Solar Photovoltaic Market size to grow by USD 47.16 billion from 2022 to 2027| Increasing government support for solar power technology boosts the market growth - Technavio

NEW YORK, July 26, 2023 /PRNewswire/ -- The global solar photovoltaic market size is estimated to grow by USD 47.16 billion from 2022 to 2027. The market growth momentum will progress at a CAGR of 8.42% during the forecast period. APAC is estimated to account for 42% of the global market growth during the forecast period. For more insights on the history (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Solar Photovoltaic Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on end-user (commercial, residential, and utility), deployment (ground-mounted and rooftop), and geography (APAC, Europe, North America, Middle East and Africa, and South America). 

• The market share growth by the commercial segment is significant during the forecast period. There is wide adoption of solar photovoltaic systems in non-residential buildings where there is a frequent requirement for power. In this segment, a huge amount of power is consumed frequently by consumers to meet power needs. In the commercial sector, the majority of the power needs are derived from fossil fuel sources, whereas diesel generators are utilized as a source of generating electricity for backup. In some countries, such as China, a carbon tax is mainly enforced on commercial buildings to minimize the threat of climate change, resulting in high electricity costs.

Geography Overview

By geography, the global solar photovoltaic market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global solar photovoltaic market.

• APAC is estimated to account for 42% of the growth of the global market during the forecast period. Some of the key countries which are significantly contributing to the growth of the global solar photovoltaic market in APAC include China, Japan, India, Australia, and South Korea. China is one of the most dominating markets in the global solar photovoltaic market in the APAC region. Factors such as the rising number of residential solar photovoltaic installations are expected to fuel the growth of the market in countries such as India and China. Furthermore, the rising electrification of rural areas, increasing off-grid installations, and the decreasing cost of solar photovoltaic systems are expected to drive market growth in the region during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Solar Photovoltaic Market - Market Dynamics

Key factor driving market growth

The rising government support for solar power technology drives the market growth during the forecast period. Several governments across the countries are launching initiatives to support the implementation of solar energy by providing tax benefits, subsidies, and incentives to solar power service providers and consumers. There is an increasing focus on the use of alternative energy sources in order to minimize greenhouse gas emissions (GHG) emissions. China has become the leading user of solar energy due to various government policies and investments. On the other hand, there is an increasing adoption of renewable energy, such as solar power in order to achieve carbon emission targets and minimize their dependence on fossil fuels. For instance, in February 2022, the Indian government launched a production-linked incentive (PLI) for manufacturing high-efficiency solar modules for the existing wait-listed PLI bidders. This is expected to reduce the dependence on and import of solar power by strengthening the domestic solar manufacturing ecosystem. Hence, such factors are expected to drive market growth during the forecast period.

Leading trends influencing the market 

The rising focus on decarbonization by vendors is a key trend shaping the global solar photovoltaic market growth. Several vendors in the market are launching new projects and making investments due to the increasing focus on decarbonization. Hence, such projects are expected to fuel the demand for solar photovoltaics. For example, in March 2023, Canadian Solar declared that three of its solar power projects in Japan, Oita Kitsuki, Gunma Takasaki, and Yamaguchi Hofu, totaling 42 MWp, reached commercial operation in the first quarter of 2023. Additionally, First Solar declared its plans to invest up to USD 1.2 billion in scaling the production of photovoltaic solar modules in August 2022. Hence, such factors are expected to drive the global solar photovoltaic market growth during the forecast period.

Major challenges hindering the market growth

Severe competition from alternative sources of energy is a significant challenge hindering the global solar photovoltaic market growth during the forecast period. Some of the key competitors of solar energy include fossil fuels, natural gas, wind, hydropower, and others. There is an increasing preference for fossil fuels in some countries, such as Saudi Arabia, due to their availability in abundance. Furthermore, the high cost associated with establishing a renewable facility to generate power and the low power output of renewable energy sources when compared to fossil fuels due to the intermittent nature of renewables is expected to negatively impact the market. Hence, such factors are expected to hinder market growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period (2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Solar Photovoltaic Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the solar photovoltaic market between 2023 and 2027
• Precise estimation of the solar photovoltaic market size and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the solar photovoltaic market across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of solar photovoltaic market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global solar photovoltaic cell market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global solar photovoltaic cell market 2017 - 2021 ($ billion)

• 4.2 End-user Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ billion)

• 4.3 Deployment Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Deployment Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Commercial - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Commercial - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Commercial - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 6.4 Residential - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 6.5 Utility - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Utility - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Data Table on Utility - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Chart on Utility - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Utility - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by End-user 
• Exhibit 46: Market opportunity by End-user ($ billion)
• Exhibit 47: Data Table on Market opportunity by End-user ($ billion)

7 Market Segmentation by Deployment

• 7.1 Market segments
• Exhibit 48: Chart on Deployment - Market share 2022-2027 (%)
• Exhibit 49: Data Table on Deployment - Market share 2022-2027 (%)

• 7.2 Comparison by Deployment 
• Exhibit 50: Chart on Comparison by Deployment
• Exhibit 51: Data Table on Comparison by Deployment

• 7.3 Ground-mounted - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Ground-mounted - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Ground-mounted - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Ground-mounted - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Ground-mounted - Year-over-year growth 2022-2027 (%)

