With 10.0% CAGR, Photovoltaic Market Growth to Surpass USD 155.5 billion
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
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