Global Solar Photovoltaic (PV) Market Report and Forecast 2023-2028
According to the report by Expert Market Research (EMR), the global solar photovoltaic (PV) market is projected to grow at a CAGR of 23.30% between 2023 and 2028. Aided by the accelerating shift towards renewable energy and the expanding applications of solar PV in various sectors, the market is expected to grow significantly by 2028.
Solar photovoltaic (PV) technology converts sunlight into electricity using semiconducting materials that exhibit the photovoltaic effect. It's a crucial component of the renewable energy mix and is deployed extensively in residential, commercial, and utility-scale installations, contributing to energy security and emission reductions.
The accelerating shift towards renewable energy is the primary driver of the global solar photovoltaic (PV) market growth. As concerns about climate change mount and the urgency to reduce greenhouse gas emissions intensifies, the adoption of solar PV technology has grown exponentially. Furthermore, the continuous technological advancements have led to significant reductions in the cost of solar PV installations, making it increasingly competitive with conventional power sources.
In addition, the rising trend of energy decentralisation has significantly boosted the solar photovoltaic (PV) market demand. This approach allows consumers to generate their own power and reduces the reliance on the grid, leading to increased resilience and energy independence. As a result, solar PV systems have become a popular choice for decentralised power generation, particularly in residential and commercial settings.
The extensive applications of solar PV in various industries also play a significant role in propelling the solar photovoltaic (PV) market development. In the utility sector, large-scale solar farms are being built to supplement traditional power plants. In the construction industry, the integration of solar PV into building materials, known as building-integrated photovoltaics (BIPV), is becoming increasingly popular. This not only generates electricity but also improves the building's aesthetics and energy efficiency.
Furthermore, government policies and incentives to promote renewable energy use have led to an increased focus on solar PV as a viable source of power. Feed-in tariffs, tax credits, and grants have made solar PV installations more affordable and attractive, leading to the solar photovoltaic (PV) market growth.
The market can be divided based on technology, deployment, connectivity, end use, and region.
Market Breakup by Technology
- Thin film
Market Breakup by Deployment
- Rooftop Solar
Market Breakup by Connectivity
Market Breakup by End Use
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global solar photovoltaic (PV) companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- LONGi Green Energy Technology Co., Ltd.
- Jinko Solar Co., Ltd.
- Trina Solar
- JA SOLAR Technology Co., Ltd.
- Canadian Solar Inc.
- Risen Energy Co., Ltd.
- First Solar Inc.
- Hanwha Group.
- Golden Concord Holdings Limited
- CHINT Group
- Wuxi Suntech Power Co., Ltd.
- Adani Group
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.