Selbyville, Delaware,, Dec. 13, 2022 (GLOBE NEWSWIRE) --
The solar PV market valuation is predicted to surpass USD 260 billion by 2032, as reported in a research study by Global Market Insights Inc.
Commercialization of sustainable energy systems in different industries is creating lucrative opportunities for the development of solar PV. Many companies are switching to sustainable systems for generating electricity to reduce their greenhouse gas (GHG) emissions. Several governments across the world are also introducing electrification programs, mainly in rural areas. Additionally, public and private sector organizations are partnering to replace traditional energy systems with clean power solutions, thereby accelerating the solar PV market demand.
Large-scale solar power plants are also being built to make it easier for firms to transition to clean energy. Many countries are setting renewable energy targets, which might further encourage the establishment of solar energy projects. In May 2022, Spain-based utility firm Naturgy announced plans to invest close to USD 276 million in its first solar PV project in Texas, U.S. The construction of the plant, with an installed capacity of 300 MWdc and expected production of 560 GWh of electricity every year, is one of the major factors facilitating the transition to renewable energies.
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Off-grid solar PV systems gain momentum across rural areas
The off-grid solar PV market is estimated to witness over 9.5% CAGR between 2022 and 2032. The requirement for consistent electricity supply across rural & remote areas has increased significantly in recent years. This has urged governments to launch favorable electrification programs in these locations.
Moreover, reduced electricity costs, easy installation, and the advantage of long-term & independent generation of renewable power are some of the benefits that will fuel the deployment of off-grid solar PV panels.
Urbanization and building renovations accelerate roof-top solar PV panel installations
Global solar PV market size from the roof-top mounting segment is anticipated to cross USD 105 billion by 2032. The volume of projects to speed up urbanization and industrialization efforts is increasing at a steady rate every year to meet the unique requirements of the urban population. Building renovations are taking place on a large scale, including a switch from traditional power generation systems to smart and energy-efficient ones, thereby increasing the deployment of roof-top solar PV panels. These panels can help customers in generating direct solar energy, which will reduce their energy bills and carbon footprint.
Rising utility-scale projects increase reliance on solar PV systems
The utility end-use segment of the solar PV market is set to grow around 184 GW by 2032. Governments across the globe are creating regulatory frameworks that will encourage industrial, commercial, and residential customers to adopt clean energy generation solutions like solar power. Solar PV development has also been spurred by the construction of new utility-scale projects that are receiving strong financial support from public and private investors.
Supportive measures by authorities promote sales of solar PV systems in Europe
Europe solar PV market size is primed to be worth USD 70 billion by 2032. Regional governments are unveiling various favorable regulatory measures in the form of policies, plans, and schemes that will support the development of large-scale solar PV projects. Several market leaders are also focusing on creating cost-effective systems and components to meet the stringent solar targets set by governments, further enhancing product usage.
To cite an instance, in March 2022, GCL SI launched the ‘Casa Blanca’ project in collaboration with Atlas Renewable Energy in Brazil. The company provided its 71-megawatt solar modules for the project, which is forecast to generate up to 630 million kWh of electricity per year. Some of the other leading market participants include Trina Solar, First Solar, Canadian Solar, GCL-SI, CsunSolar Tech, and Solaria Corporation, amongst others. Strategic partnerships, collaborations, and mergers among the major players along with the construction of large-scale projects across emerging nations will have a positive impact on global solar PV market trends.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Global solar PV industry 3600 synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Connectivity trends
2.1.3 Mounting trends
2.1.4 End-Use trends
2.1.5 Regional trends
Chapter 3 Global Solar PV Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 COVID- 19 impact on the industry outlook
3.3.1 Overall view
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.1 Industry pitfalls & challenges
3.5 Growth potential analysis
3.6 Porter's analysis
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
