Solar Photovoltaic (PV) Market Size – USD 11.81 Billion in 2020, Market Growth - CAGR of 16.8%, Market Trends – Surge in demand for rooftop solar photovoltaic setups in residential buildings.
The global Solar Photovoltaic (PV) market is expected to reach USD 40.76 Billion by 2028, according to a new report by Reports and Data. A rooftop solar photovoltaic setup is a photovoltaic system that finds application in the generation of electricity from the solar panel installed on the rooftop of a commercial or residential building. The market demand is propelled by various policies and efforts undertaken by governments across the world for the installation of Rooftop Solar Photovoltaic setups to reduce the consumption of energy generated from fossil fuels which is non-renewable source of energy. Solar photovoltaic setups can share a certain percentage of the rising demand for electricity owing to rise in automation, growth in industrialization as well as rise in the living standards of the people.
Various policies and endeavors of governments across the world for the installation of Rooftop Solar Photovoltaic setups to reduce the consumption of energy generated from fossil fuels is estimated to stimulate the demand.
A surge in demand for rooftop solar photovoltaic systems in residential buildings to save a certain share of cost incurred on electricity, the demand for which is on a high with technological developments to improve the living standard of the people by offering of various electricity consuming appliances. This factor would also boost the market growth for installation of rooftop solar photovoltaic systems.
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A high cost incurred in the installation of Solar Photovoltaic (PV) setups may play a significant role in creating hindrance in the market growth.
The Asia Pacific market is projected to grow at a CAGR of 17.1% in the forecast period and contributes to the largest market share. This can be attributed to the plenty of sunlight received by this region, the surging demand for electricity as well as the emerging need to discover alternatives ways to the quickly depleting fossil fuels in this region.
Key companies operating in the market and profiled in the report include:
- Sunpower Corporation
- Yingli green Energy holding
- Suntech Power holding
- Canadian Solar
- Sharp Solar
- Trina Solar
- Solar World
- Schott Solar
- Panasonic Corporation
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Further key findings from the report suggest
- The thin film type installation of rooftop solar photovoltaic setups is expected to grow at highest rate of 17.2% during the forecast while maintaining its dominance in the market. The largest contribution to the market share by this type is chiefly owing to the affordable installation of thin film type rooftop solar photovoltaic setups with the highly efficient generation of electricity.
- The installation of rooftop solar photovoltaic setups in residential buildings is expected to grow at the highest rate with a CAGR of 17% during the forecast period. An increase in the requirement for harvesting of solar energy is due to rise in competition in the market.
- The Asia Pacific market is projected to grow at a CAGR of 17.1% in the forecast period and contributes to the largest market share. This can be attributed to the plenty of sunlight received by this region, the surging demand for electricity as well as the emerging need to discover alternatives ways to the quickly depleting fossil fuels in this region.
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Segments covered in the report:
Type Outlook (Revenue, USD Billion; 2020-2028)
- Crystalline Silicon
- Thin Film
Application Outlook (Revenue, USD Billion; 2020-2028)
- Residential
- Non-Residential
Regional Outlook (Revenue, USD Billion; 2020-2028)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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Key Questions Answered in the Report:
What is the growth rate of the Solar Photovoltaic (PV) market? What is the anticipated market valuation of Solar Photovoltaic (PV) industries by 2028?
What are the key growth driving and restraining factors of the Solar Photovoltaic (PV) market?
Who are the prominent players operating in the market? What are the key strategies adopted by these companies?
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