Solar PV Market size is anticipated to cross USD 260 billion by 2032, according to a new research report by Global Market Insights Inc.
Commercialization of sustainable energy systems in different industries is creating lucrative opportunities for the development of solar PV. Many companies are switching to sustainable systems for generating electricity to reduce their greenhouse gas (GHG) emissions. Several governments across the world are also introducing electrification programs, mainly in rural areas. Additionally, public and private sector organizations are partnering to replace traditional energy systems with clean power solutions, thereby accelerating the installation of solar PV systems.
Large-scale solar power plants are also being built to make it easier for firms to transition to clean energy. Many countries are setting renewable energy targets, which might further encourage the establishment of solar energy projects.
Off-grid solar PV systems gain momentum across rural areas
The off-grid solar PV market is estimated to register 9.5% CAGR from 2023 to 2032. The requirement for consistent electricity supply across rural & remote areas has increased significantly. This has urged governments to launch favorable electrification programs in these locations. Moreover, reduced electricity costs, easy installation, and the advantage of long-term & independent generation of renewable power are some of the benefits that will fuel the deployment of off-grid solar PV panels.
The utility end-use segment is set to grow at around 184 GW by 2032. Governments across the globe are creating regulatory frameworks that will encourage industrial, commercial, and residential customers to adopt clean energy generation solutions like solar power. Solar PV development has also been spurred by the construction of new utility-scale projects that are receiving strong financial support from public and private investors.
Browse key industry insights spread across 330 pages with 484 market data tables & 36 figures & charts from the report, “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”, in detail along with the table of contents:
Urbanization and building renovations boost roof-top solar PV panel installations
The roof-top mounting segment is predicted to reach USD 105 billion by 2032. The volume of projects to speed up urbanization and industrialization efforts is increasing at a steady rate every year to meet the unique requirements of the urban population. Building renovations are taking place on a large scale, including a switch from traditional power generation systems to smart and energy-efficient ones, thereby increasing the deployment of roof-top solar PV panels. These panels can help customers in generating direct solar energy, which will reduce their energy bills and carbon footprint.
Rising utility-scale projects increase reliance on solar PV systems
Supportive measures by authorities promote sales of solar PV systems in Europe
Europe solar PV market valuation to valuation to exceed USD 70 billion by 2032. Regional governments are unveiling various favorable regulatory measures in the form of policies, plans, and schemes that will support the development of large-scale solar PV projects.
To cite an instance, in March 2022, GCL SI launched the ‘Casa Blanca’ project in collaboration with Atlas Renewable Energy in Brazil. The company provided its 71-megawatt solar modules for the project, which is predicted to generate up to 630 million kWh of electricity per year. With this, the firm reinforced its position across the industry and aimed to drive the development of renewable infrastructure.
Some of the leading companies operating in the solar PV market include Trina Solar, First Solar, Canadian Solar, GCL-SI, CsunSolar Tech, and Solaria Corporation, amongst others. Strategic partnerships, collaborations, and mergers among the major players along with the construction of large-scale projects across emerging nations will have a positive impact on global market trends.