Solar Photovoltaic (PV) Market Trends, Revenue, Major Players, Share Analysis & Forecast Till 2028
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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