Solar Photovoltaic (PV) Market Research Report 2023
Solar Photovoltaic (PV) Market By Technology (Thin Film, Mono Si, Multi Si), System (High Concentration Photovoltaic (HCPV), Low Concentration Photovoltaic (LCPV)), Application (Industrial, Residential, Commercial), Grid (On-grid, Off-grid), Installation (Ground Mounted, Rooftop, Others), and Global Market Analysis and Forecast, 2023-2030
Solar Photovoltaic (PV) Market Synopsis
The Global Solar Photovoltaic (PV) Market size was valued at USD 282200 Million in 2023 and is projected to reach USD 1000000 Million by 2030, growing at a CAGR of 17.20% from 2023 to 2030.
A photovoltaic system, also a PV system or solar power system, is an electric power system designed to supply usable solar power using photovoltaics. It consists of several components, including solar panels to absorb and convert sunlight into electricity, a solar inverter to convert the output from direct to alternating current, and mounting, cabling, and other electrical accessories to set up a working system. It may also use a solar tracking system to improve the system's overall performance and include an integrated battery.
- PV systems convert light directly into electricity and are not to be confused with other solar technologies, such as concentrated solar power or solar thermal, used for heating and cooling.
- PV systems range from small, rooftop-mounted, or building-integrated systems with capacities from a few to several tens of kilowatts, to large utility-scale power stations of hundreds of megawatts. Nowadays, most PV systems are grid-connected, while off-grid or stand-alone systems account for a small portion of the market.
- About 99 percent of all European and 90 percent of all U.S. solar power systems are connected to the electrical grid, while off-grid systems are somewhat more common in Australia and South Korea. PV systems rarely use battery storage.
Top Key Players Involved Are:
"Astronergy Co. Ltd. (China), Canadian Solar Inc. (Canada), First Solar Inc. (U.S.), Hanwha Q CELLS Co. Ltd. (South Korea), JA Solar Holdings Co. Ltd. (China), JinkoSolar Holding Co. Ltd. (China), LONGi Green Energy Technology Co. Ltd. (China), Risen Energy Co. Ltd. (China), Suntech Power Holdings Co. Ltd. (China), Trina Solar Co. Ltd. (China), Maxeon Solar Technologies (MAXN) (Singapore), SMA Solar Technology (Germany), SunPower Corporation (U.S.), Sharp Solar (Japan), Solaredge Technologies Inc (Israel), Kyocera Solar (Japan), Enphase Energy Inc (U.S.), Sunrun Inc. (U.S.), Panasonic (Japan), Waaree Energies Ltd. (IND) and Other Major Players."
Solar Photovoltaic (PV) Market Trend Analysis
Rise in Heavy Amount of Electricity Demand
Global electricity demand surged, creating strains in major markets, pushing prices to unprecedented levels, and driving the power sector’s emissions to a record high.
- Nowadays, the electricity demand has increased rapidly. Due to the large rate of urbanization. The electricity demand is creased in both rural as well as urban areas, as many developments are being held in rural areas too
- The increase in the world’s population has shown an increasing rate of commodity consumption. That means more demand is getting created. To fulfill them industrialization has been shown a significant growth rate.
- Such effective considerations have created a way to consume more electricity. and hence it needs to produce more electricity at a certain level. Considering today’s environmental conditions, it is essential to produce more clean energy than any other carbon emission method. The photovoltaic system is a zero-carbon emission method of producing electricity.
- Having more demand for electricity due to population and development in industries as well as modernization in lifestyle, resulting from it, it had shown a great market growth driver to the Photovoltaic system market.
Increasing Investment in Photovoltaic (PV) Systems
The rapid development of photovoltaic (PV) technologies increasing the financing of solar power plants. The development of photovoltaics around the world is accelerating.
- This causes the growth of long-term bank financing, as well as commercial and industrial loans in the field of solar energy and related sectors. and hence that shows a growth in Photovoltaic (PV) systems.
- Bank financing for solar energy projects – a significant number of countries directing their energy strategies to the development of renewable energy, as there is an urgent need to ensure energy security and smooth out the negative impact of such indicators as the increase in energy prices, the depletion of global hydrocarbon reserves, geopolitical risks, and environmental problems. To overcome it, many banks are providing finance to solar energy projects.
