Photovoltaic Market: Global Industry Analysis and Forecast (2024-2030)

Photovoltaic Market size was valued at USD 97.3 Bn. in 2023 and the total revenue is expected to grow at a CAGR of 10.3 % through 2024 to 2030, reaching nearly USD 193.26 Bn.
Photovoltaic Market Overview:
Photovoltaic (PV) is the technology or process of converting light (Sunlight) into electricity by using certain types of material such as semiconductors. These semiconducting materials exhibit the photovoltaic effect. Solar Energy converts sunlight into electricity by using photovoltaic effect technology. These PV systems are the most reliable and widely available source of renewable energy. Fossil fuel is responsible for generating major pollution in the environment and solar energy is a very feasible alternative to fossil fuel.

Photovoltaic Market offers photovoltaic cells in a solar panel depends on the output voltage and current need of the panel. Solar panels generate DC (direct current) and range in size from about 5 to over 400 watts at their greatest output. Sun modules such as several sun cells are used in photovoltaic systems to produce electricity.

Photovoltaic market offers systems can be installed floating, on walls, on the ground, or rooftops. When photovoltaic electricity is used as the main source, energy storage devices or high-voltage direct current power lines for global distribution are needed, which adds to the cost. Also, it has several other specific disadvantages, like variable power generation, which have to be balanced. Some toxic chemicals, like arsenic and cadmium, are used in photovoltaic production. These minor environmental effects can be easily controlled via recycling and proper disposal. The cost of producing solar energy is a little higher than that of conventional energy sources because of the cost of making photovoltaic instruments and the equipment's lower conversion efficiency.

The demand for renewable energy is high and the unit cost of silicon-based cells is declining, these are the major factors influencing the Photovoltaic market positively. Utility-scale solar PV remains the least expensive choice for new energy generation in a vast majority of countries globally, regardless of the rises in investment costs brought on by increased commodity prices. The increasing growth rate is also anticipated for distributed solar PV, such as rooftop solar on buildings, due to rising retail electricity prices and expanding regulatory assistance. Spain, Germany, China, and the United States are the countries with the most sun-based resources worldwide.

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Photovoltaic Market Dynamics:
Over the decade, there has been significant expansion in the worldwide photovoltaic sector. The widespread use of photovoltaic technology in applications including power plants, rooftop and building integrated systems, solar farms, and rural electrification mainly driving its expansion.

The increasing investments in solar power projects by Government and NGOs:

The rapid acceptance of high-capacity solar projects and the government's focus on developing energy-efficient systems are the driving factors of the Photovoltaic Market growth during the forecast period. Further, the stringent targets for clean power use are also helping to boost the market growth during the forecast period. Moreover, the increasing concerns for carbon emissions & the gradual shift towards dependence on renewable sources for energy usage are other driving factors of the Photovoltaic Market growth. Apart from this, the declining cost of energy storage devices and PV systems, ongoing reduction in the price of elements followed by technological advancements, and stimulating regulatory measures, including tax credits, are also propelling market growth. Power consumption in the Asia-Pacific and other regions has increased considerably over the last few years. The increase in power consumption can be attributed to the manufacturing sector's growth, population growth, and robust economic growth. The surge in demand for power in developing economies can be attributed to their expansion and development of infrastructure. Industrialization and urbanization along with the rising living standard of people increase the demand for electricity generation.



A lack of operational land, supply chain, and manufacturing issues are restraints:

The lack of raw materials and industry closures are limiting Photovoltaic Market expansion. Furthermore, a sizable portion of the populace still has to be made aware of how expensive it is and how the lack of regulatory frameworks impedes market expansion. Unity-scale solar projects require a large land power generation. The selection of such land can be hampered by many environmental or technical parameters. The use of such land for the development of land for deployment of solar systems can impact the natural areas and biodiversity. For example, because of the instability and inaccessibility of the soil, the deployment of solar photovoltaic plants is especially challenging in marshes, agricultural land, water bodies, and forests. Large-scale sun-based energy power plants need to consider various factors such as land, transportation networks, implications on residential areas, and distance to the electricity grid. The above factors hamper solar photovoltaic market growth.

