New York, Oct. 17, 2023 (GLOBE NEWSWIRE) -- With an estimated increase from USD 96.2 billion in 2022 to USD 218.9 billion by 2032, the photovoltaic market is expected to experience spectacular growth, with a CAGR of 8.8%. Which is propelled by rising demand for sustainable energy solutions and helpful governmental regulations.
PV systems are at the forefront of capturing solar energy for the generation of ecologically friendly electricity. They serve as both an affordable substitute for traditional energy systems and an advocate for the worldwide movement to reduce carbon emissions. The market for solar panels is seeing unprecedented growth due to our increasing reliance on electricity in our everyday lives and the rising need for renewable energy sources amid growing environmental concerns. The market landscape is ripe for big innovations and developments.
Global population growth has caused an unheard-of increase in energy demand. The shift away from fossil fuels is being prioritized by governments around the world as a crucial step in reducing environmental deterioration. The current legislative environment greatly supports this paradigm shift toward renewable energy sources, particularly solar energy, which is driving the market for photovoltaic systems ahead. Additionally, the need to minimize carbon emissions and the affordability of energy production from solar systems further highlight its allure. These elements combine to support the solar industry's predicted rapid expansion. This changing environment offers both possibilities and demands for the sector's ongoing innovation and growth.
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Key Takeaways
- The US DOE, Solar Energy Technologies Office, and NREL collaborated on this study, which highlights solar energy's potential to supply nearly 40% of US power demand by 2050, accelerating decarbonisation and achieving net-zero targets.
- As a result of technological advancements, Organic Photovoltaics (OPV) is positioned to beat inorganic alternatives, especially in terms of flexibility and weight, and is currently the market leader in the solar industry.
- The foundation of PV systems, photovoltaic cells, hold market supremacy for their critical role in energy conversion. This is made possible by continual scientific developments, particularly in higher efficiency cells, which support the viability of photovoltaic technology from an economic standpoint.
- Residential solar technology usage is rapidly increasing due to advantages like cost savings, decreased environmental impact, and increased energy independence. This represents a significant growth trend in the photovoltaic industry.
- The Asia-Pacific area dominates the PV technology industry, owing to industrialization, population development, and strong government backing for renewables. Innovative firms in this area enhance technology, increasing the effectiveness and affordability of PV systems.
Driving Factors
Reduced Solar Panel Prices
The growth of the solar industry has greatly reduced the cost of manufacturing photovoltaic panels. Economies of scale, which are fueled by increased manufacturing quantities, have significantly reduced unit costs. Cost-effectiveness has increased as a result of efficiency and decrease in waste brought about by advancements in manufacturing equipment and practices. Due to the decrease in solar panel buying costs, solar energy is becoming more accessible to households and companies of all sizes.
Objectives for Environmental Awareness and Sustainability
Growing awareness of environmental problems, particularly climate change, has generated a global push towards cleaner energy sources. One notable feature of solar energy is that it emits no greenhouse gases when used. Both individuals and corporations are motivated by the need to reduce their carbon footprints and the desire to contribute to a better tomorrow. The ambitious sustainability goals set by governments and world organizations cannot be attained without solar energy.
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Restraining Factors
Period of Initial Investment and Repayment
Even though installing photovoltaic systems can be expensive initially, solar energy's long-term benefits are alluring. Even while this upfront cost leads to large long-term savings, some consumers can be turned off by it. The payback period, or the time it takes for the energy savings to offset the initial expenditure, can be influenced by a number of factors, including location, system size, and local incentives.
Growth Opportunity
Electrification of Transportation
As previously stated, the transition to electric vehicles (EVs) produces synergies with solar energy. Solar carports and stations for charging are powered by photovoltaic systems. This integration increases the amount of clean energy generated by solar panels while decreasing the carbon footprint of transportation. Along with the EV sector, there is an increasing demand for powered by solar energy infrastructure for charging.
