvement of political leaders in these countries, the solar photovoltaic cell manufacturing industry has been faced with dramatic price shocks over the past decade. As a result of policy instruments such as punitive tariffs, subsidies and tax cuts, the prices of solar modules began to fall in 2002 and continued to do so through 2012. In Europe - the world’s largest market for solar photovoltaic cells and modules - PV module prices rose for the first time in 2013, after four difficult years in which a number of European companies were priced out of the market.

The Report Covers the Residential Solar Energy Market Size & Share and is Segmented by Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Report Offers the Market Size and Forecasts in Terms of Installed Capacity for all the Above Segments.

The Report Covers On-Site Photovoltaic Solar Power for Data Centers Market Size & Share and It is Segmented by Geography (North America, Europe, Asia-pacific, South America, And Middle-East and Africa). The Report Offers the Market Size and Forecasts for On-Site Photovoltaic Solar Power for Data Centers in Revenue (USD) for all the Above Segments.

According to Cognitive Market Research, the global Pv Monitoring Technologies market size will be USD 41251.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 16500.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 12375.45 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 9487.85 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2062.58 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 825.03 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
Wireless monitoring systems are the dominant segment in the PV monitoring technologies market due to their ease of installation, flexibility, and scalability

Market Dynamics of Pv Monitoring Technologies Market

Key Drivers for Pv Monitoring Technologies Market

Growing Deployment of Solar Energy Systems to Boost Market Growth

The global push toward renewable energy has significantly accelerated the adoption of solar photovoltaic (PV) systems. Governments and industries are investing in solar energy to reduce carbon emissions and achieve energy independence, driving the demand for efficient monitoring solutions. PV monitoring technologies enable real-time tracking of energy production, system health, and efficiency, ensuring optimal performance. Additionally, the declining cost of solar panels and increasing installations in residential, commercial, and industrial sectors further bolster the need for advanced PV monitoring systems. For instance, in March 2022, Cainiao Network installed the PV power generation systems on 100,000 square meters of a warehouse rooftop. These warehouses are located in Hangzhou and Ningbo in eastern China's Zhejiang Province

Technological Advancements in Monitoring Solutions to Drive Market Growth

Advancements in Internet of Things (IoT), Artificial Intelligence (AI), and big data analytics have transformed PV monitoring technologies. These innovations offer predictive maintenance, energy optimization, and remote monitoring capabilities, reducing downtime and operational costs. AI-powered algorithms can predict system failures and suggest corrective actions, while IoT-enabled devices provide seamless connectivity and data collection. These technologies enhance the scalability, accuracy, and efficiency of PV monitoring systems, making them an integral component of modern solar installations.

Restraint Factor for the Pv Monitoring Technologies Market

High Initial Costs of PV Monitoring Systems, will Limit Market Growth

The high upfront cost of implementing PV monitoring technologies poses a significant restraint. Small-scale solar projects and individual residential users often find these systems financially challenging. The cost includes hardware, software, and installation expenses, which can be substantial for advanced solutions. Additionally, the integration of monitoring technologies into existing systems may require technical expertise, adding to the overall expense. This financial barrier limits adoption, particularly in cost-sensitive markets and among small-scale users, slowing the growth of the PV monitoring technologies market.

Impact of Covid-19 on the Pv Monitoring Technologies Market

Covid-19 pandemic had a mixed impact on the PV monitoring technologies market. During the initial phases, disruptions in the global supply chain, delays in solar project installations, and financial uncertainties significantly slowed market growth. Many solar projects were postponed or canceled due to labor shortages and restrictions on construction activities. However, the pandemic also emphasized the importance of sustainable energy, accelerating investments in renewable projects as economies began recovery. Remote monitoring solutions gained traction as they allowed operators to oversee solar s...

According to Cognitive Market Research, the global solar photovoltaic glass market size is USD 8124.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 29.0% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 3249.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 27.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 2437.26 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1868.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 31.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 406.21 million in 2024 and will grow at a compound annual growth rate (CAGR) of 28.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 162.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 28.7% from 2024 to 2031.
The AR coated held the highest solar photovoltaic glass market revenue share in 2024.

Market Dynamics of Solar Photovoltaic Glass Market

Key Drivers for Solar Photovoltaic Glass Market

Increasing Awareness Regarding the Benefits of Renewable Energy Solutions to Increase the Demand Globally

Increasing awareness of renewable energy benefits drives growth in the solar photovoltaic glass market. This specialized glass integrates solar cells to generate electricity from sunlight, promoting sustainable energy solutions. As awareness spreads about reducing carbon footprints and energy costs, demand rises for buildings integrating photovoltaic glass into facades and windows. Advantages include energy efficiency, reduced reliance on fossil fuels, and lower operational costs over time. Technological advancements are improving efficiency and aesthetics, making PV glass a pivotal component in sustainable urban development and architectural design worldwide ?, driving market growth.