Rising Adoption of Alternate Clean Power Sources for Photovoltaic Market

The increasing use of electrical devices has led to a growing global requirement for a primary power source. People use many electrical devices, we might need more power at different times of the day. To meet this increasing need for electricity, power companies must improve their energy supply. In a situation like this, the power-producing infrastructure needs to be able to swiftly increase the amount of electricity produced. Gas-fired power plants are peak-load power plants because they quickly synchronize with the grid, unlike renewable energy sources. Gas power plants have become the most popular way for companies to generate electricity, even more than solar power. During the time we expect things to happen, these problems are likely to slow down the growth of the solar power Photovoltaic Market. Also, a big reason for the worldwide growth of the wind power industry is the increasing money being put into wind power projects. The rivalry from traditional energy sources and the growing need for improved energy storage solutions are two of the main obstacles facing the worldwide solar photovoltaic (PV) sector. Two of the primary challenges confronting the global solar photovoltaic (PV) industry are competition from conventional energy sources and the increasing demand for better energy storage options.

The increasing Opportunity for adoption of photovoltaic systems in residential applications

The rising adoption of photovoltaic systems in residential applications, coupled with supportive government initiatives, is the opportunity factor for Photovoltaic Market growth. Furthermore, the government is introducing multiple schemes and incentives, including auctions, tariffs, and tax exemptions associated with technological advancements, propelling market growth. Furthermore, throughout the projected period, the Photovoltaic Market grows due to factors such as the rising demand for electricity, the quickening pace of industrialization and urbanization, and the growing investments made by major industry players to offer better solar energy-producing technologies. Moreover, the availability of net metering systems for grid-connected methods, as well as options to incorporate battery storage methods for off-grid-connected methods, are also helping to boost the Photovoltaic Market growth during the upcoming year.

Photovoltaic Market Pricing:


Photovoltaic Market Segment Analysis:
The Global Photovoltaic Market is segmented by Type, Material, Installation Type, and Application.

Based on the Type, the market is split into three parts: Balance of System (BOS), Inverters, and Modules. By 2030, it's expected that the inverters parts have the biggest share of the market, about xx%. One reason the Photovoltaic Market is growing is because more people are using PV inverters in homes and big power systems. PV inverters are widely used to convert solar power from DC to AC electricity in homes and business buildings. PV inverters are becoming more and more in demand in the market, because of their cost-effectiveness, improved fire safety and installation, and individual panel autonomy. These are the factors driving the growth of the Inverters industry in the worldwide market over the course of the anticipated time.

Based on the Installation Type, the market is segmented into Ground Mounted, Building-Integrated Photovoltaic (BIPV), and Floating PV. The floating PV segment is expected to grow rapidly at a CAGR of xx% during the forecast period. Floating PV installation type offers plenty of benefits such as this installation type requires low civil works, it reduces grid interconnection costs, minimizes shading, and others. These are the key benefits that drive the growth of the floating PV segment in the global Photovoltaic Market during the forecast period. Additionally, the main factor driving the growth of the market is the increasing demand for silicon material in solar systems. These are the main advantages of silicon material that has propelled the worldwide market's expansion throughout the anticipated time frame.


Photovoltaic Market Regional Insights:
North America region is expected to witness rapid growth rates of Photovoltaic Market over the forecast period. The United States Energy Information Administration stated that there has been increased use of solar power in America where it now contributes 43% towards total electricity generation. Certain jurisdictions, like California, Hawaii, and Minnesota, have already made solar electricity competitively priced in comparison to conventional energy sources. Throughout the projection period, the tendency is expected to continue. The country's northern areas receive less direct sunlight and have a considerably lower solar potential because of their even greater latitude. The National Energy Board projects that by 2040, solar energy may account for 1.2% of Canada's total energy consumption. To support the growth of the solar business in the country, the Canadian government also took two very important strategic positions. The first seeks to accelerate Canada's transition to solar energy. Simultaneously, the second aims to optimize the potential of solar energy by providing support for both off-grid and on-grid installations, thereby driving the country's solar photovoltaic industry.

Asia-Pacific region is anticipated to grow modestly over the forcecast period. The bulk of solar PV installations are located in eastern and southern China. The economies of these two areas are the richest, and there is a bigger need for solar energy. The highest amount of PV capacity was installed by the provinces of Guangdong, Zhejiang, Inner Mongolia, and Shanxi for Photovoltaic Market. Several initiatives have also been started by the Chinese government to promote the use of solar energy throughout the country. Apart from the federal solar subsidy of USD 0.049 per kWh, local governments have enacted regulations concerning subsidies for distributed photovoltaic systems.

Most of the energy in India is generated by conventional lignite and coal-fired plants and non-renewable and renewable hydroelectric power plants contribute. In addition, to develop its capacities and capacity for generating electricity, 175 GW of renewables is to be added by the Indian government until 2022.Ambitions like this is expected that becomes a sector that contributes most to the growth of this branch of the economy. The Indian government has reaffirmed its commitment to the Paris Agreement—it had vowed at that meeting to supervise nothing less than installing before 2022 175 GW worth of generation capacity using solar, wind, biomass, and other sources ultimately benefits Photovoltaic Market.

