Global Solar Photovoltaic Market by Technologies (Polycrystalline Silicon, Thin Film, and Monocrystalline Silicon), Installations (Ground Mounted, Rooftop, and Others), Grid Types (On-grid and Off-grid), Applications (Residential, Non-residential, and Utility), and Regions (Asia Pacific, North America, Europe, Middle East & Africa, and Latin America) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
The global valuation of solar photovoltaic market is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the rapid adoption of solar photovoltaic technologies across various industries.
Solar photovoltaic is a system that converts the energy obtained from the sun into usable electricity. Solar power is a renewable and inexhaustible source of energy, which is an excellent alternative to fossil fuels and reduces the problem of pollution and global warming. The net metering scheme in several countries gives credit to those using solar energy, which increases its use for residential application. China has a large solar power generation capacity of 30.1 GW. Furthermore, the US generates a considerable amount of electricity from solar energy, despite pulling itself out of the Paris Agreement. India’s solar generation industry has grown considerably reaching capacity of 28.18 GW in March 2019. Whereas the Middle east installed 6.8 GW in the same year.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising awareness regarding sustainable development, surge in utility scale projects and decline in installation charges are fueling the market.
- Countries across the globe are preparing to develop PV projects on a larger scale to minimize dependence on renewable resources and branch out their energy mix, are expected to boost the market.
- Declining prices of silicon-based solar cells, which is one of the essential raw materials used in solar PVs, is speculated to spur market growth.
- Solar systems comprise of solar panels, inverters and batteries, which can incur high cost to consumers. This is projected to restraints of the market.
- Dependence of solar energy on the weather can create challenges during electricity production, thus hampering the market.
- Substantial rise in installation of for commercial and utility projects creating opportunities in the market. Some key advantages such as efficient operation, extended battery, and storage ability are driving the market growth.
- Innovation in quantum physics is creating opportunities by improving the technologies and efficiency of solar PVs. This, in turn, is estimated to boost the market.
Scope of the Report
The report on the solar PV market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
| Attributes | Details |
| Base year | 2020 |
| Historic data | 2018–2019 |
| Forecast period | 2021–2028 |
| Regional scope | Asia- Pacific |
| Report coverage | Company share, market analysis and size, competitive landscape, growth factors and trends, and revenue forecast |
Solar PV Market Segment Insights:
On-grid segment dominates the market
Based on the grid types, the market can be segmented into on-grid segment and off-grid. The on-grid segment dominated the market. This segment is further bifurcated into centralized and decentralized. An on-grid system is attached to a utility grid which generates electricity. The size of this system can vary according to the requirement. On the other hand, off-grid system is 100% self-sustaining, which in turn, drives the growth of the off-grid segment.
Utility segment to hold significant of the market
In terms of applications, the solar PV market can be divided into residential, non-residential, and utility. The utility segment dominated the market. Utility-scale projects are generally requiring more than 10MW to transfer energy to the grid. The energy generated is purchased by utility companies, project developers, or local government owners. Conversely, the residential segment is expected to grow at a healthy rate during the forecast period.
Asia Pacific leads the market
On the basis of regions, the global solar PV market can be classified as Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Asia Pacific dominated the global market. This region has come up with more than 67 GW of solar projects. The cost of manufacturing has been declining therefore attracting a decent revenue. China is the world’s largest producer of Solar PVs followed by the European market which recently installed 16.7 GW of solar PV.
Segments
Segments Covered in the ReportThe global solar PV market can be segmented on the basis of
Technologies
- Polycrystalline Silicon
- Thin Film
- Monocrystalline Silicon
- Ground Mounted
- Rooftop
- Others
- On grid
- Centralized
- Decentralized
- Off grid
- Residential
- Non-residential
- Utility
- Asia Pacific
- North America
- Europe
- Middle East & Africa
- Trina Solar
- Canadian Solar
- Jinko Solar
- JA SOLAR Technology Co. Ltd.
- Abengoa
- SunPower Corporation
- First Solar
- Saur Energy
- Yingli, ENF Ltd.
- RISEN ENERGY CO. LTD.
- Hanwha Group
- SHARP CORPORATION
- Urja Global Limited
- Waaree Energies Ltd.
- BrightSource Energy Inc.
