Global Solar PV Market

Solar PV Market: Overview

According to Custom Market Insights (CMI), The Global Solar PV (photovoltaic) Market  size was valued at USD 161.15 Billion in 2021 and is expected to reach USD 253.11 Billion in 2022, and is estimated to reach USD 306.16 Billion by end of 2030 at a CAGR of approximately 8.3% during the forecast period 2022-2030.

Photovoltaic (PV) cells or solar cells convert solar energy into a flow of electrons that leads to generating electricity. The heat energy from the sunlight is directly extracted and converted into electrical energy, which is used for charging the equipment’s batteries. Initially, photovoltaic (PV) cells were used in spacecraft and organic satellites. Over the past few years, they have generated electricity through a grid connection. The solar panel consists of a photovoltaic system made of crystalline silicon cells. These cells can generate light energy into electric energy. The crystalline silicon cells are mostly used in most solar panels accounting for 95%. The rest 5% relies upon the experimental organic photovoltaic cells.

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Solar PV Market: Growth Drivers

Increasing energy production through solar panels is driven by multiple factors. The rise in awareness of the pollutant-free environment and the increasing industry potential ultimately leading to cost-competitiveness is the driving factor for its industrial growth. It is a valuable substitute for fossil fuels which take more than 1000 years to become a useful resource. Meanwhile, the photovoltaic (PV) system ensures low-carbon-intensive technologies, which is a major factor in implementing the solar PV system in the residential, commercial, and industrial sectors.

Silicone cells are the major components of the PV system. Silicone is ideally used in this system in huge quantities as it is cheap as a material and durable. The investments in solar panels can be durable for the long term as silicone has a long lifespan.

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Solar PV Market: Regional Analysis

The Asia Pacific region holds the largest market share in 2022-2030. The rise in the solar panel market across the Asia Pacific region is attributed to the multiple government initiatives and rapid installation of solar power plants in India and China.

North America witnessed significant growth during the forecast period for the solar panel market. The solar PV market expanded due to high competition among the key players and is actively launching various solar panels with reduced manufacturing costs.

Government schemes and initiatives such as Feed-in tariffs, net metering, self-consumption schemes, investment subsidiaries, and other similar reforms helped expand the solar PV market. These factors together anticipate enhancing the overall market in the APAC region.

Mexico has witnessed increasing solar panel installations under the announced LTA project between 2015-2018. It is projected to continuously increase energy production using solar panels in the forecasting period. The decision to use solar panels is beneficial for the planet.

In regions like Africa and the Middle East, a huge quantity of solar power plants is set up and is expected to function over the coming years. There have been multiple industrial sets up across different regions.

Solar PV Market: Recent Developments

• The global market is highly competitive with the emergence of diverse key players in the market. In March 2021, JA Solar took the initiative to launch 415 W PV modules with an efficiency of 21.3 %. They were used for both residential and commercial sectors. In August 2021, JA Solar Panel enhanced the company’s portfolio by launching 8W solar panels with higher efficiency. These strategies enhanced production which proved to be valuable for the company.

Key Players:

• SunPower Corporation
• First Solar
• Jinko Solar
• JA Solar
• Trina Solar
• Hanwha Q-Cells
• Risen Energy
• Talesun
• LONGI Solar

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The global Solar PV market is segmented as follows:

By Technology

• Thin film
• Crystalline

By Product

• Monocrystalline
• Polycrystalline
• Cadmium Telluride
• Amorphous Silicon
• Copper Indium Gallium Di-Selenide

By Connectivity

• On-Grid
• Off-Grid

By Mounting

• Ground-mounted
• Rooftop

By End-use

• Residential
• Commercial & Industrial
• Utility

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America

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