Solar Photovoltaic (PV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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.
A solar photovoltaic (PV) system comprises solar panels with an inverter and other electrical and mechanical hardware that convert sunlight into electrical energy. It relies on mounting structures that point panels toward the sun for converting direct current (DC) into alternating current (AC). It is used to generate clean and green energy and reduce air pollution as well as greenhouse gas emissions. It is highly cost-effective, versatile, easy to install and noise-free with low maintenance costs compared to other renewable energy systems. As a result, solar PV system finds extensive applications in residential and commercial sectors across the globe.
Solar Photovoltaic (PV) Market Trends:
At present, the rising awareness among the masses to use low carbon-intensive technologies for reducing carbon footprint worldwide represents one of the key factors driving the market. Besides this, the growing utilization of solar PV systems to power spacecraft and orbiting satellites is positively influencing the market. In addition, governments of several countries are promoting the use of solar PV systems to reduce the dependency on fossil fuels. They are also offering several incentives to encourage the employment of solar energy around the world. Moreover, the increasing application of solar PV systems in the residential sector for grid-connected electricity generation is offering lucrative growth opportunities to industry investors. Apart from this, there is a rise in the demand for sustainable and continuous electric supply among the masses across the globe. This, along with the burgeoning electrical industry, is propelling the growth of the market. Additionally, increasing investments by key market players to introduce enhanced solar energy generation technologies are projected to bolster the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global solar photovoltaic (PV) market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on 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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Acciona S.A., Canadian Solar Inc., 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) and Trina Solar Co. Ltd.
Key Questions Answered in This Report
1. What was the size of the global solar photovoltaic (PV) market in 2022?
2. What is the expected growth rate of the global solar photovoltaic (PV) market during 2023-2028?
3. What are the key factors driving the global solar photovoltaic (PV) market?
4. What has been the impact of COVID-19 on the global solar photovoltaic (PV) market?
5. What is the breakup of the global solar photovoltaic (PV) market based on the grid type?
6. What is the breakup of the global solar photovoltaic (PV) market based on the deployment?
7. What is the breakup of the global solar photovoltaic (PV) market based on end user?
8. What are the key regions in the global solar photovoltaic (PV) market?
9. Who are the key players/companies in the global solar photovoltaic (PV) market?
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global Solar Photovoltaic (PV) Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
- 6 Market Breakup by Type
- 6.1 Thin Film
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Multi-Si
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Mono-Si
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 7 Market Breakup by Grid Type
- 7.1 On-Grid
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Off-Grid
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 8 Market Breakup by Deployment
- 8.1 Ground-mounted
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Rooftop Solar
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 9 Market Breakup by End User
- 9.1 Residential
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Commercial
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Utility
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 10 Market Breakup by Region
- 10.1 North America
- 10.1.1 United States
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Canada
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.2 Asia-Pacific
- 10.2.1 China
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Japan
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 India
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 South Korea
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 Australia
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Indonesia
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.3 Europe
- 10.3.1 Germany
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 France
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.3.3 United Kingdom
- 10.3.3.1 Market Trends
- 10.3.3.2 Market Forecast
- 10.3.4 Italy
- 10.3.4.1 Market Trends
- 10.3.4.2 Market Forecast
- 10.3.5 Spain
- 10.3.5.1 Market Trends
- 10.3.5.2 Market Forecast
- 10.3.6 Russia
- 10.3.6.1 Market Trends
- 10.3.6.2 Market Forecast
- 10.3.7 Others
- 10.3.7.1 Market Trends
- 10.3.7.2 Market Forecast
- 10.4 Latin America
- 10.4.1 Brazil
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Mexico
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Others
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.5 Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
- 11 SWOT Analysis
- 11.1 Overview
- 11.2 Strengths
- 11.3 Weaknesses
- 11.4 Opportunities
- 11.5 Threats
- 12 Value Chain Analysis
- 13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
- 14 Price Analysis
- 15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 Acciona S.A.
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.2 Canadian Solar Inc.
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.2.3 Financials
- 15.3.2.4 SWOT Analysis
- 15.3.3 First Solar Inc.
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.3.3 Financials
- 15.3.3.4 SWOT Analysis
- 15.3.4 JA Solar Technology Co
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.5 JinkoSolar Holding Co. Ltd.
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.6 LONGi Green Energy Technology Co. Ltd.
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 Financials
- 15.3.7 Sharp Corporation
- 15.3.7.1 Company Overview
- 15.3.7.2 Product Portfolio
- 15.3.7.3 Financials
- 15.3.7.4 SWOT Analysis
- 15.3.8 Solar Frontier K.K
- 15.3.8.1 Company Overview
- 15.3.8.2 Product Portfolio
- 15.3.9 SunPower Corporation
- 15.3.9.1 Company Overview
- 15.3.9.2 Product Portfolio
- 15.3.9.3 Financials
- 15.3.9.4 SWOT Analysis
- 15.3.10 Suntech Power Co. Ltd. (Shunfeng Int'l)
- 15.3.10.1 Company Overview
- 15.3.10.2 Product Portfolio
- 15.3.11 Tata Power Solar Systems Limited (Tata Power Company Limited)
- 15.3.11.1 Company Overview
- 15.3.11.2 Product Portfolio
- 15.3.12 Trina Solar Co. Ltd.
- 15.3.12.1 Company Overview
- 15.3.12.2 Product Portfolio
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