Solar photovoltaic (PV) market is expected to grow at a CAGR of 5.5% by 2031. The photovoltaic (PV) is also known as solar PV. There are two types of solar photovoltaic systems, organic PV and inorganic PV. Photovoltaic is a fast growing market over last couple of decades with exponential growth curve. During this period Solar Photovoltaic (PV) system, which was niche market has become mainstream electrical source for various applications. Solar power is recognized as a cost competitive, reliable and sustainable energy source supported by massive price decline in recent years. Solar Photovoltaic (PV) systems prices have declined at around 75% in last 10 years. Solar Photovoltaic (PV) systems are mainly used for residential, commercial and utility services. In 2023, residential solar photovoltaic (PV) market remained relatively flat whereas commercial residential solar photovoltaic (PV) market witnessed significant growth in number of installations. Higher electricity prices, increasing government initiatives towards renewable energy, less operating cost, environment-friendly attributes, research and development activities undertaken by the major market players, are major driving forces for solar photovoltaic (PV) market.

2014 was a great year for solar power with 40 Gws being connected worldwide with compared to 37 Gw connected in 2013. The leading markets were China with 10.6 Gw, Japan with 9.7 Gw and the USA with 6.5 Gw. Japan and European countries were the early adapters of this technology. In upcoming years Asia Pacific will record aggressive expansion in solar photovoltaic (PV) system market, it is anticipated that Asia Pacific region will record growth of more than 50% by 2020. North America will also experience robust growth with the extension of the investment tax credit. In 2016, the International Energy Agency (IEA) has increased its mid-term renewable forecast by 13% due to key policy developments in the U.S., India, China and Mexico, the agency has pointed to solar PV’s central role as increasingly affordable solutions in the fight against climate change and air pollution. Higher installation cost and poor maintenance practices are restraining factors for growth of solar photovoltaic (PV) market.

Key Players Identified for Global Solar Photovoltaic (PV) Market Include but are Not Limited to:

Kaneka Corporation, Kyocera Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, Sharp Corporation, JA solar Co. Ltd, Jinko Solar, ReneSola Co. Ltd, Suntech Power Holdings Co. Ltd, Trina Solar, Yingli Green, First Solar, REC Solar Holdings AS, GCL-SI, CsunSolar Tech, Solaria Corporation, and Canadian Solar

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Solar Photovoltaic (PV) market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Solar Photovoltaic (PV) market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Solar Photovoltaic (PV) market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Solar Photovoltaic (PV) market?
• Which is the largest regional market for Solar Photovoltaic (PV) market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Solar Photovoltaic (PV) market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Solar Photovoltaic (PV) market worldwide?