Solar PV Market 2028 Evolution, an Analysis of the Key Players, Product Development, New Marketing Paradigm, Benefits, Regional Outlook and Forecast

·5 min read

Global solar PV market is achieving considerable grip and is projected to reach USD 125 billion by 2028 registering a CAGR valuation of 12% during the forecast duration, 2021-2028. The photovoltaics (PV) market estimated over the forecast can be accredited to the growing consciousness and requisite for sustainable energy resources.

Dallas, Texas, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Photovoltaic technology refers to a mediator and converter of energy. Typically, photovoltaic devices are popularly known for their unique capabilities of capturing renewable energy from natural resources and converting it into large-scale utilizable power. the growing demand for sustainable as well as the burgeoning need for electricity supply to the massive global population are driving the demand for photovoltaic devices owing to their efficiency in converting sunlight to electricity. Solar energy is rapidly gaining attention across all the energy and power generating industries along with the consumer industries therefore accelerating the demand for the uniquely qualified technology over the forecast.

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These devices are designed with smaller units called photovoltaic cells or solar cells stacked together into a photovoltaic module which is a highly preferred technology system installed by off-grid as well as grid connected systems. solar energy has emerged as the center of attention by various economies as the power source is renewable, sustainable and allows large developed as well as developing economies reach closer to the ambitious energy associated goals. Economies worldwide are addressing the consequences of constantly escalating energy consumption for decades particularly the energy derived from fossil fuels and other non-renewable energy sources that have deprived the global reservoirs of fuel and the emissions recorded as a result have caused significant environmental destruction thus fuelling the growth of the solar PV market over the coming years.

Solar PV technology will enable governments worldwide to achieve the ambitioned policy goals that focus on providing secure, affordable, and reliable energy along with access to electricity with stabilized price volatility. Extensive efforts of public and private firms to achieve a significant reduction in the soaring electricity prices reflecting upon the economic condition of a country is a major factor offering lucrative opportunities for growth and development of the global solar PV market. manufacturers and consumers will bond over the cost effective solution to the essential commodity that is electricity and power propelling the demand, production and supply of photovoltaic devices over the forecast.

Major Solar PV Market Manufacturers

SunPower Corporation
JinkoSolar Holding
Canadian Solar
Trina Solar
JA Solar Holdings
First Solar
Sharp Corporation
Suntech Power Holding
JA Solar Holdings
Vivaan Solar
Nextera Energy Sources
eSolar
Hanwha Q Cells

Solar PV Market Types

Modules
Inverters
Balance of System (BOS)

Solar PV Market Applications

Residential
Commercial and Industrial
Utilities

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Conventional systems, technologies and models based on electricity production and power generation are surrounded by the concerns of becoming obsolete not by choice but by the growing threat of depleting fuel reserves all across the globe. A very stringent availability of fossil fuels and growing pressure on electricity suppliers to satisfy the power needs of thousands of millions of people coupled with the industrial needs for electricity are drastically shifting the focus on solar photovoltaic modules. In addition, surging technological advancements enhancing the capabilities of hardware and software components is also offering scope for ne opportunities to scale up the product portfolio of photovoltaic devices thereby fuelling the solar PV market.

Greenhouse gases emissions have emerged to be a grave concern for the drastically changing climate and the rising incidences of climatic adversities which is nudging a significant focus on the environmental aspect of the power and fuel industry. multiple governments are implementing stringent regulations focusing primarily to achieve greener, more sustainable and community friendly environment as a result augmenting the growth of the solar PV market. with abundance solar energy available, photovoltaic manufacturers are expected to take advantage of the constant developments in technology coupled with enormous support from government and demand from consumers to strategically focus on enhancement of photovoltaic devices.

The solar PV market is categorised based on the technology applied, end-users, grid type and the regional landscape of the industry. based on the type of technology implemented the solar PV market is bifurcated into crystalline silicon, thin fil and other technology components whereas based on the end users or consumers, the market is divided inro residential consumers, non-residential or commercial and utility scale.

Table of Contents

1. Introduction
1.1. Introduction
1.2. Market Definition and Scope
1.3. Units, Currency, Conversions, and Years Considered
1.4. Key Stakeholders
1.5. Key Questions Answered
2. Research Methodology
2.1. Introduction
2.2. Data Capture Sources
2.3. Market Size Estimation
2.4. Market Forecast
2.5. Data Triangulation
2.6. Assumptions and Limitations
3. Market Outlook
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.2.4. Challenges
3.3. Porter’s Five Forces Analysis
3.4. PEST Analysis
4. Solar PV Market by Type, 2021-2028 (USD Billion)
4.1. Modules
4.2. Inverters
4.3. Balance of System (BOS)
5. Solar PV Market by Application, 2021-2028 (USD Billion)
5.1. Residential
5.2. Commercial & Industrial
5.3. Utilities
6. Solar PV Market by Material, 2021-2028 (USD Billion)
6.1. Silicon
6.2. Compounds….continued

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