Sandy, USA, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Solar Photovoltaic (PV) Market Size, Trends and Insights By Technology (Thin film, Crystalline), By Product (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, Copper Indium Gallium Di-Selenide), By Connectivity (On-Grid, Off-Grid), By Mounting (Ground-mounted, Rooftop), By End-use (Residential, Commercial & Industrial, Utility), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” in its research database.
“According to the latest research study, the demand for global Solar PV Market size & share was valued at approximately USD 161.15 Billion in 2021 and is expected to reach a value of around USD 306.16 Billion by 2030, at a compound annual growth rate (CAGR) of about 8.3% during the forecast period 2022 to 2030.”
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Photovoltaic (PV) cells or solar cells convert solar energy into a flow of electrons that leads to generating electricity. The heat energy from the sunlight is directly extracted and converted into electrical energy, which is used for charging the equipment’s batteries. Initially, photovoltaic (PV) cells were used in spacecraft and organic satellites. Over the past few years, they have generated electricity through a grid connection. The solar panel consists of a photovoltaic system made of crystalline silicon cells. These cells can generate light energy into electric energy.
The crystalline silicon cells are mostly used in most solar panels accounting for 95%. The rest 5% relies upon the experimental organic photovoltaic cells.
(A free sample of the Solar PV report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Custom Market Insights (CMI) research methodology
(Please note that the sample of the Solar PV report has been modified to include the COVID-19 impact study prior to delivery.)
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Market Dynamics
Growth Drivers
Increasing energy production through solar panels is driven by multiple factors. The rise in awareness of the pollutant-free environment and the increasing industry potential ultimately leading to cost-competitiveness is the driving factor for its industrial growth. It is a valuable substitute for fossil fuels which take more than 1000 years to become a useful resource. Meanwhile, the photovoltaic (PV) system ensures low-carbon-intensive technologies, which is a major factor in implementing the solar PV system in the residential, commercial, and industrial sectors.
Silicone cells are the major components of the PV system. Silicone is ideally used in this system in huge quantities as it is cheap as a material and durable. The investments in solar panels can be durable for the long term as silicone has a long lifespan.
Restraints
The deployment of solar power panels requires a huge area of land for their industrial set-up and power generation. Some constraining factors associated with environmental concerns may hinder the industrial growth of solar PV panels. Using such lands maybe not be ideal regarding environmental or technical parameters. Some of the restricted areas, including unstable land such as wetlands, water bodies, forests, etc., hamper the industrial growth of solar panels.
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Opportunities
The government is introducing several schemes and incentives, including tariffs, auctions, and tax exemptions associated with technological advancements and the increasing demands of smart customers. The environmentally driven factors, with the reduction of the usage of pollution-producing substances, industrial competitiveness, and reduced price, account for the huge industrial growth for solar PV panels.
Segmental Highlights
Regarding technology, the market is segmented into thin-film and crystalline silicon. The thin film segment holds a dominant position in the global PV market. It is lightweight and flexible in nature. Thin film solar panels play a significant role in the commercial and utility sectors due to their narrow, lightweight design and low installation costs.
Based on mounting, the market is categorized into ground-mounted and rooftop segments. The ground-mounted segment dominated the market by holding the largest market share and is projected to witness high growth during the forecast period. The attributing factors can be the growing installation of high-capacity ground-mounted panels has enhanced the solar PV mounting Systems.
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Based on the grid analysis, based on connectivity or grid type, the solar panel market is segmented into on-grid and off-grid. The off-grid segment is projected to dominate during the forecast period. The increasing demand for isolated locations for electricity is expected to positively influence the off-grid type segment in the forecast period. The on-grid solar panels are connected to the utility grid and generate electricity using solar photovoltaics. The off-grid segment is expected to have significant growth. This is attributed to the fact that low-cost operational maintenance. The electricity is generated at a low cost and transmitted to the power grids without requiring a storage battery.
