Authored By: Sarah
31 Aug 2023

Billion-Dollar Solar Photovoltaic Market | Leading Segments, Trends, Drivers and Challenges

Market Recovery and Growth Projections 2023-2027

The Solar Photovoltaic Market is a billion dollars in making with a projected market growth of USD 47.16 Bn in revenue. It is estimated to exhibit growth at a CAGR of 8.42% between 2022 and 2027.  Increasing focus on decarbonization industries, advancements in thin-film solar photovoltaic cells, and the rise of grid electrification are significant contributors to market advancements.

Solar Photovoltaic Market: Trends, Drivers, Challenges: Technavio offers a detailed impact analysis of various trends, drivers, and challenges that are likely to influence the market growth during the forecast period. These insights will equip clients to design a growth strategy for their business and area of operations.

  • Increasing government support for solar power technology will be a significant factor in driving the growth of the Solar Photovoltaic Market.
  • Increasing focus on renewable energy will be instrumental in driving the market growth during the forecast period.
  • Competition from alternative sources of energy is a hurdle that needs to be crossed on the path to success.

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Solar Photovoltaic Market Segment Analysis at a Glance

Solar Photovoltaic Market: Market Segments and Growth Forecasts

Insights into the current market share of each segment along with growth projections for the next five years.

  • Market is segmented by End-user (Commercial, Residential, and Utility), Deployment (Ground-mounted and Rooftop), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
  • 42% of the market growth will originate from APAC during the forecast period owing to its increasing electrification of rural areas, growing off-grid installations, and the declining cost of solar photovoltaic systems are anticipated to drive the growth of the solar photovoltaic market.

Core Companies of Solar Photovoltaic Market: Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their market presence.

Organizations like ABB Ltd. offer solar photovoltaic products and services such as residential photovoltaic systems.

Some of the prominent market players are ABB Ltd., All Earth Renewables, Canadian Solar Inc., Eaton Corp. Plc, EMMVEE SOLAR, First Solar Inc., Hanwha Corp., JA Solar Technology Co. Ltd., Longi Green Energy Technology Co. Ltd, Mitsubishi Electric Corp., Sharp Corp., SMA Solar Technology AG, Sungrow Power Supply Co. Ltd., etc. Track down a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus along with qualitative and quantitative analyses of companies with a wider understanding of the business ecosystem.

Technavio’s research reports offer a detailed analysis of the market segments, delving deep into the factors that will lead to the growth of each segment. It also offers insights that are likely to have a negative impact on market growth. Download our report for more insights.

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