Market overview:
Solar Photovoltaic (PV) Market has been valued US$ 76.4 billion in the year 2021 and it is estimated to reach US$ 120.8 billion by the year 2027, with a CAGR of 8.9% from 2022 to 2027. Solar Photovoltaic also called photovoltaic cells, convert sunlight directly into electricity. Photovoltaic’s (often shortened as PV) gets its name from the process of converting light (photons) to electricity (voltage), which is called the photovoltaic effect; these are the main factors that have considerably increased the demand for the Solar Photovoltaic in the market, thereby driving the huge growth of the Solar Photovoltaic market in the upcoming years
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Solar Photovoltaic in the market is mainly due to the energy are transformed into electricity with the help of photovoltaic cells. This electricity can then be used in powering electrical equipment, fed into the electricity network for use or stored in a battery. On a commercial scale, photovoltaic technology is used in solar lamps, parking meters, emergency telephones, trash compactors, temporary traffic signs, charging stations, and remote guard posts and signals. Moreover, it is also used in solar panel of solar buses and cars to provide electricity to run the vehicle motor. Furthermore, in the agricultural sector, photovoltaic electricity is widely used in solar drying to dry crops faster. It is also used to generate electricity to run water pumps and is a cheaper option than new electric lines for providing power to remote locations. Moreover, in industrial sector, photovoltaic energy is used in the aerospace & defence sector to generate electricity for smooth working of satellites in space. These factors are anticipated to increase the demand for photovoltaic energy. Owing to the increasing energy demand due to the rising population; these are the main factors that have considerably increased the demand for the Solar Photovoltaic in the market, thereby driving the huge growth of the Solar Photovoltaic market in the upcoming years
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Report is segmented as:
Solar Photovoltaic Market is segmented on the basis of by:
By Component (Modules, Inverters),
By Material (Silicon, Compounds),
By Installation Type (Ground Mounted, BIVP),
By Application (Residential, Commercial & Industrial, Utilities)
Geographical Segmentation:
Solar Photovoltaic Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Solar Photovoltaic is due to the rise in the disposal income these are the main factors that have considerably increased the demand for the Solar Photovoltaic in the North America , followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Solar Photovoltaic Market
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Impact of COVID-19 on Market
Covid-19 pandemic has impacted the growth of the Solar Photovoltaic market, The COVID-19 has started in the end of 2019 in Wuhan china; this has affected many industries from different sectors in various countries and also affected Solar Photovoltaic market. Covid-19 pandemic has impacted huge on the sales revenue of Solar Photovoltaic market. Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Solar Photovoltaic market growth
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