Solar Photovoltaic (PV) Market Analysis

Solar Photovoltaic Market Analysis

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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 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.
 

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.
 

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.