Solar PV Market Growth Forecast: Projected to Reach $641.1 Billion by 2030
The global solar photovoltaic (PV) market is on a remarkable trajectory, with projections estimating it will soar to $641.1 billion by 2030. This forecast, provided by a report from Research and Markets, signifies a robust compound annual growth rate (CAGR) of 14.1%. This growth is fueled by an increasing demand for sustainable energy solutions, as countries around the world intensify their shifts toward renewable energy to combat climate change.
Moreover, the solar PV sector’s growth is driven by several factors. A notable element is the rising demand for solar PV panels from residential sectors, as homeowners seek to reduce their carbon footprints and energy costs. Additionally, technological advancements in solar panel manufacturing are enhancing efficiency and reducing costs, thereby making solar energy more accessible to a broader audience.
The global landscape of solar power is not without its challenges. According to a 2025 report by PV Knowhow, the renewable energy sector faces critical challenges, including supply chain issues and policy barriers, which can impact the pace of solar PV adoption. However, initiatives such as the Gambia’s commitment to providing electricity access to 90% of its population by 2025, highlight the global momentum for expanding renewable energy infrastructure.
In the Americas, projects like the 30 MWp solar park in Suriname demonstrate the regional efforts to harness solar power. This project marks a significant milestone in the country’s renewable energy journey and reflects the broader industry trend of investing in large-scale solar installations.
Additionally, domestic initiatives such as the 2.9 MW community solar project in Gainesville, New York—utilizing Made in America solar panels—underscore a push for local production and supply chain resilience, as reported by PV Knowhow. This project is expected to provide clean energy to approximately 340 homes, aligning with national efforts to bolster renewable energy infrastructure.
The solar PV market’s expected growth to $641.1 billion by 2030 is a testament to the global shift toward sustainable energy solutions. As economies continue to invest in solar technology, the sector is poised to play a pivotal role in the global energy landscape, contributing to a cleaner and more sustainable future.