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Solar Photovoltaic (PV) Market Size By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), By End-Use (Residential, Commercial & Industrial, Utility), COVID- 19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2032

  • Report ID: GMI5407
  • Published Date: Dec 2022
  • Report Format: PDF

Industry Statistics

Solar PV Market size exceeded USD 140 billion in 2021 and is projected to expand at more than 5% CAGR from 2022 to 2032. The demand for green energy sources is increasing at a notable pace across the world as residential and commercial customers are looking for various ways to cut down their carbon emissions.
 

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Governments worldwide are setting up solar power plants to help nations achieve their net zero emission goals. For example, the Emirates Water and Electricity Company (EWEC) announced in July 2020 that an Abu Dhabi National Energy Company (Taqa)-led consortium and Masdar, a government agency, would build a 2-GW solar photovoltaic (PV) plant at Al Dhafra, Abu Dhabi. This initiative was aimed at enabling the UAE to achieve its target of sourcing close to 44% of its power from clean energy sources by 2050.
 

Several technological advancements are being introduced in solar components and products, creating significant opportunities for industry expansion. For instance, in June 2022, researchers at Princeton University created the first commercially viable perovskite solar cells. These cells can be produced in room temperature and need lesser energy to manufacture than silicone ones, lowering production costs and supporting the progress of solar PV manufacturing companies.
 

Economic feasibility to boost adoption of on-grid solar PV systems

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Solar PV market from the on-grid connectivity segment is anticipated to cross 340 GW by 2032. These systems are more economical than their off-grid counterparts as they possess high net metering abilities and incur low equipment & installation costs. They also enable power plants to increase their electricity generation capacity, further escalating their penetration in regions that do not have adequate and affordable access to power. In addition, on-grid solar PV systems do not require batteries and can help companies reduce their maintenance costs and electricity bills.
 

Ground mounted solar PV systems gain traction due to better safety properties

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Ground mounted solar PV market size is expected to register more than 4% growth rate through 2032. These machines possess several benefits, including enhanced efficiency, easy installation & maintenance, high performance, and greater variability in orientation & inclination. Ground mounted solar PV systems are also easier to clean after extreme weather events, such as heavy snowfall, or during the autumn season.
 

Also, the replacement of faulty or old solar panels in ground mounted systems is easier as compared to rooftop systems, allowing users to easily identify problems that can affect their energy production capacity. Ground mounted panels also possess the advantage of safe electrical grounding, which will further foster their adoption for solar power generation.
 

Favorable government reforms to accelerate product installation in residential areas

Residential solar PV market is predicted to record USD 26 billion by 2032. Governments are introducing a variety of reforms, mandates, tax credits, and policies to encourage households to adopt sustainable means of generating electricity. For instance, in 2021, the US government offered a 26% tax credit under the solar Investment Tax Credit (ITC) for solar systems installed at homes between 2020 and 2022.
 

There is also a rising inclination towards the development of sustainable buildings, which may boost the deployment of solar PV panels. Rooftop solar PV panels, for example, are a suitable solution for residential buildings, which generally do not have enough open spaces to install ground mounted systems.
 

Supportive government schemes to propel industry growth across North America

North America solar PV market is poised to observe nearly 4% gains through 2032. The introduction of a variety of supportive initiatives, such as tax rebates, funding, and feed-in tariff schemes is bolstering the deployment of solar PV panels across the region. For example, the Canada Green Homes Grant was launched in 2022 to offer Canadian residents discounts worth up to USD 3,719 on authorized retrofits in energy-efficient homes, including the installation of solar panels. Moreover, the rising adoption of renewables across residential, commercial, and industrial applications will augment regional industry trends.
 

Partnerships & other initiatives will help key players establish their industry presence

Top participants operating in the solar PV market are Trina Solar, First Solar, Canadian Solar, Jinko Solar, REC Solar Holdings AS, GCL-SI, CsunSolar Tech, and Solaria Corporation, amongst others. Strategic partnerships, collaborations, and mergers by major players along with the development of several large-scale projects in emerging nations will enhance the industry scenario.
 

For example, in August 2022, CSI Solar, a subsidiary of Canadian Solar, signed an investment agreement with the municipal government of Qinghai province in China. Under the agreement, the firm plans to construct a production facility of approximately 50,000-ton capacity of high-purity polysilicon and aims to set up an industrial-scale solar manufacturing park in Haidong. The deal improved CSI Solar’s presence at the global level and helped the firm establish a strong position across the industry.
 

Effect of COVD-19 outbreak on solar PV market trends

The COVID-19 pandemic had a negative impact on the manufacturing and sales of solar PV panels as the outbreak forced factories to halt their production for a temporary period. The crisis also caused multiple supply chain disruptions as the import and export of various solar components were stopped to contain the spread of the virus. This led to several delays in setting up solar power plants and hindered the progress of renewable energy adoption in many countries. However, the gradual recovery of the global economy, alongside a favorable regulatory landscape in many nations worldwide may drive industry growth during the forecast period.
 

The solar PV market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2019 to 2032, for the following segments:

Market Insights, By Connectivity

  • On-Grid
  • Off-Grid

Market Insights, By Mounting

  • Ground Mounted
  • Roof-Top

Market Insights, By Application

  • Residential
  • Commercial & Industrial
  • Utility

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Austria
    • Norway
    • Denmark
    • Finland
    • France
    • Germany
    • Italy
    • Switzerland
    • Spain
    • Sweden
    • UK
    • Netherlands
    • Poland
    • Belgium
    • Ireland
    • Baltics
    • Portugal
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
    • Thailand
    • Philippines
    • Vietnam
    • Malaysia
    • Singapore
  • Middle East
    • Israel
    • Saudi Arabia
    • UAE
    • Jordan
    • Oman
    • Kuwait
    • Turkey
  • Africa
    • South Africa
    • Egypt
    • Algeria
    • Nigeria
    • Morocco
  • Latin America
    • Brazil
    • Chile
    • Argentina
    • Peru

 

Authors: Ankit Gupta, Sristhi Agrawal

Frequently Asked Questions (FAQ) :

The market size of solar PV crossed USD 140 billion in 2021 and is expected to record a CAGR of over 5% through 2032.
Ground mounted solar photovoltaic market size is expected to register more than 4% growth rate through 2032 due to multiple benefits, such as enhanced efficiency, easy installation & maintenance, high performance, and greater variability in orientation & inclination.
The North America market is predicted to observe more than 4% gains till 2032, owing to the introduction of supportive initiatives, such as tax rebates, funding, and feed-in tariff schemes to bolster the deployment of solar PV panels.
Top companies operating in industry are Trina Solar, First Solar, Canadian Solar, Jinko Solar, REC Solar Holdings AS, GCL-SI, CsunSolar Tech, and Solaria Corporation, among others.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 24
  • Tables & Figures: 1217
  • Countries covered: 46
  • Pages: 600
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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