{"id":828082,"date":"2026-07-31T14:30:03","date_gmt":"2026-07-31T14:30:03","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=828082"},"modified":"2026-07-31T14:30:03","modified_gmt":"2026-07-31T14:30:03","slug":"solar-photovoltaic-market-size-to-expand-at-1992-cagr-asiapacific-leads-global-share-says-mordor-intelligence-reports","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/solar-photovoltaic-market-size-to-expand-at-1992-cagr-asiapacific-leads-global-share-says-mordor-intelligence-reports_828082.html","title":{"rendered":"Solar Photovoltaic Market Size to Expand at 19.92% CAGR, Asia-Pacific Leads Global Share | Says Mordor Intelligence Reports"},"content":{"rendered":"<div style=\"float:right; width:250px; padding:8px 10px 10px 10px;\">\n<div><a href=\"https:\/\/www.abnewswire.com\/upload\/2026\/07\/1785503958.jpg\" style=\"border:none !important;\" target=\"_blank\" rel=\"nofollow\" ><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-29\" title=\"Solar Photovoltaic Market Size to Expand at 19.92% CAGR, Asia-Pacific Leads Global Share | Says Mordor Intelligence Reports\" src=\"https:\/\/www.abnewswire.com\/upload\/2026\/07\/1785503958.jpg\" alt=\"Solar Photovoltaic Market Size to Expand at 19.92% CAGR, Asia-Pacific Leads Global Share | Says Mordor Intelligence Reports\" width=\"225\" height=\"128\" style=\"padding:0px 0px 10px 10px; border:0 solid !important;\" \/><\/a><\/div>\n<div class=\"quotes\">\n<div>Solar Photovoltaic Market<\/div>\n<\/div>\n<\/div>\n<div style=\"font-style:italic; padding:8px 0px;\">A new report from Mordor Intelligence on the \u201cSolar Photovoltaic Market\u201d provides an in-depth analysis of current trends, key growth factors, and upcoming opportunities.<\/div>\n<p style=\"text-align: justify;\"><strong>Solar Photovoltaic Market Overview<\/strong><\/p>\n<p style=\"text-align: justify;\">The solar photovoltaic market continues to accelerate as global energy systems shift toward renewable sources. According to Mordor Intelligence, the solar photovoltaic market indicates installed capacity will more than double between 2026 and 2031. This expansion is supported by competitive module pricing, favorable policies, and technological improvements in cell efficiency.<\/p>\n<p style=\"text-align: justify;\">The global <strong><a rel=\"nofollow\" href=\"https:\/\/www.mordorintelligence.com\/industry-reports\/solar-photovoltaic-market?utm_source=abnews\">solar photovoltaic market<\/a><\/strong> size is forecast to expand from 2.91 TW in 2026 to 7.23 TW by 2031, reflecting nearly 19.92% CAGR. Key drivers include declining module costs, U.S. manufacturing incentives, AI-based forecasting, and rising demand from green hydrogen projects.<\/p>\n<p style=\"text-align: justify;\"><strong>Upcoming Key Trends<\/strong><\/p>\n<p style=\"text-align: justify;\">Falling module prices: Average selling prices dropped below USD 0.09\/Wp in 2025, enabling grid parity in 140+ countries.<\/p>\n<p style=\"text-align: justify;\">AI-enabled forecasting: Machine learning reduces balancing costs and improves grid efficiency.<\/p>\n<p style=\"text-align: justify;\">Green hydrogen demand: Electrolyzer projects in Saudi Arabia, Europe, and Australia drive large-scale solar procurement.<\/p>\n<p style=\"text-align: justify;\"><strong>Solar Photovoltaic Market Segmentation<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>By Technology<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Monocrystalline silicon (dominant, 86.1% share in 2025)<\/li>\n<li>Multicrystalline silicon (declining share)<\/li>\n<li>Thin-film (favored in hot climates)<\/li>\n<li>Tandem\/Perovskite (fastest growth, 31.1% CAGR)<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>By Deployment Type<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Ground-mounted (75.5% share in 2025)<\/li>\n<li>Rooftop\/Building-integrated PV (18.3% share)<\/li>\n<li>Floating PV (fastest-growing segment)<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>By End-User<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Utility-scale IPPs (63.2% share in 2025)<\/li>\n<li>Residential (fastest growth, 22.7% CAGR)<\/li>\n<li>Commercial &amp; Industrial (14.6% share)<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>By Geography<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Asia-Pacific (largest, 64.3% share in 2025)<\/li>\n<li>Middle East &amp; Africa (fastest-growing, 21.5% CAGR)<\/li>\n<li>North America (12.8% share)<\/li>\n<li>Europe (9.4% share)<\/li>\n<li>South America (notable growth in Brazil)<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Explore In-Depth Insights and Regional Perspectives, Including Localized Editions in the Japan Market: <a rel=\"nofollow\" href=\"https:\/\/www.mordorintelligence.com\/ja\/industry-reports\/solar-photovoltaic-market?utm_source=abnews\">https:\/\/www.mordorintelligence.com\/ja\/industry-reports\/solar-photovoltaic-market?utm_source=abnews<\/a> <\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Solar Photovoltaic Industry Key Players<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>LONGi Green Energy<\/li>\n<li>Trina Solar<\/li>\n<li>JinkoSolar<\/li>\n<li>JA Solar<\/li>\n<li>First Solar<\/li>\n<li>Other notable companies: Canadian Solar, Hanwha Q Cells, SunPower, Risen Energy, Adani Solar, Waaree Energies.