Solar PV Market

Solar PV Market Size

Solar PV Market size was USD 149.92 billion in 2021 and projected to grow from USD 165.5 billion in 2023 to USD 260.3 billion by 2032, exhibiting a CAGR of 5.2% during the forecast period.

A solar photovoltaic (PV) system includes solar panels with an inverter and other mechanical and electrical hardware that transform sunlight into electrical energy. It depends on mounting structures that focus panels toward the sun for changes direct current into alternating current and is utilized to produce clean and green energy thereby, reducing the air pollution along with emission of greenhouse gasses. This is a unique, cost-effective, noise-free, ease to install with low maintenance costs which is expected to drive the growth of the market during the forecast period.

Market Highlights

Solar PV Market is expected to project a CAGR of 5.2% during the forecast period, 2022-2032

Solar PV Market is expected to reach USD 260.3 billion, growing at a CAGR of 5.2% during forecast period owing to the increasing awareness to utilize low carbon-intensive technologies for reducing carbon footprint which may boost the market growth. The increasing use of solar PV systems for supplying power to spacecraft and orbiting satellites is expected to drive the market growth. Increasing government initiatives for the promotion of solar PV systems use to decrease the dependency on fossil fuels may also uplift the market growth. The increasing demand for continuous and sustainable electric supply alomg with increasing electrical industry may drive growth of the market.

Solar PV Segmentation:

Monocrystalline Silicon segment is expected to grow with high CAGR during the forecast period

Solar PV Market is classified based on the Technology into Monocrystalline Silicon, Multicrystalline Silicon, Thin Film, and Others. Monocrystalline silicon segment is expected to dominate the market in the forecast period owing to their wide usage in solar rooftop systems which are generally preferred for large-scale solar PV installations and are utilized in various fields like industrial, residential or commercial. The preference of shifting from multi-crystalline to monocrystalline solar cells by the manufacturers owing to their high efficiency and durability is expected to drive the market growth.

On-grid segment is expected to grow with high CAGR during the forecast period

Solar PV Market is classified based on the Grid Type into On-grid, Off-grid. On-grid segment dominated the market in 2021 and is expected to continue its dominance over the forecast period owing to the growing number of utility-scale projects worldwide. On-grid solar photovoltaic system refers to a grid-attached to a utility grid which produce electricity utilizing solar photovoltaic and it ranges from residential units to huge utility-scale solar photovoltaic generating stations. This might create demand for growth of the segment in the Solar PV Market.

Market Dynamics:   

Growth Drivers

Increasing Necessity of Electricity is Expected to Boost the Growth of the Market

The consumption of power has increased and is being constantly increasing which is creating demand for electricity in the market. The increasing population, economic growth and developing manufacturing industries have created increased scope of power consumption. The high electricity demand in the developing countries due to growing infrastructure, expansions, industrialization and urbanization are resulting in requiring electricity and the expansion of the existing plants along with installation of new plants is expected to boost market growth during the forecast period.

Growing Investments in Solar Energy is Expected to Boost the Market Growth

Several environmental norms were set in various countries for protecting the environment by creating awareness which is anticipated to increase the market growth. This impacts the power generation plants to adopt new pattern, use clean and eco-friendly resources for the production which may boost the market growth. The expansion of renewable energy sources of power generation has grown to reduce the dependability on conventional sources.

Restraint

Impacting Biodiversity May Restrain the Growth of the Market

The installation of solar projects needs huge land and the opting of such land can cause several environmental issues by impacting the natural biodiversity which may hamper the growth of the market. The use of such land for the deployment of solar systems can impact the natural areas and biodiversity. `

Recent Developments:

• In January 2021, 25 MW Qabas solar plant was introduced by Royal Dutch Shell PLC in northern Oman, which consists of 88,000 solar modules.
• In August 2020, Canadian Solar declared collaborating with EleapsSdn. Bhd. And Antah Solar Sdn. Bhd., for the initiation of constructing a largest commercial and industrial rooftop solar project in Malaysia.

Key Players Covered:

• Trina Solar
• Canadian Solar Inc.
• Tata Power Solar Systems Ltd.
• Nextera Energy Sources LLC
• SunPower Corporation
• BrightSource Energy Inc.
• Suntech Power Co. Ltd
• Vivaan Solar
• Waaree Group
• Jinko Solar
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Solar PV Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Europe region dominated the solar photovoltaic (PV) market in 2021 owing to the rapid developments of solar farms in the region with favourable regulations which had created demand for the growth of the solar photovoltaic (PV) market. Asia-Pacific is expected to dominate the market in the forecast period owing to the increasing demand for power generation capacity, establishment of capacity quota targets and favourable foreign direct investments which are expected to boost the growth of Solar PV Market.

Impact of Covid-19 on Solar PV Market

The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and applied travel restrictions to control the spread of the virus.  COVID-19 had a negative impact on the growth of the Solar PV Market as there were delays in the import and exports of material related to solar components which delayed the installation of several solar power projects and resulted in downfall of the market during the pandemic period.

Solar PV Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Solar PV Market Scope and Segments:

Frequently Asked Questions (FAQ):