Latest News- Solar Photovoltaic (PV) Market: Ground-mounted is expected to lead the Deployment segment during 2025-2029

The Solar Photovoltaic (PV) Market is being driven by Increasing government support for solar power technology

The Solar Photovoltaic (PV) Market is expected to grow at a CAGR of 8.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 58465.5 million. The solar photovoltaic (PV) market is experiencing significant growth due to the global push towards decarbonization. In Q1 2023, Canadian Solar completed three solar power projects in Japan, totaling 42 MWp and capable of powering approximately 15,000 households. This equates to an annual carbon emission reduction of approximately 24,000 tons. Elsewhere, Suniva restarted its 1 GW solar cell manufacturing facility in Georgia, marking the first reshoring of solar cell production in five years. These developments underscore the increasing business commitment to renewable energy and reducing carbon emissions. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Deployment
  • Ground-mounted
  • Rooftop
• End-user
  • Commercial
  • Residential
  • Utility
• Technology
  • Monocrystalline silicon
  • Polycrystalline silicon
  • Thin-film
  • Bifacial solar panels
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • France
    • Italy
    • Spain
  • North America
    • US
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing government support for solar power technology
• Increasing focus on renewable energy
• Declining cost of solar photovoltaic cells

However, the market also witnesses some limitations, which are as follows:

• Competition from alternative sources of energy
• Intermittency of solar photovoltaic systems
• High initial investment and maintenance costs for solar photovoltaic systems

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Market Scope in Solar Photovoltaic (PV) Market Research Report

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Research Analysis Overview

The Solar Photovoltaic (PV) market encompasses various aspects of PV system design and optimization. These include energy balance modeling, solar resource assessment, shade impact analysis, system fault detection, and performance degradation rate prediction. Additionally, cell-to-module efficiency, module interconnect design, thermal management systems, and power electronic converters play crucial roles. Soiling loss estimation, spectral mismatch effect, and energy harvesting efficiency are also significant factors. Lifetime degradation studies, system reliability metrics, microinverter technology, string inverter topologies, power conditioning units, solar array shadowing, photovoltaic array sizing, system cost optimization, and DC-to-AC conversion are other essential elements in the PV market.

Market Research Overview

The solar photovoltaic (PV) market is a significant segment of the larger global renewable electricity market. This market encompasses businesses involved in the production and distribution of solar electricity. Key components of the solar PV value chain include manufacturers of solar cells and modules, with a focus on increasing solar cell efficiency and mitigating PV module degradation. Power conversion efficiency and photovoltaic energy yield are critical performance metrics. Market expansion is driven by supportive policies and targets for renewable power deployment, fostering a sustainable energy future.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/