According to a new report published by Pristine Intelligence, titled, “Solar Photovoltaic (PV) Market by Application and Packaging Type: Global Opportunity Analysis and Industry Forecast, 2024–2032,” the global Solar Photovoltaic (PV) market size was valued at $ 315.84 Billion in 2023, and is projected to reach $ 2528.15 Billion by 2032, registering a CAGR of 26% from 2023 to 2032. A photovoltaic system, also known as a PV system or solar power system, is engineered to harness solar energy efficiently. Comprising various components such as solar panels for converting sunlight into electricity, a solar inverter for converting direct current to alternating current, and necessary mounting and cabling accessories, it offers a sustainable solution for generating usable solar power. These systems may also incorporate solar tracking mechanisms to optimize performance and integrated battery storage for enhanced energy utilization.

PV systems are distinct from other solar technologies like concentrated solar power or solar thermal, focusing solely on converting light into electricity. They span a wide range of scales, from small rooftop installations to utility-scale power stations. Presently, most PV systems are grid-connected, although standalone setups account for a smaller market share. Grid-connected systems dominate in Europe and the U.S., while off-grid configurations are relatively more common in Australia and South Korea. Although PV systems typically don't rely on battery storage, they play a crucial role in meeting rising electricity demands worldwide.

Global electricity demand is on the rise, driven by rapid urbanization, population growth, and industrial development. As the need for clean energy escalates to mitigate environmental concerns, photovoltaic systems emerge as a pivotal solution. The market witnesses a surge in investments, with growing support from banks and financial institutions worldwide. With an increasing focus on renewable energy to ensure energy security and address environmental challenges, solar photovoltaic projects attract significant financial backing. This escalating investment trend underscores the expanding opportunities within the photovoltaic market, positioning it as a key player in meeting the world's escalating electricity needs while mitigating environmental impacts.

Global Solar Photovoltaic (PV) Market, Segmentation

The Solar Photovoltaic (PV) market is segmented based on Technology, System, Application, Grid, Installation, and region.

Technology:

The technology segment is further classified into Thin Film, Mono Si, and Multi Si. Among these, the thin film sub-segment accounted for the highest market share in 2021. Thin film PV cells, such as amorphous silicon (a-Si), offer enhanced flexibility and durability compared to traditional crystalline cells. These cells are created by depositing thin layers of silicon onto a glass substrate, resulting in a lightweight and pliable solar cell. With amorphous silicon cells requiring less than 1% of the silicon used in crystalline cells, manufacturing costs are significantly reduced due to decreased raw material usage and a less energy-intensive production process. Thin film panels, being flexible, can seamlessly adhere to standing seam metal roofs using adhesive, eliminating the need for drilling holes during installation. Connection wires are concealed beneath the ridge cap at the roof's apex, ensuring a clean and unobtrusive installation process.

Application:

The application segment is further classified into Industrial, Residential, and Commercial. Among these, the commercial sub-segment is anticipated to show the fastest growth by 2031. With businesses increasingly embracing solar energy to reduce operating costs, mitigate environmental impact, and achieve sustainability goals, the demand for commercial-scale photovoltaic installations is surging. From large corporations to small and medium enterprises, commercial entities are investing in solar photovoltaic systems to harness clean and renewable energy sources, bolstering their energy independence and resilience. This trend is further fueled by favorable regulatory policies, financial incentives, and advancements in solar technology tailored for commercial use.

Region:

The Solar Photovoltaic (PV) market in Asia-Pacific is projected to show the fastest growth by 2031. Over the last decade, China has surpassed Europe, Japan, and the United States as the top manufacturer, with Xinjiang province alone producing one out of seven solar panels globally. Supported by strong policies, China's PV industry has witnessed significant growth, with annual and cumulative installed capacities soaring. By 2019, the industry employed 4.57 million people, further propelling the Asia Pacific PV market forward.

Some of The Leading/Active Market Players Are-

• • Astronergy Co. Ltd. (China)
  • Canadian Solar Inc. (Canada)
  • First Solar Inc. (U.S.)
  • Hanwha Q CELLS Co. Ltd. (South Korea)
  • JA Solar Holdings Co. Ltd. (China)
  • JinkoSolar Holding Co. Ltd. (China)
  • LONGi Green Energy Technology Co. Ltd. (China)
  • Risen Energy Co. Ltd. (China)
  • Suntech Power Holdings Co. Ltd. (China)
  • Trina Solar Co. Ltd. (China) and Other Active Players

Key Industry Developments

• • In April 2023, Brookfield extended its commitment to sustainability by acquiring a 51% stake in CleanMax Enviro. The Canadian investment firm's investment in CleanMax Solar, a provider of renewable energy solutions to commercial and industrial clients, was confirmed by two informed sources.
  • In May 2023, a Swiss manufacturer made its entry into the Australian market with the introduction of a heterojunction solar module. These high-performance solar panels promise superior energy yields compared to conventional technologies, boasting up to 20% higher efficiency than standard PERC modules.

Key Findings of the Study 

• • The global solar photovoltaic (PV) market size was valued at $315.84 billion in 2023 and is projected to reach $2528.15 billion by 2032, with a remarkable CAGR of 26% during the forecast period. This growth is driven by increasing demand for clean energy solutions amidst rising global electricity needs.
  • The commercial application segment is expected to witness the fastest growth by 2031, driven by businesses' increasing adoption of solar PV systems to reduce operating costs, meet sustainability goals, and enhance energy resilience.
  • The Asia-Pacific region is poised to exhibit the fastest growth by 2031, with China leading the market as the top manufacturer of solar panels.