The global solar PV market was surpassed at USD 244.93 GW in 2021 and is expected to hit around USD 829.79 GW by 2030, growing at a CAGR of 14.52% from 2022 to 2030.
Rising demand for sustainable energy resources coupled with favorable regulatory policies is expected to drive the market growth over the forecast period.
Supportive regulations involving federal subsidy and incentives expected to be the prime factors impacting the industry growth on a positive note. Europe has been a major market for solar PV owing to the early adoption of the technology in the region owing to high consumer awareness and positive government outlook in the region.
Increasing demand for renewable energy sources owing to rising consumer awareness towards cost benefits associated with the technology is expected to propel growth. Furthermore, depleting fossil fuel resources coupled with the growing demand for durable energy sources is expected to have a positive impact on industry growth.
The technology offers low conversion efficiencies as compared to conventional energy sources including oil and biomass. Furthermore, the solar PV performance gets affected by various factors including the type of raw material used for solar cell manufacturing, availability of sunlight, and solar PV designs which is expected to hamper its growth over the forecast period.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 244.93 GW |
| Revenue Forecast by 2030 | USD 829.79 GW |
| Growth rate from 2022 to 2030 | CAGR of 14.52% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Application, Region |
| Companies Covered |
First Solar, SunRun, Green Brilliance, and Suniva |
Application insights
In 2021, the utility segment witnessed the highest amount of installations, accounting for 49.6% of the overall demand. A continuous supply of energy and comparative lower expenses than conventional energy sources have made solar PV technology attractive for application in utilities. This factor is expected to propel the market growth over the forecast period.
The non-residential segment also saw substantial capacity additions in 2020 and is expected to continue until 2021 owing to the expiration of federal subsidies post 2021. The residential segment is expected to witness significant growth owing to reduced capital cost and improved efficiency of solar PV modules. However, the expiry of federal subsidies post 2021 is expected to witness a drop in installations particularly from the residential segment.
The residential application segment is expected to progress at an estimated CAGR of 27.0% over the forecast period. The increasing popularity of photovoltaic systems owing to its employment in electricity generation, to provide heating for residential buildings, at a low cost, is expected to propel the market growth over the forecast period.
Regional insights
The Mexican government has installed various solar, photovoltaic, and CSP projects across the country. Some of these include a photovoltaic project of 46.8 MW capacity in Puerto Libertad, Sonora. The world bank funded USD 50 million for a combined cycle gas turbine plant of 14 MW capacity equipped with troughs to collect energy, located in Agua Prieta, Sonora. As a result, the demand for photovoltaic systems in the country is expected to grow over the forecast period.
Increasing awareness among consumers regarding the environmental benefits of renewable energy is expected to augment market growth. Furthermore, large capacity additions are expected from the utility segment owing to growing pressure to meet renewable energy targets. The U.S. plans to contribute 20% of its energy demands from renewable energy by 2020. This is likely to come true based on the current rate of installations. Regulations and incentives specific to solar rooftop PV is also anticipated to boost residential installations over the forecast period.
According to IEA, the annual PV grid capacity in 2021 in China doubled as compared to the same in 2021. The region in 2021 had a PV grid operational capacity of 34.5 GW. The rising installations of solar thermal PV plants & power stations in the region is expected to positively drive the growth over the forecast period.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1.Research Objective
1.2.Scope of the Study
1.3.Definition
Chapter 2. Research Methodology
2.1.Research Approach
2.2.Data Sources
2.3.Assumptions & Limitations
Chapter 3. Executive Summary
3.1.Market Snapshot
Chapter 4. Market Variables and Scope
4.1.Introduction
4.2.Market Classification and Scope
4.3.Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5.COVID 19 Impact on Solar PV Market
5.1. COVID-19 Landscape: Solar PV Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4.Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1.Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2.Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1.List of Suppliers
7.1.3.2.List of Buyers
Chapter 8. Global Solar PV Market, By Application
8.1.Solar PV Market, by Application Type, 2020-2030
8.1.1. Residential
8.1.1.1.Market Revenue and Forecast (2016-2030)
8.1.2. Non-Residential/Commercial
8.1.2.1.Market Revenue and Forecast (2016-2030)
8.1.3. Utility
8.1.3.1.Market Revenue and Forecast (2016-2030)
Chapter 9. Global Solar PV Market, Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast, by Material (2017-2030)
