Photovoltaic Market to Reach USD 188980 Million by 2028 with a CAGR of 20.1% | Valuates Reports

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Jul 05, 2022, 12:00 ET

BANGALORE, India, July 5, 2022 /PRNewswire/ -- The Global Photovoltaic market is segmented by Type (Thin Film, Mono Si, Multi Si), By Application (Industrial, Residential, Commercial): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Energy & Utilities Category.

The global Photovoltaic mar ket size is estimated to be worth USD 62970 Million in 2022 and is forecast to be a readjusted size of USD 188980 Million by 2028 with a CAGR of 20.1% during the review period.

Major Factors Driving the Growth of Photovoltaic market

Strong government regulations like the Solar Investment Tax Credit, rapidly falling costs, green initiatives by businesses, and rising demand for sustainable electricity in both the private and public sectors are projected to fuel the expansion of the Photovoltaic market.

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TRENDS INFLUENCING THE GROWTH OF THE PHOTOVOLTAIC MARKET

Even though the cost of solar has dramatically decreased over the past ten years, it is still a sizable investment for homeowners and business owners who want to reduce their electricity costs. The federal government, state and local governments and even some utilities offer incentives to help make solar more accessible and inexpensive in an effort to promote the increased use of solar. After solar panels are deployed, maintenance expenses are quite minimal when compared to those associated with conventional power-producing methods. Solar energy doesn't require fuel, therefore it can generate vast amounts of electricity without the risk and price of ensuring a fuel supply. The advantages of using solar energy are most apparent over the long term. These factors are expected to drive the growth of the photovoltaic market.

The number of new coal or natural gas power plants being developed has considerably decreased as public knowledge of climate change and its dangers have grown. Installation of "cleaner" sources like solar PV or wind power has been embraced as the best way to combat global warming and meet the rising need for electricity. Thus the growing awareness and green initiatives by organizations are expected to drive the growth of the photovoltaic market.

Furthermore, technological advancements such as virtual power plants and the increasing efficiency of photovoltaic cells are fueling photovoltaic market expansion. A solar virtual power plant does not depend on a central distribution station to generate photovoltaic (PV) power from sunlight. Similar to how a virtual computing cloud is composed of various data storage devices (computers), an SVPP is a collection of energy storage devices (also known as batteries) that are all connected by a cloud. Ground-mounted solar panels, solar farms, and rooftop solar panel arrays—also referred to as insolation sites—all provide electricity to an SVPP, which then uses the cloud to distribute the surplus energy throughout the utility's service area.

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PHOTOVOLTAIC MARKET SHARE ANALYSIS:

Based on type, the thin film segment is expected to be the most lucrative. The need for thin-film technology is anticipated to rise as more people utilize solar panels to generate electricity for use in residential applications, such as rooftop photovoltaic power stations, in nations including the United States, and the United Kingdom, Germany, Italy, China, and France.

Based on application, the Industrial segment is expected to be the most lucrative segment. This is due to the fact that photovoltaic technology is heavily utilized for power generation in the commercial, aerospace, and defense sectors.

Based on region, Asia-pacific is expected to be the most lucrative segment. Due to a rise in the use of photovoltaic energy over traditional fuels due to its low cost of power production and lack of carbon emissions.

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Key Companies:

Kaneka
Kyocera
Mitsubishi Electric
Panasonic
Sharp
Ja Solar
Jinko Solar
Renesola
Suntech Power
Trina Solar
Yingli Solar
Canadian Solar

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