Solar Photovoltaic (PV) Market

Solar Photovoltaic (PV) Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Solar Photovoltaic (PV) Market grew at a CAGR of 16.2% between 2017-2021 and is estimated to be US$ 1,94,671.4Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 14.3% and is expected to reach a valuation of US$ 7,40,908.3Mn by 2032 end.

The photovoltaic effect technique is used to transform solar energy into electricity. The most dependable and accessible form of renewable energy is these PV systems. Solar energy is a viable alternative to fossil fuels because fossil fuels are largely to blame for environmental damage.

The countries with the most solar energy resources worldwide are Spain, Germany, China, and the United States. The main factors favorably affecting this industry are the rising demand for renewable energy and the falling unit cost of silicon-based cells.

Market Dynamic

THE RISING NUMBER OF OFF-GRID AREAS DRIVES THE MARKET GROWTH

Off-grid areas have very little or no access to power connected to the grid. These regions rely on backup photovoltaic energy sources, like solar power. There are sizable off-grid locations worldwide that are not connected to the energy grid. More than 1 billion people globally still live without power, according to World Energy Outlook.

The electricity rate in Sub-Saharan Africa is 60% in urban areas and 14% in rural areas. This motivates governments in Sub-Saharan African nations to use solar energy to supply both rural and urban populations with the necessary electricity.

LAND USE CONSTRAINTS HINDER THE GLOBAL MARKET GROWTH

Utility-scale solar projects demand a sizable land-based power source. Numerous environmental or technical factors may impact the choice of such land. The usage of such land may impact the biodiversity and natural regions for the installation of solar systems. `

For instance, due to the land’s instability and inaccessibility, deploying solar photovoltaic plants is very challenging in wetlands, agricultural land, water bodies, and forests. Large-scale solar-powered power plants must consider several variables, including land, transportation networks, the effects on nearby residential areas, and distance from the electrical grid. The above factors limit the global solar photovoltaic (PV) market expansion.

RISING DEMAND FOR ELECTRICITY TO BOOST MARKET GROWTH

Over the past few years, power consumption has significantly increased across Asia and other regions. Power consumption has increased due to the manufacturing sector’s rise, population growth, and robust economic growth. Because of population growth and infrastructural development, developing economies are experiencing increased electricity demand. The need for electricity generation rises due to industrialization, urbanization, and improving living standards.

Many nations are growing their power-generating capacity to meet the rising electricity demand by building new plants or adding existing ones. Governments in several countries have enacted strict carbon emission regulations, resulting in attention shifting to the renewable sector, particularly solar photovoltaic energy. This will likely push this market towards growth during the forecast period.

Market Segments Covered in Report

By Technology:

• Mono-Si
• Thin Film
• Multi-Si
• Others

By Installation:

• Ground Mounted
• Roof Mounted
• Others

By Grid Type:

• On-grid
• Off-grid

By Application:

• Residential
• Non-residential
• Utilities

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Which technology segment contributes most to solar photovoltaic (PV) market growth?

The majority of the market was made up of the thin film. Solar panels with thin-film photovoltaic modules integrated produce electricity utilizing silicon, cadmium, and copper as raw materials. It is anticipated that the rising demand for solar panels for the generation of electricity for residential use, such as rooftop photovoltaic power stations, in nations like the United States, the United Kingdom, Germany, Italy, China, and France will increase the demand for thin film technology and propel the growth of the photovoltaic market.

Which grid type scores high in the solar photovoltaic (PV) market?

Due to an increase in utility-scale projects worldwide, the on-grid segment controlled a disproportionate amount of the market. An on-grid solar photovoltaic system uses solar energy to produce electricity and is connected to a utility grid. Small home units and huge utility-scale solar photovoltaic-producing stations are included in the on-grid system. Off-grid technologies are being adopted in rural regions at an accelerated rate.

Which is the most lucrative installation for Solar Photovoltaic (PV)?

The ground-mounted segment dominated the market. Due to its affordability, this type of PV is frequently employed in commercial and utility settings. There are numerous installation, operational, and maintenance efficiencies with ground-mounted solar.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a market share of 56.7%, Asia-Pacific held the largest part of the worldwide photovoltaic market. This was due to a rise in the use of photovoltaic energy over conventional fuels because of its low cost of electricity production and lack of carbon emissions. Asia-Pacific countries, including India, China, and Thailand, have experienced fast industrialization and urbanization, increasing energy demand.
• In this industry, the region of North America is also growing significantly. The area is expanding solar photovoltaic capacity in Canada and the United States. Off-grid solar installations with more than 100 MW capacity have been erected in the region and Central America.

Competition Analysis

Industrial businesses are conducting extensive research and development on solar photovoltaic (PV), which has a lower environmental impact. To meet the need for electricity, they are also developing new strategies that offer long-term energy storage. The market for solar photovoltaic (PV) systems is anticipated to increase due to market participants’ activities.

Some of the crucial marketing tactics employed by the key market players to keep their place in the market include mergers and acquisitions, partnerships, new product development, business expansions, collaborations, supply contracts, agreements, and contracts. The major market players are expanding their product offerings by developing goods and services tailored to particular industries.

The key developments in the Global Solar Photovoltaic (PV) Market:

• In August 2020, by working with Antah Solar Sdn. Bhd. and EleapsSdn. Bhd., Canadian Solar announced that it had started building one of Malaysia’s largest commercial and industrial (“C&I”) rooftop solar projects. The 5 MWp project is situated in Penang, Malaysia, covering a surface area of more than 26,000 m2.
• In July 2020, in the Rewa area of Madhya Pradesh, Indian Prime Minister Narendra Modi officially opened the largest solar power plant in the region. According to the Indian government, this new solar power facility will reduce emissions totaling almost 15 lakh tonnes of carbon dioxide annually.

A list of some of the key suppliers present in the market are:

• Canadian Solar Inc.
• BrightSource Energy, Inc.
• First Solar
• SunPower Corporation
• Trina Solar
• Yingli Solar
• Wuxi Suntech Power Co. Ltd.
• Jinko Solar
• Waaree Group
• AccionaEnergia S.A.
• Nextera Energy Sources LLC
• Vivaan Solar
• eSolar Inc.
• Tata PowerSolar Systems Ltd.
• Abengoa

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.