Photovoltaic Market Driven by Decreasing Costs of PV

Chicago, March 08, 2023 (GLOBE NEWSWIRE) -- The Photovoltaic Market by Component (Modules, Inverters, BOS), Material (Silicon, Compounds), Installation Type (Ground Mounted, BIPV, Floating PV), Application (Residential, Commercial & Industrial, Utilities), Cell Type and Region - Global Forecast to 2028', The rise in the number of solar installations owing to government-led incentives and schemes, growth in the adoption of PV systems for residential applications, decrease in the cost of PV systems and energy storage devices is expected to propel the growth of the photovoltaic market. However, issues related to land acquisition for deployment of solar projects is a major factor limiting the growth of the market.

The global photovoltaic market is expected to grow at a steady pace, driven by factors such as decreasing cost of PV systems and energy storage devices, increasing investments in renewable energy, and rising demand for clean energy solutions. However, there are also challenges that need to be addressed, such as safety risks associated with high DC voltages and issues related to land acquisition for solar projects.

Ask for PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=428

Photovoltaic Market Report Scope :

Report MetricDetails
 Estimated Market Size USD 96.5 Billion
 Projected Market Size USD 155.5 Billion
 Growth Rate CAGR of 10.0%
 Forecast period 2023–2028
Based Year 2022
 Report Coverage
  • Revenue Impact Forecast,
  • Major Company Ranking,
  • Competitive Landscape,
  • Growth Factors,
  • Trends.
 Segments covered
  • Component,
  • Material,
  • Cell Type,
  • Installation Type,
  • Application
  • Region
 
 Geographies covered
  • North America (NA)
  • Asia Pacific (APAC)
  • Europe (EU)
  • Rest of World (ROW)
 Companies covered
  • JinkoSolar (China),
  • JA Solar (China),
  • Trina Solar (China),
  • LONGi (China),
  • Canadian Solar (Canada),
  • First Solar (US),
  • Hanwha Q CELLS (South Korea),
  • Wuxi Suntech Power (China),
  • Sharp (Japan),
 Largest Growing Region Asia Pacific (APAC)

The decreasing cost of PV systems and energy storage devices is one of the primary drivers of the photovoltaic market. The prices of solar systems and PV products have been decreasing continually over the past few years, thanks to the launch of innovative and efficient products by a large number of players. Other factors leading to a drop in the prices of PV/solar systems include decreasing raw material prices, government subsidies, and large-scale production of the said systems.

“Browse in-depth TOC on ' Photovoltaic Market Trends, Growth Drivers'­­­­­­­­

205 – Tables
60 – Figures

325 – Pages

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=428

However, there are also restraints associated with high DC voltages in traditional PV systems, which pose risks to installers, maintenance personnel, and firefighters. Safety mechanisms mandated by the National Electric Code (NEC) and the Electrical Safety Authority (ESA) of the US do not eliminate all risks, which hampers the growth of the photovoltaic market.

On the other hand, increasing investments in renewable energy, such as solar, is creating opportunities for the photovoltaic market. Governments across the world are coming together for initiatives such as the Paris Climate Agreement, which is expected to drive the demand for renewable energy in the coming years. The amount of renewable capacity added throughout 2021 to 2026 is expected to be 50% higher than from 2015 to 2020. The amount of energy produced via renewable sources surpassed 8,000 TWh in 2021, driven by stronger support from government policies and more ambitious clean energy goals.

However, one of the challenges that the photovoltaic market faces is related to land acquisition for deployment of solar projects. There are numerous legalities to consider, and conflicts between conservationists and land seekers are unavoidable. Private players are generally prohibited from acquiring large tracts of land in rural areas, which presents an enormous challenge for the inception of solar projects. This problem can be solved by setting up solar plants on low-quality lands such as brownfields, abandoned mining land, or existing transportation and transmission corridors.

Related Reports:

The Silicon Carbide Market projected to reach USD 2.1 billion by 2026 from USD 1.1 billion in 2022, at a CAGR of 18.7% during the forecast period. It was observed that the growth rate was 22.8% from 2021 to 2022. 

The Silicon Photonics Market is expected to grow from USD 1.1 billion in 2021 to USD 4.6 billion by 2027; it is expected to grow at a CAGR of 26.8 % during the forecast period.


