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Solar Photovoltaic (PV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

February 2023 | 151 pages | ID: SBB0CE5B1959EN
IMARC Group

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The global solar photovoltaic (PV) market size reached 1,034.5 TWh in 2022. Looking forward, IMARC Group expects the market to reach 2,546.5 TWh by 2028, exhibiting a growth rate (CAGR) of 16.4% during 2023-2028.

A solar photovoltaic (PV) system comprises solar panels with an inverter and other electrical and mechanical hardware that convert sunlight into electrical energy. It relies on mounting structures that point panels toward the sun for converting direct current (DC) into alternating current (AC). It is used to generate clean and green energy and reduce air pollution as well as greenhouse gas emissions. It is highly cost-effective, versatile, easy to install and noise-free with low maintenance costs compared to other renewable energy systems. As a result, solar PV system finds extensive applications in residential and commercial sectors across the globe.

Solar Photovoltaic (PV) Market Trends:
At present, the rising awareness among the masses to use low carbon-intensive technologies for reducing carbon footprint worldwide represents one of the key factors driving the market. Besides this, the growing utilization of solar PV systems to power spacecraft and orbiting satellites is positively influencing the market. In addition, governments of several countries are promoting the use of solar PV systems to reduce the dependency on fossil fuels. They are also offering several incentives to encourage the employment of solar energy around the world. Moreover, the increasing application of solar PV systems in the residential sector for grid-connected electricity generation is offering lucrative growth opportunities to industry investors. Apart from this, there is a rise in the demand for sustainable and continuous electric supply among the masses across the globe. This, along with the burgeoning electrical industry, is propelling the growth of the market. Additionally, increasing investments by key market players to introduce enhanced solar energy generation technologies are projected to bolster the growth of the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global solar photovoltaic (PV) market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, grid type, deployment and end user.

Breakup by Type:

Thin Film
Multi-Si
Mono-Si

Breakup by Grid Type:

On-Grid
Off-Grid

Breakup by Deployment:

Ground-mounted
Rooftop Solar

Breakup by End User:

Residential
Commercial
Utility

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Acciona S.A., Canadian Solar Inc., First Solar Inc., JA Solar Technology Co, JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., Sharp Corporation, Solar Frontier K.K, SunPower Corporation, Suntech Power Co. Ltd. (Shunfeng Int'l), Tata Power Solar Systems Limited (Tata Power Company Limited) and Trina Solar Co. Ltd.

Key Questions Answered in This Report

1. What was the size of the global solar photovoltaic (PV) market in 2022?
2. What is the expected growth rate of the global solar photovoltaic (PV) market during 2023-2028?
3. What are the key factors driving the global solar photovoltaic (PV) market?
4. What has been the impact of COVID-19 on the global solar photovoltaic (PV) market?
5. What is the breakup of the global solar photovoltaic (PV) market based on the grid type?
6. What is the breakup of the global solar photovoltaic (PV) market based on the deployment?
7. What is the breakup of the global solar photovoltaic (PV) market based on end user?
8. What are the key regions in the global solar photovoltaic (PV) market?
9. Who are the key players/companies in the global solar photovoltaic (PV) market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL SOLAR PHOTOVOLTAIC (PV) MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 MARKET BREAKUP BY TYPE

6.1 Thin Film
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Multi-Si
  6.2.1 Market Trends
  6.2.2 Market Forecast
6.3 Mono-Si
  6.3.1 Market Trends
  6.3.2 Market Forecast

7 MARKET BREAKUP BY GRID TYPE

7.1 On-Grid
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 Off-Grid
  7.2.1 Market Trends
  7.2.2 Market Forecast

8 MARKET BREAKUP BY DEPLOYMENT

8.1 Ground-mounted
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Rooftop Solar
  8.2.1 Market Trends
  8.2.2 Market Forecast

9 MARKET BREAKUP BY END USER

9.1 Residential
  9.1.1 Market Trends
  9.1.2 Market Forecast
9.2 Commercial
  9.2.1 Market Trends
  9.2.2 Market Forecast
9.3 Utility
  9.3.1 Market Trends
  9.3.2 Market Forecast

