The latest research study Solar Photovoltaic (PV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 by IMARC Group, finds that the global solar photovoltaic (PV) market size reached 1,034.5 TWh in 2022. Looking forward, IMARC Group expects the market to reach 2,546.5 TWh by 2028, exhibiting a growth rate (CAGR) of 16.4% during 2023-2028.
Solar photovoltaic (PV) is a technology that utilizes the power of sunlight to generate electricity. It involves the usage of solar panels, also known as photovoltaic cells, which convert sunlight directly into electrical energy. It is manufactured from semiconductor materials, such as silicon, that absorb photons from sunlight and release electrons and create a flow of electricity. It is designed to capture sunlight across a wide range and enable them to operate even on overcast days. It is a cost-effective and reliable alternative to conventional energy sources, such as fossil fuels. It has low maintenance requirements, as irregular inspections are usually sufficient to ensure optimal performance. It can be tailored to different energy needs, from small residential systems to large-scale utility installations. It can also be easily integrated into various settings, such as rooftops, ground-mounted arrays, and even portable units. It provides a reliable source of electricity while minimizing environmental impact. It reduces vulnerability to energy price fluctuations and supply disruptions. It enhances grid stability by diversifying energy sources and reducing strain during peak demand periods. It assists in lowering electricity bills, reducing carbon emissions, and maintaining environmental sustainability. As it has a longer life span and ensures consistent energy production, the demand for solar PVs is increasing around the world.
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Solar Photovoltaic (PV) Market Trends and Drivers:
At present, the rising awareness about the environmental implications associated with conventional energy sources among individuals represents one of the major factors supporting the growth of the market. Besides this, the increasing preference for a cleaner source of energy is strengthening the growth of the market. Additionally, there is a rise in the demand for cost-effective, convenient, and eco-friendly energy solutions among businesses across the globe. This, coupled with the increasing adoption of solar PVs in residential areas to decrease electricity bills, is propelling the growth of the market. Apart from this, the growing integration of solar PV into grid systems, along with the popularity of distributed energy generation, is positively influencing the market. Moreover, governing agencies of several countries are encouraging the adoption of renewable energy sources to reduce carbon footprint and maintain sustainability worldwide. They are also promoting the employment of solar PVs by offering various incentives and subsidies, which is contributing to the growth of the market. In addition, the increasing innovations in PV panel design, such as thin-film technology, that enhance the efficiency and overall performance of solar installations are offering lucrative growth opportunities to industry investors. In line with this, the rising need to conserve natural resources worldwide is bolstering the growth of the market.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Canadian Solar Inc.
- Acciona S.A.
- First Solar Inc.
- JA Solar Technology Co
- JinkoSolar Holding Co. Ltd.
- LONGi Green Energy Technology Co. Ltd.
- Sharp Corporation, Solar Frontier K.K
- SunPower Corporation
- Suntech Power Co. Ltd. (Shunfeng Intl)
- Tata Power Solar Systems Limited (Tata Power Company Limited)
- Trina Solar Co. Ltd.
The report has segmented the market on the basis of type, grid type, deployment and end user.
Breakup by Type:
- Thin Film
- Multi-Si
- Mono-Si
Breakup by Grid Type:
- On-Grid
- Off-Grid
Breakup by Deployment:
- Ground-mounted
- Rooftop Solar
Breakup by End User:
- Residential
- Commercial
- Utility
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porters Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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