NEW YORK, Nov. 24, 2021 /PRNewswire/ -- Concerns over carbon emissions have been increasing investments in renewable energy. For instance, investments in the renewable power sector accounted for more than 40% in total power sector investments in the last three years. Countries such as Norway, Iceland, and Sweden meet more than half of their annual energy demands through renewable sources. Similarly, many countries across the world are focusing on reducing their carbon footprint by cutting down emissions. All these factors are creating significant growth opportunities for solar PV market players.
Technavio estimates the solar PV market size to increase by 142.64 GW between 2020 and 2025,. However, the growth momentum is expected to decelerate at a CAGR of 15.24% over the forecast period.
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Factors such as increasing investments in renewable energy and favorable government regulations will drive the growth of the market. However, increasing number of alternative energy sources might hamper growth.
The declining cost of solar PV will create significant growth opportunities for market player. On the other hand, the intermittency in solar power generation will restrict the growth.
Some of the companies covered in this report are Adani Green Energy Ltd., Canadian Solar Inc., First Solar Inc., Flisom AG, Greatcell Energy Pty Ltd., JA Solar Technology Co. Ltd., JinkoSolar Holding Co. Ltd., TotalEnergies SE, Waaree Energies Ltd., and Yingli Green Energy Holding Co. Ltd. etc.
The solar PV market report includes the competitive analysis, which analyzes and evaluates the position of companies based on their industry position score and market performance score. Some of the factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
- By End-user, the market is classified into utility, commercial, and residential.
- By Geography, the market is analyzed across APAC, Europe, North America, South America, and MEA.
The market witnessed maximum demand for solar PV from the utility sector. The segment is driven by the increasing addition of utility-scale power PV capacity across the world. In terms of geography, APAC currently holds 51% of the global market share and will continue its dominance over the forecast period. China, Vietnam, Japan, and Australia are the key markets for solar PV in APAC. However, the market growth rate in APAC will be slower than the growth of the market in other regions.
Solar PV Market Scope
Growth momentum & CAGR
Decelerate at a CAGR of 15.24%
Market growth 2021-2025
YoY growth (%)
APAC, Europe, North America, South America, and MEA
Performing market contribution
APAC at 51%
Key consumer countries
China, US, Vietnam, Japan, and Australia
Leading companies, competitive strategies, consumer engagement scope
Adani Green Energy Ltd., Canadian Solar Inc., First Solar Inc., Flisom AG, Greatcell Energy Pty Ltd., JA Solar Technology Co. Ltd., JinkoSolar Holding Co. Ltd., TotalEnergies SE, Waaree Energies Ltd., and Yingli Green Energy Holding Co. Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period.
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