📊 Photovoltaic Market Overview
The global photovoltaic market continues its robust growth trajectory, driven by increasing demand for clean energy, declining costs, and supportive government policies. In 2024, the total global photovoltaic capacity surpassed 1,185 GW, marking a significant year-on-year growth of 24%. Asia remains the largest contributor, accounting for 60% of new installations, with China alone representing over 40% of both new and total capacity.
The global photovoltaic market was valued at USD 89.30 billion in 2022 and is expected to grow at a CAGR of 9.01% from 2022 to 2030, reaching an estimated USD 178.07 billion by 2030.
🔄 Market Dynamics
Key Drivers:
• Government Initiatives: Policies such as feed-in tariffs, tax incentives, and renewable energy targets are propelling market growth.
• Technological Advancements: Innovations in high-efficiency panels and energy storage solutions are enhancing PV system performance.
• Cost Reduction: Economies of scale and improved manufacturing processes have led to significant declines in PV system costs.
Challenges:
• Supply Chain Dependence: China's dominance, controlling nearly 95% of key solar PV components, poses risks of supply shortages and cost surges.
• Grid Infrastructure: Inadequate transmission infrastructure in some regions hampers the integration of solar power.
🌍 Regional Analysis
Asia-Pacific:
• China: Continues to lead with expansive manufacturing capabilities and large-scale installations.
• India: Emerging as a significant market with ambitious solar targets and supportive policies.
Europe:
• Germany and France: Experiencing growth due to strong policy frameworks and investments in large-scale PV plants.
• EU Initiatives: The REPowerEU plan aims for over 320 GW of solar PV capacity by 2025
North America:
• United States: Growth driven by residential and utility-scale projects, supported by federal incentives.
🧩 Segmental Analysis
By Technology:
• Crystalline Silicon (Monocrystalline & Polycrystalline): Dominant due to high efficiency and reliability.
• Thin-Film: Gaining traction for specific applications like building-integrated photovoltaics.
By Application:
• Residential: Increasing adoption due to declining costs and supportive policies.
• Commercial & Industrial: Businesses are investing in PV systems for cost savings and sustainability goals.
• Utility-Scale: Large-scale projects are expanding, particularly in regions with abundant land and sunlight.
By Installation:
• Rooftop: Popular in urban areas for residential and commercial buildings.
• Ground-Mounted: Preferred for utility-scale projects due to ease of installation and maintenance
📥 Request PDF Brochure: https://www.thebrainyinsights.com/enquiry/sample-request/13072
🏢 List of Key Players
• Canadian Solar Inc.
• Nextera Energy Sources LLC
• Tata Power Solar Systems Ltd.
• Wuxi Suntech Power Co. Ltd
• Vivaan Solar
• Trina Solar
• SunPower Corporation
• Jinko Solar
• BrightSource Energy Inc.
• Waaree Group
🔍 Key Trends
• Technological Innovations: Development of bifacial panels, high-efficiency inverters, and advanced energy storage solutions.
• Digital Integration: Use of IoT and AI for monitoring and managing PV systems.
• Strategic Partnerships: Collaborations between companies to enhance capabilities and expand market presence.
• Policy Support: Governments worldwide are implementing supportive policies, including incentives and tax breaks, to promote solar adoption
✅ Conclusion
The photovoltaic market is poised for continued growth, driven by technological advancements, supportive policies, and increasing demand for clean energy. While challenges such as supply chain dependencies and infrastructure limitations exist, ongoing innovations and strategic collaborations are expected to address these issues, ensuring a sustainable and resilient solar energy future.
For Further Information: https://www.thebrainyinsights.com/report/photovoltaic-market-13072