Photovoltaic Market Driven by Decreasing Costs of PV

TIN LIÊN QUAN

Chillers Market Expected to Hit US$ 4.8 Billion by 2026

Chicago, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The global chillers Market is projected to grow from USD 4.1 billion in 2021 to USD 4.8 billion by 2026, at a...

Particleboard Market Expected to Grow at 5.2% CAGR Till

NEW YORK, March 10, 2023 (GLOBE NEWSWIRE) -- IndexBox, a leading market research firm, has released its latest report on the global wooden particle board...

Industrial Refrigeration Industry Overview: Future Trends

Chicago, March 13, 2023 (GLOBE NEWSWIRE) -- The Industrial Refrigeration Market by Component (Compressor, Condenser, Evaporator), Application (Fruit...

Lubricants Market Estimated to Reach $187.9 Billion by 2027

Chicago, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The global lubricants market size is projected to reach USD 187.9 billion by 2027 from USD 164.8 billion in...

Power Transformer Market is Projected to Reach USD 34,510.0

Power Transformer Market Growth Boost by Rise In Transmission And Distribution Infrastructure Investments...

Meter Data Management Market Projected to Reach USD 0.43

Meter Data Management Market Growth Boost by Increasing use of Smart Meter Data Management Within the Electricity Network...

North America Commercial Nuclear Power Market Size

BWX Technologies Inc., Doosan Heavy Industries & Construction Co. Ltd, Mitsubishi, Heavy Industries Ltd, GE-Hitachi Nuclear Energy Inc., Westinghouse...

Linear Motion System Market To Reach USD 14.22 Billion at a

Increasing Need in Healthcare Industry to Boost Linear Motion System Market Growth ...

THỦ THUẬT HAY

Làm thế nào để xem lại lịch sử thông báo trên Android?

Phải làm sao khi có thông báo nhấp nháy trên smartphone nhưng trước khi có cơ hội đọc nó, bạn đã vô tình xóa (vuốt bỏ) nó đi? Những thông báo đó đã biến mất mãi mãi hay vẫn còn ở đâu đó? Nếu bạn sử dụng thiết bị

Xóa mọi thông tin được lưu trên bức ảnh trên iPhone với Siri Shortcuts

Thông thường, khi mở bộ sưu tập ảnh trong ứng dụng Photos của iPhone, iPad thì bạn sẽ thấy mỗi bức ảnh đều đi kèm với vị trí mà bạn đã chụp. Đây là một tính năng vô cùng hữu ích để bạn biết được bức ảnh đó đã được chụp

Cách đăng nhập VNEID bằng vân tay đăng nhập không cần nhớ mật khẩu

Không phải lúc nào ta cũng nhớ mật khẩu và việc nhập mật khẩu cũng khá tốn thời gian. Vì vậy đây là cách đăng nhập VNEID bằng vân tay cho bạn.

Nguyên nhân phần mềm giả lập BlueStacks ngốn CPU và cách khắc phục

Hiện tượng BlueStacks ngốn CPU không phải hiếm gặp, với những người sử dụng phần mềm này trên laptop. Vậy đâu là nguyên nhân dẫn tới hiện tượng này và cách giải quyết ra sao?

Hướng dẫn thiết lập và sử dụng Read aloud - ứng dụng đọc to nội dung trang web

Microsoft đã bổ sung một tính năng rất hay trên trình duyệt Edge mới là Read aloud. Đây là tính năng cho phép chúng ta nghe nội dung của một trang web, file văn bản PDF hay ePUB khi không thể đọc hay lười đọc.

ĐÁNH GIÁ NHANH

Trên tay nhanh Zenfone Max Plus M1: Smartphone fullview đầu tiên của Asus

Zenfone Max Plus M1 là một trong những siêu phẩm đầu tiên mang tính đột phá về thiết kế của Asus. Cùng xem bài trên tay đánh giá Zenfone Max Plus M1 nhanh sau đây.

So sánh tốc độ iPhone X và iPhone 7 Plus

So với iPhone X, iPhone 7 Plus không thua kém là bao nhiêu cho thấy đây vẫn là một sản phẩm đỉnh cao của Apple.

Đánh giá thời lượng pin Galaxy A7 2017: dùng cực “trâu”, sạc cực nhanh

Cùng đánh giá thời lượng pin Galaxy A7 2017 để xem với dung lượng pin tới 3.600 mAh, chiếc phablet này sẽ đem tới cho người dùng trải nghiệm như thế nào nhé!