The declining cost of solar PV modules, supportive government policies and initiatives, rising investments in solar energy, and carbon emission reduction targets by several countries are driving the demand for the solar PV market.
Photovoltaics (PV) use semiconducting materials that show the photovoltaic effect to turn light into power. The semiconductors used in solar panels generate energy because, when exposed to sunlight, the electrons in the material are knocked loose, which is the basis of electricity. A photovoltaic system employs solar modules, which are made up of several solar cells that generate power. PV systems can be installed on the ground, roof, or wall.
Crystalline silicon wafers are used in almost all solar PV panels as the primary component material. Silicon is used to make semiconductors for around 95% of all solar panels on the market today, with the remaining 5% relying on experimental and in-development technologies such as organic photovoltaic cells.
Solar panels are often coated with a layer of glass and an anti-reflective coating to protect the delicate silicon solar cells while still allowing light through. The entire setup is supported by an aluminium frame installed on a rooftop or in a ground-mounted solar system.
Solar PV panels create non-polluting electricity, contributing to sustainable development.
Silicon possessed a lot of desirable qualities, making it an ideal contender for this semiconductor material:
Three types of PV cell technologies dominate the world market:
Solar panels have a lifespan of 20-35 years. However, this does not imply that they would stop producing power after 25 years — it only indicates that energy output has decreased by a sufficient amount, as determined by manufacturers.
General information regarding solar PV market
U.S. – The solar investment tax credit act cut PV generation costs by 26% in 2020, 22% in 2021, 10% for utility and commercial-scale projects, and 0% for residential projects. This modification will have a substantial influence on PV deployments in U.S. According to IRENA, the PV market in U.S. will reach 393 GW by 2030, making it the world's second-largest PV industry. U.S. has re-joined the Paris Climate Agreement and the Biden Clean Energy Plan, with the objective of achieving carbon neutrality in the electrical sector by 2035 and the economy overall by 2050.
Germany - Germany plans to achieve carbon neutrality by 2045. Germany passed the Climate Protection Act 2030, with the objective of increasing renewable energy to more than 65 percent of total energy supply by 2030.
China - China is the world's largest solar power producer and leads the worldwide solar PV industry. Solar PV production is predicted to rise as renewable energy gains prominence in China's 14th Five Year Plan (2021-2025).
Market developments and trends
Blackridge Research's Global Solar PV Market report provides insights into the current global and regional market demand environment and prognosis.
The study offers a thorough examination of the many factors that impact the global solar PV market growth. The study also comprehensively analyses the global solar PV market by segmenting it based on geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America) and type of silicon (Monocrystalline, Polycrystalline, and Thin-film).
The report also discusses current and future market possibilities, market trends, advancements, and the effect of Covid-19 on the global solar PV market, essential developments, regions, and segments poised for the fastest-growth, competitive landscape. Further, the global solar PV market size, and demand forecast, energy rates will also be provided in the report.
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
9. Conclusions and Recommendations
List of Tables & Figures
More than 70% of our clients seek customized reports. Reach us out to get yours today!