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Solar Photovoltaic (PV) Market Size

Report ID: GMI5407
Published Date: Jul 2024
Report Format: PDF

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Solar PV Market Size

Solar PV Market was valued at USD 289.6 billion in 2023 and is anticipated to grow at a CAGR of over 8.3% from 2024 to 2032. A solar photovoltaic (PV) system is a renewable energy system that converts sunlight directly into electricity using semiconductor materials. The components include solar panels, inverters, mounting systems, electrical components and battery storage.

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Community solar projects allow multiple participants to benefit from a single solar installation, making solar energy accessible which will enhance the business statistics. Residential and commercial rooftop solar installations are becoming increasingly common due to falling costs and supportive policies. Additionally, solar PV systems are being integrated into microgrids to provide reliable and resilient power in remote or underserved areas which will accelerate the business dynamics.

Solar Photovoltaic (PV) Market Report Attributes
Report Attribute	Details
Base Year:	2023
Solar Photovoltaic (PV) Market Size in 2023:	USD 289.6 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	8.3%
2032 Value Projection:	USD 578.2 Billion
Historical Data for:	2021 - 2023
No. of Pages:	150
Tables, Charts & Figures:	25
Segments covered:	Product, Technology, Application and Region
Growth Drivers:	North America Increasing focus on clean electricity through various solar PV targets Europe Growing focus on green and net zero initiatives Asia Pacific Favorable government schemes Rising decentralized and off-grid solar installations Middle East & Africa Increasing investments and government tenders to influence the costs Latin America Enhanced deployment for rooftop and large-scale solar PV systems
Pitfalls & Challenges:	Longer payback period

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Many countries have set ambitious renewable energy targets, driving the adoption of solar PV systems. Regulations requiring new buildings to include solar PV installations are being implemented in various regions. Large-scale solar farms are being developed worldwide to meet growing energy demand and renewable energy targets. Additionally, companies are investing in solar energy to power their operations and meet sustainability goals will boost the industry statistics.

Authors: Ankit Gupta, Sristhi Agrawal

Frequently Asked Questions (FAQ) :

The market size of solar PV was reached USD 289.6 billion in 2023 and will expand at an 8.3% CAGR between 2024 and 2032, driven by increasing demand for renewable energy, government incentives and subsidies, and technological advancements improving efficiency.

Solar PV industry from the rooftop segment will grow at more than 8% CAGR up to 2032, due to increasing urbanization and the rising demand for decentralized energy solutions.

Asia Pacific solar PV industry will surpass USD 362.4 billion by 2032, owing to rapid industrialization, urbanization, and increasing energy demands in countries like China, India, and Japan.

Key players operating in the solar PV industry are ArcelorMittal, Array Technologies, Inc., All Earth Renewables, Convert Italia, DEGERENERGIE GMBH & CO. KG, IDEEMATEC, MECASOLAR, NCLAVE, SOLTEC, STI Norland, SunPower Corporation, and Trina Solar, among others.