10 MARKET BREAKUP BY REGION

10.1 North America
  10.1.1 United States
    10.1.1.1 Market Trends
    10.1.1.2 Market Forecast
  10.1.2 Canada
    10.1.2.1 Market Trends
    10.1.2.2 Market Forecast
10.2 Asia-Pacific
  10.2.1 China
    10.2.1.1 Market Trends
    10.2.1.2 Market Forecast
  10.2.2 Japan
    10.2.2.1 Market Trends
    10.2.2.2 Market Forecast
  10.2.3 India
    10.2.3.1 Market Trends
    10.2.3.2 Market Forecast
  10.2.4 South Korea
    10.2.4.1 Market Trends
    10.2.4.2 Market Forecast
  10.2.5 Australia
    10.2.5.1 Market Trends
    10.2.5.2 Market Forecast
  10.2.6 Indonesia
    10.2.6.1 Market Trends
    10.2.6.2 Market Forecast
  10.2.7 Others
    10.2.7.1 Market Trends
    10.2.7.2 Market Forecast
10.3 Europe
  10.3.1 Germany
    10.3.1.1 Market Trends
    10.3.1.2 Market Forecast
  10.3.2 France
    10.3.2.1 Market Trends
    10.3.2.2 Market Forecast
  10.3.3 United Kingdom
    10.3.3.1 Market Trends
    10.3.3.2 Market Forecast
  10.3.4 Italy
    10.3.4.1 Market Trends
    10.3.4.2 Market Forecast
  10.3.5 Spain
    10.3.5.1 Market Trends
    10.3.5.2 Market Forecast
  10.3.6 Russia
    10.3.6.1 Market Trends
    10.3.6.2 Market Forecast
  10.3.7 Others
    10.3.7.1 Market Trends
    10.3.7.2 Market Forecast
10.4 Latin America
  10.4.1 Brazil
    10.4.1.1 Market Trends
    10.4.1.2 Market Forecast
  10.4.2 Mexico
    10.4.2.1 Market Trends
    10.4.2.2 Market Forecast
  10.4.3 Others
    10.4.3.1 Market Trends
    10.4.3.2 Market Forecast
10.5 Middle East and Africa
  10.5.1 Market Trends
  10.5.2 Market Breakup by Country
  10.5.3 Market Forecast

11 SWOT ANALYSIS

11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats

12 VALUE CHAIN ANALYSIS

13 PORTERS FIVE FORCES ANALYSIS

13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes

14 PRICE ANALYSIS

15 COMPETITIVE LANDSCAPE

15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
  15.3.1 Acciona S.A.
    15.3.1.1 Company Overview
    15.3.1.2 Product Portfolio
  15.3.2 Canadian Solar Inc.
    15.3.2.1 Company Overview
    15.3.2.2 Product Portfolio
    15.3.2.3 Financials
    15.3.2.4 SWOT Analysis
  15.3.3 First Solar Inc.
    15.3.3.1 Company Overview
    15.3.3.2 Product Portfolio
    15.3.3.3 Financials
    15.3.3.4 SWOT Analysis
  15.3.4 JA Solar Technology Co
    15.3.4.1 Company Overview
    15.3.4.2 Product Portfolio
  15.3.5 JinkoSolar Holding Co. Ltd.
    15.3.5.1 Company Overview
    15.3.5.2 Product Portfolio
  15.3.6 LONGi Green Energy Technology Co. Ltd.
    15.3.6.1 Company Overview
    15.3.6.2 Product Portfolio
    15.3.6.3 Financials
  15.3.7 Sharp Corporation
    15.3.7.1 Company Overview
    15.3.7.2 Product Portfolio
    15.3.7.3 Financials
    15.3.7.4 SWOT Analysis
  15.3.8 Solar Frontier K.K
    15.3.8.1 Company Overview
    15.3.8.2 Product Portfolio
  15.3.9 SunPower Corporation
    15.3.9.1 Company Overview
    15.3.9.2 Product Portfolio
    15.3.9.3 Financials
    15.3.9.4 SWOT Analysis
  15.3.10 Suntech Power Co. Ltd. (Shunfeng Int'l)
    15.3.10.1 Company Overview
    15.3.10.2 Product Portfolio
  15.3.11 Tata Power Solar Systems Limited (Tata Power Company Limited)
    15.3.11.1 Company Overview
    15.3.11.2 Product Portfolio
  15.3.12 Trina Solar Co. Ltd.
    15.3.12.1 Company Overview
    15.3.12.2 Product Portfolio

