Solar Photovoltaic (PV) Market to cross USD 1,000.92 Billion Mark by 2028; Increasing Demand for Renewable Energy Resources to Bolster Market Growth

The global solar photovoltaic (PV) market size is anticipated to witness substantial growth by reaching USD 1,000.92 billion in 2028. Fortune Business Insights™, in its report titled “Solar Photovoltaic (PV) Market Size, Share and COVID-19 Impact Analysis, By Technology (Monocrystalline Silicon, Thin Film, Multicrystalline Silicon, and Others), By Grid Type (On-grid and Off-grid), By Installation (Ground Mounted, Rooftop, and Others), By Application (Residential, Non-Residential and Utilities), and Regional Forecast, 2021-2028" examines that the market size stood at USD 154.47 billion in 2020 and is projected to exhibit a CAGR of 25.9% in the 2021-2028 period. Rising demand for renewable energy resources and dependence upon electricity is likely to fuel the progress of the market. 

Raw Material Shortage and Closure of Industries to Negatively Affect Market Growth

This market is expected to be negatively affected during the COVID-19 pandemic because of the closure of several industries and the shortage of raw materials. The emergence of the pandemic and the sudden spike in cases has led to the imposition of restrictions. The halt on manufacturing and the closure of industries is likely to fuel the product demand. Further, the adoption of reduced capacities, part-time shifts, and production machinery is likely to fuel the product's adoption. These factors are likely to support the growth of the market during the pandemic.

Canadian Solar Inc. Announces Construction Project to Expand Market Reach

Canadian Solar Inc. announced plans for constructing its 10 MWpGroßSiemz solar power plant in July 2020 in Germany. The project is situated in an 11-hectare area near the A20 GroßSiemz highway. It is situated near Schönberg city in Mecklenburg-Western Pomerania in North Germany. Through this project, the company plans to establish a strong solar power infrastructure and boost its market reach. This strategy may enable the company to satisfy consumer demands and satisfy the demand for sustainable energy resources. 

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https://www.fortunebusinessinsights.com/industry-reports/solar-pv-market-100263

Rising Investments in Solar Power and Increasing Off-grid Areas to Boost Market Growth

Solar Photovoltaic is a technology that boosts electricity production using solar energy in several off-grid areas. Several people worldwide live without continuous electric supply and facilities. As per the statistics provided by the World Energy Outlook, approximately 1 billion people or more still live without an electric supply. As a result, the development of solar energy is gaining traction. Solar energy is the most readily available source of electricity, which, in turn, may fuel solar photovoltaic technology's adoption in off-grid areas. Significant investments in solar energy lead to increased PV sales. Energy generation companies focus heavily on the production of solar power and the incorporation of solar energy generation technologies. These factors are likely to drive the solar photovoltaic market growth. 

Prominent Companies Launch New Projects to Boost Brand Presence Globally

Prominent companies operating in the market launch new projects to boost their brand presence. For example, Canadian Solar declared that it commenced the biggest commercial and industrial (“C&I”) construction project in Malaysia in collaboration with EleapsSdn. Bhd., The 5 MWp and Antah Solar Sdn. Bhd. The project is situated in Penang, Malaysia, and spans approximately 26,000 m2. This strategy may boost the company's brand image globally. Further, the adoption of technologically advanced production techniques may enable companies to reduce production costs, time consumption, improve product quality, and fulfill organizational goals. 

Industry Development

• July 2021: Waaree Energy stated that it completed a 300+MW solar module's launch for the Aquamarine Solar PV project. The company offers Mono PERC Solar PV modules for installation in WSP. 

LIST OF KEY MARKET PLAYERS PROFILED IN THE REPORT ARE:

• Canadian Solar Inc. (Canada)


• BrightSource Energy, Inc. (U.S.)


• First Solar (U.S.)


• SunPower Corporation (U.S.)


• Trina Solar (China)


• Yingli Solar (China)


• Wuxi Suntech Power Co. Ltd. (China)


• Jinko Solar (China)


• Waaree Group (India)


• AccionaEnergia S.A.(Spain)


• Nextera Energy Sources LLC (U.S.)


• Vivaan Solar (India)


• eSolar Inc. (U.S.)


• Tata PowerSolar Systems Ltd. (India)


• Abengoa (Spain)

Further Report Findings-

• The market in Asia-Pacific stood at USD 71.37 billion in 20202 and is projected to gain the largest portion of the global solar photovoltaic (PV) market share. low manufacturing costs and higher solar irradiance levels are likely to boost the product's adoption. 


• Furthermore, the growth in the region is attributable to the installation of approximately 77 GW of solar capacity in developing countries in 2020. In addition, the dependence upon electricity in developing countries is likely to propel the growth of the market. 


• According to application analysis, the utility segment holds a dominant share of the market. The emergence of utility-scale solar projects is likely to fuel the growth of this segment. These factors are likely to fuel market growth. 

Table of Segmentation-