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Global Solar Photovoltaic (PV) Market Report: A Catalyst for Sustainable Development

Introduction: Aligning Market Growth with Global Sustainability Mandates

The Solar Photovoltaic (PV) market is a critical component in the global transition towards sustainable energy, directly supporting the achievement of the United Nations’ Sustainable Development Goals (SDGs). The industry’s maturation is driven by international commitments to SDG 13 (Climate Action) through carbon neutrality targets and the pursuit of SDG 7 (Affordable and Clean Energy). Technological advancements and declining production costs are accelerating the adoption of solar PV systems worldwide. The global market is projected to expand from a valuation of USD 2,097.6 Million in 2025 to USD 8,613.9 Million by 2032, reflecting a compound annual growth rate (CAGR) of 22.36%. This growth trajectory underscores the sector’s pivotal role in building a sustainable and economically robust future.

Market Dynamics and Contribution to SDGs

Demand-Side Drivers and SDG 11 (Sustainable Cities and Communities)

Market demand is increasingly driven by installations in residential and commercial sectors, which contributes to the development of sustainable communities under SDG 11. Key demand-side factors include:

A 32% surge in new U.S. installations in 2024, indicating broader adoption beyond utility-scale projects.
A sustained decline in average module prices, which have dropped approximately 12% annually over the past two years, enhancing energy affordability in line with SDG 7.

Supply-Side Dynamics and SDG 9 (Industry, Innovation, and Infrastructure)

The supply side is characterized by significant expansion in production capacity, which is fundamental to building the resilient infrastructure required by SDG 9. Highlights include:

Leading manufacturers, particularly in the Asia-Pacific region, scaled their output by over 25% in 2024.
This increased production capacity enables competitive pricing, efficiently meeting rising global demand and supporting the worldwide energy transition.

Technological Innovation and SDG 7 (Affordable and Clean Energy)

Micro-level innovations are enhancing system efficiency and financial viability, making clean energy a more attractive and accessible option.

Advancements in bifacial module technology and inverter efficiency have demonstrated energy yield improvements of 8-12%, directly improving the return on investment.
The paradigm is shifting towards bifacial and perovskite solar cells, which promise higher efficiency and lower costs. In 2024, over 18% of new utility-scale projects incorporated bifacial modules.
Digitalization through AI and IoT in solar asset management has increased project lifespans by an average of 15%, optimizing energy yield and supporting long-term infrastructure goals under SDG 9.

Market Segmentation and Regional Analysis

Market Taxonomy

By Component: Solar Modules, Balance of System (BOS), Solar Inverters, Others
By Type: Monocrystalline, Polycrystalline, Thin-Film, Others
By Application: Residential, Commercial, Utility-Scale, Others

Regional Contributions to Global Goals

North America: Utility-scale projects are driving decarbonization efforts, with multi-gigawatt projects valued at over USD 15 billion announced for 2025-2027, directly contributing to SDG 13.
Latin America: The residential sector presents a high-impact opportunity, with government subsidies and net metering policies increasing installation rates by 28% in 2024, advancing SDG 7.
Europe: Ambitious renewable energy targets and policy support have fueled over 30% growth in installations, demonstrating a strong commitment to SDG 7 and SDG 13.
Asia Pacific: Serves as a global manufacturing hub and is experiencing growth in decentralized energy systems, supporting SDG 9 and providing energy access in rural areas in line with SDG 7 and SDG 11.
Middle East & Africa: The rise of microgrid adoption is driving growth in off-grid and rural electrification, addressing energy poverty and promoting sustainable development.

Key Drivers, Corporate Strategy, and Global Partnerships (SDG 17)

Primary Growth Drivers

Cost Reduction: A rapid decline in solar PV system costs, with module pricing dropping nearly 40% between 2022 and 2024, is the primary catalyst for achieving SDG 7.
Government Policy: Incentives and mandates for renewable energy are crucial drivers, directly advancing national and international climate goals under SDG 13.
Technology Integration: The combination of solar PV with smart grids and energy storage expands use cases, fostering the innovative and resilient infrastructure of SDG 9.
Corporate and Consumer Awareness: Rising corporate sustainability commitments and consumer demand are accelerating growth, particularly in residential solar solutions.

