Solar Photovoltaic (PV) Market Size & Growth Report | 2031

Report Description

The global solar photovoltaic (PV) market size is projected to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the countries increasing demand for electricity and green energy and nations moving towards zero emission power generation sources.

Renewable energy consumption grew by 3% in 2020, while demand for all other fuels fell. The biggest cause was a nearly 7% increase in renewable-energy-generated power. Despite decreasing energy demand, supply chain issues, and building delays in many areas of the world, renewables development was fueled by long-term contracts, priority access to the grid, and the continuing installation of new plants.

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Countries to minimize CO2 emissions and local air pollution are on swiftly transition to low-carbon energy sources such as nuclear and renewables. Solar PV and wind are expected to account for two-thirds of future renewable energy market.

Photovoltaic system, also PV system or solar power system is an electric power system designed to supply usable solar power by means of photovoltaic. It consists of an arrangement of several components, including solar panels to absorb and convert sunlight into electricity, a solar inverter to convert the output from direct to alternating current, as well as mounting, cabling, and other electrical accessories to set up a working system.

PV systems range in size from tiny rooftop-mounted or building-integrated systems with a few to several tens of kilowatts of capacity to big utility-scale power plants with hundreds of megawatts of capacity. The majority of PV systems are now grid-connected, with off-grid or stand-alone systems accounting for just a tiny percentage of the market.

Solar panels are one of the most widely used renewable energy sources. Five of the world's ten biggest parks are being built in India, according to the institute for energy economics and financial analysis, IIWFA. The world's largest solar park, known as bhadla Solar Park, is being built in Rajasthan, India. The bhadla solar power plant has a capacity of 2245 megawatts and is spread across 14000 acres of land. This project was built in four separate phases. Bhadla, Rajasthan is home to this solar park.

Market Trends, Drivers, Restraints, and Opportunities

• Rising pressure for reduction in carbon emission is projected to drive the market during the forecast period.
• Infrastructure development projects such as construction of buildings, industrial developments, and advancement in transportation structure are expected to fuel the market.
• Increasing investments and growing industrial demand for electricity are anticipated to boost the market in the coming years.
• Rapid growth in power-driven transportation is main factors driving the market during the forecast period.
• High investments in development of renewal power projects are expected to hamper the market growth.
• Highly fluctuating production of wind energy act as main challenges that can hinder the market growth during the forecast period.
• Growing research and development in wind energy technology is expected to offer immense opportunities for the market players.

Scope of Solar Photovoltaic Market Report 

The report on global solar photovoltaic market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Solar Photovoltaic Market Segment Insights

Based on end users, the solar photovoltaic market is divided into commercial & industrial (C&I), residential, and utility. The utility segment is expected to account for a key share of the market during the forecast period owing to rising electricity demand and growing dependency on power.

In terms of product types, the solar photovoltaic market is segmented into crystalline silicon and thin film. The crystalline silicon segment is expected to hold a key share of the market in the coming years due to greater flexibility of electrons to migrate resulting in a better efficiency; they produce a high-power output, take up less space, and last a long time.

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On the basis of deployments, the solar photovoltaic market is segregated into ground-mounted and rooftop solar. The ground-mounted segment is expected to account for a key share of the market during the forecast period owing to high capacity installation and countries planning to develop large-scale solar PV projects.

On the basis of regions, the solar photovoltaic market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. The regional market growth is attributed to rising demand for electricity in countries such as China, India and Japan. Increasing investments in PV solar projects are project to boost the market in the region.

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