The global solar PV market is expected to accumulate approximately 829.79 GW by 2030 and grow at a CAGR of 14.52% from 2022 to 2030. Increasing demand for sustainable energy resources coupled with favorable regulatory policies is expected to drive market growth during the forecast period. .
Supportive regulations involving federal subsidies and incentives are expected to be key factors positively impacting industry growth. Europe has been a key market for solar PV due to early adoption of the technology in the region due to high consumer awareness and a positive government outlook in the region.
Increasing demand for sustainable energy sources coupled with favorable regulatory policies is expected to drive the market growth during the forecast period.
Growing demand for renewable energy sources is expected to drive growth due to increasing consumer awareness of the cost benefits associated with the technology. In addition, depleting fossil fuel resources and increasing demand for renewable energy sources are expected to positively impact industry growth.
The global solar PV market size was 244.93 GW in 2021 and is expected to reach approximately 829.79 GW by 2030, growing at a CAGR of 14.52% from 2022 to 2030.
This technology offers low conversion efficiency compared to conventional energy sources, including oil and biomass. In addition, the performance of solar PV is affected by various factors including the type of raw material used to manufacture the solar cell, availability of sunlight, and solar PV designs, which are expected to hinder its growth during the forecast period.
The COVID-19 outbreak had a very minor impact on market growth and had a negative impact on the supply chain in the first and second quarters of 2020. In 2020, global solar PV capacity additions were estimated to be approximately 107 GW, representing steady growth from 2019. the main factor driving the global solar PV market is the decreasing cost of solar PV and related systems. In 2020, solar PV module prices have decreased by more than 80% compared to 2010. This reduction can mainly be attributed to improved material efficiency, production optimization and economies of scale. However, factors such as the growth of other renewable technologies such as wind and bio-energy are expected to hinder the market growth during the forecast period.
– The solar photovoltaic market worldwide is dominated by the ground-mounted segment more than the rooftop segment due to higher capacity installations in the ground-mounted segment. With strong demand from China and many emerging markets around the world, utility-scale demand is expected to continue over the forecast period, installing significant amounts of ground-mounted equipment.
– Efforts by several governments across developing countries in regions such as Africa and Southeast Asia to provide 100% access to electricity in remote areas, as well as technological advances in off-grid applications and solar PV modules, are expected to provide ample opportunities. in the near future.
– Asia-Pacific region with leading countries such as China, Japan and India is expected to dominate the market during the forecast period.
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Frequently asked questions
– How long is the study period of this market?
– What is the growth rate of Solar Photovoltaic (PV) Market?
– Which region has the highest growth in Solar Photovoltaic (PV) Market?
– Which region has the largest share of the Solar Photovoltaic (PV) Market?
– Who are the key players in the Solar Photovoltaic (PV) Market?
Key Market Trends
Ground Mounted Solar PV to dominate the market
– Ground-mounted solar PV accounted for more than 60% of global solar PV capacity in 2020, with countries such as China, the US, Germany and India leading market growth.
The dominance of the ground-mounted solar PV segment can be attributed to factors such as the increasing number of utility-scale projects, solar energy targets, and decreasing costs of solar PV installations.
– Countries around the world plan to develop large-scale solar PV projects to reduce their dependence on fossil fuel-based electricity generation and diversify their energy mix.
– In January 2021, Sembcorp Energy India Ltd announced that it had won a new 400 MW solar project in the Indian state of Rajasthan. Similarly, in February 2021, construction began on the Samson Solar Energy Center, the largest planned solar farm in the United States. The solar farm is expected to have a generating capacity of 1,013 MW and be completed by 2023.
– Additionally, the utility-scale solar PV sector in the United States led the overall solar market in terms of installed capacity, accounting for nearly 60% of installed capacity in 2020. Four new states, Washington, Wyoming, Vermont and Connecticut, added their first utility-scale solar project in 2018. Three-quarters of all states in the country are now equipped with one or more utility-scale solar projects.
– Therefore, due to the above points, increasing installation of large-scale utility solar PV projects is expected to make ground-mounted solar PV a dominant segment during the forecast period.
