Solar Photovoltaic (PV) Market

Global Solar Photovoltaic (PV) Market:

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. The launch of favorable government policies to promote sustainability, the rising consumer environmental concerns, the escalating demand for renewable energy, and the inflating need for minimizing climate-related disruptions are some of the key factors driving the solar photovoltaic (PV) market growth.

Global Solar Photovoltaic (PV) Market Analysis:

• Major Market Drivers: The support provided by government bodies through favorable incentives and policies, the increasing focus of key players on enhancing efficiency and minimizing costs, and the rising consumer awareness towards the economic viability and energy security offered by solar PV systems are some of the primary drivers augmenting the global market.
• Key Market Trends: Several advancements in solar panel efficiency and production processes and the development of energy storage solutions are propelling the solar photovoltaic (PV) market demand. In addition to this, the rising integration of solar PV with artificial intelligence and smart technologies is making solar energy more efficient, which is one of the emerging trends in the global market.
• Geographical Trends: According to the report, Asia Pacific accounted for the largest market share. Asia Pacific is a significant region in the solar photovoltaic (PV) market, owing to the extensive investments by government policies and the rising consumer environmental consciousness. 
• Competitive Landscape: Some of the leading players in the global solar photovoltaic (PV) market include 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., among many others.
• Challenges and Opportunities: Some of the primary challenges in the global market for solar photovoltaic (PV) are the increasing requirement for enhanced energy storage solutions and competition with traditional energy sources. However, significant opportunities, such as continuous innovations in energy storage and the widespread adoption of novel technologies and materials to improve the cost-effectiveness and efficiency of solar photovoltaic systems, will continue to fuel the global market over the forecasted period.
   

Global Solar Photovoltaic (PV) Market Trends:

Incentives and Policies by Government Bodies

Government authorities across the globe are launching favorable financial incentives, including rebates, feed-in tariffs, tax credits, subsidies, etc., that minimize the initial investments related to the installations of solar photovoltaics. In line with this, they are launching policies, such as net metering, which enables commercial and residential owners of solar systems to sell excess electricity back to the grid. Moreover, government bodies across the globe are implementing strict regulations to reduce carbon emissions and setting renewable energy targets, thereby driving the solar photovoltaic market (PV) growth. For example, in India, the National Institute of Solar Energy (NISE) has assessed the country’s solar potential of about 748 GW, assuming 3% of the wasteland area to be covered by Solar PV modules. In addition, Solar energy has taken a central place in India’s National Action Plan on Climate Change with National Solar Mission (NSM) as one of the key missions. Furthermore, Nationally Determined Contributions (NDCs) in India target to achieve about 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources and minimize the emission levels by 45% from the 2005 level by 2030. Consequently, in order to achieve the above target, government bodies in India have introduced policies and numerous schemes to encourage the generation of solar power, including the Canal Bank & Canal Top Scheme, Solar Park Scheme, VGF Schemes, CPSU Scheme, Bundling Scheme, Grid Connected Solar Rooftop Scheme, etc. They have also implemented standard bidding guidelines for tariff-based competitive bidding processes to procure power from grid-connected solar PV and wind projects. These policies encourage commercial and residential users and extensive investments from utility providers and corporations.

Numerous Technological Advancements

Numerous innovations, such as enhancements in the efficiency of solar panels, which enable more electricity to be generated from the same amount of sunlight, are acting as significant growth-inducing factors. For instance, a team of researchers and scientists from the University of Surrey in the United Kingdom developed a wafer-thin solar panel produced from organic materials that can be printed on demand. These solar panels are capable of absorbing 25% more energy as compared to their counterparts, including silicon-based solar PV cells. Furthermore, to enable the storage of excess energy for use when sunlight is not available, a team of researchers from the ARC Centre and UNSW Sydney found a way for solar PV cells to work even at night by adopting infrared technology.

Environmental Consciousness and Climate Change Concerns

The increasing consumer consciousness towards minimizing the impact of fossil fuels on the environment is propelling the demand for solar photovoltaic (PV) systems. In line with this, key players are focusing on improving designs and adopting novel materials, which is further driving the market growth. For instance, according to Tawalbeh et al. from the Department of Sustainable and Renewable Energy Engineering in the University of Sharjah, recycling solar cell materials and improving PV design can reduce GHG emissions by up to 42%. Additionally, by developing novel materials with improved properties, enhancing cell lifespans, avoiding hazardous components, and making careful site selection, the negative environmental impacts of PV systems can be considerably minimized. These mitigation actions will restrict solid waste accumulation and save essential water resources. This, in turn, is projected to fuel the market for solar photovoltaic (PV).

Solar Photovoltaic (PV) Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, grid type, deployment, and end user. 

Breakup by Type:

• Thin Film
• Multi-Si
• Mono-Si
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes thin film, multi-Si, and mono-Si.

The thin-film solar PV panels segment includes various technologies, such as amorphous silicon, cadmium telluride (CdTe), and copper indium gallium selenide (CIGS). On the other hand, multi-crystalline silicon (multi-Si) solar PV panels are manufactured from multiple silicon crystals melted together. Furthermore, mono-crystalline silicon (mono-Si) solar panels, made from a single, continuous crystal structure, are known for their high efficiency and sleek black appearance.