- Due to such factors that are leading to increasing investment and backing up by the banks for the solar photovoltaic market showing an opportunity in the market.
Segmentation Analysis of The Solar Photovoltaic (PV) Market
The solar photovoltaic (PV) market segment covers the Technology, System, Application, Grid, installation. By type, the thin film segment is anticipated to dominate the market over the forecast period.
- Cells made from thin films making them much more flexible and durable. One type of thin film PV cell is amorphous silicon (a-Si) which is produced by depositing thin layers of silicon onto a glass substrate.
- The result is a very thin and flexible cell that uses less than 1% of the silicon needed for a crystalline cell. Due to this reduction in raw material and a less energy-intensive manufacturing process, amorphous silicon cells are much cheaper to produce.
- With the increasing efficiencies of thin film solar, installing them on metal roofs has become cost competitive with traditional Monocrystalline and Polycrystalline solar cells.
- The thin film panels are flexible and run down the standing seam metal roofs and stick to the metal roof with Adhesive, so no holes are needed to install. The connection wires run under the ridge cap at the top of the roof.
Regional Analysis of The Solar Photovoltaic (PV) Market
Asia Pacific is Expected to Dominate the Market Over the Forecast Period.
- China became the leading manufacturer of PV panels for both residential and commercial usage in the last decade, surpassing Europe, Japan, and the United States, which were earlier more active in the PV supply domain. According to the IEA, Xinjiang province of China is responsible for one out of seven solar panels manufactured worldwide.
- Furthermore, With the strong support of the policy, China’s solar PV industry has achieved breakthrough progress in the past decade, and its social welfare effect has been gradually reflected.
- China’s annual new installed capacity and the cumulative installed capacity of solar PV have seen significant growth. At the same time, the growth rate of its new installed capacity is significantly higher than the world average.
- By the end of 2019, the total number of employees in China’s solar PV industry has reached 4.57 million, including 3.75 million in the solar PV power generation industry and 820,000 in the solar heating industry. These factors are driving the Asia Pacific Solar Photovoltaic (PV) Market during the forecast period.
Source - Statista
Asia-Pacific was the region with the most solar photovoltaic capacity added in 2021, with a share of 52 percent. In that year, China alone represented nearly 32 percent of the global solar market. Countries such as the United States, India, and Japan showed significant growth in their installed capacities.
Covid-19 Impact Analysis on Solar Photovoltaic (PV) Market
- The solar sector was estimated to add a record capacity of 130-135 GW in 2020. However, the pandemic has caused several operational and financial setbacks bringing down the estimates by 20% to around 105 GW.
- COVID-19 is proving to be a significant challenge for the renewable power Industry, resulting in a shortage of hardware components owing to disrupted supply chains. Due to the lockdowns enforced by countries worldwide, solar construction and development are slowing down. As per Bloomberg New Energy Finance (BNEF), the global solar outlook has dropped from 152 GW to 143 GW.
- Moreover, China being the largest market for solar energy generation, the slowdown in the country's economic growth has affected the overall generation and renewable energy investment globally.
Top Key Players Covered in The Solar Photovoltaic (PV) Market
- Astronergy Co. Ltd. (China)
- Canadian Solar Inc. (Canada)
- First Solar Inc. (U.S.)
- Hanwha Q CELLS Co. Ltd. (South Korea)
- JA Solar Holdings Co. Ltd. (China)
- JinkoSolar Holding Co. Ltd. (China)
- LONGi Green Energy Technology Co. Ltd. (China)
- Risen Energy Co. Ltd. (China)
- Suntech Power Holdings Co. Ltd. (China)
- Trina Solar Co. Ltd. (China)
- Maxeon Solar Technologies (MAXN) (Singapore)
- SMA Solar Technology (Germany)
- SunPower Corporation (U.S.)
- Sharp Solar (Japan)
- Solaredge Technologies Inc (Israel)
- Kyocera Solar (Japan)
- Enphase Energy Inc (U.S.)
