What's Happening?
The global solar photovoltaic (PV) installation market is projected to reach $1.06 trillion by 2035, with a compound annual growth rate of 13.5% from 2025 to 2035. This growth is driven by increasing investments in renewable energy, supportive government policies, and rapid adoption of solar technologies. Technological innovations in solar modules, inverters, and battery storage have made solar energy more efficient and reliable, transforming it into a mainstream power generation source.
Why It's Important?
Solar PV installations are expected to play a central role in achieving net-zero carbon targets, with large-scale utility projects and decentralized rooftop systems leading adoption. The expansion of solar energy contributes to reducing carbon footprints and securing energy independence, impacting traditional energy sectors and fostering sustainable development. The growth will be led by utility-scale projects in the Asia-Pacific region, followed by strong adoption in Europe and North America.
What's Next?
Companies are investing in next-generation technologies such as bifacial panels, smart inverters, and integrated energy storage to improve performance and reduce costs. Strategic partnerships and sustainability-driven initiatives are expected to further strengthen competitive positioning in the global market.
Beyond the Headlines
The widespread adoption of solar energy raises questions about the environmental impact of solar panel production and disposal. Ethical considerations include ensuring access to solar technology for underserved communities and addressing potential job losses in traditional energy sectors.
