Increasing investments in the solar energy R&D in photovoltaic technology is estimated to widen opportunities for the solar PV market growth
The global solar PV market size is estimated to acquire significant growth reaching USD 125 billion by 2028. Further, the rapid growth is expected to gain momentum with a CAGR of 12% over the forecast years 2021-2028. Solar photovoltaic services comprise of photovoltaic cells or solar cell technology systems that utilize sun light as the sole energy source converting into electricity.
The conversion process is called the photovoltaic effect as it scientifically refers to conversion of photons to voltage. Solar power has been observed to be the most abundant source of natural energy known for its significance as a reliable renewable energy source available all across the globe. Solar PV panels are in demand they can effectively drive reduction of the carbon footprint. Along with this, the advantageous application of photovoltaics (PV) in generating low-cost energy is expected to propel the growth of the solar PV market over the forecast period.
The growth curve of global solar photovoltaic market is outlined with the existing industry development followed by future progress estimations tracking the market traction and attractiveness. Major influencing growth inducing variables accompanied with the scope of opportunities forecast the solar PV market growth.
key factors such as rapidly changing climatic conditions and its consequential impact driving adoption of sustainable and clean energy coupled with increasing demand by off-grid zones for electricity are propelling the growth of the solar PV market. increasing involvement of governments all across the globe in accelerating the development of advanced solar technologies and deploying stringent regulations associated with clean energy resources to reduce carbon emissions is augmenting the market growth throughout the forecast period. Increasing electricity demand from residential as well as industrial sources is accelerating large-scale solar power production needs.
Adroit Market Research report on the global solar PV market delivers conclusive research output through a comprehensive analysis of the market from 2021 to 2028, assessing growth derivatives or influential factors including the market drivers and restrains followed by evaluation of opportunities and challenges. The market analysis traces the historic patterns considering years 2019 to 2020 with 2020 set as the base year.
The future forecast of the market is structured from 2021 to 2028. The study covers a thorough analysis determining the current trends along with future prospects of the market at local and international scale. The evaluation of the market is further driven by Porter’s five forces analysis thereafter positioning key market players based on their market status and portfolio, strategic initiatives, geographic footprint and the revenue generated.
The solar PV market has a robust competitive landscape with establishment of large well-established solar photovoltaic service providers or energy companies along with a rapidly increasing number of new market participants introducing innovative technologies. The solar PV market players are attracting crucial opportunities to gain a competitive advantage among other players through business initiatives such as mergers, collaborations, acquisitions, funding new-start-ups to expand portfolio and enhance market presence.
Based on the Type segment, the market categorically presents modules, inverters and balance of system (BOS) segment. Module’s segment is expected to regain significant growth over the forecast with resuming solar power projects and instalments after COVID-19. Inverters and balance of system (BOS) also project ideal opportunities with increasing technological advancements and rising demand from large energy companies to reduce LCOE boosting BOS segment growth over the forecast.
China as the largest solar market of the world is expected to contributed enormously to the growth of the solar PV market over the forecast. With rapidly increasing number of solar project installations along with economic development and growing electricity needs, Asia Pacific is estimated to witness exponential growth. Europe is expected to follow the growth of APAC with surging installation of solar farms coupled with favorable government regulations encouraging adoption and utilization of solar energy. With the EU Renewable Energy Directive’s plans for promoting sustainable energy resources, the market growth across the nation is expected to reach ideal levels.
The major players of the solar PV panels market include SunPower Corporation, JinkoSolar Holding, Canadian Solar, Trina Solar, JA Solar Holdings, First Solar, Sharp Corporation, Suntech Power Holding, JA Solar Holdings, Vivaan Solar, Nextera Energy Sources, eSolar and Hanwha Q Cells. The solar photovoltaic market space consists of well-established local players along with international players of global significance. The ancestral solar photovoltaic service providers are observed to introduce advanced technologies and innovative approach to attain a competitive edge against peers.
Key Segments of the Global Solar PV Market
Type Overview, 2021-2028 (USD Billion)
- Balance of System (BOS)
Application Overview, 2021-2028 (USD Billion)
- Commercial and Industrial
Material Overview, 2021-2028 (USD Billion)
Cell Type Overview, 2021-2028 (USD Billion)
- Full Cell PV Modules
- Half Cell PV Modules
Installation Type Overview, 2021-2028 (USD Billion)
- Ground Mounted
- Building Integrated Photovoltaics (BIPV)
- Floating PV
Technology Overview, 2021-2028 (USD Billion)
- Monocrystalline Silicon
- Thin Film
- Polycrystalline Silicon
Regional Overview, 2021-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa