Solar Photovoltaic Market Size to grow by USD 47.16 billion between 2023-2027

Technavio, a leading provider of market research reports, has released its latest study on Solar Photovoltaic Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio, the global Solar Photovoltaic (PV) market is a segment of the broader Global Renewable Electricity Market, encompassing firms involved in the generation and distribution of electricity derived from renewable sources. This market encompasses independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity providers. Additionally, it includes manufacturers of raw materials and equipment essential for solar power production. Key growth drivers for the Global Renewable Electricity Market include supportive policies and ambitious targets for renewable power deployment. These factors have significantly fueled the adoption of renewables over the past decade. - The Solar Photovoltaic Market is experiencing significant growth, fueled by the Increasing government support for solar power technology. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Increasing government support for solar power technology
  • Increasing focus on renewable energy
  • Competition from alternative sources of energy
  • Intermittency of solar photovoltaic systems
• Growth Projections

The market size is estimated to grow by USD 47.16 billion, at a CAGR of 8.42% during the forecast period. In the solar photovoltaic market, businesses are responding to the global push towards decarbonization by initiating new projects and investments. Notably, Canadian Solar reported the commercial operation of three solar power projects in Japan, totaling 42 MWp, which collectively power around 15,000 households and prevent approximately 24,000 tons of annual carbon emissions. Meanwhile, First Solar plans to invest up to USD1.2 billion to enhance its production capacity for photovoltaic solar modules. These strategic moves underscore the industry's commitment to expanding renewable energy solutions and reducing carbon footprints.

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• Regional Insights

The solar photovoltaic (PV) market in the Asia-Pacific (APAC) region is poised for substantial expansion throughout the forecast period. In 2022, the leading solar PV markets in APAC were China, Japan, India, Australia, and South Korea. China held a substantial market share in the regional solar PV market. The primary growth drivers for the APAC solar PV market include financial incentive programs, such as Feed-in Tariffs (FiTs), in China, Japan, Thailand, and Vietnam. Additionally, the solar PV markets in China and India are projected to expand significantly due to the rising number of residential installations in these countries. Furthermore, the increasing electrification of rural areas, growing off-grid installations, and the decreasing cost of solar PV systems are anticipated to fuel the growth of the solar PV market in APAC during the forecast period.

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