01 November 2023
The global solar photovoltaic (PV) market size is projected to reach USD 1,000.92 billion by 2028, exhibiting a CAGR of 25.9% during the forecast period. Rising demand for renewable energy resources and dependence upon electricity is likely to fuel market progress. Fortune Business Insights™ provides this information in its report titled "Solar Photovoltaic (PV) Market, 2021-2028."
Solar Photovoltaic is a technology that converts sunlight into electricity. It is considered the most reliable energy resource because of its effectiveness in extracting electricity. It eliminates pollution emissions and reduces dependence on fossil fuels by providing sustainable energy resources. Germany, Spain, U.S., and China account for the countries possessing major solar resources globally. The rising demand for effective fossil fuels is likely to fuel solar photovoltaic (PV) technology. Further, the dependence upon electricity is increasing rapidly globally. The demand for sustainable and continuous electric supply is likely to fuel solar PV technologies' demand. These factors are likely to fuel the market progress during the upcoming years.
Companies Profiled in Solar Photovoltaic (PV) Market:
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)
Nextera Energy Sources LLC (U.S.)
Vivaan Solar (India)
eSolar Inc. (U.S.)
Tata PowerSolar Systems Ltd. (India)
Impact of COVID-19
Raw Material Shortage and Closure of Industries to Negatively Affect Market Growth
This market could be negatively impacted by the COVID-19 pandemic due to the closure of major industries and the shortage of raw materials. The emergence of the pandemic and the sudden spike in cases has led to the imposition of restrictions. The halt on manufacturing and the closure of industries is likely to fuel the product demand. Further, the adoption of reduced capacities, part-time shifts, and production machinery is likely to fuel the product's adoption. These factors are likely to support the growth of the market during the pandemic.
By technology analysis, the market is segmented into multi-si, thin-film, mono-si, and others. As per installation, it is classified into roof-mounted, ground-mounted, and others. Based on grid type, it is bifurcated into off-grid and on-grid. By application, it is categorized into non-residential, residential, and utilities. Regionally, it is divided into Asia pacific, Europe, North America, Latin America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Rising Investments in Solar Power and Increasing Off-grid Areas to Boost Market Growth
Solar PV is a technology that boosts electricity production using solar energy in several off-grid areas. Several people worldwide live without continuous electric supply and facilities. As per the statistics provided by the World Energy Outlook, approximately 1 billion people or more still live without an electric supply. As a result, the development of solar energy is gaining traction. Solar energy is the most readily available source of electricity, which, in turn, may fuel its adoption in off-grid areas. Significant investments in solar energy lead to increased solar PV sales. Energy generation companies focus heavily on the production of solar power and the incorporation of solar energy generation technologies. These factors are likely to drive the solar photovoltaic (PV) market growth.