Cost Effectiveness as Well as Grid Parity
A significant possibility for expansion exists when solar energy costs are on level with or less than those of conventional energy sources, or when grid parity is reached. Continuous decreases in expenses in solar panel production, installation, and maintenance have made this practical. With the levelized cost of electricity (LCOE) falling, more homes and businesses will find solar power to be financially viable, fostering industry growth.
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Report Scope
| Report Attribute | Details |
| Market Value (2022) | US$ 96.2 Billion |
| Market Size (2032) | US$ 218.9 Billion |
| CAGR (from 2023 to 2032) | 8.8% from 2023 to 2032 |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Regional Analysis
In terms of market share for photovoltaic (PV) technology, Asia-Pacific is dominant. This significance is supported by a large number of suppliers and significant players, who are responsible for market expansion and presence. Energy demand is reaching previously unheard-of heights as a result of the region's fast industrialization and population growth. Governments in the region have aggressively encouraged the development of renewable energy sources, particularly solar technology. Additionally, the Asia-Pacific region is a hub for creative photovoltaic technology firms, which have benefited from considerable technological improvements that have increased the effectiveness and accessibility of PV systems.
Segment Analysis
According to Type, the Organic Photovoltaic (OPV) industry generates the most money and uses cutting-edge organic materials to turn solar energy into electricity. In especially for light and flexible photovoltaic systems, anticipated advancements in OPV technology are predicted to further raise their efficiency and capacities.
Cells are the most common in the component type in the photovoltaic (PV) market. These crucial parts transform solar energy into electrical power, which is necessary for a variety of uses in commercial, industrial, and residential contexts. The value of photovoltaic technology has grown economically due to the importance of cells in overall system efficiency.
The residential market is leading in terms of Application Type, which shows a rise in the adoption of solar technology by home and business owners. The multiple benefits of household PV systems, such as financial savings, diminished environmental impact, and enhanced energy independence, are credited with this transition. Residential solar systems are now more accessible and inexpensive because to government support in the form of subsidies and declining technological costs, which has fueled the overall growth of the PV sector.
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Segments Covered in the Report
By Type
- Organic PV
- Inorganic PV
By Component
- Cells
- Modules
- Optics
By Application
- Residential Applications
- Non-Residential Applications
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Competitive Landscape Analysis
Photovoltaic (PV) solutions are the primary focus of a well-known Chinese business called Risen Energy Co. Ltd. They offer a comprehensive range of PV products, including systems, modules, and associated parts. By supporting utility-scale, commercial, and residential applications, these modules show their flexibility.
A key operator in the clean energy sector, Shunfeng International Clean Energy Limited, with a strong emphasis on photovoltaic power generation. They offer the same systems, modules, and related components that Risen Energy does, all of which are intended for various applications. Both companies are committed to offering reliable, high-quality, and affordable PV solutions. They continue to pursue technological advancement and product improvement, giving research and development a high priority.
Key Market Players
- Risen Energy Co. Ltd
- Shunfeng International Clean Energy Limited
- Mitsubishi Electric Corporation
- GCL System Integration
- JA Solar Holdings
- Kaneka Corporation
- Sharp Corporation
- Suntech Power Co.
- Trina Solar Limited
- Canadian Solar Inc.
- Jinko Solar Holding Co., Ltd
Recent Development
- In December 2022, Canadian Solar announced that its majority-owned subsidiary CSI Solar Co., Ltd. would begin mass producing high efficiency N-type TOPCon (Tunnel Oxide Passivated Contact) solar modules in the first quarter of 2023.
- A purchase agreement for Cunningham, the biggest battery energy storage system (BESS) project of its kind in Texas, was signed in December 2022 by ACCIONA Energia and Hanwha Corporation, a South Korean industrial conglomerate.
- On June 20, 2022, JA Solar, a renowned manufacturer of solar panels in China, supplied its DeepBlue 3.0 module for the rooftop PV system at Beijing Fengtai Railway Station. This project marks a significant turning point as the most active railway hub in Asia is adorned with cutting-edge technology from JA Solar.
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