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.
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 Grid Type:
By Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Technology, Installation, Grid Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 14.3%.
Rising number of off-grid areas to drive the market growth.
Major global Solar Photovoltaic (PV) Market players 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.
Land use constraints hinder the global market growth.
Asia Pacific Region is expected to account for the largest market revenue share in the Global Solar Photovoltaic (PV) market.
Let us Help you!
Facing issues finding the exact research to meet your business needs? Let us help you! One of our Research Executives will help you locate the research study that will answer your concerns.Speak to Analyst
Connect with Us!