- Sunrun Inc. (U.S.)
- Panasonic (Japan)
- Waaree Energies Ltd. (IND) and Other Major Players.
Key Industry Developments in Solar Photovoltaic (PV) Market
In April 2023, Brookfield expanded its green footprint and buys a 51% stake in CleanMax Enviro. Canadian investment firm Brookfield has picked up a 51% stake in CleanMax Enviro (CleanMax Solar), which supplies renewable energy to commercial and industrial establishments, said two sources aware of the development.
In May 2023, A Swiss manufacturer entered Australia with a heterojunction solar module. By offering a range of high-performance solar panels it claimed greater energy yields than traditional technologies. Which offer up to 20% more yield compared to conventional PERC modules.
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Global Solar Photovoltaic (PV) Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030 |
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Historical Data: |
2016 to 2022 |
Market Size in 2022: |
USD 282200 Mn. |
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Forecast Period 2022-30 CAGR: |
17.20% |
Market Size in 2030: |
USD 1000000 Mn. |
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Segments Covered: |
By Technology |
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By System |
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By Application |
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By Grid |
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By Installation |
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By Region |
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Global Solar Photovoltaic (PV) Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030 |
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Historical Data: |
2016 to 2022 |
Market Size in 2022: |
USD 282200 Mn. |
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Forecast Period 2022-30 CAGR: |
17.20% |
Market Size in 2030: |
USD 1000000 Mn. |
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Segments Covered: |
By Technology |
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By System |
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By Application |
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By Grid |
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By Installation |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the Report: |
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Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Technology
3.2 By System
3.3 By Application
3.4 By Grid
3.5 By Installation
Chapter 4: Market Landscape
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
4.5
Frequently Asked Questions
What would be the forecast period in the Solar Photovoltaic (PV) Market research report?
The forecast period in the Solar Photovoltaic (PV) Market research report is 2022-2030.
Who are the key players in Solar Photovoltaic (PV) Market?
Astronergy Co. Ltd. (China), Canadian Solar Inc. (Canada), First Solar Inc. (U.S.), Hanwha Q CELLS Co. Ltd. (South Korea), JA Solar Holdings Co. Ltd. (China), JinkoSolar Holding Co. Ltd. (China), LONGi Green Energy Technology Co. Ltd. (China), Risen Energy Co. Ltd. (China), Suntech Power Holdings Co. Ltd. (China), Trina Solar Co. Ltd. (China), Maxeon Solar Technologies (MAXN) (Singapore), SMA Solar Technology (Germany), SunPower Corporation (U.S.), Sharp Solar (Japan), Solaredge Technologies Inc (Israel), Kyocera Solar (Japan), Enphase Energy Inc (U.S.), Sunrun Inc. (U.S.), Panasonic (Japan), Waaree Energies Ltd. (IND) and Other Major Players.
What are the segments of the Solar Photovoltaic (PV) Market?
The Solar Photovoltaic (PV) Market is segmented into Technology, System, Application, Grid, Installation, and Region. By Technology, the market is categorized into Thin Film, Mono Si, and Multi Si. By System, the market is categorized into High Concentration Photovoltaic (HCPV)) And (Low Concentration Photovoltaic (LCPV). By Application, the market is categorized into Industrial, Residential, and Commercial. By Grid, the market is categorized into On-grid and Off-grid. By Installation, the market is categorized into Ground Mounted, Rooftop, and Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe) Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
What is the Solar Photovoltaic (PV) Market?
A photovoltaic system, also a PV system or solar power system, is an electric power system designed to supply usable solar power using photovoltaics. It consists of several components, including solar panels to absorb and convert sunlight into electricity, a solar inverter to convert the output from direct to alternating current, and mounting, cabling, and other electrical accessories to set up a working system. It may also use a solar tracking system to improve the system's overall performance and include an integrated battery.
How big is the Solar Photovoltaic (PV) Market?
The Global Solar Photovoltaic (PV) Market size was valued at USD 282200 Million in 2023 and is projected to reach USD 1000000 Million by 2030, growing at a CAGR of 17.20% from 2023 to 2030.
