Photovoltaic Market Size to Hit USD 178.07 Billion by 2030; Rising Demand for Renewable Energy Across the Globe to Bolster Growth, says The Brainy Insights

The rapid acceptance of high-capacity solar projects and the government’s focus on developing energy-efficient systems is the driving factor of the photovoltaic market growth during the forecast period.

Newark, Nov. 30, 2022 (GLOBE NEWSWIRE) — Brainy Insights estimates that the photovoltaic market will grow the USD 89.30 billion in 2022 and reach USD 178.07 billion by 2030. In just eight years, the ever-increasing energy production through solar panels and the advantages associated with setting up floating panels compared with conventional plants are also helping to drive market growth. Further, the increasing industry potential ultimately leading to cost-competitiveness, rising investments in photovoltaic & technological advancements in solar cells, emerging government subsidies, the rising customer focus towards the adoption of clean energy solutions, and the rising awareness of the pollutant-free environment are also anticipated to drive the market growth during the forecast period.

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Key Insight of the photovoltaic Market

Asia Pacific to account for the largest market size during the forecast period

Asia Pacific is expected to have the largest market share in the photovoltaic market. Key factors favouring the growth of the photovoltaic market in Asia Pacific include the provision of subsidies like residential feed-in tariffs (FITs) that stimulate consumers to invest in renewable energy. Further, the favourable government regulations regarding energy conservation and the increasing installation of PV solar technologies across the industry are expected to drive market growth in this region.

The inverters segment is expected to augment the photovoltaic market during the forecast period.

The inverters segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increased demand for solar energy and renewable power generation. Further, by 2030, the modules segment will likely dominate the market due to higher technological enhancements and favourable government schemes & incentives.

The ground mounted segment market size 37.58 billion in 2022

The ground mounted segment is anticipated to dominate the market over the forecast period owing to the increased demand for electricity and limited non-renewable resources. Further, by 2030, the rooftop segment will likely dominate the market due to manufacturers’ greater research & development. Also, the high efficiency and declining energy payback time supported by government subsidies and tax credits are helping to boost the segment’s market growth.

The low concentration photovoltaic (LCPV) segment market size is 50.10 billion in 2022

The low concentration photovoltaic (LCPV) segment is anticipated to dominate the market over the forecast period owing to the increasing renewable energy sector worldwide investment. Also, the advanced technologies and rapid innovations in low-concentration photovoltaics are helping to boost the segment’s market growth.

The thin film segment is anticipated to dominate the market by 48.04% in 2030

The thin film segment is anticipated to dominate the market in the forthcoming years, owing to its lightweight and flexible nature. Additionally, thin-film solar cells are much more efficient than conventional photovoltaic cells due to their light property and easy installation process.

The residential segment accounted for the largest market share of 43.05% in 2022

The residential segment held the largest share in the global photovoltaic market, owing to the supportive government policies, incentives, and tax benefits to installing solar PV systems.

Photovoltaic Market Scope:

Report Coverage Details
Page number 235
Base year 2021
Forecast period 2022-2030
Growth momentum & CAGR Accelerate at a CAGR of 9.01%
Market growth 2022-2030 USD 178.07 billion
Market structure Fragmented
Regional analysis APAC, Europe, North America, South America, and MEA
Performing market contribution Asia Pacific to account for the largest market size during the forecast period
Competitive landscape Leading companies, competitive strategies, consumer engagement scope
Companies profiled 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
Market Dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period.
Customization preview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Advancement in market

In March 2020, JA Solar Company introduced new Ga-doped wafer-based photovoltaic modules. The Ga-doped silicon wafer technology permits enhanced power generation performance, mainly with much better stability, assuring consumers’ long-term benefits.

Market Dynamics

Driver: The increasing off-grid areas:

The off-grid system, also called a standalone or mini-grid, can generate power and run the appliances. Off-grid methods are suitable for the electrification of a small community. Further, the high adoption of applications like solar farms, power stations, rooftop & building integrated systems, rural electrification and many others are the driving factors of the market growth. Further, the continuous technological advancements in solar cell manufacturing & constantly, and the rising investments across utility-scale in the development of clean power generation in line with increasing electricity requirements are helping to boost the market growth. Also, the increasing adoption of solar energy in residential homes and commercial-scale plants is expected to boost the market growth. Moreover, the growing demand for software solutions for monitoring, asset management, and impromptu project ideas is propelling the market growth during the forecast period. Apart from this, the various government initiatives and sponsorships to empower the reception of sunlight-based energy are also helping to boost the market growth during the forthcoming year.

Restraint: The high installation costs:

Compared to solar PV, the high cost of concentrated photovoltaics is restraining the market growth. Moreover, the lack of technology acceptance and the absence of skilled workers for installing & maintaining photovoltaic cells are also hampering the market growth.

Opportunity: The increasing demand for renewable energy:

The raised focus on research & development activities to improve the efficiency of solar cells and production technology is the driving factor of the market growth. Further, expanding power purchase agreements among private companies and electricity boards propel market growth. Moreover, favourable government policies providing financial incentives & subsidies for solar PV projects are driving the market growth during the forecast period.

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Some of the major players operating in the photovoltaic market are:

• 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 Segments cover in the market:

By Type:

• Balance of System (BOS)
• Modules
• Inverters

By Installation Type:

• Rooftop
• Ground Mounted
• Others

By System:

• High Concentration Photovoltaic (HCPV)
• Low Concentration Photovoltaic (LCPV)

By Technology:

• Thin Film
• Polycrystalline Silicon
• Monocrystalline Silicon
• Others

By Application:

• Utility
• Residential
• Commercial

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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