- Tata Power Solar Systems Ltd.
Competitive Landscape
The major players operating in the market are Trina Solar, Canadian Solar, Jinko Solar, JA SOLAR Technology Co., Ltd., Abengoa, SunPower Corporation, First Solar, Saur Energy, Yingli, ENF Ltd., RISEN ENERGY CO., LTD, Hanwha Group, SHARP CORPORATION, Urja Global Limited, Waaree Energies Ltd., BrightSource Energy, Inc., and Tata Power Solar Systems Ltd.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Solar Photovoltaic Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Solar Photovoltaic Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Solar Photovoltaic Market - Supply Chain
4.5. Global Solar Photovoltaic Market Forecast
4.5.1. Solar Photovoltaic Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Solar Photovoltaic Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Solar Photovoltaic Market Absolute $ Opportunity
5. Global Solar Photovoltaic Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Solar Photovoltaic Market Size and Volume Forecast by Applications
5.3.1. Residential
5.3.2. Non-residential
5.3.3. Utility
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Solar Photovoltaic Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Solar Photovoltaic Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Solar Photovoltaic Demand Share Forecast, 2019-2026
7. North America Solar Photovoltaic Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Solar Photovoltaic Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Solar Photovoltaic Market Size and Volume Forecast by Applications
7.4.1. Residential
7.4.2. Non-residential
7.4.3. Utility
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Solar Photovoltaic Demand Share Forecast, 2019-2026
8. Latin America Solar Photovoltaic Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Solar Photovoltaic Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Solar Photovoltaic Market Size and Volume Forecast by Applications
8.4.1. Residential
8.4.2. Non-residential
8.4.3. Utility
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Solar Photovoltaic Demand Share Forecast, 2019-2026
9. Europe Solar Photovoltaic Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Solar Photovoltaic Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Solar Photovoltaic Market Size and Volume Forecast by Applications
9.4.1. Residential
9.4.2. Non-residential
9.4.3. Utility
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Solar Photovoltaic Demand Share Forecast, 2019-2026
10. Asia Pacific Solar Photovoltaic Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Solar Photovoltaic Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Solar Photovoltaic Market Size and Volume Forecast by Applications
10.4.1. Residential
10.4.2. Non-residential
10.4.3. Utility
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Solar Photovoltaic Demand Share Forecast, 2019-2026
11. Middle East & Africa Solar Photovoltaic Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Solar Photovoltaic Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Solar Photovoltaic Market Size and Volume Forecast by Applications
11.4.1. Residential
11.4.2. Non-residential
11.4.3. Utility
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Solar Photovoltaic Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Solar Photovoltaic Market: Market Share Analysis
12.2. Solar Photovoltaic Distributors and Customers
12.3. Solar Photovoltaic Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Trina Solar
12.4.2. Canadian Solar
12.4.3. Jinko Solar
12.4.4. JA SOLAR Technology Co. Ltd.
12.4.5. Abengoa
12.4.6. SunPower Corporation
12.4.7. First Solar
12.4.8. Saur Energy
12.4.9.
The global solar PV market can be segmented on the basis of
Technologies
- Polycrystalline Silicon
- Thin Film
- Monocrystalline Silicon
- Ground Mounted
- Rooftop
- Others
- On grid
- Centralized
- Decentralized
- Off grid
- Residential
- Non-residential
- Utility
- Asia Pacific
- North America
- Europe
- Middle East & Africa
- Trina Solar
- Canadian Solar
- Jinko Solar
- JA SOLAR Technology Co. Ltd.
- Abengoa
- SunPower Corporation
- First Solar
- Saur Energy
- Yingli, ENF Ltd.
- RISEN ENERGY CO. LTD.
- Hanwha Group
- SHARP CORPORATION
- Urja Global Limited
- Waaree Energies Ltd.
- BrightSource Energy Inc.
- Tata Power Solar Systems Ltd.
The major players operating in the market are Trina Solar, Canadian Solar, Jinko Solar, JA SOLAR Technology Co., Ltd., Abengoa, SunPower Corporation, First Solar, Saur Energy, Yingli, ENF Ltd., RISEN ENERGY CO., LTD, Hanwha Group, SHARP CORPORATION, Urja Global Limited, Waaree Energies Ltd., BrightSource Energy, Inc., and Tata Power Solar Systems Ltd.
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