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.
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 |
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.
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.
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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