Solar Photovoltaic (PV) Market Forecasts to 2028 – Global Analysis By Type (Mono-Si, Multi-Si), Installation (Rooftop, Ground Mounted), Grid Type (On Grid, Off Grid), Technology(Thin Film, Monocrystalline Silicon, Polycrystalline Silicon), Application (Ut

Solar Photovoltaic (PV) Market Forecasts to 2028 – Global Analysis By Type (Mono-Si, Multi-Si), Installation (Rooftop, Ground Mounted), Grid Type (On Grid, Off Grid), Technology(Thin Film, Monocrystalline Silicon, Polycrystalline Silicon), Application (Utilities, Residential, Non Residential, Industrial), and Geography

According to Stratistics MRC, the Global Solar Photovoltaic (PV) Market is accounted for $160 billion in 2022 and is expected to reach $240 billion by 2028 growing at a CAGR of 7% during the forecast period. The solar photovoltaic (PV) method is a simple, non-moving-parts way to generate electricity from sunshine. In order to generate an electric current, electrons from silicon host atoms are taken out by solar light. Electrons are propelled out of their high atomic orbit by absorbing photons, or packets of light energy.

According to IEA, the annual PV grid capacity in 2021 in China doubled as compared to the same in 2021. The region in 2021 had a PV grid operational capacity of 34.5 GW.

Market Dynamics:

Driver:

Growing Investments in Solar Power Resources

Power-generating firms are under pressure to transition to greener and more ecologically friendly energy sources as a result of numerous environmental regulations across the globe. Major nations throughout the world are making great efforts to increase the production of electricity from renewable sources in order to reduce their reliance on fossil energy power generation. One of the main renewable energy sources that can help with many global concerns is solar energy. Therefore, increasing solar energy resource investments are creating appealing opportunities to grow the worldwide solar photovoltaic (PV) market even during course of the forecast period.

Restraint:

Low conversion efficiencies

When when compared to traditional energy sources like biomass and oil, the technique delivers low conversion efficiencies. Additionally, a number of variables, including as the kind of raw materials used to make solar cells, the amount of sunshine available, and solar PV design, have an impact on how well solar PV systems work, which is projected to restrain growth throughout the forecast period.

Opportunity:

Favorable Government Policies and Upcoming Projects

In reaction to the rising carbon emissions, governments all over the world have implemented a variety of policies for the development of renewable energy. The laws have considerably sped up the global expansion of the solar energy industry. China's solar PV industry makes a major contribution to the global market. The global market for solar PV is significantly impacted by changes to its rules. Due to its murky FiT policy and reduced subsidies for solar projects, China suffered a large fall in investment. With the implementation of the modified FiT regulation, the market is likely to pick up speed for the development of solar projects over the projected period. Similar to any other large solar energy industry, India benefits from many government programmes that support the country's utility- and domestic solar PV installations.

Threat:

Large land based power source

Utility-scale solar projects demand a substantial land-based power source. Numerous environmental or technical factors may have an impact on the choice of such land. The biodiversity and natural regions may be impacted by the usage of such land for the installation of solar systems. Large-scale solar-powered power plants must take into account a number of variables, including land, transportation networks, the effects on nearby residential areas, and distance from the electrical grid. The aforementioned constraints limit the expansion of the worldwide solar photovoltaic (PV) industry.

Covid-19 Impact

The COVID-19 epidemic significantly impacted the supply chain and had a very small influence on market growth. The lowering cost of solar PV and related technologies is the main force propelling the global solar PV market. Economies of scale, increased material efficiency, and manufacturing optimization can all be credited with the drop. However, throughout the anticipated period, issues including the development of other green technologies like wind and bio energy are anticipated to restrain market expansion.

The Ground-mounted segment is expected to be the largest during the forecast period

The Ground-mounted segment is estimated to have a lucrative growth, due to increase in utility-scale projects, solar energy targets, and falling solar PV installation costs. Large-scale solar PV projects are being planned by nations all over the world in an effort to diversify their energy sources and lessen their dependency on fossil fuel-based power generation. The increasing installation of large-scale utility solar PV projects is therefore anticipated to make ground-mounted solar PV a dominant segment over the projection period as a result of the considerations mentioned above.

The residential segment is expected to have the highest CAGR during the forecast period

The residential segment is anticipated to witness the fastest CAGR growth during the forecast period, due to lower initial investment costs and increased solar PV module efficiency, the residential sector is anticipated to experience significant development. However, a decline in installations, notably from the residential segment, is anticipated after the expiration of federal incentives. Over the course of the forecast period, the market's expansion is anticipated to be anticipated by the rising popularity of photovoltaic systems due to their use in power generation and low-cost residential building heating.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. The major markets in the sector with the greatest installed capacities are developing countries. Over the past few years, the solar photovoltaic industry has exploded more quickly than that of any other nation in the region. By establishing the political circumstances for its widespread deployment, JNNSM aims to position India as a global lead in solar energy. During the forecast period, factors including planned solar PV projects, favourable governmental policies, and falling prices for solar PV modules and related systems are anticipated to propel the solar PV market in the area.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. The government of North America has set up numerous solar, photovoltaic, as well as CSP projects all around the nation. One of these is a 46.8 MW-capacity photovoltaic facility at Puerto Libertad, Sonora. As a result, during the course of the projection period, the requirement for photovoltaic systems in the nation is anticipated to rise. In addition, the utility sector is anticipated to add significant capacity as a result of mounting pressure to achieve renewable energy requirements. On the basis of the present rate of installations, this is probably going to happen. Residential installations are also expected to increase over the projection period as a result of regulations and incentives tailored specifically to solar rooftop PV.

Key players in the market

Some of the key players profiled in the Solar Photovoltaic Market include Tata Power Solar Systems Ltd., Nextera Energy Sources LLC, Risen Energy, Sembcorp Energy India Ltd, Jinko Solar, BrightSource Energy Inc., Royal Dutch Shell PLC, Wuxi Suntech Power Co. Ltd, SunPower Corporation, Hanwha Q-CELLS, JA Solar and Canadian Solar Inc.

Key Developments:

In January 2021, Royal Dutch Shell PLC launched its 25 MW Qabas solar plant. The plant is located on a 50-hectare site within the Sohar Free zone in northern Oman, and consists of over 88,000 solar modules. It helps in avoiding more than 25,000 tons of CO2 emissions annually.

In January 2021, Sembcorp Energy India Ltd announced that it had won a new 400 MW solar power project in the Indian state of Rajasthan. Similarly, in February 2021, construction began on the Samson Solar Energy Center, the largest planned solar energy farm in the United States. The solar farm is expected to have 1,013 MW of generating capacity and is expected to be completed by 2023.

Types Covered:
• Mono-Si
• Multi-Si

Installations Covered:
• Rooftop
• Ground Mounted
• Other Installations

Grid Types Covered:
• On Grid
• Off Grid

Technologies Covered:
• Thin Film
• Monocrystalline Silicon
• Polycrystalline Silicon

Applications Covered:
• Utilities
• Residential
• Non Residential
• Industrial

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements