Solar Photovoltaic (PV) Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Solar Photovoltaic (PV) Market grew at a CAGR of 16.2% between 2017-2021 and is estimated to be US$ 1,94,671.4Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 14.3% and is expected to reach a valuation of US$ 7,40,908.3Mn by 2032 end
The favorable government programs and incentives, such as tax breaks and tariffs, will improve business prospects and support ongoing technological developments and a growing consumer and regulatory preference for clean energy sources. The solar photovoltaic (PV) systems market will grow due to the lower cost of solar energy and increased financial support. Widespread resource availability, cost-effectiveness, and improved industry potential will contribute to the product’s acceptability.
Several regulatory measures will be implemented to promote product acceptance, including asset and financial leveraging, subsidies, and other financial tools. The solar photovoltaic (PV) market will grow during the forecast period due to the implementation of numerous solar photovoltaic (PV) installation targets and a shift in focus to reduce carbon emissions.
ChemView Consulting has analyzed that off-grid areas have very little or no access to power connected to the grid. These regions rely on backup photovoltaic energy sources, like solar power. There are sizable off-grid locations worldwide that are not connected to the energy grid. More than 1 billion people globally still live without power, according to World Energy Outlook.
The majority of the market was made up of the thin film. Solar panels with thin-film photovoltaic modules integrated produce electricity utilizing silicon, cadmium, and copper as raw materials. It is anticipated that the rising demand for solar panels for the generation of electricity for residential use, such as rooftop photovoltaic power stations, in nations like the United States, the United Kingdom, Germany, Italy, China, and France will increase the demand for thin film technology and propel the growth of the photovoltaic market.
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Segments Covered in Report
- Thin Film
- Ground Mounted
- Roof Mounted
By Grid Type:
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Solar Photovoltaic (PV) Market
- Based on the technology, most of the market was made of the thin film. Solar panels with thin-film photovoltaic modules integrated produce electricity utilizing silicon, cadmium, and copper as raw materials. It is anticipated that the rising demand for solar panels for the generation of electricity for residential use, such as rooftop photovoltaic power stations, in nations like the United States, the United Kingdom, Germany, Italy, China, and France will increase the demand for thin film technology and propel the growth of the photovoltaic market.
- Based on the grid type, the on-grid segment controlled a disproportionate amount of the market due to an increase in utility-scale projects worldwide. An on-grid solar photovoltaic system uses solar energy to produce electricity and is connected to a utility grid. Small home units and huge utility-scale solar photovoltaic-producing stations are included in the on-grid system. Off-grid technologies are being adopted in rural regions at an accelerated rate.
- Based on the installation, the ground-mounted segment dominated the market. Due to its affordability, this type of PV is frequently employed in commercial and utility settings. There are numerous installation, operational, and maintenance efficiencies with ground-mounted solar.
- Based on the region, with a market share of 56.7%, Asia-Pacific held the largest part of the worldwide photovoltaic market. This was due to a rise in the use of photovoltaic energy over conventional fuels because of its low cost of electricity production and lack of carbon emissions. Asia-Pacific countries, including India, China, and Thailand, have experienced fast industrialization and urbanization, increasing energy demand.
Key companies covered in the market study are Canadian Solar Inc., BrightSource Energy, Inc., First Solar, SunPower Corporation, Trina Solar, Yingli Solar, Wuxi Suntech Power Co. Ltd., Jinko Solar, Waaree Group, AccionaEnergia S.A., Nextera Energy Sources LLC, Vivaan Solar, eSolar Inc., Tata PowerSolar Systems Ltd., Abengoa
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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