Photovoltaic Market to Garner USD 124.2 Billion by 2030 with a CAGR of 8.5% – Report by Market Research Future (MRFR)
Higher Solar Ambitions to Support Energy Independence & Climate Goals Drives the photovoltaics (PV) Market Demand across the globe
New York, US, May 26, 2022 (GLOBE NEWSWIRE) — Photovoltaic Market Overview:
The photovoltaic market is projected to garner significant traction during the next few years. Market Research Future (MRFR) asserts that the “Photovoltaic Market Research Report Information by Type, Component, Application and Region- Forecast till 2030” to escalate USD 124.2 Billion by 2030, steadily growing at an 8.5% CAGR during the forecast period (2020-2030).
Photovoltaic Market Scope:
The rising focus on transforming everything into energy-generating elements is a key driving force. Increasing numbers of implementations of high power-generation solar photovoltaic (PV) parks and new capacity additions to existing solar farms worldwide are key driving forces creating vast market demand. Government initiatives to install solar PV capacity to accelerate clean energy generation, including those under development, favor market dynamics.
| Report Metric | Details |
| Market Size | USD 124.2 Billion |
| CAGR | 8.5% |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Component, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Risen Energy Co. Ltd (China), Shunfeng International Clean Energy Limited (China), Mitsubishi Electric Corporation (Japan), GCL System Integration (Hong Kong), JA Solar Holdings (China), Kaneka Corporation (Japan), Sharp Corporation (Japan), Suntech Power Co., Trina Solar Limited (China), Canadian Solar Inc. (Canada), Jinko Solar Holding Co., Ltd. (China), Hanwha Q CELLS Co., Ltd. (South Korea) |
| Key Market Opportunities | Governmental authorities are concentrating on solar energy-powered systems and investing more to produce energy through solar panels. |
| Key Market Drivers | The increasing requirement for alternative energy sources. Rising concerns regarding climate change. |
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Photovoltaic (PV) Market Segments
The PV market is segmented into types, components, and regions. The type segment comprises organic PVs and inorganic PVs. The component segment comprises modules, cells, optics, and others. The application segment comprises residential applications and non-residential applications. The region segment is sub-segmented into Asia Pacific, Europe, North America, and rest-of-the-world.
Industry Trends
Rooftop PV is becoming the norm to maintain greenhouses with absolutely no carbon footprints in all weather conditions. Solar rooftops are deployed on newly built houses, public buildings, and supermarkets, whereas industrial areas should be required through EU legislation. There is a great opportunity to implement photovoltaics into bus shelters, highway sound barriers, and even military applications.
The photovoltaic market value kept growing steadily throughout 2020. In 2021, many manufacturers returned to the solar scene, becoming serious PV players once again. Manufacturers are seen investments increasingly to upgrade PV module bases and module capacity. They are investing in advancing technologies Passivated emitter rear cell (PERC), heterojunction (HJT), and TOPCon (tunnel oxide passivated contact) technologies to support increased solar cell operations.
The photovoltaic market outlook appears promising mainly due to the continually growing energy demand worldwide. Governments worldwide are rapidly taking initiatives to spread awareness of installation benefits and invest substantially in deploying photovoltaics. On the other hand, prohibitive investments required for solar power installation, alongside some technical & regulatory challenges, restrict the photovoltaic market growth.
Also, high costs associated with the production, installation, and maintenance of photovoltaics are major barriers to their broader adoption. Nevertheless, this scenario is expected to change as more people realize that the potential of photovoltaics and the costs are coming down. Also, the continuous rise in electricity prices and the cost-competency of technologies worldwide would support the market growth throughout the assessment period.
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Photovoltaic (PV) Market Regional Analysis
The Asia Pacific region dominates the global photovoltaic market. The major photovoltaic market trend is the availability of ample renewable/ natural resources and raw materials required for production. Besides, large investments in solar energy due to the rising focus on renewable energy sources, especially in India, China, and a few South Asian countries, boost the region’s photovoltaic markets share.
India and China are major solar energy and panels markets, witnessing extensive government support to promote renewable energy development. Also, increasing investments in renewable energy to reduce the dependency on fossil fuels substantiate the photovoltaic market growth.
Europe demonstrates its dedication to reducing greenhouse gas emissions and its energy dependency on Russia. In light of the changed geopolitical situation led by Russia’s invasion of Ukraine has heightened initiatives of the European Union (EU) to speed up renewables deployment across the region. Solar’s accelerated rollout can immediately reduce Europe’s energy dependence on Russia.
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Recent Developments:
Every photovoltaic panel will also reduce exposure to high energy prices and greenhouse gas emissions while creating local jobs. Therefore, photovoltaics are increasingly deployed to increase these objectives and to unlock solar energy’s potential as a major renewable energy source on roofs or facades of buildings.
Higher solar PV deployment targets are set to speed up the energy generation to phase out its dependency on Russia for energy transition as soon as possible. In March, the European Commission (EC) unveiled the REPowerEU strategy to simplify renewable, which will permit the EU to reduce the Russian gas demand by two-thirds before the end of 2022.
EU member states that the region is on track to exceed the solar deployment targets, including National Energy and Climate Plans. The signatories to EU Solar Act within the EC’s expected REPowerEU have confirmed that they are including a dedicated support mechanism aimed at scaling up solar manufacturing capacities in the European region as they urged the EC to set a goal that over 75% of deployed PV capacities to be produced within the EU by 2030.
In Germany, the coalition government escalated the country’s 2030 solar install target to 215GW, up from 200GW. At the same time, the energy ministers of Belgium, Austria, Lithuania, Spain, and Luxembourg have proposed a target of increasing the solar capacity by 1TW by 2030.
For instance, on May 05, 2022, Matrix Renewables announced securing a financial deal for a 129-MW solar project in Spain. The project worth USD-89-million was closed with French lender Natixis and certified as a green loan. Matrix plans to add energy storage shortly after commissioning. The renewable energy company estimates to have the plants up and running in the first quarter of 2023, during the construction phase.
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Dominant Key Players in Photovoltaic Market Covered are:
- Shunfeng International Clean Energy Limited (China)
- Risen Energy Co. Ltd (China)
- Mitsubishi Electric Corporation (Japan)
- JA Solar Holdings (China)
- GCL System Integration (Hong Kong)
- Kaneka Corporation (Japan)
- Suntech Power Co.
- Sharp Corporation (Japan)
- Canadian Solar Inc. (Canada)
- Trina Solar Limited (China)
- Jinko Solar Holding Co. Ltd. (China)
- Hanwha Q CELLS Co. Ltd. (South Korea)
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