Solar PV market to hit $115.8 B by 2030
Asia-Pacific leads growth as localisation, policy support, and innovation reshape global solar manufacturing and supply chains.
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The global solar PV modules and inverters market is set to reach $115.8 B by 2030, according to new analysis from GlobalData. The growth is driven by strong renewable energy policies, declining technology costs, and rapid industrial expansion, particularly in the Asia-Pacific region.
GlobalData’s latest report, Solar PV Modules and Inverters Market Size, Share and Trends Analysis, forecasts continued dominance of APAC, where government-backed incentives, localisation efforts, and new manufacturing capacity are fuelling growth. The region’s module market alone is projected to increase from $38.8 B in 2024 to $46.2 B in 2030.
In Europe, the Middle East, and Africa (EMEA), strategic procurement policies and domestic manufacturing initiatives are shaping the market, particularly across the Middle East. In the Americas, the United States continues to drive localisation efforts amid tariff reforms, though module prices are expected to decline due to oversupply and reduced production costs.
Meanwhile, the global PV inverter market is undergoing rapid transformation, supported by the expansion of utility-scale solar, hybrid storage systems, and grid compliance standards. APAC leads this segment with a market value of $19.8 B, followed by the Americas ($7.7 B) and EMEA ($7.6 B).
Overall, the report highlights a trend toward regional self-sufficiency, quality-focused manufacturing, and technological integration, which are expected to define the solar PV industry’s next decade.
Source: GlobalData
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