LIST OF TABLES

Table 1: Global: Solar Photovoltaic Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Solar Photovoltaic Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: Solar Photovoltaic Market Forecast: Breakup by Grid Type (in Million US$), 2023-2028
Table 4: Global: Solar Photovoltaic Market Forecast: Breakup by Deployment (in Million US$), 2023-2028
Table 5: Global: Solar Photovoltaic Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 6: Global: Solar Photovoltaic Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: Solar Photovoltaic Market: Competitive Structure
Table 8: Global: Solar Photovoltaic Market: Key Players

LIST OF FIGURES

Figure 1: Global: Solar Photovoltaic Market: Major Drivers and Challenges
Figure 2: Global: Solar Photovoltaic Market: Volume Trends (in TWh), 2017-2022
Figure 3: Global: Solar Photovoltaic Market Forecast: Volume Trends (in TWh), 2023-2028
Figure 4: Global: Solar Photovoltaic Market: Value Trends (in Billion US$), 2017-2022
Figure 5: Global: Solar Photovoltaic Market Forecast: Value Trends (in Billion US$), 2023-2028
Figure 6: Global: Solar Photovoltaic Market: Breakup by Type (in %), 2022
Figure 7: Global: Solar Photovoltaic Market: Breakup by Grid Type (in %), 2022
Figure 8: Global: Solar Photovoltaic Market: Breakup by Deployment (in %), 2022
Figure 9: Global: Solar Photovoltaic Market: Breakup by End User (in %), 2022
Figure 10: Global: Solar Photovoltaic Market: Breakup by Region (in %), 2022
Figure 11: Global: Solar Photovoltaic (Thin Film) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Solar Photovoltaic (Thin Film) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Solar Photovoltaic (Multi-Si) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Solar Photovoltaic (Multi-Si) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Solar Photovoltaic (Mono-Si) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Solar Photovoltaic (Mono-Si) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Solar Photovoltaic (On-Grid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Solar Photovoltaic (On-Grid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Solar Photovoltaic (Off-Grid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Solar Photovoltaic (Off-Grid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Solar Photovoltaic (Ground-mounted) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Solar Photovoltaic (Ground-mounted) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Solar Photovoltaic (Rooftop Solar) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Solar Photovoltaic (Rooftop Solar) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Solar Photovoltaic (Residential) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Solar Photovoltaic (Residential) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Solar Photovoltaic (Commercial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Solar Photovoltaic (Commercial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Solar Photovoltaic (Utility) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Solar Photovoltaic (Utility) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: North America: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: North America: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: United States: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: United States: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: Canada: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: Canada: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Asia-Pacific: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Asia-Pacific: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: China: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: China: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Japan: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Japan: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: India: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: India: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: South Korea: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: South Korea: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: Australia: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: Australia: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: Indonesia: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: Indonesia: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Others: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Others: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Europe: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Europe: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Germany: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Germany: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: France: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: France: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: United Kingdom: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: United Kingdom: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: Italy: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: Italy: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: Spain: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: Spain: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Russia: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Russia: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Others: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Others: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Latin America: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Latin America: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Brazil: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Brazil: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Mexico: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Mexico: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Others: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: Others: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Middle East and Africa: Solar Photovoltaic Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: Middle East and Africa: Solar Photovoltaic Market: Breakup by Country (in %), 2022
Figure 79: Middle East and Africa: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: Global: Solar Photovoltaic Industry: SWOT Analysis
Figure 81: Global: Solar Photovoltaic Industry: Value Chain Analysis
Figure 82: Global: Solar Photovoltaic Industry: Porter's Five Forces Analysis


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