The photovoltaic market is projected to grow from USD 96.5 billion in 2023 and is projected to reach USD 155.5 billion by 2028; it is expected to grow at a CAGR of 10.0 % from 2023 to 2028.
The rising number of solar installations attributed to government-led incentives and schemes, growth in the adoption of PV systems for residential applications, decreasing cost of PV systems and energy storage devices is expected to fuel the growth of the photovoltaic market.
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The PV market is flooded with a number of technological advancements with a large number of R&D departments of private as well as public organizations involved in the development of high-efficiency PV cells. Few major PV cell technologies that are either under R&D or not mass commercialized are perovskite, Gallium Arsenide (GaAs), Indium Phosphide (InP), Nanocrystalline (Quantum Dots), and dye synthesized & polymer solar cells.
The market for inverters is expected to grow at the highest CAGR during forecast period. The growth of the market for PV inverters can be attributed to the growth in adoption in residential and utility sectors. Solar inverters convert DC power into AC power, which is then used for domestic utilization. The rise in the adoption of rooftop solar systems across the world, has led to rise in the demand for inverters, which, in turn, is expected to drive the market for inverters.
The market for floating PV systems in terms of PV installation is expected to grow at the highest CAGR during forecast period. Floating PV projects have been increasing steadily across the world over the last few years, and a similar trend is expected to continue during the forecast period. There are numerous advantages of installing floating solar arrays against traditional ones. One of the key advantages of floating PV modules is that they eliminate the requirement of valuable land space as these installations can take up unused space on water bodies such as hydroelectric dam reservoirs and wastewater treatment ponds. Additionally, the growing share of infrastructure occupying land and free space for tapping solar energy has led to the growth of the floating PV segment. Moreover, the water that hosts floating PV modules helps solar equipment cool down, resulting in high efficiency of panels that produce electricity in hot climates. Floating PV modules act as shields for water bodies and hence, reduce evaporation from them. This particularly is beneficial in areas that are susceptible to droughts. All these advantages are expected to propel the demand for floating PV modules during the forecast period.
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In terms of geographic coverage, the photovoltaic market has been segmented into 4 regions, namely, North America, Europe, Asia Pacific and Rest of the World (RoW). The market in Asia Pacific is expected to record the highest growth rate during the forecast period, primarily due to countries such as China, India, Japan contributing to the overall market share significantly. Asia Pacific is expected to experience substantial growth opportunities in the next few years. This is due to the presence of key players such as JinkoSolar (China), JA Solar (China), Trina Solar (China), and LONGi (China) in Asia Pacific. The rise in the adoption of PV modules in countries such as China, Japan, and India is fueling the growth of the market. Moreover, the region is the largest producer and consumer of PV modules and related PV components. The governments of different countries in Asia Pacific have launched various initiatives and favorable policies for promoting the use of solar energy. This is expected to propel the demand for PV systems in the region during the forecast period.
News also Covered: https://www.prnewswire.com/news-releases/photovoltaic-market-worth-155-5-billion-by-2028---exclusive-report-by-marketsandmarkets-301733185.html