Photovoltaic Market Competitive Landscape:

There are a great deal of players in the Global Photovoltaic Market, it is uneven. At the moment, the market leaders are Trina Solar, First Solar, and Canadian Solar Inc. These companies are expanding their solar capacities by inducing new plants or expanding the existing ones.

In April 2024, Italy-based solar module manufacturer, Futura Sun, launched a new n-type TOP Con 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%

In May 2023, State-owned SJVN Ltd. won a USD 73.24 million contract from Rajasthan Urja Vikas Nigam Ltd. for a 100 MW solar power project. A wholly-owned subsidiary of SJVN, SJVN Green Energy Ltd. (SGEL), took part in an open competitive tariff bidding process, which was followed by an e-Reverse Auction (e-RA) run by Rajasthan Urja Vikas Nigam Ltd. (RUVNL).

In November 2022, In southern Sweden, close to Helsingborg, a 128.5 MW solar park was planned by Europian Energy, a Danish company that develops solar parks. It is anticipated that the plant generates 175 GW of power per year. After the project is finished by 2023, production is set to start in 2024.

In September 2023, First Solar Inc. opened a new tab renewable energy company Longroad Energy has increased the company’s solar panel orders by 2 Gigawatts(GW), bringing Longroad’s total purchases to approximately 8 GW. The advanced thin-film solar module order is expected to be delivered between 2027 and 2029 based on the existing 3.7 GW contract. Longroad has developed or acquired 4.3 GW of renewable energy projects across the USA.

In 2022, Solar PV generation increased by a record 270 TWh (up 26%), reaching almost 1 300 TWh. It demonstrated the largest absolute generation growth of all renewable technologies in 2022, surpassing wind for the first time in history. The Net Zero Emissions by 2050 Scenario's level of growth from 2023 to 2030 is matched by this pace of generation growth.
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Photovoltaic Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 97.3 Bn.


Forecast Period 2024 to 2030 CAGR:
10.3%
Market Size in 2030:
US $ 193.26 Bn.


 Segments Covered:
by Type
Modules
Inverters
Balance of System (BOS)


by Material
Silicon
Compounds


by Installation Type
Ground Mounted
Building-Integrated Photovoltaic (BIPV)
Floating PV


by Application
Residential
Commercial & Industrial
Utilities



Photovoltaic Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Photovoltaic Market, Key Players are:
1. Nextera Energy Sources LLC (USA)
2. SunPower Corporation (USA)
3. BrightSource Energy Inc. (USA)
4. Canadian Solar (Canada)
5. LONGi (China)
6. Shunfeng International Clean Energy Limited (China)
7. SSuntech Power Holdings Co. Ltd (China)
8. ReneSola Co. Ltd (China)
9. Yingli Green (China)
10. JA solar Co. Ltd (China)
11. ReneSola Co. Ltd (China)
12. Yingli Green (China)
13. Jinko Solar (China)
14. Trina Solar (China)
15. Wuxi Suntech Power Co. Ltd (China)
16. GCL System Integration (China)
17. Risen Energy Co. Ltd (China)
18. Sharp Corporation (Japan)
19. Kyocera Corporation (Japan)
20. Panasonic Corporation (Japan)
21. Kaneka Corporation (Japan)
22. Mitsubishi Electric Corporation (Japan)
23. Hanwha Q CELLS Co., Ltd (South Korea)
24. Tata Power Solar Systems Ltd. (India)
25. Waaree Group (India)
26. Vivaan Solar (India)

Frequently Asked Questions:
1] What segments are covered in Photovoltaic Market report?
Ans. The segments covered in Photovoltaic Market report are based on Type, Material, Installation Type, and Application.

2] Which region is expected to hold the highest share in the Global Photovoltaic Market?
Ans. Asia Pacific is expected to hold the highest share in the Global Photovoltaic Market.

3] Who are the top key players in the Global Photovoltaic Market?
Ans. Kyocera Corporation, Panasonic Corporation, Kaneka Corporation, JA solar Co. Ltd, and Sharp Corporation are the top key players in the Global Photovoltaic Market.

4] Which segment holds the largest market share in the Global Photovoltaic market by 2030?
Ans. Inverters segment hold the largest market share in the Global Photovoltaic market by 2030.

5] What is the market size of the Global Photovoltaic market by 2030?
Ans. The market size of the Global Photovoltaic market is USD 97.3 Bn. by 2030.

6] What was the market size of the Global Photovoltaic market in 2023?
Ans. The market size of the Global Photovoltaic market was worth USD 193.26 Bn. in 2023.