The global solar photovoltaic (PV) market is set to gain momentum from the high demand for electricity from various countries. Hence, they are surging their power generation capacity either by installing new plants or by expanding the existing ones. Fortune Business Insights™ presented this information in a new report, titled, “Solar Photovoltaic (PV) Market Size, Share and COVID-19 Impact Analysis By Technology (Monocrystalline Silicon, Thin Film, Polycrystalline Silicon, and Others), By Grid Type (On-grid and Off-grid), By Installation (Ground Mounted, Rooftop, and Others), By Application (Residential, Non-Residential and Utilities), and Regional Forecast, 2020-2027.” The report further states that the solar photovoltaic (PV) market size was USD 162.65 billion in 2019 and is projected to reach USD 185.62 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period.
COVID-19 Pandemic to Delay Multiple Solar Projects Globally
The emergence of the COVID-19 pandemic has taken a toll on the global economy. China is considered to be the major importer of raw materials, prefabricated structures, and inverters. It imports approximately 80% of modules and solar cells to India. The country is under complete lockdown, followed by India. Hence, many solar projects are getting delayed. We are providing an in-depth analysis of the current situation of this market to help you generate more sales.
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This Report Answers the Following Questions:
- What are the vital drivers and obstacles of the market?
- Which segment is set to lead the market in the coming years?
- What are the dynamics, challenges, and opportunities in the market?
- Which firms are set to generate more sales of solar PVs?
Drivers & Restraints-
Rising Need to Reduce Dependence on Fossil Fuels will Drive Growth
Regulatory bodies of various countries are imposing stringent environmental protection regulations to encourage power generation enterprises to shift to eco-friendly and cleaner energy resources. Therefore, these countries are striving to increase their renewable energy power generation to lower the dependence on fossil fuels. They are mainly choosing solar energy to meet surging needs. However, solar photovoltaic (PV) operations are difficult to be conducted in water bodies, wetlands, built-up areas, forests, and agricultural lands owing to the instability of such lands, as well as low accessibility. This factor may hamper the solar PV market growth in the near future.
1. By Installation Techniques
- Flat Roof Solar
- Pitched Roof Solar
- Ground Mount Solar
2. By Solar Module
- Thin Film
3. By Supply Methods
- On Grid
- Off Grid
4. By Application
5. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Netherlands, Norway, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Chile, Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
Ground-mounted Segment to Grow Rapidly Fueled by Usage in Commercial & Utility Purposes
Based on the installation, the ground-mounted segment earned 61.26% in terms of solar photovoltaic (PV) market share in 2019. This growth is attributable to the increasing usage of such solar photovoltaic (PV) for utility and commercial purposes. They are also cost-efficient in terms of maintenance and operations.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/solar-pv-market-100263
Low Manufacturing Cost of Components to Augment Growth in Asia Pacific
Geographically, Asia Pacific generated USD 74.57 billion in terms of revenue in 2019 and is set to retain its dominant position throughout the forthcoming years. This growth is attributable to the low manufacturing cost of components and high solar irradiance levels in the region. Europe, on the other hand, is set to remain in the second position backed by the presence of favorable norms in the region. Besides, the increasing installation of solar farms would propel the demand for solar PVs in the region.
Key Players Focus on Expanding Their Operating Capacities to Compete with Rivals
The global market for solar photovoltaic (PV) is highly fragmented because of the presence of numerous firms in developing and developed nations. At present, Canadian Solar Inc. is in the leading position on account of its expansion plans. Below are the two latest industry developments:
- August 2020: Canadian Solar Inc. started construction of the largest industrial and commercial rooftop solar projects in Penang, Malaysia. To do so, it joined hands with Eleaps Sdn. Bhd. and Antah Solar Sdn. Bhd.
- July 2020: Canadian Solar Inc. broadened its operating capacity by 8.2 MW in Italy by acquiring two portfolios. The 3 MW portfolio comprises of 3 ground-mounted PV plants, while the 5.2 MW portfolio includes 4 roof-top mounted PV plants & 2 PV plants built in a parking lot on top of shelters.
A list of all the renowned solar photovoltaic (PV) providers operating in the global market:
- Waaree Group (India)
- Canadian Solar Inc. (Canada)
- Abengoa (Spain)
- BrightSource Energy, Inc. (U.S.)
- Tata Power Solar Systems Ltd. (India)
- First Solar (U.S.)
- eSolar Inc. (U.S.)
- SunPower Corporation (U.S.)
- Trina Solar (China)
- Yingli Solar (China)
- Acciona Energia S.A.(Spain)
- Wuxi Suntech Power Co. Ltd. (China)
- Nextera Energy Sources LLC (U.S.)
- Vivaan Solar (India)
- Jinko Solar (China)
Quick Buy – Solar Photovoltaic (PV) Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100263
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Solar Photovoltaic (PV) Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Solar Photovoltaic (PV) Market Analysis (USD Billion) (GW), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Monocrystalline Silicon
- Thin Film
- Polycrystalline Silicon
- Market Analysis, Insights and Forecast – By Installation
- Ground Mounted
- Market Analysis, Insights and Forecast – By Grid Type
- Market Analysis, Insights and Forecast – By Application
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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