9.1.2. Market Revenue and Forecast, by Product (2017-2030)
9.1.3. Market Revenue and Forecast, by Application (2017-2030)
9.1.4. U.S.
9.1.4.1. Market Revenue and Forecast, by Material (2017-2030)
9.1.4.2. Market Revenue and Forecast, by Product (2017-2030)
9.1.4.3. Market Revenue and Forecast, by Application (2017-2030)
9.1.5. Rest of North America
9.1.5.1. Market Revenue and Forecast, by Material (2017-2030)
9.1.5.2. Market Revenue and Forecast, by Product (2017-2030)
9.1.5.3. Market Revenue and Forecast, by Application (2017-2030)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Material (2017-2030)
9.2.2. Market Revenue and Forecast, by Product (2017-2030)
9.2.3. Market Revenue and Forecast, by Application (2017-2030)
9.2.4. UK
9.2.4.1. Market Revenue and Forecast, by Material (2017-2030)
9.2.4.2. Market Revenue and Forecast, by Product (2017-2030)
9.2.4.3. Market Revenue and Forecast, by Application (2017-2030)
9.2.5. Germany
9.2.5.1. Market Revenue and Forecast, by Material (2017-2030)
9.2.5.2. Market Revenue and Forecast, by Product (2017-2030)
9.2.5.3. Market Revenue and Forecast, by Application (2017-2030)
9.2.6. France
9.2.6.1. Market Revenue and Forecast, by Material (2017-2030)
9.2.6.2. Market Revenue and Forecast, by Product (2017-2030)
9.2.6.3. Market Revenue and Forecast, by Application (2017-2030)
9.2.7. Rest of Europe
9.2.7.1. Market Revenue and Forecast, by Material (2017-2030)
9.2.7.2. Market Revenue and Forecast, by Product (2017-2030)
9.2.7.3. Market Revenue and Forecast, by Application (2017-2030)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Material (2017-2030)
9.3.2. Market Revenue and Forecast, by Product (2017-2030)
9.3.3. Market Revenue and Forecast, by Application (2017-2030)
9.3.4. India
9.3.4.1. Market Revenue and Forecast, by Material (2017-2030)
9.3.4.2. Market Revenue and Forecast, by Product (2017-2030)
9.3.4.3. Market Revenue and Forecast, by Application (2017-2030)
9.3.5. China
9.3.5.1. Market Revenue and Forecast, by Material (2017-2030)
9.3.5.2. Market Revenue and Forecast, by Product (2017-2030)
9.3.5.3. Market Revenue and Forecast, by Application (2017-2030)
9.3.6. Japan
9.3.6.1. Market Revenue and Forecast, by Material (2017-2030)
9.3.6.2. Market Revenue and Forecast, by Product (2017-2030)
9.3.6.3. Market Revenue and Forecast, by Application (2017-2030)
9.3.7. Rest of APAC
9.3.7.1. Market Revenue and Forecast, by Material (2017-2030)
9.3.7.2. Market Revenue and Forecast, by Product (2017-2030)
9.3.7.3. Market Revenue and Forecast, by Application (2017-2030)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Material (2017-2030)
9.4.2. Market Revenue and Forecast, by Product (2017-2030)
9.4.3. Market Revenue and Forecast, by Application (2017-2030)
9.4.4. GCC
9.4.4.1. Market Revenue and Forecast, by Material (2017-2030)
9.4.4.2. Market Revenue and Forecast, by Product (2017-2030)
9.4.4.3. Market Revenue and Forecast, by Application (2017-2030)
9.4.5. North Africa
9.4.5.1. Market Revenue and Forecast, by Material (2017-2030)
9.4.5.2. Market Revenue and Forecast, by Product (2017-2030)
9.4.5.3. Market Revenue and Forecast, by Application (2017-2030)
9.4.6. South Africa
9.4.6.1. Market Revenue and Forecast, by Material (2017-2030)
9.4.6.2. Market Revenue and Forecast, by Product (2017-2030)
9.4.6.3. Market Revenue and Forecast, by Application (2017-2030)
9.4.7. Rest of MEA
9.4.7.1. Market Revenue and Forecast, by Material (2017-2030)
9.4.7.2. Market Revenue and Forecast, by Product (2017-2030)
9.4.7.3. Market Revenue and Forecast, by Application (2017-2030)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Material (2017-2030)
9.5.2. Market Revenue and Forecast, by Product (2017-2030)
9.5.3. Market Revenue and Forecast, by Application (2017-2030)
9.5.4. Brazil
9.5.4.1. Market Revenue and Forecast, by Material (2017-2030)
9.5.4.2. Market Revenue and Forecast, by Product (2017-2030)
9.5.4.3. Market Revenue and Forecast, by Application (2017-2030)
9.5.5. Rest of LATAM
9.5.5.1. Market Revenue and Forecast, by Material (2017-2030)
9.5.5.2. Market Revenue and Forecast, by Product (2017-2030)
9.5.5.3. Market Revenue and Forecast, by Application (2017-2030)
Chapter 10.Company Profiles
10.1.First Solar
10.1.1.Company Overview
10.1.2.Product Offerings
10.1.3.Financial Performance
10.1.4.Recent Initiatives
10.2.SunRun
10.2.1.Company Overview
10.2.2.Product Offerings
10.2.3.Financial Performance
10.2.4.Recent Initiatives
10.3.Green Brilliance
10.3.1.Company Overview
10.3.2.Product Offerings
10.3.3.Financial Performance
10.3.4.Recent Initiatives
10.4.Suniva
10.4.1.Company Overview
10.4.2.Product Offerings
10.4.3.Financial Performance
10.4.4.Recent Initiatives
Chapter 11.Research Methodology
11.1.Primary Research
11.2.Secondary Research
11.3.Assumptions
Chapter 12.Appendix
12.1.About Us
12.2.Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers