The global solar PV market is expected to garner around USD 829.79 GW by 2030 and growing at a CAGR of 14.52% from 2022 to 2030. Rising demand for sustainable energy resources coupled with favorable regulatory policies is expected to drive the market growth over the forecast period.

Supportive regulations involving federal subsidy and incentives expected to be the prime factors impacting the industry growth on a positive note. Europe has been a major market for solar PV owing to the early adoption of the technology in the region owing to high consumer awareness and positive government outlook in the region.

Rising demand for sustainable energy resources coupled with favorable regulatory policies is expected to drive the market growth over the forecast period.

Increasing demand for renewable energy sources owing to rising consumer awareness towards cost benefits associated with the technology is expected to propel growth. Furthermore, depleting fossil fuel resources coupled with the growing demand for durable energy sources is expected to have a positive impact on industry growth.

The global solar PV market size was surpassed at USD 244.93 GW in 2021 and is expected to hit around USD 829.79 GW by 2030, growing at a CAGR of 14.52% from 2022 to 2030.

The technology offers low conversion efficiencies as compared to conventional energy sources including oil and biomass. Furthermore, the solar PV performance gets affected by various factors including the type of raw material used for solar cell manufacturing, availability of sunlight, and solar PV designs which is expected to hamper its growth over the forecast period.

The COVID-19 outbreak had a very slight impact on the market growth and negatively affected the supply chain in Q1 and Q2 2020. In 2020, the global solar PV capacity additions were estimated to be around 107 GW, representing stable growth from 2019. The major factor driving the global solar PV market is the declining cost of solar PV and associated systems. In 2020, solar PV module prices reduced by more than 80%, as compared to that in 2010. The decline can be mainly attributed to the improvement in material efficiency, production optimization, and economies of scale. However, factors like the growth of other renewable technologies such as wind and bioenergy are expected to hinder the market growth during the forecast period.

- The solar photovoltaic market is majorly dominated by the ground-mounted segment than the rooftop segment due to higher capacity installations in the ground-mounted segment across the world. The higher demand for utility-scale is expected to continue during the forecast period, with strong demand from China and many emerging markets around the world installing notable amounts that are mostly ground-mounted.

- The efforts by several governments across the emerging nations in the regions like Africa and Southeast Asia to provide 100% electricity access in remote areas coupled with off-grid applications and technological advancements in the solar PV modules are expected to create an ample amount of opportunities in the near future.

- With leading countries like China, Japan, and India, Asia-Pacific is expected to dominate the market during the forecast period.

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Frequently Asked Questions

- What is the study period of this market?

- What is the growth rate of Solar Photovoltaic (PV) Market?

- Which region has highest growth rate in Solar Photovoltaic (PV) Market?

- Which region has largest share in Solar Photovoltaic (PV) Market?

- Who are the key players in Solar Photovoltaic (PV) Market?

Key Market Trends

Ground-mounted Solar PV to Dominate the Market

- In 2020, the ground-mounted solar PV accounted for more than 60% of the global solar PV capacity, with countries like China, the United States, Germany, and India leading the market growth.
The ground-mounted solar PV segment's dominance can be attributed to the factors such as the increasing number of utility-scale projects, solar energy targets, and declining costs of solar PV installations.

- Countries across the world are planning to develop large-scale solar PV projects in order to reduce their reliance on fossil fuel-based power generation and to diversify their energy mix.

- In January 2021, Sembcorp Energy India Ltd announced that it had won a new 400 MW solar power project in the Indian state of Rajasthan. Similarly, in February 2021, construction began on the Samson Solar Energy Center, the largest planned solar energy farm in the United States. The solar farm is expected to have 1,013 MW of generating capacity and is expected to be completed by 2023.

- Moreover, in the United States, the utility-scale solar PV sector has led the overall solar market, in terms of installed capacity, accounting for nearly 60% of installed capacity in 2020. Four new states, Washington, Wyoming, Vermont, and Connecticut, added their first utility-scale solar project in 2018. Three-quarters of all states in the country are now equipped with one or more utility-scale solar projects.

- Therefore, owing to the above points, the increasing installations of large-scale utility solar PV projects are expected to make ground-mounted solar PV a dominating segment during the forecast period.

Application insights

In 2021, the utility segment witnessed the highest amount of installations, accounting for 49.6% of the overall demand. A continuous supply of energy and comparative lower expenses than conventional energy sources have made solar PV technology attractive for application in utilities. This factor is expected to propel the market growth over the forecast period.

The non-residential segment also saw substantial capacity additions in 2020 and is expected to continue until 2021 owing to the expiration of federal subsidies post 2021. The residential segment is expected to witness significant growth owing to reduced capital cost and improved efficiency of solar PV modules. However, the expiry of federal subsidies post 2021 is expected to witness a drop in installations particularly from the residential segment.

The residential application segment is expected to progress at an estimated CAGR of 27.0% over the forecast period. The increasing popularity of photovoltaic systems owing to its employment in electricity generation, to provide heating for residential buildings, at a low cost, is expected to propel the market growth over the forecast period.

Regional insights

The Mexican government has installed various solar, photovoltaic, and CSP projects across the country. Some of these include a photovoltaic project of 46.8 MW capacity in Puerto Libertad, Sonora. The world bank funded USD 50 million for a combined cycle gas turbine plant of 14 MW capacity equipped with troughs to collect energy, located in Agua Prieta, Sonora. As a result, the demand for photovoltaic systems in the country is expected to grow over the forecast period.

Increasing awareness among consumers regarding the environmental benefits of renewable energy is expected to augment market growth. Furthermore, large capacity additions are expected from the utility segment owing to growing pressure to meet renewable energy targets. The U.S. plans to contribute 20% of its energy demands from renewable energy by 2020. This is likely to come true based on the current rate of installations. Regulations and incentives specific to solar rooftop PV is also anticipated to boost residential installations over the forecast period.

According to IEA, the annual PV grid capacity in 2021 in China doubled as compared to the same in 2021. The region in 2021 had a PV grid operational capacity of 34.5 GW. The rising installations of solar thermal PV plants & power stations in the region is expected to positively drive the growth over the forecast period.

Asia-Pacific to Dominate the Market

- As of 2020, Asia-Pacific is the largest solar PV market across the world, accounting for more than 59% of the global installed solar PV capacity, and it is expected to continue its dominance during the forecast period as well. China, Japan, and India are the key markets in the region with the largest installed capacities as of 2020.

- The Chinese solar photovoltaic industry has grown faster than any other country in the region over the past few years. As of 2020, China's solar energy capacity reached 253 GW, representing an increase of 24.1% compared to the previous year's value.

- With the increasing demand for electricity and green energy, India, under the scheme, the Jawaharlal Nehru National Solar Mission (JNNSM), has set the target of deploying 100 GW of grid-connected solar power by 2022. The objective of JNNSM is to establish India as a global leader in solar energy by creating the policy conditions for its deployment across the country.

- In 2020, Japan ranked third in the world, behind China and United States, in solar capacity and generated around 5% of the country's electricity generation. In 2020, the country had 67 GW capacity for solar PV, and under the Long-term Energy Supply and Demand Outlook for FY 2030, the Ministry of Economy, Trade, and Industry of Japan is aiming to increase the share of renewable energy share to 24% by 2030, which is expected to increase the solar PV market in the country.

- Factors such as upcoming solar PV projects, supportive government policies, and declining costs of solar PV modules and associated systems are expected to drive the solar PV market in the region during the forecast period.

Competitive Landscape

The solar photovoltaic (PV) market is fragmented. Some of the major players operating in the solar photovoltaic (PV) market include JinkoSolar Holding Co. Ltd, Canadian Solar Inc., SunPower Corporation, Trina Solar Ltd, First Solar Inc., Suntech Power Holding Co. Ltd, Sharp Corporation, Hanwha Q Cells Co Ltd, and JA Solar Holdings Co. Ltd.

Recent Developments

- In January 2021, Royal Dutch Shell PLC launched its 25 MW Qabas solar plant. The plant is located on a 50-hectare site within the Sohar Free zone in northern Oman, and consists of over 88,000 solar modules. It helps in avoiding more than 25,000 tons of CO2 emissions annually.

- In April 2021, ACWA Power inaugurated the 300 MW Sakaka PV IPP, the country's first utility-scale renewable energy project, at an investment cost of SAR 1.2 billion. The project was awarded to ACWA Power at a record-breaking tariff of USD 2.3417 cents/kWh (8.781 halalas/kWh).

Market Segmentation

By Application Outlook

Residential

Non-Residential/Commercial

Utility

By Regional Outlook

North America

Europe

Asia Pacific

Latin America

Rest of the World

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