Solar PV Systems Industry Data Book - Solar PV Modules, PV Inverter and Solar Charge Controller Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030
The global Solar PV Systems Industry size was estimated at USD 170.80 billion in 2022 and is anticipated to increase at a significant CAGR from 2023 to 2030.
Grand View Research’s solar PV systems sector database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.
Solar PV Modules Market Insights
The global Solar PV Modules Market size was estimated at USD 157.75 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030. The global solar PV modules market is expected to witness growth on account of rising environmental concerns regarding the increase in carbon emissions owing to the usage of conventional fuels for transportation and power generation purposes have prompted countries around the world to opt for cleaner and more efficient sources of power. Furthermore, under the Paris Climate Agreement, countries such as the U.S., Germany, India, Japan, and the UK have pledged to reduce their carbon footprints.
Numerous governments across the world have framed various regulations to reduce greenhouse gas emissions. The Kyoto Protocol, which was introduced by the United Nations Framework Convention on Climate Change (UNFCCC) in 1997, was one of the first major steps toward controlling greenhouse gas emissions in various countries. It also led to increased investments in renewable energy generation methods such as wind, solar, and biogas. For instance, on January 9, 2023, Duke Energy Sustainable Solutions announced the expansion of its Green Source Advantage program with the option to supplement power usage with 100% renewable power with a new capacity of 4 GW.
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PV Inverter Market Insights
The global PV inverter market size was estimated at USD 11.10 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 15.8% from 2023 to 2030. The growing awareness regarding environmental issues and need to reduce carbon emissions is driving demand for clean energy solutions, which in turn is expected to drive demand for various energy equipment including PV inverters. According to the International Energy Agency (IEA), power generation from solar photovoltaic (PV) increased by 270 TWh in 2022, up by 26% in 2021. Solar PV accounted for approximately 4.5% of total global electricity generation in 2022.
The renewable industry has tremendously been competitive against other sources of electricity. The International Renewable Energy Agency (IRENA) has proposed that these energy resources are anticipated to grow by a full order of magnitude over next 30 years. Two significant reasons supporting this statement include the declining price of solar components that will allow more solar and wind power to be built and economic factors concerning solar power for next few decades.
Go through the table of content of Solar PV Systems Industry Data Book to get a better understanding of the Coverage & Scope of the study
Solar PV Systems Industry Data Book Competitive Landscape
Major players engage in investing in research and development, developing infrastructure, production facilities expansion, and mergers and acquisitions to vertically integrate their operations across the solar PV systems value chain. These initiatives help them expand their customer base, reduce production costs, develop state-of-the-art products and technologies, ensure competitiveness, and improve their revenue & operations profits.
Key players operating in the Solar PV Systems Industry are:
- JinkoSolar
- JA Solar
- Trina Solar
- LONGi Solar
- Canadian Solar
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