In 2021, the utilities segment witnessed the highest number of installations accounting for 49.6% of the total demand. Continuous energy supply and relatively lower costs than conventional energy sources have made solar PV technology attractive for utility applications. This factor is expected to drive the market growth during the forecast period.
The non-residential segment also saw significant capacity additions in 2020 and is expected to continue through 2021 due to the end of federal subsidies after 2021. The residential segment is expected to witness significant growth due to reduced capital cost and improved efficiency of solar PV modules. . However, the end of federal subsidies after 2021 is expected to witness a decline in installations, especially from the residential segment.
The residential application segment is expected to grow at an estimated CAGR of 27.0% during the forecast period. The growing popularity of photovoltaic systems due to its use in electricity generation to provide low-cost heating to residential buildings is expected to drive the market growth during the forecast period.
The Mexican government has installed various solar, photovoltaic and CSP projects throughout the country. Some of these include a 46.8 MW photovoltaic project in Puerto Libertad, Sonora. The World Bank has provided US$50 million in financing for a 14 MW combined-cycle gas turbine facility with energy collection troughs located in Aqua Prieta, Sonora. As a result, the demand for photovoltaic systems in the country is expected to increase during the forecast period.
Increasing awareness among consumers regarding the environmental benefits of renewable energy is expected to boost market growth. In addition, large capacity additions are expected from the utility segment due to increasing pressure to meet renewable energy targets. The US plans to provide 20% of its energy needs from renewable energy by 2020. This is likely to happen based on the current rate of installations. Regulations and incentives specific to solar rooftop PV are also expected to increase residential installations over the forecast period.
China’s annual PV grid capacity has doubled in 2021 compared to 2021, according to the IEA. In 2021, the operating capacity of the region’s PV network was 34.5 GW. Rising installations of solar thermal PV plants and power plants in the region are expected to positively impact growth during the forecast period.
To dominate the Asia-Pacific market
– Asia-Pacific is the world’s largest solar PV market by 2020, accounting for more than 59% of the global installed solar PV capacity and is expected to continue its dominance during the forecast period. China, Japan and India are the key markets in the region with the largest installed capacity by 2020.
– China’s solar photovoltaic industry has grown faster than any other country in the region in the past few years. By 2020, China’s solar power capacity is expected to reach 253 GW, an increase of 24.1% over the previous year’s value.
– With increasing demand for electricity and green energy, India has set a target of 100 GW of grid-connected solar power by 2022 under the Jawaharlal Nehru National Solar Mission (JNNSM) scheme. JNNSM aims to recognize India as a global leader in solar energy by creating the policy environment for domestic deployment.
– In 2020, Japan ranked third in the world for solar power capacity, after China and the United States, and produced about 5% of the country’s electricity production. In 2020, the country had 67 GW of solar PV capacity, and as part of the Long-Term Energy Supply and Demand Outlook for fiscal year 2030, Japan’s Ministry of Economy, Trade and Industry aims to increase the share of renewable energy. 24% by 2030, which is expected to increase the solar PV market in the country.
– Factors such as upcoming solar PV projects, supportive government policies, and declining costs of solar PV modules and related systems are expected to drive the solar PV market in the region during the forecast period.
A competitive landscape
The solar photovoltaic (PV) market is fragmented. Some of the key players operating in the solar photovoltaic (PV) market include JinkoSolar Holding Co. Ltd, Canadian Solar Inc., SunPower Corporation, Trina Solar Ltd, First Solar Inc., Suntech Power Holding Co. Ltd, Sharp Corporation, Hanwha Q included. Cells Co Ltd and JA Solar Holdings Co. Ltd.
– In January 2021, Royal Dutch Shell PLC commissioned the 25 MW Gabas solar power plant. The plant is located on 50 hectares within the Sohar Free Zone in northern Oman and consists of more than 88,000 solar modules. This helps prevent more than 25,000 tons of CO2 emissions every year.
– In April 2021, ACWA Power inaugurated the 300 MW Sakaka PV IPP, the country’s first utility-scale renewable energy project, with an investment value of SAR 1.2 billion. The project was awarded to ACWA Power at a record-breaking rate of 2.3417 cents/kWh (8.781 halala/kWh).
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