Solar Photovoltaic Market is expected to grow at a CAGR of 15.33%
Global
Solar Photovoltaic Market is expected to grow owing to ongoing advancements in
solar PV technology improving the efficiency, durability, and affordability of
solar panels throughout the forecast period.
According
to TechSci Research report, “Solar
Photovoltaic Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast 2019-2029”, the Global Solar Photovoltaic Market is
expected to register robust growth during the forecast period. As the world grapples with the
consequences of excessive greenhouse gas emissions, there is a growing
awareness of the need to mitigate climate change. The burning of fossil fuels
for electricity generation is a major contributor to carbon emissions. Solar PV
technology, by contrast, generates electricity without direct emissions or air
pollutants during operation. This eco-friendly aspect of solar PV makes it an
attractive choice for both governments and individuals looking to reduce their
carbon footprint.
The
decreasing cost of solar PV technology is making it increasingly
cost-competitive with conventional energy sources in many regions. Grid parity,
where the cost of solar electricity is equal to or lower than that of fossil
fuels, is a significant opportunity. As solar energy becomes more affordable,
it becomes an attractive choice for both residential and commercial customers,
further driving market growth.
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over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Solar Photovoltaic Market."
Based
on type, the
AR Coated Solar PV Glass segment is expected to dominate the market during the
forecast period. AR coatings contribute to a lower levelized cost of
electricity (LCOE) for solar power systems. By improving the energy yield of
solar panels, AR coated glass helps reduce the cost per unit of electricity
generated. This cost reduction is attractive to both solar project developers
and end-users, making solar energy more competitive with other forms of energy
generation. AR coated solar PV glass aligns with the industry's sustainability
goals. By increasing energy production without the need for additional solar
panels, it reduces the overall environmental footprint of solar installations.
This technology promotes the use of clean energy and contributes to greenhouse
gas reduction. The trend of bifacial solar panels, which can capture sunlight
from both the front and rear sides, has a synergistic relationship with AR
coatings. Combining bifacial technology with AR coatings enhances the energy
yield even further, making this a compelling solution for various solar
projects. AR coated solar PV glass is becoming more customizable and adaptable
to different panel sizes and shapes. This trend allows for greater flexibility
in solar PV system design and promotes the use of solar technology in various
applications, from utility-scale projects to building-integrated photovoltaics
(BIPV). In conclusion, the AR Coated Solar PV Glass segment is a vital
component of the global solar PV market, contributing to increased energy
efficiency and environmental sustainability. As technology advances and costs
are further optimized, the adoption of AR coatings is expected to continue to
grow, improving the performance of solar PV systems worldwide.
Based
on end-user, the Crystalline Silicon PV Module segment is projected to dominate
the market throughout the forecast period. Crystalline Silicon PV modules have
a proven track record of durability and longevity. They are known to have a
lifespan of 25 years or more, with minimal degradation in performance over
time. This reliability is crucial for both solar project developers and
investors, as it ensures a stable return on investment. The cost of
manufacturing crystalline silicon modules has been steadily decreasing over the
years. Economies of scale, improved production processes, and increased
competition in the solar industry have contributed to cost reductions. This
trend has made solar energy more accessible and competitive with conventional
energy sources. These innovations in c-Si module design help reduce the impact
of shading, minimize electrical losses, and enhance the overall reliability of
the modules. Half-cut and shingled cell designs are increasingly being used to
improve the performance and robustness of solar panels. Some c-Si module
manufacturers are incorporating smart features, such as integrated power
optimizers or microinverters, into their modules. These features can enhance
the overall efficiency of the system and provide more granular monitoring and
control options. In conclusion, Crystalline Silicon PV modules are a
cornerstone of the global solar PV market, offering high efficiency,
reliability, and cost-competitiveness. As technology and manufacturing
processes continue to evolve, these modules are expected to maintain their
dominance while addressing sustainability concerns and embracing innovative
design trends to further enhance their performance and market presence.
Key
market players in the Global Solar Photovoltaic Market are:
- Xinyi
Solar Holdings Ltd.
- IRICO
Group New Energy Co., Ltd.
- Flat
Glass Group Co., Ltd
- Qingdao
Jinxin Glass Co., Ltd.
- Dongguan
CSG Solar Glass Co., Ltd.
- Nippon
Sheet Glass Co., Ltd.
- Taiwan
Glass Ind. Corp.
- Borosil
Renewables Ltd.
- Nanhai
Co., Ltd.
- Hecker
Glastechnik Gmbh & Co. Kg
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“The
Global Solar Photovoltaic Market in Asia Pacific is poised to be the dominant
force in the industry. The adoption of rooftop solar panels in residential and
commercial buildings is on the rise, driven by favorable policies and the
desire for energy independence. Australia, Japan, and South Korea, among
others, have seen substantial growth in distributed solar PV. Countries with
limited available land, such as Japan and some parts of Southeast Asia, are
turning to floating solar PV installations on bodies of water to maximize space
usage and energy production.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Solar
Photovoltaic Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2019-2029 Segmented By
Application (Residential, Non-Residential and Utility), By Type (AR Coated
Solar PV Glass, Tempered Solar PV Glass, TCO Coated Solar PV Glass and Others),
By End-User (Crystalline Silicon PV Module, Thin Film PV Module and Perovskite
Module), By Installation (Float Glass Technology and Patterned Glass
Technology), By Region, and By Competition,” has evaluated the future growth
potential of Global Solar Photovoltaic Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Solar Photovoltaic Market.
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