Solar PV Market

Solar PV Market

Growth Factors of Solar PV Market

The solar PV market size was valued at USD 316.78 billion in 2023, and the market is now projected to grow from USD 399.44 billion in 2024 to USD 2517.99 billion by 2032, exhibiting a CAGR of 25.88% during the forecast period of 2024-2032.

The COVID-19 has impacted numerous business which includes oil & gas, manufacturing, aviation, tourism, and others. The governments in many nations had executed national lockdowns & limitations due to this pandemic, which has strictly affected economies globally, interrupted supply chains, affected a delay in numerous projects, and formed a labor unavailability.

Frequent countries through the world have recognized ecological standards as ecological safety awareness is growing extensively. This forces power generation firms to modify their making pattern and implement biodegradable and clean resources. Significant countries around the world are increasing their renewable energy sources of power generation to decline their dependence on conventional sources. Sun-based energy is a vital renewable energy source having the probable to meet growing electricity demand which upsurge the solar PV market growth.

As demand for electricity is growing, many nations across the world are growing their power generating capacity either by increasing the present ones or fixing new plants. The developing economies are observing high electricity demand due to growth and infrastructure development. Industrialization and urbanization along with the growing living standard of people upsurge the demand for electricity generation. The government in many nations has enforced strict carbon emission rules due to which the focus towards the renewable sector is growing, mainly towards solar photovoltaic generation.

Comprehensive Analysis of Solar PV Market

The market can be segmented in various ways, depending on the focus of analysis such as by technology, by installation, by grid type and by application. Based on technology, the market is segmented into monocrystalline silicon, thin-film, multi-crystalline silicon, and others. Based on the installation, the market is segmented into ground-mounted, rooftop, and others. Based on the grid type, the market is segmented into on-grid and off-grid. Based on the application, the market is segmented into residential, non-residential, and utility.

Asia Pacific region is dominating the solar PV market share due to high solar irradiation stages and cheap element making expenses. High carbon emission decline, combined with growing electricity demand will fuel market development.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include Canadian Solar Inc. (Canada), BrightSource Energy, Inc. (U.S.), First Solar (U.S.), SunPower Corporation (U.S.), Trina Solar (China), Yingli Solar (China), Wuxi Suntech Power Co. Ltd. (China), Jinko Solar (China), Waaree Group (India), AccionaEnergia S.A.(Spain), Nextera Energy Sources LLC (U.S.), Vivaan Solar (India), eSolar Inc. (U.S.), Tata PowerSolar Systems Ltd. (India), Abengoa (Spain) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In October 2021, SunPower Corp., a leading provider of solar technology and energy services declared that it had acquired Blue Raven Solar, one of the fastest-growing residential solar providers in the United States on Blue Raven's progression trajectory. The further geographic footprint is anticipated to give SunPower a path to promptly expand the solar market to aid more consumers in underserved areas, comprising the Northwest and Mid-Atlantic regions.

Segmentation Table

TTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 25.88% over 2024 to 2032

Unit Volume (MW) and Value (USD Billion)

Segmentation By Technology

• Mono-Si
• Thin Film
• Multi-Si
• Others

By Installation

• Ground Mounted
• Roof Mounted
• Others

By Grid Type

• On-grid
• Off-grid

By Application

• Residential
• Non-residential
• Utilities

By Region

• North America (By Technology, By Installation, By Grid Type, By Application, By Country)
• U.S. (By Application)
• Canada (By Application)
• Europe (By Technology, By Installation, By Grid Type, By Application, By Country)
• U.K. (By Application)
• France (By Application)
• Spain (By Application)
• Germany(By Application)
• Netherlands (By Application)
• Rest of Europe (By Application)
• Asia Pacific (By Technology, By Installation, By Grid Type, By Application, By Country)
• China (By Application)
• India (By Application)
• Japan (By Application)
• Australia (By Application)
• Sout Korea (By Application)
• Rest of Asia Pacific (By Application)
• Latin America (By Technology, By Installation, By Grid Type, By Application, By Country)
• Brazil (By Application)
• Mexico(By Application)
• Rest of Latin America(By Application)
• Middle East and Africa(By Technology, By Installation, By Grid Type, By Application, By Country)
• South Africa(By Application)
• Egypt (By Application)
• Israel(By Application)
• Saudi Arabia (By Application)
• UAE (By Application)
• Rest of Middle East & Africa (By Application)

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