Breakup by Grid Type:

• On-Grid
• Off-Grid
   

On-grid holds the largest share in the industry

A detailed breakup and analysis of the market based on the grid type have also been provided in the report. This includes on-grid and off-grid. According to the report, on-grid accounted for the largest market share.

On-grid, also known as grid-tied, solar photovoltaic (PV) systems are gaining traction, owing to their cost-effectiveness, simplicity, and the ability to use the grid as a virtual battery, thereby eliminating the need for energy storage in batteries. Consequently, government bodies are also encouraging the use of on-grid solar PV systems, thereby augmenting the market growth in this segmentation.

Breakup by Deployment:

• Ground-mounted
• Rooftop Solar
   

Ground-mounted represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the deployment. This includes ground-mounted and rooftop solar. According to the report, ground-mounted represented the largest segment.

The rising number of utility-scale projects, solar energy targets by government bodies, and minimizing costs of solar PV installations are some of the key factors fueling ground-mounted solar PV systems. Government bodies across various countries are developing large-scale solar PV projects to minimize their reliance on fossil fuel-based power generation and diversify their energy mix. In May 2023, Savannah Energy Niger Solar Ltd., the wholly owned subsidiary of British independent power company Savannah Energy Plc, signed a memorandum of agreement (MoA) with the government in Niger to develop two solar photovoltaic power plants. The power facilities had a combined installed power capacity of up to 200 MW. The proposed solar plants were connected to the South-Central section of Niger's electricity grid.

Breakup by End User:

• Residential
• Commercial
• Utility
   

Utility accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the end user. This includes residential, commercial, and utility. According to the report, utility represented the largest segment.

The increasing number of large-scale solar farms and the growing mass electricity generation projects are primary factors fueling the utility segment in the solar photovoltaic (PV) market. These large-scale projects contribute significantly to national grids, providing renewable energy to a broad customer base. The utility segment benefits from economies of scale, resulting in lower costs per watt and making solar energy more competitive with conventional energy sources.

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
   

Asia Pacific leads the market, accounting for the largest solar photovoltaic (PV) market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.

Asia Pacific is a significant region in the solar photovoltaic (PV) market. Abundant sunlight, favorable government incentives, and the increasing consumer inclination towards renewable energy to meet the escalating power demands of its large and growing population are some of the key factors driving the regional market. Moreover, China, a global leader in solar photovoltaic (PV) manufacturing, plays a pivotal role in the region's dominance, along with India's ambitious solar targets. For example, in December 2022, the Government in New Delhi approved the draft of its Solar Policy 2022, which revised the installed capacity of 6,000 MW from 2,000 MW in two years. The policy was aimed to create a unified single-window state portal managed by the Delhi Solar Cell that provided information on the benefits of solar PV systems. In addition, in March 2022, Alibaba Group's logistics arm, Cainiao Network, started to use distributed solar power generated by rooftop solar panels installed in its bonded warehouses in China to power its operations. The company had installed the PV power generation systems on 100,000 square meters of warehouse rooftops that can store 7.862 MW of energy, with an annual power output of over 8 million kilowatts per hour, enough to power more than 3,000 homes. These projects, coupled with the wide availability of cost-effective labor and materials, are projected to augment the solar photovoltaic (PV) market demand in North America over the forecasted period.

Leading Key Players in the Solar Photovoltaic (PV) Industry:

Key players in the solar PV market are actively engaging in various strategies to strengthen their market position and capitalize on the growing demand for renewable energy. These strategies include investing in research and development to enhance efficiency and reduce the costs of solar panels, expanding manufacturing capacities, and exploring new materials and technologies. Many are forming strategic partnerships and collaborations to enter new markets and leverage each other’s strengths. Additionally, these companies are focusing on sustainability and corporate social responsibility to improve their brand image and appeal to environmentally conscious consumers.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• 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.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Global Solar Photovoltaic (PV) Market News:

• April 2024: Italy-based solar module manufacturer, FuturaSun, launched a new n-type TOPCon solar panel for applications in rooftop and large-scale PV projects. The FU570-580M Silk Nova line features a glass-back sheet structure with 144 n-type cells measuring 182 mm x 91 mm. The modules come in three versions, with power ratings ranging from 570 W to 580 W, and power efficiencies from 22.0% to 22.4%.
• March 2024: Waaree Energies on Monday announced its partnership with Sprng Energy to supply 220 megawatts (MW) of solar PV modules. The partnership involves Waaree Energies supplying 220 MW of AHNAY Series Bi-55 545Wp modules for Sprng Energy’s Gujarat project, as a part of the Shell Group.
• January 2024: LONGi Green Energy Technology Co., Ltd. entered a strategic cooperation agreement with Nio to collaboratively advance the usage of photovoltaic-generated clean energy in electric vehicle (EV) charging stations. The partnership was made to establish an industry-leading integrated station for solar energy storage and EV charging, which led to carbon neutrality goals in the transportation sector.

Solar Photovoltaic (PV) Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the solar photovoltaic (PV) market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global solar photovoltaic (PV) market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the solar photovoltaic (PV) industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.