Leading Companies and Strategic Partnerships

Market leaders such as First Solar Inc., JinkoSolar Holding Co. Ltd, Trina Solar Ltd, and LONGi Green Energy Technology Co. Ltd are employing strategies that align with global cooperation frameworks like SDG 17 (Partnerships for the Goals).

Companies have pursued aggressive capacity expansions and formed strategic partnerships in emerging markets, increasing cumulative production capacity by 20% in 2024.
Technology-led differentiation, such as First Solar’s next-generation thin-film modules, strengthens market share while advancing the innovation targets of SDG 9.
Robust international trade, evidenced by a 15% growth in export volumes from China to Europe and North America in 2024, reflects the global integration necessary to achieve sustainability targets.

High-Impact Market Opportunities

Monocrystalline Segment: This segment is projected to grow at a CAGR of 24% (2025-2032) due to its superior efficiency, directly supporting the clean energy objectives of SDG 7.
Residential Applications: This area offers significant growth potential, especially in regions with supportive policies, empowering communities and contributing to the vision of SDG 11.
Utility-Scale Projects: These large-scale installations will continue to dominate revenue and are essential for countries to meet their emission reduction commitments under SDG 13.

Analysis of Sustainable Development Goals in the Solar PV Market Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

The article on the Solar Photovoltaic (PV) market directly and indirectly addresses several Sustainable Development Goals (SDGs). The analysis highlights the following:

SDG 7: Affordable and Clean Energy: This is the most prominent SDG, as the entire article focuses on solar PV technology, a key component of clean and renewable energy. It discusses market growth, technology adoption, and cost reduction, all of which contribute to making clean energy more affordable and accessible.
SDG 13: Climate Action: The article explicitly connects the growth of the solar PV industry to “intensifying global efforts to transition towards sustainable power sources” and “government mandates for carbon neutrality.” This positions solar energy as a critical tool in mitigating climate change.
SDG 9: Industry, Innovation, and Infrastructure: The text details the maturation of the solar PV industry, significant technological innovations (e.g., bifacial modules, perovskite cells, improved efficiency), and the expansion of energy infrastructure through residential, commercial, and utility-scale installations.
SDG 8: Decent Work and Economic Growth: The substantial projected market growth, from “USD 2,097.6 Million in 2025” to “USD 8,613.9 Million by 2032,” signifies robust economic activity and implies the creation of jobs in manufacturing, installation, and research within the renewable energy sector.
SDG 17: Partnerships for the Goals: The article points to global collaboration through “robust cross-border trade flows,” “international market integration,” and “strategic partnerships in emerging markets,” which are essential for the global scaling of sustainable technologies.

2. What specific targets under those SDGs can be identified based on the article’s content?

Based on the article’s discussion of market drivers, trends, and data, several specific SDG targets can be identified:

