Global Solar PV Power Market Overview
Photovoltaic devices convert sunlight into electricity directly. The key components of the PV power system are numerous types of photovoltaic cells (also termed as solar cells). Solar photovoltaic cells are semiconductor devices, which proliferates power capacity and contribute to the production of electricity for buildings and households. PV installations are reliable, safe, and easy to install and incur less operating costs. Furthermore, the sudden concerns regarding climatic changes and alternative sources of energy have resulted in the rapid adoption of solar energy, which is generating demand for solar photovoltaic installations. The Solar Photovoltaic (PV) Power Market accounted for US$ 108.1 billion in 2019 and is estimated to be US$ 166.4 billion by 2029 and is anticipated to register a CAGR of 4.4%.
Impact of COVID-19 on the market
The outbreak of Covid-19 crisis has a negative effect on wind and solar PV and is projected to witness lower capacity additions in Q1 2020 owing to deferred manufacturing and construction activities. The solar industry is expected to face disruptions in the procurement of raw material and components for PV installations. The industry is heavily dependent on China for sourcing module wafers and glasses, thus negatively affecting the growth of the market. This report will quantify the impact of this pandemic on the solar PV power market.
Global Solar PV Power Market Dynamics
In recent years, the deployment of rooftop solar PV systems has increased significantly in great measure due to supporting policies, such as net metering and fiscal incentives. These policies which in some markets make PV more attractive from an economic point of view than buying electricity from the grid- PV-hybrid mini-grid, virtual power plants and utility PPA. The competitiveness of distributed solar power is clearly evident amid increasing deployment in large markets, such as China, Brazil, Germany and Mexico. However important differences remain between countries, which highlight further improvement potential.
Conversely, the adoption of the solar PV system is slightly affected by factors such as overall production, reliability, availability, and competitiveness. Moreover, solar PV technology is limited to the rain-prone and snowfall areas.
Global Solar PV Power Market Segmentation
The global solar PV power market is segmented based on the type, deployment, end-user, and region.
On the basis of the type, the global solar PV power market is segmented into a thin film, multi-Si, and mono-Si. Based on the deployment, the target market is segmented into ground-mounted and rooftop solar. On the basis of end-user, the global market is bifurcated into residential, commercial, and utility.
In the region, the global solar PV power market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is the major solar PV market in the globe which shares around 57% of the total install solar PV capacity. China, Japan, and India are the key market in the area that has the extreme install capacity share, and are projected to grow further in the coming years. China continues to account highest share of the global solar PV power market even though restructuring financial incentive schemes, which have limited support to utility-scale and DG projects. India is another robust market propelled by supportive government policies and ambitious solar energy targets. The North American market, despite the slowdown in the short term led by the imposition of import tariffs, is projected to witness positive growth in the long term as a result of an overall favorable environment for solar PV power in the region. The mature European market is recovering on account of revised renewable energy targets, after a period of slow growth and growing uptake of solar power with storage solutions.
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Attribute |
Details |
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The base year for estimation |
2019 |
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Forecast period |
2019 – 2029 |
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Market representation |
Revenue in USD Million & CAGR from 2019 – 2029 |
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Market Segmentation |
By Type - Thin film, Multi-Si, and Mono-Si By Deployment - Ground Mounted and Rooftop Solar By End-user - Residential, Commercial, and Utility |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the Global Solar Photovoltaic (PV) Power Market report based on type, deployment, end-user, and region.
Global Solar Photovoltaic (PV) Power Market, By Type:
- Thin film
- Multi-Si
- Mono-Si
Global Solar Photovoltaic (PV) Power Market, By Deployment:
- Ground Mounted
- Rooftop Solar
Global Solar Photovoltaic (PV) Power Market, By End-user:
- Residential
- Commercial
- Utility
Global Solar Photovoltaic (PV) Power Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Global Solar PV Power Market Key Players
The key players operating in the Global Solar Photovoltaic (PV) Power Market include First Solar, Inc., Suntech Power Holding Co. Ltd., JinkoSolar Holding Co. Ltd., Sharp Corporation Trina Solar Ltd., Hanwha Q Cells Co Ltd., JA Solar Holdings Co. Ltd., Acciona SA, Canadian Solar Inc., and SunPower Corporation. Prominent global players who do not have a production firm in these domestic markets may try to circumnavigate import tariffs by exporting from exempt geographies by expanding manufacturing activities in these regions. Companies entering new and developing markets will also assist from investing in strong local sales teams acquainted with the local solar PV power market dynamics. For instance, in July 2019, Tata power has entered into a partnership agreement with NTT Com-Netmagic to deliver IT solution for its upcoming 50MW solar photovoltaic power plant project in Maharashtra.
Global Solar PV Power Market Company Profile
- First Solar, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Suntech Power Holding Co. Ltd.,
- JinkoSolar Holding Co. Ltd.
- Sharp Corporation Trina Solar Ltd.
- Hanwha Q Cells Co Ltd.
- JA Solar Holdings Co. Ltd.
- Acciona SA
- Canadian Solar Inc.
- SunPower Corporation
“*” marked represents similar segmentation in other categories in the respective section
Global Solar PV Power Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for Solar Photovoltaic (PV) Power Strategies
- Key Questions this Study will Answer
- Market Snippet, By Type
- Market Snippet, By Deployment
- Market Snippet, By End-user
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Solar Photovoltaic (PV) Power Market, By Type, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Thin film
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Multi-Si
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Mono-Si
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Solar Photovoltaic (PV) Power Market, By Deployment, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Ground Mounted
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Rooftop Solar
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Solar Photovoltaic (PV) Power Market, By End-user, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Residential
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Commercial
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Utility
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Solar Photovoltaic (PV) Power Market, By Region, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Deployment, 2019 – 2029
- Market Size and Forecast (US$ Mn), By End-user, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Deployment, 2019 – 2029
- Market Size and Forecast (US$ Mn), By End-user, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Deployment, 2019 – 2029
- Market Size and Forecast (US$ Mn), By End-user, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Deployment, 2019 – 2029
- Market Size and Forecast (US$ Mn), By End-user, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Deployment, 2019 – 2029
- Market Size and Forecast (US$ Mn), By End-user, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
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- First Solar, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Suntech Power Holding Co. Ltd.,
- JinkoSolar Holding Co. Ltd.
- Sharp Corporation Trina Solar Ltd.
- Hanwha Q Cells Co Ltd.
- JA Solar Holdings Co. Ltd.
- Acciona SA
- Canadian Solar Inc.
- SunPower Corporation
- First Solar, Inc.
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- The Last Word
- Future Impact
- About Us
- Contact
FAQs
The Solar PV Power Market is segmented into type, deployment, end-user, and region.
Market growth is propelled by increasing awareness of renewable energy, government incentives and policies promoting solar power adoption, advancements in photovoltaic technology, and the global focus on sustainable and clean energy sources.
Challenges include intermittent nature of solar power generation, high initial installation costs, dependence on sunlight conditions, and the need for efficient energy storage solutions, influencing the global Solar PV Power Market.
In the region, the global solar PV power market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is the major solar PV market in the globe which shares around 57% of the total install solar PV capacity. China, Japan, and India are the key market in the area that has the extreme install capacity share, and are projected to grow further in the coming years.
The key players operating the target market includes, First Solar, Inc., Suntech Power Holding Co. Ltd., JinkoSolar Holding Co. Ltd., Sharp Corporation Trina Solar Ltd., Hanwha Q Cells Co Ltd., JA Solar Holdings Co. Ltd., Acciona SA, Canadian Solar Inc., and SunPower Corporation.