IMARC Group’s report titled “Solar Photovoltaic (PV) Market Report by Type (Thin Film, Multi-Si, Mono Si), Grid Type (On-Grid, Off-Grid), Deployment (Ground-Mounted, Rooftop Solar), End User (Residential, Commercial, Utility), and Region 2024-2032“. The global solar photovoltaic (PV) market size reached 1,204.1 TWh in 2023. Looking forward, IMARC Group expects the market to reach 4,432.1 TWh by 2032, exhibiting a growth rate (CAGR) of 15.1% during 2024-2032.
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Factors Affecting the Growth of the Solar Photovoltaic (PV) Industry:
- Increasing Government Policies and Incentives:
Supportive government policies and incentives play a crucial role in driving the market growth of the solar photovoltaic (PV) industry. Various countries are introducing subsidies, tax incentives, and feed-in tariffs to encourage the adoption of solar energy. This regulatory support is instrumental in reducing the cost of solar installations, making solar energy more accessible and appealing to both residential and commercial sectors. Market analysis suggests that such policies act as a significant growth driver, contributing to the positive market outlook for solar PV technology.
- Continuous Technological Advancements:
Continuous technological advancements in solar PV panels, including increases in efficiency and reductions in manufacturing costs, are key factors propelling the market growth. In addition to this, innovations such as bifacial panels and PERC (Passivated Emitter and Rear Cell) technology enhance the power output and efficiency of solar installations. These technological improvements enhance the market size by making solar energy more cost-effective compared to traditional energy sources and also expand the market share of solar PV in the renewable energy sector.
- Rising Awareness of Renewable Energy:
The growing global awareness and commitment to renewable energy sources to combat climate change are significantly influencing market trends in the Solar Photovoltaic (PV) sector. There is an increasing demand for clean and sustainable energy solutions, which positions solar energy as a key player in the transition towards a greener economy. This shift in consumer and corporate behavior towards renewable energy sources is expected to drive the market growth, as reflected in market analysis and outlook reports that forecast a robust expansion of the solar PV market.
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Leading Companies Operating in Global Solar Photovoltaic (PV) Industry:
- 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)
- Trina Solar Co. Ltd.
Solar Photovoltaic (PV) Market Report Segmentation:
By Type:
- Thin Film
- Multi-Si
- Mono-Si
On the basis of type, the market has been divided into thin film, multi-Si, and mono-Si.
By Grid Type:
- On-Grid
- Off-Grid
On-grid represents the largest segment due to its ability to provide a consistent energy supply by connecting to the utility grid, facilitating the sale of excess electricity generated.
By Deployment:
- Ground-mounted
- Rooftop Solar
Ground-mounted represents the largest segment due to its scalability and efficiency advantages, allowing for optimal solar panel orientation and exposure to sunlight.
By End User:
- Residential
- Commercial
- Utility
Utility represents the largest segment as large-scale solar installations are increasingly adopted by utilities to meet renewable energy targets and supply electricity on a mass scale.
Regional Insights:
- 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
Asia Pacific’s dominance in the solar photovoltaic (PV) market is attributed to the rising implementation of stringent regulations encouraging individuals and businesses to invest in renewable energy sources.
Global Solar Photovoltaic (PV) Market Trends:
The solar photovoltaic (PV) market is characterized by the escalating shift towards decentralized energy generation, where consumers increasingly adopt rooftop solar installations, contributing to energy self-sufficiency and grid resilience. Additionally, the integration of solar PV with energy storage systems is gaining momentum, allowing for the stabilization of solar power supply and enhancing its usability.
Furthermore, there is a notable trend towards the development of solar PV projects in floating configurations on bodies of water, optimizing land use and reducing water evaporation. These trends collectively foster a more versatile and sustainable solar energy landscape, driving market growth.
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