Global Photovoltaic Market Analysis & Outlook 2030

  • Product Code:
  • Published Date:
    21 Oct 2022
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  • Category:
    Energy & Power
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Impact Analysis on the Growth of Market

Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.



The Research Report is Updated with 2022 Base Year, 2023 Estimated year and Forecast till 2035 with Market Insights.

With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2022 as base year, 2023 as estimated year and forecast to 2035. This will have market drivers, recovery rate in the market, insights and competitive analysis.

Market Overview:

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The worldwide photovoltaic (PV) introduced limit is required to enroll a CAGR of over 9% over the period 2022-2030 coming to practically 4.4 GW by 2026, up from 2.7 GW in 2019. The COVID-19 flare-up somewhat affected the market development and contrarily influenced the store network in Q1 and Q2 2020. In 2020, the worldwide sun powered PV limit augmentations were assessed to be around 107 GW, addressing stable development from 2019. The central point driving the worldwide sunlight based PV market is the declining cost of sun based PV and related frameworks. In 2020, sun oriented PV module costs decreased by almost 73%, when contrasted with that in 2010. The decay can be for the most part credited to the improvement in material productivity, creation streamlining, and economies of scale. Nonetheless, factors like the development of other inexhaustible advances like breeze and bioenergy are relied upon to prevent the market development during the conjecture time frame.

The sun based photovoltaic market is significantly overwhelmed by the ground-mounted section than the housetop portion because of higher limit establishments in the ground-mounted fragment across the world. The more popularity for utility-scale is required to keep during the conjecture time frame, with solid interest from China and many developing business sectors all throughout the planet introducing prominent sums that are for the most part ground-mounted. The endeavors by a few governments across the arising countries in the locales like Africa and Southeast Asia to give 100% power access in distant regions combined with off-matrix applications and mechanical headways in the sunlight based PV modules are required to make a sufficient measure of chances sooner rather than later.

With driving nations like China, Japan, and India, Asia-Pacific is required to overwhelm the market during the conjecture time frame.

Key Market Trends :

Ground-mounted Solar PV to Dominate the Market

In 2020, the ground-mounted sunlight based PV represented over 55% of the worldwide sun oriented PV limit, with nations like China, the United States, Germany, and India driving the market development. The ground-mounted sun powered PV fragment's strength can be ascribed to the components, for example, the expanding number of utility-scale projects, sun based energy targets, and declining expenses of sun based PV establishments. Nations across the world are intending to foster huge scope sun oriented PV projects to decrease their dependence on petroleum product based force age and to expand their energy blend.

In January 2021, Sembcorp Energy India Ltd declared that it had won another 400 MW sun based force project in the Indian province of Rajasthan. Essentially, in February 2021, development started on the Samson Solar Energy Center, the biggest arranged sun powered energy ranch in the United States. The sun based ranch is relied upon to have 1,013 MW of producing limit and is required to be finished by 2023. Hence, forthcoming huge scope utility sunlight based PV projects are relied upon to drive the ground-mounted sun oriented PV portion during the estimate time frame.

Asia-Pacific to Dominate the Market :

Starting at 2020, Asia-Pacific is the biggest sunlight based PV market across the world, representing over 50% of the worldwide introduced sun powered PV limit, and it is required to proceed with its strength during the conjecture time frame also. China, Japan, and India are the vital business sectors in the locale with the biggest introduced limits starting at 2020.

The Chinese sunlight based photovoltaic industry has become quicker than some other country in the area in the course of recent years. Starting at 2019, China's sunlight based energy limit came to 205.2 GW, addressing an expansion of 17.6% contrasted with the earlier year's worth. With the expanding interest for power and efficient power energy, India, under the plan, the Jawaharlal Nehru National Solar Mission (JNNSW), has set the objective of conveying 20 GW of framework associated sun based force by 2022. In 2019, Japan positioned second on the planet, behind China, in sun based limit and created around 5% of the country's power age. In 2019, the nation had 61.84 GW limit with respect to sun powered PV, and under the Long-term Energy Supply and Demand Outlook for FY 2030, the Ministry of Economy, Trade, and Industry of Japan is planning to expand the portion of sustainable power offer to 24% by 2030, which is required to build the sun based PV market in the country.

Factors, for example, impending sunlight based PV projects, steady government arrangements, and declining expenses of sun oriented PV modules and related frameworks are relied upon to drive the sun based PV market in the district during the conjecture time frame.

Cutthroat Landscape :

The sunlight based photovoltaic (PV) market is divided. A portion of the significant players working in the sunlight based photovoltaic (PV) market incorporate JinkoSolar Holding Co. Ltd, Canadian Solar Inc., SunPower Corporation, Trina Solar Ltd, First Solar Inc., Suntech Power Holding Co. Ltd, Sharp Corporation, Hanwha Q Cells Co Ltd, and JA Solar Holdings Co. Ltd.

Significant Players:

SunPower Corporation

JinkoSolar Holding Co. Ltd

Canadian Solar Inc.

Trina Solar Ltd

JA Solar Holdings Co. Ltd

Late Developments

According to the Solar Energy Industry Association, almost 2GW of sun powered PV projects were deferred in the United States in 2020 because of COVID-19.

Saudi Arabia declared the beginning of the offering cycle for four significant sunlight based undertakings equipped for producing 1,200 MW, as the nation tries to lessen its dependence on petroleum products.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook


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