Solar Photovoltaic (PV) Market Size, Share, Trends, Outlook 2024-2032

IMARC Group, a leading market research company, has recently releases report titled “Solar Photovoltaic (PV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” 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. The growing environmental concerns, supportive government policies, ongoing technological advancements, declining product costs, and the push for sustainable energy solutions are some of the major factors propelling the market.

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Factors Affecting the Growth of the Solar Photovoltaic (PV) Industry:

  • Demand for Clean Energy:

The growing awareness and concern about environmental issues, particularly climate change, is leading to an increased demand for clean and sustainable energy sources. Solar PV is considered a clean and renewable energy technology as it generates electricity without emitting greenhouse gases, contributing to a reduction in the overall carbon footprint. Governing agencies around the world are implementing policies and offering financial incentives to promote the adoption of clean energy technologies. Subsidies, tax credits, and feed-in tariffs are provided to encourage individuals and businesses to invest in solar PV systems, making them more economically attractive.

  • Energy Transition Initiatives:

The global push towards sustainable energy and the transition away from conventional fossil fuels are instrumental in shaping the solar PV market. As nations seek to diversify their energy portfolios and reduce reliance on non-renewable sources, solar PV emerges as a prominent player in the transition to a low-carbon future. Corporate sustainability goals (CSG), aligned with international agreements, are also compelling businesses to integrate solar PV into their energy strategies, driving further market growth. Moreover, the increasing awareness about the harmful effects of burning fossil fuels to generate energy is bolstering the market growth.

  • Technological Advancements:

Advancements in solar PV technology play a pivotal role in steering the market toward greater efficiency and competitiveness. Innovations in materials, manufacturing processes, and energy storage are leading to increased solar cell efficiency and a subsequent reduction in overall costs. Emerging technologies, such as perovskite solar cells and bifacial modules, are gaining popularity, promising even higher efficiency and lower production costs. Moreover, the continuous evolution of technology is a key trend that enhances the attractiveness of solar PV as a mainstream energy solution.

Top Companies Operating in Solar Photovoltaic (PV) Industry:

  • Acciona S.A.
  • Canadian Solar Inc.
  • 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 Int’l)
  • Tata Power Solar Systems Limited (Tata Power Company Limited)
  • Trina Solar Co. Ltd.

Solar Photovoltaic (PV) Market Report Segmentation:

By Type:

  • Thin Film
  • Multi-Si
  • Mono-Si

Based on the type, the market has been segmented into thin film, multi-Si, and mono-Si.

By Grid Type:

  • On-Grid
  • Off-Grid

On-grid accounted for the largest market share as it allows homeowners and businesses to generate their own electricity, reducing their reliance on grid power.

By Deployment:

  • Ground-mounted
  • Rooftop Solar

Ground-mounted represented the largest segment as it offers enhanced scalability and flexibility and can be positioned and tilted to maximize sun exposure throughout the day.

By End User:

  • Residential
  • Commercial
  • Utility

Utility represents the biggest market share as it relies on clean energy sources to reduce the carbon footprint.

Regional Insights:

  • 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

Asia Pacific’s dominance in the solar photovoltaic (PV) market is attributed to the rising implementation of stringent regulations encouraging individuals and businesses to invest in renewable energy sources.

Global Solar Photovoltaic (PV) Market Trends:

The rising shift towards distributed generation aligns with the broader trend of decentralizing energy systems, empowering people and businesses to become active participants in the generation and consumption of clean energy. Solar PV, with its modular and scalable nature, is well-suited to contribute to this evolving energy landscape.

Moreover, the increasing awareness about the depletion of non-renewable sources is encouraging individuals and businesses to utilize solar energy to generate electricity. Furthermore, solar energy provides a decentralized and distributed source of power, reducing dependence on centralized energy grids and mitigating the risks associated with geopolitical tensions or supply chain disruptions.

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