Supportive Policies and Initiatives of Various Governments to Propel Market Growth

Various governments globally have implemented supportive policies and initiatives to foster the growth of the solar photovoltaic glass market. These include subsidies, tax incentives, and regulatory frameworks aimed at promoting renewable energy adoption. Such policies encourage investment in solar infrastructure, research, and development, driving innovation and cost reduction in PV technology. Additionally, initiatives promoting sustainable energy goals further bolster market expansion, ensuring a conducive environment for solar PV glass manufacturers to thrive and contribute to the renewable energy transition. These combined efforts facilitate a sustainable energy future while enhancing economic and environmental benefits.

Restraint Factor for the Solar Photovoltaic Glass Market

High Deployment Cost to Limit the Sales

The high deployment cost in the solar photovoltaic glass market refers to the significant initial investment required to manufacture and install these specialized glass panels. These panels integrate photovoltaic technology to generate electricity from sunlight while serving as building materials. Despite their energy efficiency and aesthetic appeal, the initial cost can be prohibitive for widespread adoption. However, advancements in technology and economies of scale are gradually reducing these costs, making solar photovoltaic glass a promising option for sustainable building designs aiming to integrate renewable energy solutions into architectural frameworks.

Impact of Covid-19 on the Solar Photovoltaic Glass Market

The Covid-19 pandemic significantly influenced the solar photovoltaic glass market. Initially, disruptions in supply chains and construction delays hampered growth. However, as the world adapted to remote work and sustainable energy initiatives gained momentum, demand for PV glass surged. Governments' focus on green recovery and renewable energy investments further bolstered market expansion. The pandemic highlighted the resilience and potential of solar PV technologies, accelerating their adoption globally. This transformative period underscored the importance of sustainable energy solutions, positioning the PV glass market for robust growth in the post-pandemic era. Introduction of the Solar Pho...

Snapshot img

Solar PV Tracker Market Size 2024-2028

The solar PV tracker market size is forecast to increase by USD 15.59 billion at a CAGR of 22.8% between 2023 and 2028. The market's expansion hinges on various factors, notably the wave in investments towards renewable energy sources, bolstered by mounting governmental backing. Additionally, the decreasing costs associated with solar energy play a pivotal role. These dynamics drive heightened adoption rates and propel the market forward. Investments in renewable energy projects, and clean energy, particularly in solar panels, are on the rise due to their sustainable and eco-friendly attributes. Government initiatives further incentivize this trend, fostering a conducive environment for market growth. With solar energy becoming increasingly cost-effective, its accessibility and appeal continue to expand, shaping the trajectory of the market positively.

Request Free Sample

The market is witnessing rapid expansion with the wave of investments in renewable energy and the mounting global emphasis on reducing reliance on fossil fuels. Factors such as steel prices and design complexity influence installation costs. Single-axis and dual-axis trackers enhance the efficiency of photovoltaic (PV) panels by aligning them with the sun's trajectory. Initiatives like the SunShot Initiative and the Paris Agreement underscore the industry's commitment to sustainable energy solutions. With advancements in solar tracking systems, including actuators, motors, and sensors, the market aims to maximize solar energy capacity and meet the growing demand for clean energy.

Moreover, the renewable energy sector is rapidly evolving with advancements like solar PV installations and innovative tracking systems such as single-axis and dual-axis trackers. Factors like steel prices and maintenance costs influence the feasibility of solar panel projects. These panels, along with photovoltaic cells, harness solar radiation to generate electricity. Space telescopes and solar radiations aid in optimizing solar angles, while actuators, motors, and sensors enhance the efficiency of photovoltaic panels. As the world embraces renewable energy sources, the solar PV tracker market continues to expand, driving the transition towards sustainable power solutions.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Product

  Single axis tracker
  Dual-axis trackers


Technology

  Solar PV
  CSP


Geography

  North America

    US


  Europe

    Germany
    Spain


  APAC

    China
    India


  South America



  Middle East and Africa

By Product Insights

The single axis tracker segment is estimated to witness significant growth during the forecast period. The market in the Iberian Peninsula, led by Gransolar Group in Valencia, is experiencing significant growth. Solar trackers, comprised of actuators, motors, and sensors, optimize solar cell absorption of solar radiations. Single-axis trackers, the dominant market share, allow the solar PV panel to follow the sun's movement, increasing electricity generation and cost-effectiveness in solar power. Renewable energy companies like AllEarth Renewables and Solaria also benefit from this trend. The SunShot Initiative and Feed-in Tariff (FIT) incentives further boost demand. While dual-axis trackers offer more efficiency, single-axis trackers remain cost-effective and popular.

Get a glance at the market share of various segments Request Free Sample

The single axis tracker segment was valued at USD 4.26 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

Europe is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market share of various regions Request Free Sample

The Photovoltaic (PV) tracker market in the Americas is projected to expand due to rising investments in renewable energy sector and solar installations. Key contributors include the US, Canada, and Brazil. In 2020, solar power generated 3% of U.S. Electricity from all sources. The Solar PV installations are predicted to increase, with solar accounting for 4% and 5% of U.S. Electricity generation in 2021 and 2022, respectively. Approximately 2 million residential PV systems have been installed. Dual-axis trackers, such as those from Arctech Solar and Nextracker, and single-axis trackers, like those from Mahindra Sustain, Array Technologies, Soltec, Trina Solar, and PVHardware, are essential PV hardware components.

Similarly, steel prices impact the manufacturing co