The global solar photovoltaic market size is projected to reach USD 1,000.92 billion by 2028 compared with 2020’s USD 154.47 billion, with a CAGR of 25.9% during the forecast period. This growth prediction is due to the rising demand for renewable energy resources and dependence upon electricity.
Solar Photovoltaic or PV is a technology that uses solar radiation to produce electricity, making it a form of renewable energy. In addition, it eliminates pollution emissions and reduces dependence on fossil fuels by providing sustainable energy resources.
Furthermore, electricity dependence has increased rapidly globally. The demand for sustainable and continuous electric supply will likely fuel solar photovoltaic technologies demand as well as the market progress during the upcoming years.
The Solar Photovoltaic Market
Its segmentation depends on the focus that it is given. For instance, by technology analysis, its segmentation is multi-sim, thin-fil, mono-si, and others. It can also be per installation, with the segmentation of roof-mounted, ground-mounted, and others. There is also based on grid type, with off-grid and on-grid segmentation. Lastly, the region segmentation divides it into Asia-Pacific, Europe, North America, Latin America and the Middle East, and Africa.
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Some of the companies profiled in the Solar Photovoltaic Market are Canadian Solar Inc. (Canada), Bright Source Energy Inc. (U.S.), Trina Solar (China), Waaree Group (India), and AccionaEnergia S.A. (Spain). Among the countries that possess significant solar resources globally are Germany, Spain, U.S., and China.
Within the regions that take a big part in this market, there is an expectation that the Asia-Pacific one will dominate it. This comes as a result of low manufacturing costs. Also, higher solar irradiance levels are likely to boost production. In 2020 the market in Asia-Pacific stood at 71.37 billion and is projected to gain the largest market share in the upcoming years.
On the other hand, Europe stands as the second-largest solar photovoltaic market share. This is due to the installation of solar power infrastructure. In addition, the EU Renewable Energy Directive announced its plans for sustainable energy resource development. These factors will be favorable for market growth.
Finally, the increased solar photovoltaic capacity in the U.S. and Canada will likely fuel the solar PV demand. North America possesses more than 100 MW off-grid solar photovoltaic installations. This might also help the market growth.
You can find more at Solar Photovoltaic (PV) Market Expanding to Reach USD 1000.92 Billion by 2028; Increasing Demand for Renewable Energy Resources to Bolster Market Growth: Fortune Business Insights™