Market Overview:

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.

Solar photovoltaic (PV) is an easy method that makes use of sunshine to generate electricity with no moving parts. The sunlight separates electrons from their host silicon atoms in a photovoltaic cell. The photons are tiny packets of mild electricity that are gathered with the aid of using electrons and offer sufficient electricity to propel the electron far from its excessive atom.

The favorable government schemes and incentives, together with tax exemptions and tariffs, will give a boost to the industrial outlook as properly endured generation improvements and developing customer and regulatory predisposition in the direction of smooth electricity sources.

Top 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.

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Market Dynamics and Factors for Solar Photovoltaic (PV) Market:

Drivers:

Increase 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 also. 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.

Opportunities:

Rising Investment in Photovoltaic (PV) Systems

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.

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Segmentation Analysis of the Solar Photovoltaic (PV) Market:

By Technology, the Thin film segment is expected to register a significant market share owing to increasing efficiencies of thin film solar, installing them on metal roofs has become cost competitive with traditional Monocrystalline and Polycrystalline solar cells.

By Installation, the ground-mounted segment is likely to dominate in this area. Due to raised efficiency, the number of installations, ground-mounted solar for utility or commercial projects, maintenance, and operation efficiencies are quite cost-effective.

By Technology

·         Thin Film

·         Mono Si

·         Multi Si

By System

·         High Concentration Photovoltaic (HCPV)

·         Low Concentration Photovoltaic (LCPV)

By Application

·         Industrial

·         Residential

·         Commercial

By Grid

·         On-grid

·         Off-grid

By Installation

·         Ground Mounted

·         Rooftop

·         Others

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Regional Analysis of the Solar Photovoltaic (PV) Market:

The Asia Pacific region is expected to hold the largest market share. 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.

·         North America (U.S., Canada, Mexico)

·         Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

·         Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

·         Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)

·         Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)

·         South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

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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