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The rapid acceptance of high capacity solar projects and the government’s focus on developing efficient energy systems are the driving factors for the growth of the photovoltaic market during the forecast period.
Newark, November 30, 2022 (Global News) – Brainy Insights predicts that the solar power market will grow to 89.30 billion US dollars in 2022 and reach 178.07 billion US dollars in 2030. In just 8 years, the production of energy through solar panels will continue to increase. And the advantages associated with setting up floating panels compared to conventional factories are also helping to drive market growth. In addition, the increased industry potential ultimately leads to cost competitiveness, increased investment in photovoltaic and technological advances in solar cells, emerging government subsidies, increased customer focus towards the adoption of clean energy solutions, and increased awareness of a pollution-free environment. It is also expected to drive market growth during the forecast period.
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Key insights of the photovoltaic market
Asia Pacific to account for the largest market size during the forecast period
Asia Pacific is expected to hold the largest market share in the photovoltaic market. Key factors driving the growth of the photovoltaic market in Asia Pacific include the provision of subsidies such as residential feed-in tariffs (FITs) that encourage consumers to invest in renewable energy. Additionally, favorable government regulations regarding energy conservation and increasing installation of solar PV technology across the industry are expected to drive market growth in this region.
The inverters segment is expected to increase the photovoltaic market over the forecast period.
The inverters segment holds the largest market share in 2022 and is expected to continue during the forecast period due to increasing demand for solar energy and renewable energy generation. Additionally, by 2030, the module segment may dominate the market due to higher technological improvements and government programs and incentives.
Market size of 37.58 billion in 2022
The ground segment is expected to dominate the market over the forecast period due to increasing demand for electricity and non-renewable resources. Additionally, by 2030, the rooftop segment may dominate the market due to greater research and development by manufacturers. Also, the high energy efficiency payback period and reductions supported by government subsidies and tax credits are helping to drive the group’s market growth.
The market size of low intensity photovoltaic (LCPV) is 50.10 billion in 2022
The low-intensity photovoltaic (LCPV) segment is expected to dominate the market over the forecast period due to increasing investment in the renewable energy sector worldwide. In addition, advanced technology and rapid innovation in low-intensity photovoltaics are helping to drive market growth.
Some movies are expected to occupy 48.04% of the market in 2030.
The thin film segment is expected to dominate the market in the coming years, due to its lightweight and flexible nature. In addition, thin film solar cells are more efficient than conventional photovoltaic cells due to their light properties and easy installation process.
The residential segment accounts for the largest market share of 43.05% in 2022.
The residential segment holds the largest share in the global photovoltaic market, owing to government policy support, incentives, and tax benefits for installing solar PV systems.
Photovoltaic Market Scope:
|
Management report |
Details |
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Page number |
235 |
|
Base year |
2021 |
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Estimated time period |
2022-2030 |
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Growth rate & CAGR |
accelerated CAGR of 9.01% |
|
Market growth 2022-2030 |
178.07 billion US dollars |
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Market structure |
scattered |
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Regional analysis |
APAC, Europe, North America, South America, and MEA |
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Implementation of the contribution of the market |
Asia Pacific to account for the largest market size during the forecast period |
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Competitive landscape |
Leading companies, competitive strategies, scope of consumer involvement |
|
Company profiled |
Canadian Solar Inc., Nextera Energy Sources LLC, Tata Power Solar Systems Ltd., Wuxi Suntech Power Co. Ltd, Vivaan Solar, Trina Solar, SunPower Corporation, Jinko Solar, BrightSource Energy Inc., Waaree Group |
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Marketing dynamics |
Parent market analysis, market growth drivers and barriers, analysis of fast and slow growing segments, impact of COVID 19 and future consumer changes, analysis of market conditions for the forecast period. |
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Customization example |
If our report does not include the information you are looking for, you can contact our analysts and get a customized section. |
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Advances in the market
In March 2020, solar company JA introduced a new Ga-doped wafer-based photovoltaic module. Ga-doped silicon wafer technology allows to increase the efficiency of energy production, mainly with better stability, ensuring the long-term benefits of consumers.
Marketing dynamics
Drivers: Off-Grid Areas Increasing:
Off-grid systems, called standalone or mini-grid, can generate power and run appliances. The off-grid method is ideal for electrifying small communities. In addition, high adoption of applications such as solar farms, power stations, rooftop & integrated building systems, rural electrification and many others are the factors driving the growth of the market. In addition, continuous technological advancements in the production of solar cells, and increasing investments across the utility scale in developing clean electricity generation in line with the increasing demand for electricity are helping to drive the market growth. Also, increasing adoption of solar energy in residential homes and commercial scale factories is expected to drive the growth of the market. Moreover, the growing demand for software solutions for monitoring, asset management, and impromptu project concepts is propelling the growth of the market over the forecast period. In addition, the initiative and support of various states to strengthen the adoption of Solar energy will also help boost market growth in the years to come.
Cons: High installation cost:
Compared to solar PV, the high cost of concentrated photovoltaics is hindering the growth of the market. Furthermore, the lack of technology acceptance and the lack of skilled workers to install and maintain photovoltaic cells are hindering the growth of the market.
Opportunities: Growing demand for renewable energy:
Increasing focus on research & development activities to improve efficiency The efficiency of solar cells and production technology are the factors that drive the expansion. The body of the market. In addition, the expansion of the electricity purchase agreement between private companies and the Electricity Council promotes the growth of the market. Moreover, favorable government policies that provide financial incentives & subsidies for solar PV projects are driving the market growth over the forecast period.
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Some of the major players operating in the photovoltaic market are:
• Canadian Solar Inc.
• Nextera Energy Sources LLC
• Tata Power Solar Systems Ltd.
• Wuxi Suntech Power Co. Ltd
• Vivaan Solar
• Trina Solar
• SunPower Company
• Jinko Solar
• BrightSource Energy Inc.
• Waaree group
Key segments covered in the market:
by category:
• Balance of System (BOS)
• Module
• Inverters
By installation type:
• The roof
• Install the floor
• Others
by system:
• High intensity photovoltaic (HCPV)
• Low Concentration Photovoltaic (LCPV)
By technology:
• Some movies
• Polycrystalline Silicon
• Monocrystalline Silicon
• Others
By application:
• Advantage
• Residence
• Trade
by region
• North America (United States, Canada, Mexico)
• Europe (Germany, France, England, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All segments are analyzed on a global, regional, and country basis. The study included an analysis of more than 30 countries for each segment. The report analyzes the driving factors, opportunities, restraints, and challenges for gaining key insights into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position analysis, distribution, and marketing channel analysis.
About understanding the brain:
The Brainy Insights is a market research company, aiming to provide actionable insights through data analysis to companies to improve their business intelligence. We have a strong forecasting and forecasting model to meet the customer’s objectives of high quality output within a short period of time. We provide both customized (customer specific) and syndicate reports. Our collection of comprehensive reports is diverse in all categories and sub-categories across domains. Our customized solutions are tailored to the needs of customers whether they are looking to expand or plan to launch a new product in the global market.
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