reached 883.4 TWh in 2021. Looking forward, IMARC Group expects the market to reach 2,434.93 TWh by 2027, exhibiting a growth rate (CAGR) of 17.70% during 2022-2027.
A solar photovoltaic (PV) system refers to an arrangement consisting of solar panels with an inverter and other electrical and mechanical hardware that convert sunlight directly into electrical energy. It relies on mounting structures that point panels towards the sun for converting direct current (DC) into alternating current (AC). Solar PV systems are widely utilized to generate clean and green energy and reduce air pollution as well as greenhouse gas emissions. They are highly cost-effective, versatile, easy to install, and noise-free, with lower maintenance costs when compared to other renewable energy systems. As a result, solar photovoltaic systems find extensive applications in residential and commercial sectors across the globe.
Request a Free PDF Sample for more detailed market insights:
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Solar Photovoltaic (PV) Market Trends and Drivers:
The increasing awareness among the masses towards the importance of using low carbon-intensive technologies for reducing carbon footprint is among the key factors stimulating the solar photovoltaic (PV) market. Additionally, the growing utilization of photovoltaic systems to power spacecraft and orbiting satellites is also propelling the global market. Besides this, the inflating need for these systems to reduce the dependency on fossil fuels by government bodies of several countries is further fueling the market growth. Apart from this, the introduction of financial incentives to encourage the utilization of solar energy modules across the globe is acting as another significant growth-inducing factor. Furthermore, the elevating applications of photovoltaic systems in the residential sector for grid-connected electricity generation are also bolstering the market growth. Moreover, the increasing demand for sustainable and continuous electric supply among consumers across various countries and the expanding electrical industry are augmenting the global market. Additionally, the escalating investments by key market players to introduce enhanced solar energy generation technologies are expected to positively influence the solar photovoltaic (PV) market over the forecasted period.
Ask Analyst for Customization and Explore Full Report with TOC & List of Figure:
Solar Photovoltaic (PV) Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Acciona S.A., Canadian Solar Inc., First Solar Inc., JA Solar Technology Co, JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., Sharp Corporation, Solar Frontier K.K, SunPower Corporation, Suntech Power Co. Ltd. (Shunfeng Int’l), Tata Power Solar Systems Limited (Tata Power Company Limited) and Trina Solar Co. Ltd.
The report has segmented the market on the basis of type, grid type, deployment and end user.
Breakup by Type:
Breakup by Grid Type:
Breakup by Deployment:
Breakup by End User:
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Services Private Limited.
30 N Gould St Ste R
Sheridan, WY 82801 USA – Wyoming
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Want to print your doc? This is not the way.
Try clicking the ⋯ next to your doc name or using a keyboard shortcut (