09 March 2023
Visiongain has published a new report entitled Solar Photovoltaic (PV) Market Report 2023-2033: Forecasts by Cell Type (Full-Cell PV Modules, Half-Cell PV Modules), by Component (Modules, Inverters, Balance of System (BOS)), by Material (Crystalline Silicon (C-Si), Thin Film, Copper Indium Gallium Selenide (CIGS), Cadmium Telluride (CDTE)), by Installation Type (Ground-mounted, Rooftops, Windows, Floating PV, Other), by Application (Residential and Commercial Buildings, Remote Power Systems, Transportation, Solar Farms, Portable Electronic Devices, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global solar photovoltaic (PV) market was valued at US$108.8 billion in 2022 and is projected to grow at a CAGR of 10.6% during the forecast period 2023-2033.
The Asia Pacific Region Is Expected to Dominate the Solar PV Market Due to the High Adoption of Renewable Energy Sources
The solar photovoltaic (PV) market has experienced significant growth in recent years, driven by increasing concerns about climate change and the need for renewable energy sources. The increasing demand for clean and sustainable energy, government incentives and favourable policies, and declining costs of solar PV systems are major drivers of the market. Additionally, the growth of the market is further propelled by the increasing adoption of solar PV systems in various end-use industries such as residential, commercial, and industrial sectors.
The Asia Pacific region is expected to dominate the solar PV market due to the high adoption of renewable energy sources in countries like China, India, and Japan. Furthermore, technological advancements in solar PV systems, such as bifacial modules and floating solar panels, are expected to further drive the market growth.
The major players in the solar PV market include Jinko Solar, Canadian Solar, Trina Solar, SunPower Corporation, and First Solar Inc. The market is highly competitive, with players focusing on research and development to enhance the efficiency and reliability of solar PV systems.
However, the solar PV market also faces challenges such as the intermittent nature of solar power and the need for energy storage solutions. Nevertheless, the increasing demand for renewable energy sources and technological advancements are expected to overcome these challenges, driving the growth of the solar PV market in the coming years.
How has COVID-19 had a significant negative impact on the Solar Photovoltaic (PV) Market?
The COVID-19 pandemic has had a mixed impact on the solar photovoltaic market, with both positive and negative effects. Here are some of the key impacts of the pandemic on the solar photovoltaic market:
Policy Changes: The pandemic has led to changes in government policies, which can impact the solar photovoltaic market. Some governments have delayed or postponed renewable energy auctions or reduced funding for renewable energy projects due to budget constraints. However, despite these challenges, there have also been some positive impacts of the pandemic on the solar photovoltaic market:
Resilience of Renewable Energy: The pandemic has highlighted the importance of resilient energy systems, and the reliability of renewable energy sources like solar power. This has increased interest in renewable energy and could drive increased investment in solar projects in the long term.
Increased Support for Green Energy: The pandemic has led to increased support for green energy policies and initiatives as governments look to stimulate economic growth while addressing climate change. This increased support could result in more favourable policies for solar photovoltaic development.
Improved Public Perception: The pandemic has increased public awareness of the importance of environmental issues and the need for sustainable energy solutions. This could lead to increased demand for solar photovoltaic technology in the future.
Overall, the COVID-19 pandemic has had both negative and positive impacts on the solar photovoltaic market. While there have been significant challenges, there are also opportunities for the solar industry to grow and thrive in the post-pandemic world.
How will this Report Benefit you?
Visiongain’s 355-page report provides 174 tables and 227 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global solar photovoltaic (PV) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Solar Photovoltaic (PV). Get financial analysis of the overall market and different segments including market value, cumulative installed capacity, component, cell type, installation type, application, material, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing solar photovoltaic (PV) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Government Support Aiding the Growth of the Market
Government support has been a major driving factor for the growth of the solar photovoltaic market, with many countries around the world implementing policies, incentives, and subsidies to encourage the adoption of solar power. Here are some recent examples of government support for the solar photovoltaic market:
For instance, United States: In December 2020, the US Congress passed a new stimulus package that includes an extension of the federal solar investment tax credit (ITC) for two years. This tax credit provides a 26% reduction in the cost of solar panel installation for residential and commercial properties, which is expected to stimulate demand for solar power in the US.
Cost Reduction in Manufacturing Solar PV Modules
Cost reduction has been a significant driving factor for the growth of the solar photovoltaic market in recent years. Here are a few examples of how cost reduction has been achieved in the solar photovoltaic industry: Economies of Scale: As the solar photovoltaic market has grown, production has increased, leading to economies of scale that have reduced the cost of solar panels. For example, in 2016, the Dubai Electricity and Water Authority received a bid for an 800 MW solar power project at a record low price of 2.99 cents per kilowatt-hour. This was made possible due to the large scale of the project, which allowed for significant cost reductions.
Where are the Market Opportunities?
Technological Innovations to Boost Solar PV Market
Technological innovations present a significant opportunity for the solar photovoltaic market to improve efficiency, reduce costs, and increase performance. Here are some recent examples of technological innovations in the solar photovoltaic market:
Bifacial Solar Panels: Bifacial solar panels are a recent innovation in solar photovoltaic technology that can capture sunlight from both sides of the panel, increasing energy production. These panels use a special glass coating that reflects light back onto the solar cells, increasing their efficiency. Bifacial solar panels have the potential to increase energy production by up to 30%.
Emerging Markets in the Developing Nations of the World
Emerging markets present a significant market opportunity for the solar photovoltaic industry due to several factors, including a growing demand for energy, increasing urbanization, and favourable government policies. Here are some recent examples of emerging markets and their potential for solar photovoltaic growth:
India: India is one of the world's fastest-growing economies, with a rapidly increasing demand for electricity. The government has set ambitious targets to increase the share of renewable energy in the country's energy mix.
Africa: Africa has significant potential for solar photovoltaic growth due to its high levels of solar irradiance and the limited access to electricity in many parts of the continent. Governments and international organizations are investing in solar projects in Africa to increase access to electricity and reduce reliance on fossil fuels
The major players operating in the solar photovoltaic (PV) market are Canadian Solar Inc., First Solar, Inc., Hanwha Q Cells, Trina Solar Co., Ltd., Yingli Green Energy Holding Company Limited, LG Electronics Inc., JinkoSolar Holding Co., Ltd., JA Solar Holdings Co., Ltd., LONGi Green Energy Technology, Suntech Power Holdings Co., Ltd., Sharp Corporation, ABB Ltd., Eaton Corporation plc, Waaree Energies Limited, EMMVEE Photovoltaic Power Private Limited. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• 04 Jan 2023, Canadian Solar Inc, CSI Energy Storage, a majority-owned subsidiary of the Company, has been selected to provide up to 550 MWh of SolBank energy storage products to Pulse Clean Energy ("Pulse") for use in various UK-based projects. The agreement calls for CSI Energy Storage's SolBank, a proprietary battery energy storage solution designed and manufactured for utility-scale applications, to be used in 550 MWh of energy storage projects.
• 26 Oct 2022, First Solar, Inc. signed an agreement to supply Swift Current Energy with 2 gigatonnes (GW)DC of high-performance, responsibly produced thin film solar modules in 2025 and 2026. Swift Current has placed its second gigawatt-plus order for First Solar modules. The Boston-based developer, owner, and operator of utility-scale clean energy assets announced earlier this year that it had placed an order for 1.27 GWDC of First Solar modules.
Notes for Editors
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