Solar Photovoltaic (PV) Market - Growth, Trends, and Forecast (2020 - 2025)

Backed by the rapid decline in the cost of solar technology, coupled with the growing energy demand, the solar power market is projected to register a growth of around 4.3% CAGR during the forecast period of 2020-2025. Since 2004, the global investment in the solar power market has increased more than ten folds, from USD 11.2 billion to USD 114 billion in 2018, thereby making solar power one of the fastest-growing industries across the globe. The major factor of driving the global solar PV market is the declining cost of solar PV. Solar PV module prices reduced by nearly 73% in 2018, as compared to that in 2010. This would, in turn, have a positive impact on the growth of the global solar photovoltaic (PV) market. However, the adoption of the solar PV system is marginally affected by factors such as reliability, availability, overall production, and competitiveness. In addition, solar PV technology is limited to the snowfall and rain-prone areas.

• The solar photovoltaic market is higher for the ground-mounted segment than the rooftop segment, due to higher capacity installations in the ground-mounted segment. The higher demand for utility scale is expected to continue in 2018 as well, with strong demand in China and many emerging markets around the world installing notable amounts that are mostly ground mounted.
• The intention of reducing the carbon footprint and decarbonization of the energy sector by various international agencies and regions, it is expected to have around 13% of solar generation share in the total energy mix by 2030, with more than 2000 GW of installed capacity.
• Asia-Pacific accounted for about two-thirds of the global solar PV addition. In 2018, the top five markets of China, the United States, Japan, India, and the United Kingdom, accounting for almost 85% of the addition. In terms of cumulative capacity, the top two countries are China and Japan.