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Solar Photovoltaic Market May Hit US$ 250.63 billion by 2030

Precedence Research

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.

Solar Photovoltaic (PV) Market Size 2022 to 2030

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
Report Coverage Details
Market Size US$ 250.63 Billion by 2030
Growth Rate CAGR of 5.1% from 2022 to 2030
Largest Market Europe
Fastest Growing Market Asia Pacific
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Product, Application, Region
Solar Photovoltaic Market Report Highlights

Read Also: Switchgear Market Value to Cross US$ 250.63 Bn by 2030

Solar Photovoltaic Market Dynamics

Drivers

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).

Restraints

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.

Opportunities

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.

Challenges

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:

Segments Covered in the Report

By Technology

By Grid Type

By Installation

By Application

By Geography

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