The latest research study “Solar Photovoltaic (PV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global solar photovoltaic (PV) market size reached 1,034.5 TWh in 2022. Looking forward, IMARC Group expects the market to reach 2,546.5 TWh by 2028, exhibiting a growth rate (CAGR) of 16.4% during 2023-2028.
A solar photovoltaic (PV) system refers to an arrangement consisting of solar panels with an inverter and other electrical and mechanical hardware that convert sunlight directly into electrical energy. It relies on mounting structures that point panels towards the sun for converting direct current (DC) into alternating current (AC).
Solar PV systems are widely utilized to generate clean and green energy and reduce air pollution as well as greenhouse gas emissions. They are highly cost-effective, versatile, easy to install, and noise-free, with lower maintenance costs when compared to other renewable energy systems. As a result, solar photovoltaic systems find extensive applications in residential and commercial sectors across the globe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Solar Photovoltaic (PV) Market Trends and Drivers:
The increasing awareness among the masses towards the importance of using low carbon-intensive technologies for reducing carbon footprint is among the key factors stimulating the solar photovoltaic (PV) market. Additionally, the growing utilization of photovoltaic systems to power spacecraft and orbiting satellites is also propelling the global market. Besides this, the inflating need for these systems to reduce the dependency on fossil fuels by government bodies of several countries is further fueling the market growth.
Apart from this, the introduction of financial incentives to encourage the utilization of solar energy modules across the globe is acting as another significant growth-inducing factor. Furthermore, the elevating applications of photovoltaic systems in the residential sector for grid-connected electricity generation are also bolstering the market growth.
Moreover, the increasing demand for sustainable and continuous electric supply among consumers across various countries and the expanding electrical industry are augmenting the global market. Additionally, the escalating investments by key market players to introduce enhanced solar energy generation technologies are expected to positively influence the solar photovoltaic (PV) market over the forecasted period.
Solar Photovoltaic (PV) Market 2023-2028 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Acciona S.A., Canadian Solar Inc., First Solar Inc., JA Solar Technology Co, JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., Sharp Corporation, Solar Frontier K.K, SunPower Corporation, Suntech Power Co. Ltd. (Shunfeng Int’l), Tata Power Solar Systems Limited (Tata Power Company Limited) and Trina Solar Co. Ltd.
The report has segmented the market on the basis of type, grid type, deployment and end user.
- Thin Film
- Rooftop Solar
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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