Solar Photovoltaic (PV) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Solar Photovoltaic (PV) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Solar Photovoltaic (PV) Market

The Solar Photovoltaic (PV) market size was valued at USD 316.78 billion in 2023, and the market is now projected to grow from USD 399.44 billion in 2024 to USD 2517 billion by 2032, exhibiting a CAGR of 25.88% during the forecast period of 2024-2032.

A stormy wave of the COVID-19 epidemic has largely impacted various trade activities which incorporate many commercial and non-commercial sectors including tourism, oil and gas, aviation and others. The governments in numerous nations had forced across the nation lockdowns & confinements due to this widespread, which has seriously influenced economies around the world, disturbed supply chains, caused a delay in numerous ventures, and made a labor deficiency. In numerous nations, the renewable industry profoundly depends on imports, fundamentally from China and thus it resulted in the impede of the solar photovoltaic (PV) market growth. As per the Government of India, the country's nearly 80% of sun-based modules and sun powered cells request are satisfied from China, beside hardware such as pre-assembled structures, raw materials, and inverters in India.

Control utilization within the Asia Pacific and other districts has expanded significantly over the final few years. Strong financial development, surging populace, and booming fabricating division have driven to a surge in control utilization. The creating economies are seeing high power request due to extension and foundation development. Industrialization and urbanization at the side the rising living standard of individuals increment the request for electricity generation.

Off-grid zones have exceptionally restricted access or no access to grid-connected power. Such ranges are subordinate on auxiliary sources of Photovoltaic, such as sun oriented vitality. Numerous districts around the world have large-sized off-grid regions that don't have access to grid-connected power. Summoning up to the World Vitality Viewpoint, around 1 billion and more individuals all around the globe are still living their life without electricity.

Comprehensive Analysis of Solar Photovoltaic (PV) Market

The market is portioned into monocrystalline silicon, thin-film, multi-crystalline silicon, and others on the basis of technology, wherein the multi-crystalline section proved to be the dominant one with a wide run of applications in this market and it is heavily utilized within the commercial, residential, and industrial portions. Based on the installation, the market is portioned into ground-mounted, housetop, and others. The ground-mounted portion held a prevailing share of the market in anticipated time allotment. Based on the lattice sort, the market is portioned into on-grid and off-grid. The on-grid portion held a prevailing share due to the rising number of utility-scale ventures around the world. Based on the application, the market is fragmented into private, non-residential, and utility. The utility section overwhelmed advertise and will record a striking CAGR over 2021-2028.

The Asia Pacific region held the major solar photovoltaic (PV) market share with a valuation of USD 155.76. More than 77 GW of sun-based capacity will be included within the region in 2020. The essential components driving the market's development are high sun-oriented illumination levels and cheap component generation costs. High carbon outflow lessening targets set by a number of countries, eminently China and India, combined with rising power request will fuel market development. The Chinese nation remains the world's biggest market, including the biggest solar control capacity in 2020.

The worldwide market is uneven as a result of the nearness of colossal number of players around the world. In the projected timeframe, Wuxi Suntech Power Co. Ltd. (China), Canadian Solar Inc. (Canada), SunPower Corporation (U.S.), First Solar (U.S.), BrightSource Energy, Inc. (U.S.), AccionaEnergia S.A. (Spain), Sun Power Corporation (U.S.), Tata PowerSolar Systems Ltd. (India) and Trina Solar are the most remarkable players in the market. These companies are growing their solar capacities by actuating modern plants or growing the existing ones.

In September 2023, First Sun powered Inc. opens modern tab renewable vitality company Longroad Vitality has expanded the company's sun powered board orders by 2 gigawatts (GW), bringing Longroad's add up to purchases to roughly 8 GW. The progressed thin-film sun-oriented module arrange is anticipated to be conveyed between 2027 and 2029, based on an existing 3.7 GW to the contract. Longroad has created or procured 4.3 GW of renewable energy ventures over the Joined together States. It sold its 108-megawatt sun powered venture in Virginia to utility Domain Vitality (D.N), which can open a modern tab early this year.

Segmentation Table

ATTRIBUTEDETAILS

Study Period2019-2032

Base Year2023

Estimated Year2024

Forecast Period2024-2032

Historical Period2019-2022

Growth RateCAGR of 25.88% over 2024 to 2032

UnitVolume (MW) and Value (USD Billion)

SegmentationBy Technology

Mono-Si

Thin Film

Multi-Si

Others

By Installation

Ground Mounted

Roof Mounted

Others

By Grid Type

On-grid

Off-grid

By Application

Residential

Non-residential

Utilities

By Region

North America (By Technology, By Installation, By Grid Type, By Application, By Country)

U.S. (By Application)

Canada (By Application)

Europe (By Technology, By Installation, By Grid Type, By Application, By Country)

U.K. (By Application)

France (By Application)

Spain (By Application)

Germany(By Application)

Netherlands (By Application)

Rest of Europe (By Application)

Asia Pacific (By Technology, By Installation, By Grid Type, By Application, By Country)

China (By Application)

India (By Application)

Japan (By Application)

Australia (By Application)

Sout Korea (By Application)

Rest of Asia Pacific (By Application)

Latin America (By Technology, By Installation, By Grid Type, By Application, By Country)

Brazil (By Application)

Mexico(By Application)

Rest of Latin America(By Application)

Middle East and Africa(By Technology, By Installation, By Grid Type, By Application, By Country)

South Africa(By Application)

Egypt (By Application)

Israel(By Application)

Saudi Arabia (By Application)

UAE (By Application)

Rest of Middle East & Africa (By Application)


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