SOLAR PHOTOVOLTAIC (PV) MARKET ANALYSIS

Solar Photovoltaic (PV) MarketSize and Trends

The global solar photovoltaic (PV) market size was valued at US$ 1144.7 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 22.36% from 2023 to 2030. Growing focus on energy saving and reducing energy bills are expected to drive growth of solar PV market. As solar systems are able to produce around 50% of the energy that a typical household uses in a year, they’ll be able to reduce bills significantly. As a result, solar panels have the potential to help address issues like energy poverty worldwide and reduce the burden of fossil fuel dependency on the planet’s resources. This is a positive development for future generations, as well as the global economy. Shifting focus towards renewable source of energy due to growing environmental concern is another key factor propelling market growth. Using renewable energy technologies is an important step to combat climate change. Photovoltaic technology can generate electricity without emitting carbon dioxide into the air as it works, which is a huge reduction in impact on the environment.

Global Solar Photovoltaic (PV) Market Trends:

Ongoing research and development activities is a recent trend

For instance, in July 2020, the Electronics and Telecommunications Research Institute (ETRI) in South Korea succeeded in developing eco-friendly color Cu (In, Ga) Se2 (CIGS) thin-film solar cells. Thin-film solar cells are manufactured by applying a thin film of photovoltaic material onto a substrate such as glass, plastic, or metal. They are the easiest and least expensive kinds of solar cells to manufacture.

Government support in the form of subsidiaries especially for residential sector

For instance, the power ministry stated that Central Financial Assistance (CFA) of 40% of the benchmark cost would be provided for rooftop solar projects up to 3 kW capacity, 20% for system capacity beyond 3 kW, and up to 10 kW for individual households. Hence, such initiatives by the government are projected to stimulate the residential solar PV installations in India.