Solar Photovoltaic (PV) Market Size, Global Trends, Outlook, Report 2023-2028

The latest research study "Solar Photovoltaic (PV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global solar photovoltaic (PV) market size reached 1,034.5 TWh in 2022. Looking forward, IMARC Group expects the market to reach 2,546.5 TWh by 2028, exhibiting a growth rate (CAGR) of 16.4% during 2023-2028.

Solar photovoltaic (PV) refers to the technology that converts sunlight directly into electricity using solar panels. These systems harness the power of the sun through the photovoltaic effect, where solar cells made of semiconductor materials generate an electric current when exposed to sunlight. These solar panels are typically installed on rooftops, open spaces, or integrated into building materials to capture sunlight and generate clean, renewable energy. As a result, solar PV has gained immense traction as a sustainable energy solution, offering an environmentally friendly alternative to conventional fossil fuel-based electricity generation.   

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Solar Photovoltaic (PV) Market Trends and Drivers:

The global solar photovoltaic (PV) market is primarily driven by the increasing concerns about climate change and the need for renewable energy sources. Additionally, governments and international organizations are implementing supportive policies and offering incentives to promote the adoption of solar energy, such as feed-in tariffs, tax credits, and renewable energy targets. This, in turn, has encouraged businesses and consumers to invest in solar PV installations, reducing their carbon footprint and contributing to a sustainable energy future. Moreover, the declining costs of solar PV panels owing to technological advancements, economies of scale, and improved manufacturing processes have catalyzed market growth. Consequently, the lower installation and operational costs of solar PV systems have attracted investments from various industries, including commercial, industrial, and residential sectors, representing another major growth-inducing factor. Furthermore, the escalating energy demand and the need for energy security have accelerated the deployment of solar PV systems as they offer a decentralized energy solution, enabling businesses and communities to generate electricity on-site and reduce dependence on traditional power grids. This resilience and independence in energy supply have gained prominence, especially in remote areas or regions with unreliable grid infrastructure. Besides this, technological advancements and innovations in solar PV, such as the development of high-efficiency solar cells, lightweight and flexible solar panels, and energy storage solutions with enhanced performance and versatility, have propelled the market growth. Other factors, including the rising integration of solar PV into diverse environments and applications, such as building-integrated photovoltaics (BIPV), solar-powered vehicles, and off-grid electrification, coupled with the increasing focus on clean energy, supportive government policies, and technological advancements, are also anticipated to drive the market further. 

 Solar Photovoltaic (PV) Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Canadian Solar Inc.
• Acciona S.A.
• First Solar Inc.
• JA Solar Technology Co
• JinkoSolar Holding Co. Ltd.
• LONGi Green Energy Technology Co. Ltd.
• Sharp Corporation, Solar Frontier K.K
• SunPower Corporation
• Suntech Power Co. Ltd. (Shunfeng Int'l)
• Tata Power Solar Systems Limited (Tata Power Company Limited)
• Trina Solar Co. Ltd.

The report has segmented the market on the basis of type, grid type, deployment and end user.

Breakup by Type:

• Thin Film
• Multi-Si
• Mono-Si

Breakup by Grid Type:

• On-Grid
• Off-Grid 

Breakup by Deployment:

• Ground-mounted
• Rooftop Solar

Breakup by End User:

• Residential
• Commercial
• Utility

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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