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Dominating Country<\/strong><\/p>\n<p style=\"text-align: justify;\">China remains the dominant country in the Solar Photovoltaic Market, accounting for the largest installed capacity globally. In 2025, China added over 210 GW of new projects, reinforcing its leadership. The country&rsquo;s strong manufacturing base, government-backed incentives, and large-scale utility projects ensure its continued dominance. China&rsquo;s role in driving down module costs also benefits emerging markets worldwide, making solar PV more accessible and boosting overall solar photovoltaic market share.<\/p>\n<p style=\"text-align: justify;\"><strong>Conclusion<\/strong><\/p>\n<p style=\"text-align: justify;\">The solar photovoltaic market is entering a high-growth phase, with Asia-Pacific leading global adoption and the Middle East &amp; Africa emerging as the fastest-growing region. With falling costs, supportive policies, and integration into hydrogen and storage projects, solar PV is set to remain a cornerstone of the global energy transition.<\/p>\n<p style=\"text-align: justify;\"><strong>Explore Trending Related Reports from Mordor Intelligence Database:<\/strong><\/p>\n<p style=\"text-align: justify;\">Global <strong><a rel=\"nofollow\" href=\"https:\/\/www.mordorintelligence.com\/industry-reports\/limestone-market?utm_source=abnews\">Limestone Market<\/a><\/strong> report is segmented by Application &#8211; Industry Lime, Chemical Lime, Construction Lime, and Refractory Lime and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).<\/p>\n<p style=\"text-align: justify;\"><strong><a rel=\"nofollow\" href=\"https:\/\/www.mordorintelligence.com\/industry-reports\/united-states-distribution-transformer-market?utm_source=abnews\">United States Distribution Transformer Market<\/a><\/strong> report is segmented by Power Rating &mdash; Large, Medium, and Small. It is further categorized by Cooling Type &#8211; Air-Cooled and Oil-Cooled.<\/p>\n<p style=\"text-align: justify;\"><strong>About Mordor Intelligence:<\/strong><strong>\u202f\u202f<\/strong><\/p>\n<p style=\"text-align: justify;\">Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.\u202f<\/p>\n<p style=\"text-align: justify;\">With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace &amp; defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals &amp; materials, consumer goods &amp; services, electronics, energy &amp; power, financial services, food &amp; beverages, healthcare, hospitality &amp; tourism, information &amp; communications technology, investment opportunities, and logistics.\u202f<\/p>\n<p style=\"text-align: justify;\"><strong>For media inquiries or further information, please contact:<\/strong><strong>\u202f<\/strong><\/p>\n<p style=\"text-align: justify;\">media@mordorintelligence.com\u202f<\/p>\n<p style=\"text-align: justify;\">Mordor Intelligence Private Limited\u202f<\/p>\n<p style=\"text-align: justify;\">https:\/\/www.mordorintelligence.com<\/p>\n<p><span style='font-size:18px !important;'>Media Contact<\/span><br \/><strong>Company Name:<\/strong> <a href=\"https:\/\/www.abnewswire.com\/companyname\/mordorintelligence.com_175326.html\" rel=\"nofollow\">Mordor Intelligence<\/a><br \/><strong>Contact Person:<\/strong> Jignesh Thakkar<br \/><strong>Email:<\/strong> <a href=\"https:\/\/www.abnewswire.com\/email_contact_us.php?pr=solar-photovoltaic-market-size-to-expand-at-1992-cagr-asiapacific-leads-global-share-says-mordor-intelligence-reports\" rel=\"nofollow\">Send Email<\/a><br \/><strong>Phone:<\/strong> +1 617-765-2493<br \/><strong>Address:<\/strong>11th Floor, Rajapushpa Summit, Nanakramguda Rd, Financial District, Gachibowli  media@mordorintelligence.com<br \/><strong>City:<\/strong> Hyderabad<br \/><strong>State:<\/strong> Telangana 500008<br \/><strong>Country:<\/strong> India<br \/><strong>Website:<\/strong> <a href=\"https:\/\/www.mordorintelligence.com\/industry-reports\/solar-photovoltaic-market\" target=\"_blank\" rel=\"nofollow\">https:\/\/www.mordorintelligence.com\/industry-reports\/solar-photovoltaic-market<\/a><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.abnewswire.com\/press_stat.php?pr=solar-photovoltaic-market-size-to-expand-at-1992-cagr-asiapacific-leads-global-share-says-mordor-intelligence-reports\" alt=\"\" width=\"1px\" height=\"1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solar Photovoltaic Market A new report from Mordor Intelligence on the \u201cSolar Photovoltaic Market\u201d provides an in-depth analysis of current trends, key growth factors, and upcoming opportunities. Solar Photovoltaic Market Overview The solar photovoltaic market continues to accelerate as global &hellip; <a href=\"https:\/\/www.abnewswire.com\/pressreleases\/solar-photovoltaic-market-size-to-expand-at-1992-cagr-asiapacific-leads-global-share-says-mordor-intelligence-reports_828082.html\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[401,409,411,404,416],"tags":[],"class_list":["post-828082","post","type-post","status-publish","format-standard","hentry","category-Business","category-Energy-Environment","category-Technology","category-US","category-World"],"_links":{"self":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts\/828082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/comments?post=828082"}],"version-history":[{"count":0,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts\/828082\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/media?parent=828082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/categories?post=828082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/tags?post=828082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}