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Solar Photovoltaic (PV) Market Trends

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

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Solar PV Market Trends

Ongoing research and development have led to more efficient solar panels, which can generate more electricity from the same amount of sunlight. Advances in battery technology, such as lithium-ion and solid-state batteries, are improving the reliability and effectiveness of solar energy storage. Bifacial solar panels, which capture sunlight from both sides, are becoming more popular due to their increased efficiency and energy yield. Additionally, Growing concerns about climate change and the need to reduce carbon emissions will boost the business scenario.

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.