According to the report, the global solar photovoltaic (PV) market is projected to grow at a CAGR of 23.30% between 2023 and 2028. Aided by the accelerating shift towards renewable energy and the expanding applications of solar PV in various sectors, the market is expected to grow significantly by 2028.
Solar photovoltaic (PV) technology converts sunlight into electricity using semiconducting materials that exhibit the photovoltaic effect. It's a crucial component of the renewable energy mix and is deployed extensively in residential, commercial, and utility-scale installations, contributing to energy security and emission reductions.
The accelerating shift towards renewable energy is the primary driver of the global solar photovoltaic (PV) market growth. As concerns about climate change mount and the urgency to reduce greenhouse gas emissions intensifies, the adoption of solar PV technology has grown exponentially. Furthermore, the continuous technological advancements have led to significant reductions in the cost of solar PV installations, making it increasingly competitive with conventional power sources.
In addition, the rising trend of energy decentralisation has significantly boosted the solar photovoltaic (PV) market demand. This approach allows consumers to generate their own power and reduces the reliance on the grid, leading to increased resilience and energy independence. As a result, solar PV systems have become a popular choice for decentralised power generation, particularly in residential and commercial settings.
The extensive applications of solar PV in various industries also play a significant role in propelling the solar photovoltaic (PV) market development. In the utility sector, large-scale solar farms are being built to supplement traditional power plants. In the construction industry, the integration of solar PV into building materials, known as building-integrated photovoltaics (BIPV), is becoming increasingly popular. This not only generates electricity but also improves the building's aesthetics and energy efficiency.
Furthermore, government policies and incentives to promote renewable energy use have led to an increased focus on solar PV as a viable source of power. Feed-in tariffs, tax credits, and grants have made solar PV installations more affordable and attractive, leading to the solar photovoltaic (PV) market growth.
This high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Solar photovoltaic (PV) technology converts sunlight into electricity using semiconducting materials that exhibit the photovoltaic effect. It's a crucial component of the renewable energy mix and is deployed extensively in residential, commercial, and utility-scale installations, contributing to energy security and emission reductions.
The accelerating shift towards renewable energy is the primary driver of the global solar photovoltaic (PV) market growth. As concerns about climate change mount and the urgency to reduce greenhouse gas emissions intensifies, the adoption of solar PV technology has grown exponentially. Furthermore, the continuous technological advancements have led to significant reductions in the cost of solar PV installations, making it increasingly competitive with conventional power sources.
In addition, the rising trend of energy decentralisation has significantly boosted the solar photovoltaic (PV) market demand. This approach allows consumers to generate their own power and reduces the reliance on the grid, leading to increased resilience and energy independence. As a result, solar PV systems have become a popular choice for decentralised power generation, particularly in residential and commercial settings.
The extensive applications of solar PV in various industries also play a significant role in propelling the solar photovoltaic (PV) market development. In the utility sector, large-scale solar farms are being built to supplement traditional power plants. In the construction industry, the integration of solar PV into building materials, known as building-integrated photovoltaics (BIPV), is becoming increasingly popular. This not only generates electricity but also improves the building's aesthetics and energy efficiency.
Furthermore, government policies and incentives to promote renewable energy use have led to an increased focus on solar PV as a viable source of power. Feed-in tariffs, tax credits, and grants have made solar PV installations more affordable and attractive, leading to the solar photovoltaic (PV) market growth.
Market Segmentation
The market can be divided based on technology, deployment, connectivity, end use, and region.Market Breakup by Technology
- Thin film
- Multi-Si
- Mono-Si
- Others
Market Breakup by Deployment
- Ground-mounted
- Rooftop Solar
Market Breakup by Connectivity
- On-grid
- Off-grid
Market Breakup by End Use
- Residential
- Commercial
- Utility
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global solar photovoltaic (PV) companies. Some of the major key players explored in the report are as follows:- LONGi Green Energy Technology Co., Ltd.
- Jinko Solar Co., Ltd.
- Trina Solar
- JA SOLAR Technology Co., Ltd.
- Canadian Solar Inc.
- Risen Energy Co., Ltd.
- First Solar Inc.
- Hanwha Group.
- Golden Concord Holdings Limited
- CHINT Group
- Wuxi Suntech Power Co., Ltd.
- Adani Group
- Others
About the Publisher
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.This high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Industry Opportunities and Challenges15 Installation Cost17 Key Trends and Developments in the Market
3 Report Description
5 Executive Summary
6 Market Snapshot
8 Global Solar Photovoltaic (PV) Market Analysis
9 North America Solar Photovoltaic (PV) Market Analysis
10 Europe Solar Photovoltaic (PV) Market Analysis
11 Asia Pacific Solar Photovoltaic (PV) Market Analysis
12 Latin America Solar Photovoltaic (PV) Market Analysis
13 Middle East and Africa Solar Photovoltaic (PV) Market Analysis
14 Market Dynamics
16 Competitive Landscape
Companies Mentioned
- LONGi Green Energy Technology Co. Ltd.
- Jinko Solar Co. Ltd.
- Trina Solar
- JA SOLAR Technology Co.Ltd.
- Canadian Solar Inc.
- Risen Energy Co. Ltd.
- First Solar Inc.
- Hanwha Group.
- Golden Concord Holdings Limited
- CHINT Group
- Wuxi Suntech Power Co. Ltd.
- Adani Group
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 174 |
Published | September 2023 |
Forecast Period | 2023 - 2028 |
Estimated Market Value in 2023 | 1090.46 GW |
Forecasted Market Value by 2028 | 3107.61 GW |
Compound Annual Growth Rate | 23.3% |
Regions Covered | Global |
No. of Companies Mentioned | 12 |