The global solar photovoltaic (PV) market was estimated at USD 150 billion in 2022 and is predicted to hit over USD 383.78 billion by 2032 and poised to grow at a CAGR of 9.90% during the forecast period 2023 to 2032.
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The Asia Pacific solar photovoltaic (PV) market was valued at USD57 billion in 2022 and is projected to reach over USD 145.83 billion by 2032, at a CAGR of 9.90% between 2023 to 2032.
Europe dominated the solar photovoltaic (PV) market in 2022. The fast development of solar farms as well as favorable laws is driving the solar photovoltaic (PV) market’s expansion in Europe. The deployment of sustainable power technologies such as solar photovoltaic (PV) will be aided by government actions to properly meet expanding electricity demand.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. The increased demand for more power generation capacity as well as continued international engagement, favorable foreign direct investments, and the establishment of capacity quota targets, will have a beneficial impact on technological acceptability.
The solar photovoltaic (PV) is a simple technique that uses sunshine to generate electricity with no moving parts. The sunlight separates electrons from their host silicon atoms in a photovoltaic cell. The photons are tiny packets of light energy that are collected by electrons and provide enough energy to propel the electron away from its high atom.
The favorable government schemes and incentives, including as tax exemptions and tariffs, will strengthen the commercial outlook as well continued technology advancements and growing consumer and regulatory predisposition toward clean energy sources. The reduced solar energy prices, along with more financial support, will help the solar photovoltaic (PV) market to flourish. The product acceptance will be aided by broad resource availability and cost-effectiveness as well as increased industry potential. Various regulatory measures including asset and financial leveraging, subsidies, and other financial tools will be implemented to increase product acceptability. Furthermore, the implementation of many solar photovoltaic (PV) installation targets as well as shift in focus to reduce carbon emissions would propel the solar photovoltaic (PV) market growth during the forecast period.
The demand for solar photovoltaic (PV) will rise as a result of recent technology developments and research & development operations for efficient power generation across large scale solar applications. The market for crystalline solar photovoltaic (PV) will be boosted by a significant increase in solar deployment rates as well as favorable government renewable energy goals. The corporate landscape will be further impacted by a radical shift toward profitable new product developments, manufacturing precision, optimization, and standardized product methods for power production, lower emissions, and cheap installation costs.
|Market Size||US$ 383.78 Billion by 2032|
|Growth Rate||CAGR of 9.90% from 2023 to 2032|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Product, Application, Region|
|Companies Mentioned||Tata Power Solar Systems Ltd., Canadian Solar Inc., Wuxi Suntech Power Co. Ltd, Nextera Energy Sources LLC, BrightSource Energy Inc., SunPower Corporation, Vivaan Solar, Waaree Group, Trina Solar, Jinko Solar|
The polycrystalline silicon solar photovoltaic (PV) will be widely adopted in near future due to their inexpensive production costs and simple manufacturing procedures. Furthermore, the product’s broad applicability across large scale solar power projects as well as federal renewable energy integration mottos, will drive the demand for solar photovoltaic (PV) on large scale. Moreover, the solar photovoltaic (PV) market will be enhanced by the lowered pricing structure coupled with tax credit schemes to support solar photovoltaic (PV) technology.
In recent years, the solar sector has seen a number of rapid technological advancements. The photovoltaic is a relatively new solar material with a favorable crystal structure for sunlight absorption. The solar photovoltaic (PV) cells also perform better than silicon cells at lower light intensities such as on rainy days, allowing for higher conversion rate. The fundamental advantage of using photovoltaic (PV) to make solar cells is that it is a cheap and readily available material that might create low-cost solar power. The solar photovoltaic (PV) cells may also be made in very thin layer structures with high degrees of transparency, allowing them to be used in a number of unique applications such as building integrated photovoltaic projects and flexible panel designs.
However, over the projection period, the solar photovoltaic (PV) market is likely to be hampered by an increase in grid connection challenges and interconnection delays as well as insufficient grid capacity creating barrier to the construction of new solar plants.
In 2022, the monocrystalline silicon segment dominated the solar photovoltaic (PV) market. This form of solar panel is more prevalent in solar rooftop systems and is frequently utilized for large scale installations, whether they are residential, commercial, or residential.
The thin film segment, on the other hand, is predicted to develop at the quickest rate in the future years. The thin-film technology has always been less expensive than traditional technology, but it has also always been less efficient. Nevertheless, over the period of time, it has vastly improved.
The ground-mounted segment dominated the solar photovoltaic (PV) market in 2022. Due to increased efficiency, the quantity of installations, ground mounted solar for utility or commercial projects, maintenance and operation efficiencies are quite cost-effective.
The rooftop is fastest growing segment of the solar photovoltaic (PV) market in 2020. When compared to traditional energy sources, the solar rooftop model poses extremely little pollution threats to the environment.
In 2022, the on-grid segment dominated the solar photovoltaic (PV) market. An on-grid solar photovoltaic (PV) system is one that is connected to the utility grid and uses solar power to generate electricity. The small domestic systems to massive utility scale solar power plants are all examples of these systems.
The off-grid segment, on the other hand, is predicted to develop at the quickest rate in the future years. In emerging and remote regions, the use of off-grid solar photovoltaic (PV) systems is steadily expanding during the forecast period.
In 2022, the utility segment dominated the solar photovoltaic (PV) market. Several large-scale solar projects are now under construction around the world.
The residential segment, on the other hand, is predicted to develop at the quickest rate in the future years. This is driven by an increase in residential construction projects and a growing public awareness of the benefits of using efficient and renewable energy sources.
The solar photovoltaic (PV), which has a lower environmental impact, is being widely researched and developed by industrial companies. They are also working on new methods that provide long-term energy storage to meet the need for electricity. The market players’ initiatives are expected to drive the growth of the solar photovoltaic (PV) market.
The mergers and acquisitions, partnerships, new product development, business expansions, collaborations, supply contracts, agreements, and contracts are some of the important marketing strategies used by the major market players to maintain their market position. The major market players are diversifying their product line by creating industry specific products and solutions.
Segments Covered in the Report
By Grid Type
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