10 May 2023

Solar Photovoltaic Market Worth USD 129.86 Billion by 2027 Says Market Statsville Group

10 May 2023  by Market Statsville Group   

The Market Statsville Group (MSG) publishes the new report on the "Solar Photovoltaic Market by Technology (Monocrystalline Silicon, Polycrystalline Silicon, Thin Film and Others), by Deployment (Ground-Mounted and Rooftop Solar), by Grid Type (On-Grid and Off-Grid), by End User (Residential, Commercial and Industrial (C&I) and Utility), and Region - Global Trends, Market Share, and Forecast to 2027". The global solar photovoltaic market is estimated to grow from USD 79.6 billion in 2021 to USD 129.86 billion by 2027, registering a CAGR of 8.5% from 2021 to 2027. The solar photovoltaic market is higher for the ground-mounted segment than the rooftop segment due to higher capacity installations in the ground-mounted segment. The higher demand for utility-scale is expected to continue in 2018 as well, with strong demand in China and many emerging markets around the world installing notable amounts that are mostly ground-mounted. Due to various advantages offered to conventional solar PV techniques, such as storing solar energy instead of continuous consumption or selling it back to the grid, there is an increased uptake of off-grid solar projects in developing Asian and sub-Saharan African countries. Although the growth of off-grid solar PV capacity represents only a small share of total PV capacity installed in both regions, its socio-economic impact is significant in the solar PV market during the forecast period.

Global Solar Photovoltaic Market Segmentation

The solar photovoltaic market has been segmented into technology, deployment, grid type, end user, and regions.

  • By Technology (Monocrystalline Silicon, Polycrystalline Silicon, Thin Film and Others)
  • By Deployment (Ground-Mounted and Rooftop Solar)
  • By Grid Type (On-Grid and Off-Grid)
  • By End User (Residential, Commercial and Industrial (C&I) and Utility)
  • By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Rooftop solar, by deployment, is estimated to hold the largest market share during the forecast period

Based on deployment, the global solar photovoltaic market is segmented into ground-mounted and rooftop solar. The rooftop solar segment generated the largest revenue share of 61.2% in 2020 and is further estimated to dominate the market during the forecast period.

Although utility-scale solar PV projects have gained a significant share in the market studied, small-scale rooftop solar PV systems represent an essential market part. Moreover, rooftop solar offers the benefits of modern electricity services to households that had no access to electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation, as well as enabling residents and small businesses to generate their own electricity. During the forecast period, the share of the rooftop segment is expected to increase, on account of decreasing solar PV costs, supportive government policies for residential solar PV, FIT programs and incentives, and targets set by the governments for solar energy.

In 2017, the South Korean government decided that in Seoul, the country’s capital, it will implement solar panels in one-third of all households by 2022. This is expected to result in increasing the existing solar capacity by about ten times. According to the plan, all the new buildings would be required to install solar PV. Meanwhile, the existing facilities would be offered incentives to opt for solar PV. Furthermore, it is estimated that about 1 million solar power systems will be deployed in Seoul by 2022, among the 630,000 apartment verandas, 150,000 houses, and 220,000 buildings.

The costs of electricity from residential rooftop solar PV have witnessed a rapid decline in recent years. In just over six years, prices have fallen by 45% in California and 66% in Germany.

The Asia Pacific accounts for the largest market share during the forecast period.

Based on the regions, the global solar photovoltaic market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the highest market share of 45.39% in the global solar photovoltaic market and was anticipated to maintain its dominance throughout the forecast period, followed by North America and Europe.

Coal has been the primary source of electricity generation in China in the past to meet its energy demand, which has led to air pollution in the country. The energy mix has started to evolve, with a decreasing share of coal and an increasing share of cleaner energy sources. The share of coal in the energy mix is expected to decrease from 58% in 2016 to 32% in 2040. By 2040, the energy mix is expected to be led by solar PV, wind, and hydro, with solar PV contributing around 22% of total power generation. Moreover, India’s power sector is dominated by coal, accounting for almost 58.8% of the total installed capacity in March 2018. The country has identified the potential of renewable energy, such as solar and wind, in decarbonizing the economy and meeting targets as per the Paris Agreement.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategy of the leading companies operating in the solar photovoltaic market. It also consists of the profiles of leading companies such as First Solar Inc., Canadian Solar Inc., SunPower Corporation, Trina Solar Ltd, JinkoSolar Holding Co. Ltd, Suntech Power Holding Co. Ltd, JA Solar Holdings Co. Ltd., JA Solar Holdings Co. Ltd., Sharp Corporation, Hanwha Q Cells Co Ltd, and others. These market players have focused on acquisitions and expansion to gain a larger market share in the solar photovoltaic market.

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