- The usage of photovoltaic systems is expanding beyond traditional applications, including integration into building materials (Building Integrated Photovoltaics, or BIPV) and the rise of agrivoltaics, where solar panels are used in conjunction with agricultural activities. These advancements are increasing the adoption of photovoltaic technologies but are also making solar energy more accessible and affordable, driving substantial market growth and supporting global sustainability goals
- Asia-Pacific dominated the Photovoltaic market with the largest revenue share of 44.23% in 2024, driven by increasing solar capacity installations, favorable government policies, and the rapid expansion of renewable infrastructure across countries such as China, India, and Japan
- North America is projected to grow at the fastest CAGR of 11.8% from 2025 to 2032, driven by surging solar adoption across residential and commercial segments, especially in the U.S. and Canada
- The Modules segment dominated the market with the largest revenue share of 54.6% in 2024, driven by rising solar energy installations across residential, commercial, and utility sectors
