Global Solar Photovoltaic (PV) Market Grows at a Staggering CAGR of 25.32%

Solar photovoltaic (PV) is a technique that uses sunlight to generate electricity without moving parts. Sunlight separates the electrons from the silicon atoms that act as hosts in a photovoltaic cell. The electrons gather the photons, tiny bundles of light energy, giving them the power to escape from their high atom. The beneficial government initiatives, including tax rebates and tariff reductions, will boost commercial opportunities, encourage continuous technology advancements, and support a rising consumer and regulatory preference for clean energy sources. Market Dynamics Favorable Government Policies and Upcoming Projects Drives the Global Market In response to the rising carbon emissions, governments all over the world have implemented a variety of policies for the development of renewable energy. The laws have considerably sped up the global expansion of the solar energy industry. China's solar PV industry makes a significant contribution to the global market. Changes to its rules significantly impact the global market for solar PV. With the introduction of the modified FiT regulation, the market is likely to pick up speed for the development of solar projects over the projected period. Like any other sizeable solar energy industry, India benefits from many government programs supporting the country's utility- and residential-based solar PV installations. The Ministry of New and Renewable Energy created the Grid Connected Solar Rooftop Program to install 40 GW of rooftop solar installations by 2022. Growing Investments in Solar Power Resources Creates Tremendous Opportunities Power-generating firms are under pressure to transition to greener and more ecologically friendly energy sources as a result of numerous environmental regulations across the globe. Major nations worldwide are making great efforts to increase the production of electricity from renewable sources to reduce their reliance on fossil fuel-based power generation. As a result, rising investments in solar energy resources are producing attractive chances to expand the global solar photovoltaic (PV) market during the forecast period. Regional Analysis North America is the most significant shareholder in the global solar photovoltaic (PV) market and is expected to grow significantly during the forecast period. In the United States, solar energy is increasingly more widely accessible. According to the US Energy Information Agency, 43% of the nation's electricity is produced by solar energy (EIA). In some states, such as California, Hawaii, and Minnesota, solar electricity is already competitively priced with other forms of energy. The latitude of Canada causes a relatively low level of sun irradiation (solar power per unit area). Together with cloud cover, this results in a capacity factor of 6%, which is significantly lower than the 15% capacity factor in the US. The country's northern areas receive less direct sunlight and considerably lower solar potential due to their even higher latitude. The National Energy Board predicts that solar energy might account for 1.2% of Canada's total energy consumption by 2040. Asia-Pacific is anticipated to grow steadily during the forecast period. China's eastern and southern regions are home to most solar PV installations. Also, the Chinese government has started several initiatives to promote solar energy use in the country. In addition to the federal solar subsidy, which is USD 0.049 per kilowatt-hour (kWh), municipal governments also have regulations regarding grants for distributed solar PV installations. Most of India's energy comes from lignite and coal-burning power plants. The government also aims to produce 175 GW of renewable energy by 2022. The growth of the power generation sector is expected to be dominated by the renewable energy sector due to this lofty goal. As part of its commitments under the Paris Agreement, the Indian government aims to achieve 175 GW of renewable energy capacity by 2022. The coalition agreement in Germany set a short-term goal of reaching 65% of gross electricity consumption from renewable sources by 2030. Depending on how power use and wind generation change, an average annual PV installation of at least 5–10 GW is necessary. According to the federal government's proposed climate change program, 98 GWp of solar capacity must be installed by 2030. This would require the annual installation of 4.5 GW of PV systems. In the United Kingdom, the feed-in tariff is regulated. It determines which energy suppliers get paid if a building or organization generates its electricity using a renewable resource like wind or solar. As a result, the nation's rate of solar panel installation dramatically increased. The government changed the feed-in tariff (FIT) with the Smart Export Guarantee (SEG) plan, which mandates that consumers pay for every unit they will pump into the grid, even if energy providers are free to choose the price for exported power. Key Highlights The global solar photovoltaic (PV) market was valued at USD 196.40 million in 2021. It is projected to reach USD 1.3 billion by 2030, growing at a CAGR of 25.32% during the forecast period (2022-2030).  Based on type, the global solar photovoltaic (PV) market is bifurcated into thin film, Multi-Si, and Mono-Si. The thin-film photovoltaic module segment is the highest contributor to the market and is regarded as a solar technology breakthrough. Based on application, the global solar photovoltaic (PV) market is bifurcated into residential, commercial, and utility. The residential segment owns the highest market share and is expected to grow steadily during the forecast period. Based on deployment, the global solar photovoltaic (PV) market is bifurcated into ground-mounted and rooftop solar. The ground-mounted solar PV market is anticipated to be driven by emerging economies like China, India, and Brazil, with several large-scale ground-mounted solar projects planned. North America is the most significant shareholder in the global solar photovoltaic (PV) market and is expected to grow significantly during the forecast period. Competitive Players The global solar photovoltaic (PV) market’s major key players are First Solar Inc., Suntech Power Holding Co. Ltd, Sharp Corporation, JinkoSolar Holding Co. Ltd, JA Solar Holdings Co. Ltd, Trina Solar Ltd, Hanwha Q Cells Co. Ltd, Acciona SA, Canadian Solar Inc., SunPower Corporation, and LONGi Green Energy Technology Co. Ltd. Market News In January 2022, the production of Suntech's 2GW of High-efficiency TOPCon Cells began in Wuxi, China. In July 2022, Intersect Power placed orders for First Solar's High-Performance Modules totaling 2.4 GW. Global Solar Photovoltaic (PV) Market: Segmentation By Type Thin Film Multi-Si Mono-Si By End-User Residential Commercial Utility By Deployment Ground-mounted Rooftop Solar By Regions North America Europe Asia-Pacific LAMEA