Pune, India, April 25, 2022 (GLOBE NEWSWIRE) -- The global Solar Photovoltaic Market size is projected to reach USD 1,000.92 billion by 2028, exhibiting a CAGR of 25.9% during the forecast period. Rising demand for renewable energy resources and dependence upon electricity is likely to fuel market progress. Fortune Business Insights™ presents this information in its report titled "Solar Photovoltaic (PV) Market, 2021-2028." The global solar photovoltaic (PV) market size was USD 154.47 billion in 2020.
The rising demand for effective fossil fuels is likely to fuel solar photovoltaic (PV) technology. Further, the dependence upon electricity is increasing rapidly globally. The demand for sustainable and continuous electric supply is likely to fuel solar PV technologies' demand. These factors are likely to fuel the market progress during the upcoming years.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 25.9% |
| 2028 Value Projection | USD 1000.92 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 154.47 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 220 |
| Segments covered | By Technology, By Installation, By Grid Type, By Application, and By Region |
| Growth Drivers | Rising Investments in Solar Power and Increasing Off-grid Areas to Boost Market Growth |
| Raw Material Shortage and Closure of Industries to Negatively Affect Market Growth |
Market Drivers and Restraints:
Rising Investments in Solar Power and Increasing Off-grid Areas to Boost Market Growth
Solar PV is a technology that boosts electricity production using solar energy in several off-grid areas. Several people worldwide live without continuous electric supply and facilities. As per the statistics provided by the World Energy Outlook, approximately 1 billion people or more still live without an electric supply. As a result, the development of solar energy is gaining traction. Solar energy is the most readily available source of electricity, which, in turn, may fuel its adoption in off-grid areas. Significant investments in solar energy lead to increased solar PV sales. Energy generation companies focus heavily on the production of solar power and the incorporation of solar energy generation technologies. These factors are likely to drive the solar photovoltaic (PV) market growth.
However, the requirement of large land use and constraints regarding its uses are likely to hinder market progress.
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Impact of COVID-19:
Raw Material Shortage and Closure of Industries to Negatively Affect Market Growth
This market could be negatively impacted by the COVID-19 pandemic due to the closure of major industries and the shortage of raw materials. The emergence of the pandemic and the sudden spike in cases has led to the imposition of restrictions. The halt on manufacturing and the closure of industries is likely to fuel the product demand. Further, the adoption of reduced capacities, part-time shifts, and production machinery is likely to fuel the product's adoption. These factors are likely to support the growth of the market during the pandemic.
Market Segments:
- By technology analysis, the market is segmented into multi-si, thin-film, mono-si, and others. As per installation, it is classified into roof-mounted, ground-mounted, and others.
- Based on grid type, it is bifurcated into off-grid and on-grid.
- By application, it is categorized into non-residential, residential, and utilities.
- Regionally, it is divided into Asia pacific, Europe, North America, Latin America, and the Middle East & Africa.
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Regional Insights:
Low Manufacturing Costs and Higher Solar Irradiance Levels to Boost Market Growth in Asia Pacific
Asia pacific is expected to dominate the solar photovoltaic (PV) market size because of low manufacturing costs and higher solar irradiance levels are likely to boost the product's adoption. The market in Asia pacific stood at 71.37 billion in 2020 and is projected to gain the largest market share in the upcoming years. Furthermore, approximately 77 GW of solar capacity has been installed in the developing countries in 2020 and the electricity demand is rising rapidly in countries such as India, Japan, and China. These factors are likely to fuel market progress.
Competitive Landscape:
Prominent Companies Launch New Projects to Boost Brand Presence Globally
Prominent companies operating in the market launch new projects to boost their brand presence. For example, Canadian Solar declared that it commenced the biggest commercial and industrial (“C&I”) construction project in Malaysia in collaboration with EleapsSdn. Bhd., The 5 MWp and Antah Solar Sdn. Bhd. The project is situated in Penang, Malaysia, and spans approximately 26,000 m2. This strategy may boost the company's brand image globally. Further, the adoption of technologically advanced production techniques may enable companies to reduce production costs, time consumption, improve product quality, and fulfill organizational goals.
Industry Development:
July 2021: Waaree Energy stated that it completed a 300+MW solar module's launch for the Aquamarine Solar PV project. The company offers Mono PERC Solar PV modules for installation in WSP.
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LIST OF KEY MARKET PLAYERS PROFILED IN THE REPORT:
- Canadian Solar Inc. (Canada)
- BrightSource Energy, Inc. (U.S.)
- First Solar (U.S.)
- SunPower Corporation (U.S.)
- Trina Solar (China)
- Yingli Solar (China)
- Wuxi Suntech Power Co. Ltd. (China)
- Jinko Solar (China)
- Waaree Group (India)
- AccionaEnergia S.A.(Spain)
- Nextera Energy Sources LLC (U.S.)
- Vivaan Solar (India)
- eSolar Inc. (U.S.)
- Tata PowerSolar Systems Ltd. (India)
- Abengoa (Spain)
Global Solar Photovoltaic Market Segmentation:
By Technology
- Mono-Si
- Thin Film
- Multi-Si
- Others
By Installation
- Ground Mounted
- Roof Mounted
- Others
By Grid Type
- On-grid
- Off-grid
By Application
- Residential
- Non-residential
- Utilities
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Solar Photovoltaic (PV) Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Solar Photovoltaic (PV) Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Technology
6.2.1. Monocrystalline Silicon
6.2.2. Thin Film
6.2.3. Polycrystalline Silicon
6.2.4. Others
6.3. Market Analysis, Insights and Forecast – By Installation
6.3.1. Ground Mounted
6.3.2. Rooftop
6.3.3. Others
6.4. Market Analysis, Insights and Forecast – By Grid Type
6.4.1. On-grid
6.4.2. Off-grid
6.5. Market Analysis, Insights and Forecast – By Application
6.5.1. Residential
6.5.2. Non-Residential
6.5.3. Utilities
6.6. Market Analysis, Insights and Forecast – By Region
6.6.1. North America
6.6.2. Europe
6.6.3. Asia Pacific
6.6.4. Latin America
6.6.5. Middle East & Africa
7. North America Solar Photovoltaic (PV) Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028
Continued…
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