$155+ Billion Photovoltaic Markets: Modules, Inverters, BOS, Silicon, Compounds - Global Forecast to 2028

DUBLIN, Feb. 16, 2023 /PRNewswire/ -- The "Photovoltaic Market - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The photovoltaic market is projected to grow from USD 96.5 billion in 2023 and is projected to reach USD 155.5 billion by 2028; it is expected to grow at a CAGR of 10.0 % from 2023 to 2028.

The rising number of solar installations attributed to government-led incentives and schemes, growth in the adoption of PV systems for residential applications, decreasing cost of PV systems and energy storage devices is expected to fuel the growth of the photovoltaic market. However, issues related to land acquisition for deployment of solar projects are a prominent factor limiting the growth of the photovoltaic market.

Ground-mounted PV systems to hold the largest share of photovoltaic market during the forecast period

The PV market for ground-mounted systems held the largest market share in 2022 and is expected to retain its dominant position throughout the forecast period. With an increasing number of utility-scale projects worldwide, the ground-mounted PV systems market is expected to witness significant growth during the forecast period.

The ground-mounted segment dominates the solar photovoltaic market more than the rooftop segment due to higher capacity installations in the ground-mounted segment worldwide. The higher demand for utility-scale is expected to continue during the forecast period, with strong demand from China and many emerging markets around the world installing notable amounts that are mostly ground-mounted.

Market for the half-cell PV module segment is expected to witness higher growth during the forecast period

The half-cell PV module segment is expected to witness significant growth in the photovoltaic market during the forecast period. Half-cut solar cells have a higher power-generating capacity than normal solar cells. As a result of the increased power output, the number of solar cells required for installation is reduced, conserving space.

For residential, commercial, and industrial locations with limited space, half-cut solar cell technology has proven to be a viable option. The half-cell modules have outstanding durability and long-life performance. Hence, half-cell type panels are more durable and less prone to cracking over long periods. Additionally, the half-cut solar panels have high shade tolerance, unlike the conventional models. These factors are likely to result in higher adoption of half-cell PV modules during the forecast period.

Market for residential applications to hold a significant share during the forecast period

Residential application held the second-largest share of the said market in 2022 and is expected to retain its second dominant position throughout the forecast period.

This can be attributed to the declining cost of PV systems in the past few years. Similarly, governments across various countries such as India, China, and the US offer incentives and tax rebates to residential users to install PV systems, which is expected to fuel the growth of the market for PV systems in residential applications during the forecast period.

Europe to hold a significant share of the photovoltaic market during the forecast period

Europe is expected to hold a significantly large share of the photovoltaic market during the forecast period. The countries that constitute a major portion of the photovoltaic market in Europe include Germany, France, and Italy.

The countries of the European Union have also started working toward compliance with the Clean Energy Package of the Commission which sets a 32% renewable energy target by 2030.

As such, governments of a number of countries in Europe are increasingly making efforts to generate low-cost solar energy to meet their energy targets. This is expected to propel the growth of the PV market in Europe during the forecast period.

Market Dynamics

Drivers

• Rising Number of Solar Installations Attributed to Government-Led Incentives and Schemes
• Growing Adoption of Pv Systems for Residential Applications
• Decreasing Cost of Pv Systems and Energy Storage Devices

Restraints

• Lack of Skilled Workforce for Pv Installation and Maintenance
• Safety Risks Associated with High Dc Voltages

Opportunities

• Increasing Investments in Renewable Energy
• Ongoing Technological Developments in Solar Cell Manufacturing

Challenges

• Issues Related to Land Acquisition for Deployment of Solar Projects

Case Study Analysis

• Tata Power Solar (India) Commissioned 3 Mw Solar Pv Power Plant in Iron Ore Mine at Noamundi (India)
• Hanwha Q Cells (South Korea) Helped Copenhagen Zoo in Implementation of C&I Rooftop System to Meet Its Sustainability Goal
• Sharp Helped Big C Supermarket (Thailand) in Its Installation of Rooftop Solar Panels
• Hewlett Packard (Hp) Installed Solar Panels on Its Rooftops with the Help of Sharp (Japan)
• Longi (China) Completed Execution of Large-Scale Pv Power Station at Guizhou Complex

Company Profiles

Key Players

• Jinkosolar
• Ja Solar
• Trina Solar
• Longi
• Canadian Solar
• First Solar
• Hanwha Q Cells
• Mitsubishi Electric
• Sharp
• Wuxi Suntech Power
• Huawei
• Sungrow Power Supply
• Sma Solar Technology
• Solaredge
• ABB

Other Key Players

• Array Technologies
• Chint Solar (Astronergy)
• Gcl System Integration Technology
• Lg Electronics
• Nextracker
• Risen Energy
• Tongwei Solar
• Yingli Solar
• Acciona S.A
• Abengoa, S.A
• Tata Power Solar Systems
• Waaree Energies Ltd
• Shunfeng International Clean Energy Limited
• Emmvee Photovoltaic Power Private Limited
• Allearth Renewables
• Eaton Corp.
• Power Electronics
• Fimer

For more information about this report visit https://www.researchandmarkets.com/r/1elj33

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