Solar Photovoltaic (PV) Market - Growth, Trends, and Forecast (Outlook to 2028)

Global Solar PV Market overview

The declining cost of solar PV modules, supportive government policies and initiatives, rising investments in solar energy, and carbon emission reduction targets by several countries are driving the demand for the solar PV market.

Photovoltaics (PV) use semiconducting materials that show the photovoltaic effect to turn light into power. The semiconductors used in solar panels generate energy because, when exposed to sunlight, the electrons in the material are knocked loose, which is the basis of electricity. A photovoltaic system employs solar modules, which are made up of several solar cells that generate power. PV systems can be installed on the ground, roof, or wall.

Crystalline silicon wafers are used in almost all solar PV panels as the primary component material. Silicon is used to make semiconductors for around 95% of all solar panels on the market today, with the remaining 5% relying on experimental and in-development technologies such as organic photovoltaic cells.

Solar panels are often coated with a layer of glass and an anti-reflective coating to protect the delicate silicon solar cells while still allowing light through. The entire setup is supported by an aluminium frame installed on a rooftop or in a ground-mounted solar system.

Solar PV panels create non-polluting electricity, contributing to sustainable development.

Silicon possessed a lot of desirable qualities, making it an ideal contender for this semiconductor material:

• Silicon is abundant and inexpensive as an elemental material, making it appropriate for large-scale systems
• Silicon is very straightforward to optimize chemically and technologically for the photovoltaic effect, effectively transforming sunlight into power
• Silicon has a long lifespan as a component material, making the investment in solar panels even more advantageous

Three types of PV cell technologies dominate the world market:

• A single crystal is used to make monocrystalline silicon panels. They are the most efficient but also the costliest solar panels
• Polycrystalline silicon solar cells are created by fusing several silicon crystals. They are a less expensive choice for rooftop solar, even if they are not as effective
• Thin-film solar cells comprise amorphous Silicon, making them the most flexible and least efficient solar panels

Solar panels have a lifespan of 20-35 years. However, this does not imply that they would stop producing power after 25 years - it only indicates that energy output has decreased by a sufficient amount, as determined by manufacturers.

Benefits

• Reduced Dependence on Fossil Fuels
• Government Incentives
• Reduce or even eliminate electric bills
• Protect against rising energy costs
• Quick installation & low maintenance

General information regarding solar PV market

U.S. - The solar investment tax credit act cut PV generation costs by 26% in 2020, 22% in 2021, 10% for utility and commercial-scale projects, and 0% for residential projects. This modification will have a substantial influence on PV deployments in U.S. According to IRENA, the PV market in U.S. will reach 393 GW by 2030, making it the world's second-largest PV industry. U.S. has re-joined the Paris Climate Agreement and the Biden Clean Energy Plan, with the objective of achieving carbon neutrality in the electrical sector by 2035 and the economy overall by 2050.

Germany - Germany plans to achieve carbon neutrality by 2045. Germany passed the Climate Protection Act 2030, with the objective of increasing renewable energy to more than 65 percent of total energy supply by 2030.

China - China is the world's largest solar power producer and leads the worldwide solar PV industry. Solar PV production is predicted to rise as renewable energy gains prominence in China's 14th Five Year Plan (2021-2025).

Market developments and trends

• In 2021, during the first nine months, solar PV installations increased significantly for many leading markets, where China installed 25.56 GW, U.S. installed 10.7 GW, India installed 8.8 GW
• As part of a strategic relationship, Canadian solar will invest in German off-grid solar pioneer Solarworx in 2021. Canadian Solar has recently announced a EUR 50 million bilateral corporate facility with Banco Santander. The facility will help Canadian Solar's Global Energy business grow as it executes and grows a project involving the development of a pipeline in Europe, the Middle East, and Africa
• The Green Electronics Council announced in 2020 that First Solar, Inc.'s Series 6 solar PV module is the world's first PV device to be included in the launch of the EPEAT Photovoltaic and Inverters product category
• In 2021, First Solar has formally announced an investment of USD 684 million/ INR 4,965 crore in Tamil Nadu for a solar PV thin-film module manufacturing facility with more than 3.3 GW capacity
• In 2021, First Solar has signed framework agreements of multi-year orders to supply up to 5.4 GW of its thin-film solar PV modules to U.K.'s Lightsource Bp, and its 50% co-owner Bp plc for their projects in the United States
• JinkoSolar Holding Co., Ltd. stated that its major operational subsidiary, Jinko Solar Co., Ltd., and Aldo Solar, have renewed their collaboration for 2022 with the signing of the largest Distributed Generation distribution deal ever signed by Jinko Solar Co., Ltd. outside of China. The arrangement calls for the distribution of around 4 million solar modules, which equates to 2 G.W. of installed electricity

Opportunities

• Increasing preference from end-users to shift towards monocrystalline cell technology from the more common multi-crystalline cells
• Rising demand for solar PV due to the rapid development of utility scale projects in countries like U.S., India, Spain and Germany, because of the solar energy targets, and declining costs of solar PV installations
• Increasing demand for solar power in the commercial sector due to strict government laws surrounding carbon emissions
• Increasing efforts by governments in developing nations like Southeast Asia and Africa and to provide electricity access in remote areas

Publisher's Global Solar PV Market report provides insights into the current global and regional market demand environment and prognosis.

The study offers a thorough examination of the many factors that impact the global solar PV market growth. The study also comprehensively analyses the global solar PV market by segmenting it based on geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America) and type of silicon (Monocrystalline, Polycrystalline, and Thin-film).

The report also discusses current and future market possibilities, market trends, advancements, and the effect of Covid-19 on the global solar PV market, essential developments, regions, and segments poised for the fastest-growth, competitive landscape. Further, the global solar PV market size, and demand forecast, energy rates will also be provided in the report.


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