The solar photovoltaic market is anticipated to garner notable gains, registering a CAGR of 5.1% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The solar photovoltaic market is surging, with an overall revenue growth expectation of hundreds of billions of dollars within the next ten years. The market is expected to grow to US$ 250.63 billion by 2030 from US$ 159.84 billion in 2021. The report contains 150+ pages with detailed analysis.
The photovoltaic energy extracted from the sun is known as solar photovoltaic (PV). The solar energy uses a photovoltaic effect-based technique to turn sunlight into electricity. The solar power is the most dependable and plentiful renewable energy source on the planet. It demonstrates that it is a viable alternative to fossil fuels, which are now harming the environment and contributing to the global warming. The rising demand for sustainable energy supplies, combined with favorable government legislation aimed at reducing reliance on fossil fuels, is projected to be a major driver for the growth of the solar photovoltaic (PV) market during the forecast period.
Due to technology advancements, the energy sector has expanded dramatically, with the major market players all over the world attempting to introduce secure, sustainable, and inexpensive energy solutions. The clean energy sources are currently cost-competitive; nevertheless, technical innovation must speed in the upcoming years to fulfil the demands of a growing population. On the other hand, the solar photovoltaic (PV) market growth is projected to be hampered by factors such as the rise of other renewable technologies such as wind and bioenergy during the forecast period.
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Solar Photovoltaic Market Scope
|Market Size||US$ 250.63 Billion by 2030|
|Growth Rate||CAGR of 5.1% from 2022 to 2030|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, Application, Region|
Solar Photovoltaic Market Report Highlights
- Based on the application, the utility segment is the fastest growing segment in the global solar photovoltaic (PV) market. The solar photovoltaic (PV) technology is appealing for utility applications because it provides a constant supply of electricity at a lower cost than other energy sources
- Based on technology, in 2020, the monocrystalline silicon segment accounted largest revenue share in market
- Based on grid type, the on-grid segment accounted the solar photovoltaic (PV) market in 2020
- Europe is the largest segment for solar photovoltaic (PV) market in terms of region.The solar photovoltaic (PV) market growth in the region is likely to be aided by rising consumer knowledge of renewable energy’s environmental benefits. Moreover, due to increasing pressure to achieve renewable energy requirements, the utility sector is likely to add significant capacity
- Asia-Pacific region is the fastest growing region in the solar photovoltaic (PV) market.The expanding number of solar photovoltaic (PV) facilities and power stations in the region is predicted to boost the growth of the solar photovoltaic (PV) market during the forecast period.
Read Also: Switchgear Market Value to Cross US$ 250.63 Bn by 2030
Solar Photovoltaic Market Dynamics
Surge in demand for electricity
As the global need for electricity rises, most countries are expanding or building new power plants to meet the demand. The key market players are increasingly turning to renewable energy sources for electricity generation, particularly solar power, as a result of tough environment rules regulating carbon emissions. During the projected period, this is expected to drive the market for solar photovoltaic (PV).
Lack of huge areas
A large amount of land is required for utility scale solar power producing installations to be efficient. Many factors such as the presence of solar radiation can limit the selection of land for solar power generation. Due to the amount of land occupied by the power plant, solar systems installed on a big scale might have an influence on ecological regions and biodiversity. The large-scale solar power facilities must also take into account land issues such as transportation networks, distance from the energy grid, and the impact on nearby residential areas. The market for solar photovoltaic (PV) may be hampered by these concerns.
Growing investments in solar power resources
Several environmental restrictions around the world are pressuring power producing companies to switch to greener and more environmentally friendly energy sources. Major countries throughout the world are putting a lot of efforts into expanding renewable energy power generation in order to lessen their reliance on fossil fuel-based power generating. The solar energy is one of the important renewable energy sources, capable of meeting many of the world’s concerns. As a result, growing investments in solar power resources is creating lucrative opportunities for the growth of the global solar photovoltaic (PV) market during the forecast period.
Lack of skilled labors
The solar photovoltaic (PV) installation necessitates a wide range of professions who require specific training and certification as well as a large range of additional professionals to support all areas of the solar photovoltaic (PV) sector. There are not enough trained installers in the business to manage this technology’s installation. One of the most significant issues in the solar photovoltaic (PV) industry has been finding adequately skilled labor. The end users of the technology demand recognized standards, quality assurance, and skills certification throughout the whole development process of solar photovoltaic (PV) installation. Thus, lack of skilled labors is a major challenge for the expansion of the global solar photovoltaic (PV) market during the forecast period.
Some of the prominent players in the global solar photovoltaic (PV) market include:
- 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
Segments Covered in the Report
- Monocrystalline Silicon
- Thin Film
- Polycrystalline Silicon
By Grid Type
- Ground Mounted
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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