Solar Photovoltaic (PV) Market Size

Solar Photovoltaic Market Size

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.