The solar photovoltaic (Pv) market is poised for robust growth, with an anticipated increase of USD 53.5 billion by 2028, at a compound annual growth rate (CAGR) of 8.79%. With key advancements in solar technology, including breakthroughs in thin-film solar cells and photovoltaic inverters, the global emphasis on decarbonization is driving a surge in solar energy adoption. This momentum, alongside the expansion of grid electrification initiatives, positions the solar PV sector as a pivotal player in the renewable energy landscape.
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The solar PV market is segmented into several key categories, each contributing to its growth. The end-user outlook reveals significant market share growth from the ground-mounted segment, which has become the largest segment, valued at USD 42.00 billion in 2018. Residential and commercial segments are also growing, driven by the decreasing costs of solar systems and innovations like perovskite solar cells.
The Asia-Pacific (APAC) region is expected to account for 43% of the market share by 2028, driven by leading countries such as China, India, and Japan. China, in particular, is a dominant force, with continued growth spurred by residential installations, electrification of rural areas, and falling system costs. Similarly, India’s expanding solar adoption is accelerated by government incentives like the Production-Linked Incentive (PLI) scheme. Other regions also show promising growth:
The key driver for the global solar PV market’s growth is increasing government support. Tax incentives, subsidies, and rebates encourage widespread solar adoption, reducing reliance on fossil fuels. In countries like the U.S., China, and India, the shift towards solar energy is further supported by national goals to reduce greenhouse gas emissions and meet renewable energy targets.
Technological advancements are also playing a crucial role, with innovations in PV materials, such as perovskite, enhancing efficiency and reducing costs. These advancements are coupled with AI-driven processes that optimize solar energy production, helping meet the world’s growing energy demands.
Despite these advances, the solar PV market faces stiff competition from alternative energy sources like wind, hydropower, and natural gas. While solar energy relies on daylight, wind energy provides continuous generation, and hydropower offers a low-maintenance, long-lifecycle solution. The intermittent nature of solar power, combined with high initial investment costs, presents a challenge to widespread adoption, particularly in regions with abundant fossil fuels.
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Some of the key companies of the Solar Photovoltaic (Pv) Market are as follows:
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