Based on the end-user, the solar PV market is segmented into residential, commercial &industrial, and utility. The utility sector is expected to dominate during the forecast year. This is attributed to the fact that the largest number of shares and increasing investments from government and commercial sectors are enhancing demand for the solar PV market in the utility sector. Multiple investments were made toward constructing solar power plants, parks, and other solar structures. The investment projects have a lower Levelized Cost of Energy (LCOE) for revenue, leading to high-efficiency solar projects with low manufacturing and installation cost.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 161.15 Billion |
| Projected Market Size in 2030 | USD 306.16 Billion |
| CAGR Growth Rate | 8.3% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Prominent Players | SunPower Corporation, First Solar, Jinko Solar, JA Solar, Trina Solar, Hanwha Q-Cells, Risen Energy, Talesun, LONGI Solar, and Others |
| Key Segment | By Technology, Product, Connectivity, Mounting, End-use, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Click Here to Access a Free Sample Report of the Global Solar PV Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=18314
Key Market Players in Solar PV Market
The global market is occupied by various companies that are expanding the solar panel industries both on a regional as well as global scale. The attributing factors like strong R&D, skilled manpower, and technology sourcing can be among the factors responsible for their industrial growth.
- SunPower Corporation
- First Solar
- Jinko Solar
- JA Solar
- Trina Solar
- Hanwha Q-Cells
- Risen Energy
- Talesun
- LONGI Solar
Recent Developments
- The global market is highly competitive with the emergence of diverse key players in the market. In March 2021, JA Solar took the initiative to launch 415 W PV modules with an efficiency of 21.3 %. They were used for both residential and commercial sectors. In August 2021, JA Solar Panel enhanced the company’s portfolio by launching 8W solar panels with higher efficiency. These strategies enhanced production which proved to be valuable for the company.
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Segments covered in the report
By Technology
- Thin film
- Crystalline
By Product
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon
- Copper Indium Gallium Di-Selenide
Key questions answered in this report:
- What is the size of the Solar PV market and what is its expected growth rate?
- What are the primary driving factors that push the Solar PV market forward?
- What are the Solar PV Industry's top companies?
- What are the different categories that the Solar PV Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Solar PV market sample report and company profiles?
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Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2030
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by Regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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By Connectivity
- On-Grid
- Off-Grid
By Mounting
- Ground-mounted
- Rooftop
By End-use
- Residential
- Commercial & Industrial
- Utility
On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Click Here to Access a Free Sample Report of the Global Solar PV Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=18314
Key Insights from Primary Research/Key Insights & Findings from the report:
- As per the analysis shared by our primary respondents, the Solar PV market is expected to grow annually at a CAGR of around 10.5 %.
- Through primary research, it was established that the Solar PV market was valued at around USD 1.5 Billion in 2021.
- Based on type segmentation, gas chromatography (GC) and high-performance liquid chromatography (HPLC) were predicted to show maximum market share in the year 2021.
- The key factor driving the market is the legalization of cannabis use for recreational and medical purposes will be the primary force behind future market trends.
- The “North America” region will lead the global Solar PV market during the forecast period 2022 to 2030.
Click Here to Access a Free Sample Report of the Global Solar PV Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=18314
Spectacular Deals
- Comprehensive coverage
- Maximum number of market tables and figures
- Subscription-based option offered
- Best price guarantee
- Free 35% or 60 hours of customization.
- Free post-sale service assistance.
- 25% discount on your next purchase.
- Service guarantees are available.
- Personalized market brief by author.
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This Solar PV Market Research/Analysis Report Contains Answers to the following Questions.
- Which Manufacturing Technology is used for Solar PV? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Solar PV Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Was the Global Market Status of the Solar PV Market? What Was the Capacity, Production Value, Cost and PROFIT of the Solar PV Market?
- What Is the Current Market Status of the Solar PV Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of the Solar PV Market by Taking Applications and Types into Consideration?
- What Are Projections of the Global Solar PV Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
- What Is Solar PV Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact On Solar PV Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Solar PV Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Solar PV Industry?
Click Here to Access a Free Sample Report of the Global Solar PV Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=18314
Reasons to Purchase Solar PV Market Report
- Solar PV Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
- Solar PV Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- Solar PV Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- Solar PV Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
- The study provides a thorough overview of the global Solar PV market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
Click Here to Access a Free Sample Report of the Global Solar PV Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=18314
What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Solar PV market analysis.
- The competitive environment of current and potential participants in the Solar PV market is covered in the report, as well as those companies' strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders worldwide Solar PV market should find this report useful. The research will be useful to all market participants in the Solar PV industry.
- Managers in the Solar PV sector are interested in publishing up-to-date and projected data about the worldwide Solar PV market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Solar PV products' market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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Click Here to Access a Free Sample Report of the Global Solar PV Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=18314
