According to UnivDatos, “Solar Photovoltaic (PV) Cell Market” report, the global Market was valued at USD 184.3 Million in 2022, growing at a CAGR of 21.8% during the forecast period from 2023 – 2030 to reach USD billion by 2030. It is mainly owing to the government programs and incentives to promote cleaner renewable energy in order to meet climate change policies globally.

The Solar Photovoltaic (PV) Cell Market is experiencing strong growth, with the APAC region leading the industry in market share. APAC is also projected to witness one of the most influential CAGRs throughout the forecast period. This expansion is driven by large-scale solar PV installations across China, India, Australia, and Japan, along with supportive government incentives, renewable energy policies, and increased investments to meet national clean energy targets.

APAC Dominates the Solar PV Market with Strong Government Support

Asia-Pacific countries are accelerating solar PV adoption through robust funding and national energy strategies:

  • Australia: The government is investing AUD 14 million via the Australian Renewable Energy Agency to support 5B’s AUD 33.4 million solar technology innovation project.
  • Japan: An allocation of 8 billion yen in the 2021 national budget supports on-site PPAs and adoption of independent solar power systems and energy storage technologies, including EV-connected batteries.
  • India: The government announced capital infusions of Rs. 10 billion to the Solar Energy Corporation of India and Rs. 15 billion to the Indian Renewable Energy Development Agency to accelerate solar expansion.

These investments are helping APAC remain the largest and fastest-growing Solar PV market globally.

Solar Photovoltaic (PV) Cell Market Segmentation

Rooftop Solar PV Dominates the Market

Rooftop PV systems hold the largest share and continue to grow rapidly due to rising residential and commercial demand.

  • Residential systems: typically 5–20 kW
  • Commercial systems: 100 kW–1 MW
  • Industrial rooftop systems: up to 10 MW

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Ground-Mounted Solar Driven by Utility-Scale Projects

Ground-mounted systems are primarily supported by government-backed large-scale solar farms and policies such as:

  • The U.S. Rural Clean Energy Initiative
  • Australia’s AUD 37 million investment in high-tech solar farms

Rooftop capacity growth is propelled by government subsidies, falling solar costs, and increasing homeowner interest in clean energy.

Ground-mounted solar continues to gain momentum through national renewables programs and major utility-scale solar developments.

Mono-Crystalline Solar PV Leads the Market

Mono-crystalline silicon technology captures the majority share due to its superior efficiency, and since 2021, it has dominated nearly all crystalline PV production worldwide. Its efficiency advantages make it the preferred technology for both rooftop and utility-scale installations.

Utility-Scale Solar PV is the Largest End-User Segment

Utility-scale solar PV remains the most cost-competitive renewable energy source globally. However, land availability challenges persist in several regions.

The commercial sector is also a major contributor, with distributed solar installations (including commercial rooftop systems) accounting for nearly 30% of total installed PV capacity. The rise of corporate power purchase agreements (PPAs) is expected to further boost utility and commercial solar growth.

Rest of the World

APAC continues to dominate due to heavy investments, rapid solar adoption, and national clean energy commitments.

Conclusion

The global Solar Photovoltaic (PV) Cell market is set for strong long-term growth, driven by government incentives, advanced solar technologies, corporate renewable energy commitments, and rising consumer demand for clean electricity. With APAC leading the way and global markets accelerating their shift toward renewable energy, solar PV is positioned to remain one of the most influential and rapidly expanding sectors in the energy landscape.

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