Target 7.2: By 2030, increase substantially the share of renewable energy in the global energy mix.
- Explanation: The article’s core theme is the rapid expansion of the solar PV market, with a projected “compound annual growth rate (CAGR) of 22.36%.” It also notes a “32% surge” in U.S. installations and “over 30% growth” in Europe and Asia Pacific, directly contributing to increasing the share of renewable energy.
Target 7.3: By 2030, double the global rate of improvement in energy efficiency.
- Explanation: The article highlights “extensive innovation in module efficiency,” “improvements in inverter efficiency,” and specific gains such as “energy yield improvements between 8-12%” and “up to 15% efficiency gains” from new module technologies. This focus on enhancing performance aligns directly with improving energy efficiency.
Target 7.b: By 2030, expand infrastructure and upgrade technology for supplying modern and sustainable energy services for all.
- Explanation: The article discusses massive infrastructure expansion, including a “25% increase” in production capacity in Asia-Pacific and the development of “multi-gigawatt projects” in North America. The trend of “microgrid adoption driving growth in off-grid and rural electrification markets” also supports this target.
Target 9.4: By 2030, upgrade infrastructure and retrofit industries to make them sustainable… with greater adoption of clean and environmentally sound technologies.
- Explanation: The article describes the widespread adoption of solar PV, a clean technology. The “rapid decline in solar PV system costs” and “module pricing dropping by nearly 40% between 2022 and 2024” make this sustainable technology more accessible for upgrading industrial and residential infrastructure.
Target 13.2: Integrate climate change measures into national policies, strategies and planning.
- Explanation: The article identifies “Government incentives and ambitious renewable energy targets” and “government mandates for carbon neutrality” as key growth drivers, showing that nations are integrating climate action into their policy-making.
Target 17.7: Promote the development, transfer, dissemination and diffusion of environmentally sound technologies.
- Explanation: The report of “Export volumes of solar PV components from China to Europe and North America” growing by “approximately 15% in 2024” is a clear example of the international transfer and diffusion of clean energy technology.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

Yes, the article is rich with quantitative data and specific metrics that can serve as indicators for measuring progress towards the identified targets.

Indicator for Target 7.2 (Renewable Energy Share): The article provides several metrics, including the “compound annual growth rate (CAGR) of 22.36%” for the global market, a “32% surge in new installations in the U.S. in 2024,” and a “30% growth in installations in 2024” in Europe and Asia Pacific driven by policy.
Indicator for Target 7.3 (Energy Efficiency): Progress is measured by technological advancements such as “energy yield improvements between 8-12%” with bifacial modules and “up to 15% efficiency gains” from First Solar’s new thin-film modules.
Indicator for Target 7.b & 9.4 (Infrastructure & Technology Upgrade): Key indicators include the projected market size growth to “USD 8,613.9 Million by 2032,” a “25% increase” in production capacity by leading manufacturers in 2024, and the fact that “over 18% of new utility-scale installations incorporated bifacial modules” in 2024. The “40% drop in module pricing between 2022 and 2024” also indicates increased accessibility.
Indicator for Target 13.2 (Climate Policy Integration): While not a direct number, the article’s assertion that “policy support accounted for over 30% growth in installations” serves as an implied indicator of the effectiveness of national climate policies and renewable energy targets.
Indicator for Target 17.7 (Technology Transfer): A specific indicator is the “15% growth in export volumes of solar PV components from China to Europe and North America in 2024,” which measures the cross-border flow of clean technology.

4. Table of SDGs, Targets, and Indicators

SDGs	Targets	Indicators Identified in the Article
SDG 7: Affordable and Clean Energy	7.2: Increase substantially the share of renewable energy in the global energy mix.	Market growth at a CAGR of 22.36% (2025-2032). 32% surge in new solar installations in the U.S. (2024). 30% growth in installations in Europe and Asia Pacific (2024).
SDG 7: Affordable and Clean Energy	7.3: Double the global rate of improvement in energy efficiency.	Energy yield improvements of 8-12% from bifacial modules. Up to 15% efficiency gains from next-generation thin-film modules.
SDG 7: Affordable and Clean Energy	7.b: Expand infrastructure and upgrade technology for supplying modern and sustainable energy services.	25% increase in production capacity in Asia-Pacific (2024). Growth of microgrid adoption in off-grid/rural markets.
SDG 13: Climate Action	13.2: Integrate climate change measures into national policies, strategies and planning.	Market growth driven by “government mandates for carbon neutrality” and “ambitious renewable energy targets.”
SDG 9: Industry, Innovation, and Infrastructure	9.4: Upgrade infrastructure and retrofit industries to make them sustainable.	Module pricing dropped by nearly 40% between 2022 and 2024. Over 18% of new utility-scale installations used bifacial modules (2024).
SDG 17: Partnerships for the Goals	17.7: Promote the development, transfer, dissemination and diffusion of environmentally sound technologies.	Export volumes of solar PV components from China to Europe and North America grew by approximately 15% (2024).

Source: openpr.com