Global Solar PV Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast

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 cells were used in spacecraft and organic satellites. Over the past few years, they have been used for generating electricity through a grid connection.

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Solar PV Market: Overview

Solar PV (Photovoltaic) panels consist of numerous photovoltaic or solar cells which are created using silicon, boron, and phosphorous arranged in a grid-like pattern on the base. PV cells are used to generate electricity from sunlight, which is a great alternative renewable source for pollution-free electricity generation. The electricity generated through solar PV cells is used to charge batteries and provides electricity in off-grid areas, remote power systems for cabins, remote sensing, telecommunication equipment, etc.

The photovoltaic panels generate electricity through the photovoltaic effect in which the panels absorb the sunlight in the form of photons which get converted into an electric current. These photons strike the panel surface and the electron is knocked out which again gets pulled by the magnetic field generated by the solar panels, and electricity is generated. Solar PV cells were initially used in spacecraft, but currently, they have been widely used in the commercial and industrial sectors for the generation of electricity.

Solar PV Market: Growth Drivers

The growth of the solar PV market is driven by the environmental awareness associated with the depletion of non-renewable sources and the emission of pollutants from such sources. The rapid production of energy from renewable sources and the transitional shift from conventional to renewable, associated with environmental friendliness, are the factors that drive the growth of the solar PV panel market across the globe. Several under-construction projects associated with the government's supportive measures are expected to drive market growth in the projection period. Several solar PV panels have been installed and are expected to become the major source of electricity by 2030.

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Key Insights:

A) As per the analysis shared by our research analyst, the Solar PV market is estimated to grow annually at a CAGR of around 12% over the forecast period (2022-2030).
B) In terms of revenue, the Solar PV market size was valued at around USD 151.18 Billion in 2021 and is projected to reach USD 292.32 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The growth of the solar PV panel market can be hampered in the forecasting period due to the high installation cost of the solar PV panels and high electricity cost as compared to the other power generation sectors.
D) The government has introduced various preventive measures against the reduced GHG emission and non-renewable resource depletion resulting in the industry shift toward solar PV panels. The increased investments in the generation of renewable sources of energy may offer lucrative opportunities for the global solar PV market.
E) One of the major challenges of the solar PV system is the lifetime of the installed solar PV panels under multiple environmental conditions. The quality and ability of solar panels degrade under tough environmental stresses, such a factor is crucial for the global market to retain its growth in the future.

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Regional Landscape

Currently, Asia Pacific owns the leading position in the global solar PV panel market and is projected to have significant growth during the forecast period. The increase in solar power installation demand across countries like China and India as an alternative source for electricity generation. These two countries with a large consumer base are the key regions for the establishment of the solar PV panel market across the Asia Pacific.

The low production cost of the plants and the government's initiative to achieve the target of reduced carbon emission led to the growth of the solar PV panel market across the Asia Pacific.

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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 Solar PV Market is segmented as follows:

By Technology

Crystalline silicon
Thin-film
Others

By Grid-Type

On-grid
Off-grid

By Installation

Ground-mounted
Roof-top
Others

By Application

Commercial
Residential
Utility

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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This release was published on openPR.