Global Solar Photovoltaic Growth Opportunities

Global Solar Photovoltaic Growth Opportunities

Global concerns about climate change have spurred a flurry of investments in renewable energy sources and other decarbonization initiatives. The efforts to focus on renewables were initiated at the 2016 COP21 in Paris, which led to countries setting renewable energy targets to achieve by 2030 in attempt to mitigate global warming. More recently, at COP26, more than 100 countries pledged to cut methane emissions by 30.0% from 2020 levels, which would directly impact the energy sector, considering oil and gas is the main source of methane emissions, further spurring the transition to other renewable sources like solar photovoltaic (PV).

Solar PV is an advantageous option when comparing the various renewable sources available, being a low-investment, low-maintenance option characterized by the year-round abundance of the energy source and ease of accessibility as compared to wind, which needs sizeable resources including land and investment. Advancements in storage technologies have strengthened the case for PV, with variability in production having been a major source of concern in the past.

This study assesses growth opportunities for the global solar PV market and uses proprietary modeling to estimate its revenue potential. The model uses estimated annual capacity additions based on countries’ individual and regional targets for 2030 and other secondary resources. The study also presents PV market trends that will define the industry’s growth, major players across the value chain (PV cells, modules, inverters, and O&M), and the competitive environment. Where applicable, market potential refers to the estimated revenue opportunity size between 2022 and 2030 that is available for interested stakeholders to capitalize on. Key countries in each region are profiled, detailing their market potential.

KEY ISSUES ADDRESSED

What is the current status of the global solar PV market?
What are the key drivers and restraints affecting the market? What are the competitive factors?
Is the market growing? How long will it continue to grow, and at what rate?
How are key regulations affecting the market?
Which are the key growth regions for solar PV that market players can consider for expansion? Which countries are suitable for investments in these regions?
Who are the key market players, what is the state of the competitive environment, and what are their innovative business models or solutions?
How are revenues expected to change over the course of the next few years?
What avenues are available for strategic investment in the global solar PV market, and how can key stakeholders benefit from them?