• 7.4 Rooftop - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Rooftop - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Data Table on Rooftop - Market size and forecast 2022-2027 ($ billion)
• Exhibit 58: Chart on Rooftop - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Rooftop - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Deployment 
• Exhibit 60: Market opportunity by Deployment ($ billion)
• Exhibit 61: Data Table on Market opportunity by Deployment ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027 
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027 
• Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 Vietnam - Market size and forecast 2022-2027 
• Exhibit 103: Chart on Vietnam - Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on Vietnam - Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on Vietnam - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on Vietnam - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ billion)
• Exhibit 108: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 ABB Ltd.
• Exhibit 115: ABB Ltd. - Overview
• Exhibit 116: ABB Ltd. - Business segments
• Exhibit 117: ABB Ltd. - Key news
• Exhibit 118: ABB Ltd. - Key offerings
• Exhibit 119: ABB Ltd. - Segment focus

• 12.4 Canadian Solar Inc.
• Exhibit 120: Canadian Solar Inc. - Overview
• Exhibit 121: Canadian Solar Inc. - Business segments
• Exhibit 122: Canadian Solar Inc. - Key news
• Exhibit 123: Canadian Solar Inc. - Key offerings
• Exhibit 124: Canadian Solar Inc. - Segment focus

• 12.5 Eaton Corp. Plc
• Exhibit 125: Eaton Corp. Plc - Overview
• Exhibit 126: Eaton Corp. Plc - Business segments
• Exhibit 127: Eaton Corp. Plc - Key news
• Exhibit 128: Eaton Corp. Plc - Key offerings
• Exhibit 129: Eaton Corp. Plc - Segment focus

• 12.6 First Solar Inc.
• Exhibit 130: First Solar Inc. - Overview
• Exhibit 131: First Solar Inc. - Business segments
• Exhibit 132: First Solar Inc. - Key offerings
• Exhibit 133: First Solar Inc. - Segment focus

• 12.7 Hanwha Corp.
• Exhibit 134: Hanwha Corp. - Overview
• Exhibit 135: Hanwha Corp. - Product / Service
• Exhibit 136: Hanwha Corp. - Key news
• Exhibit 137: Hanwha Corp. - Key offerings

• 12.8 JA Solar Technology Co. Ltd. 
• Exhibit 138: JA Solar Technology Co. Ltd. - Overview
• Exhibit 139: JA Solar Technology Co. Ltd. - Product / Service
• Exhibit 140: JA Solar Technology Co. Ltd. - Key offerings

• 12.9 JinkoSolar Holding Co. Ltd. 
• Exhibit 141: JinkoSolar Holding Co. Ltd. - Overview
• Exhibit 142: JinkoSolar Holding Co. Ltd. - Product / Service
• Exhibit 143: JinkoSolar Holding Co. Ltd. - Key offerings

• 12.10 Longi green energy technology Co. Ltd 
• Exhibit 144: Longi green energy technology Co. Ltd - Overview
• Exhibit 145: Longi green energy technology Co. Ltd - Product / Service
• Exhibit 146: Longi green energy technology Co. Ltd - Key offerings

• 12.11 Mitsubishi Electric Corp. 
• Exhibit 147: Mitsubishi Electric Corp. - Overview
• Exhibit 148: Mitsubishi Electric Corp. - Business segments
• Exhibit 149: Mitsubishi Electric Corp. - Key news
• Exhibit 150: Mitsubishi Electric Corp. - Key offerings
• Exhibit 151: Mitsubishi Electric Corp. - Segment focus

• 12.12 Sharp Corp.
• Exhibit 152: Sharp Corp. - Overview
• Exhibit 153: Sharp Corp. - Business segments
• Exhibit 154: Sharp Corp. - Key news
• Exhibit 155: Sharp Corp. - Key offerings
• Exhibit 156: Sharp Corp. - Segment focus

• 12.13 SMA Solar Technology AG 
• Exhibit 157: SMA Solar Technology AG - Overview
• Exhibit 158: SMA Solar Technology AG - Product / Service
• Exhibit 159: SMA Solar Technology AG - Key offerings

• 12.14 Trina Solar Co. Ltd.
• Exhibit 160: Trina Solar Co. Ltd. - Overview
• Exhibit 161: Trina Solar Co. Ltd. - Business segments
• Exhibit 162: Trina Solar Co. Ltd. - Key offerings
• Exhibit 163: Trina Solar Co. Ltd. - Segment focus

• 12.15 Waaree Energies Ltd.
• Exhibit 164: Waaree Energies Ltd. - Overview
• Exhibit 165: Waaree Energies Ltd. - Business segments
• Exhibit 166: Waaree Energies Ltd. - Key offerings
• Exhibit 167: Waaree Energies Ltd. - Segment focus

• 12.16 Wuxi Suntech Power Co. Ltd. 
• Exhibit 168: Wuxi Suntech Power Co. Ltd. - Overview
• Exhibit 169: Wuxi Suntech Power Co. Ltd. - Product / Service
• Exhibit 170: Wuxi Suntech Power Co. Ltd. - Key offerings

• 12.17 Zhejiang CHINT Electrics Co. Ltd. 
• Exhibit 171: Zhejiang CHINT Electrics Co. Ltd. - Overview
• Exhibit 172: Zhejiang CHINT Electrics Co. Ltd. - Product / Service
• Exhibit 173: Zhejiang CHINT Electrics Co. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 174: Inclusions checklist
• Exhibit 175: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 176: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 177: Research methodology
• Exhibit 178: Validation techniques employed for market sizing
• Exhibit 179: Information sources

• 13.5 List of abbreviations 
• Exhibit 180: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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