NEW YORK, Feb. 15, 2024 /PRNewswire/ — The solar photovoltaic (PV) market size is expected to grow by USD 47.16 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 8.42% during the forecast period. By End-user, the commercial segment will be significant during the forecast period. Commercial buildings, with high daily power consumption from fossil fuels and backup diesel generators, face rising electricity costs due to carbon taxes in countries like China. To enhance economic competitiveness and environmental responsibility, solar photovoltaic systems offer an alternative power source in the non-residential sector. To find a preview of the market overviews, market drivers, opportunities, and potentials request a free sample report
Technavio has announced its latest market research report titled Global Solar Photovoltaic Market 2023-2027
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Report Coverage |
Details |
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Page number |
159 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.42% |
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Market growth 2023-2027 |
USD 47.16 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.81 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 42% |
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Key countries |
US, China, Japan, Vietnam, and Germany |
The report analyzes the market’s competitive landscape and offers information on several market companies. ABB Ltd., All Earth Renewables, Canadian Solar Inc., Eaton Corp. Plc, EMMVEE SOLAR, First Solar Inc., Hanwha Corp., JA Solar Technology Co. Ltd., Longi green energy technology Co. Ltd, Mitsubishi Electric Corp., Sharp Corp., SMA Solar Technology AG, Sungrow Power Supply Co. Ltd., Tongwei Co. Ltd., Trina Solar Co. Ltd., Waaree Energies Ltd., Wuxi Suntech Power Co. Ltd., Yingli Green Energy Holding Co. Ltd., Zhejiang CHINT Electrics Co. Ltd., and JinkoSolar Holding Co. Ltd.
Major Companies and Key Offerings:
ABB Ltd.: The company offers residential photovoltaic system.
Canadian Solar Inc.: The company offers Solar module and inverter.
By Geography , APAC is estimated to account for 42% of the growth during the forecast period. Some of the key countries that are significantly contributing to the growth of the market in APAC include China, Japan, India, Australia, and South Korea. China is one of the most dominating markets in the APAC region. Factors such as the rising number of residential installations are expected to fuel the growth of the market in countries such as India and China. To know additional highlights and key points on various segments and their impact in coming years, Get a Sample Report.
The industry is experiencing exponential growth driven by several key factors. Sunshine is harnessed through photovoltaic cells, converting light energy into electrons, which generate electricity without moving parts or emissions. Silicon atoms within photovoltaic cells capture photons, initiating the energy conversion process. Technology advancements have significantly improved energy prices, making it increasingly cost-effective. Moreover, financial support and favorable consumer and regulatory predisposition towards clean energy sources bolster the commercial outlook. As a result, the sector is witnessing heightened product acceptance, with abundant resource availability further fueling its expansion. With continuous innovation and investment, the future of the industry looks promising.
The solar photovoltaic (PV) exhibits immense industry potential with escalating demand is driven by increasing awareness of environmental concerns and the pursuit of sustainable energy sources. Regulatory measures aimed at reducing carbon emissions further bolster growth, aligning with government renewable energy goals and installation targets. Asset and financial leveraging coupled with subsidies enhance accessibility to solutions, fostering efficient power generation and encouraging large-scale applications. Technology developments and research & development operations drive innovation and manufacturing precision, optimizing crystalline solar photovoltaic (PV) production. The forecast period anticipates robust solar deployment rates, spurred by new product developments and standardized product methods, shaping the corporate landscape and propelling the solar industry towards optimization and sustainable growth.
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ToC:
Executive Summary
Landscape
Sizing
Historic Sizes
Five Forces Analysis
Segmentation by End-user
Segmentation by Deployment
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging trends and provides actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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SOURCE Technavio