The global solar PV market size is expected to reach 604.83 billion by 2030, expanding at a CAGR of 10.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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.
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Solar PV Market Report Highlights
- On-grid connectivity dominated the market with a revenue share of 73.5% in 2023 and The off-grid segment is expected to register the fastest CAGR over the forecast period
- The segment, ground mounted solar PVs held the largest market share in 2023 and Meanwhile, the rooftop segment is anticipated to witness the fastest growth from 2024 to 2030
- Asia Pacific accounted for 63.1% of the total market share in 2023, on account of the favorable government regulations and initiatives taken by the government to install clean energy resources in order to curb the prevailing issue of pollution
- The major players in the market are investing in R&D activities in order to come up with efficient and high-performance systems in order to tap the rising consumer attention and to compete with the alternative energy resources
Key Solar PV Company Insights
Some key companies involved in the solar PV market include Jinko Solar, Hanwha Group, and RENESOLA, among others.
- Jinko Solar is a Chinese solar PV module manufacturing company headquartered in Shanghai. The company is among the leading global solar energy solution providers, specializing in designing, developing, and manufacturing high-efficiency solar photovoltaic (PV) products and energy storage systems (ESS). The company's product offering includes a wide range of solar modules, including monocrystalline, polycrystalline, and bifacial modules, with varying power outputs and efficiency rates. Jinko Solar's product portfolio also includes solar cells, solar inverters, and mounting systems, catering to the diverse needs of residential, commercial, and utility-scale solar energy projects. The Tiger Neo series is the company's latest solar PV module offering, offering enhanced efficiency and 30 years of liner power warranty.
- Hanwha Group is a South Korean business conglomerate headquartered in Seoul. The company offers products and services in various industries, such as aerospace, mechatronics, clean energy, materials, retail, finance, and lifestyle services. Through its subsidiary Hanwha Energy Corporation, the company has developed major solar energy projects worldwide, such as Oberon 1A (the U.S.), Laguna (Mexico), Kitsuki (Japan), and Cam Lam (Vietnam). In addition, the Qcells division of the company has established itself as a prominent player in the development of solar PV cells, modules, and energy storage solutions (ESS).
List of Key Players of Solar PV Market
- RENESOLA
- KYOCERA Corporation
- Hanwha Group
- REC Solar, Inc.
- Jinko Solar
- JA SOLAR Technology Co.,Ltd.
- First Solar
- Wuxi Suntech Power Co., Ltd.
- Canadian Solar
- Trinasolar
- SHARP CORPORATION
- SunPower Corporation
- Yingli Solar
Gather more insights about the market drivers, restrains and growth of the Global Solar PV Market
Rooftop Solar PV Market report added by Value Market Research, offering growth, trends, and forecast for each segment along with regional and country analysis.
The study has done with respect to market share, size, outlook, estimation and forecast period 2021-2027.
Further, this report also highlights the regional and country-level market analysis.The rooftop solar PV market is vast, with many local and global players.
the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to improve their market share globally.
the key players included in the report are JA Solar, SunPower Corporation, ReneSola, Talesun, LONGi Solar, Hanwha Q-CELLS, GCL-SI, E-Ton Solar, JinkoSolar, Shenzhen Yingli New Energy Resources Co., Ltd, First Solar, Trina Solar, Canadian Solar, Risen Energy, Indosolar, and E-Ton Solar.Get more information on "Global Rooftop Solar PV Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/rooftop-solar-pv-market/download-sampleMarket SegmentationThe entire horse riding apparel market has been sub-categorized into technology, grid type, application, and region.
The report provides an analysis of these subsets with respect to the geographical segmentation.
