The solar PV business is thriving, with installations ranging from residences to huge power facilities. Its value will climb from USD 159.84 billion in 2021 to USD 250.63 billion by 2030, pushed by US tax breaks and cost-effective projects such as Dubai's 800 MW proposal.

Solar photovoltaics (PV) is a highly modular technology that may be produced in big plants, resulting in economies of scale, but can also be installed in very small numbers at a time. This enables a wide range of applications, ranging from modest residential rooftop systems to utility-scale power generation installations. The worldwide solar photovoltaic (PV) market is expected to grow significantly, rising from USD 159.84 billion in 2021 to USD 250.63 billion by 2030, with a promising CAGR of 5.1% between 2023 and 2032. 

Solar PV continues to dominate new renewable energy capacity expansions 

Solar PV installed power capacity is expected to exceed coal by 2027, making it the world's largest. In our prediction, cumulative solar PV capacity nearly triples, increasing by nearly 1 500 GW over the period, surpassing natural gas by 2026 and coal by 2027. For the next five years, annual solar PV capacity additions will grow. 

Despite current higher investment costs due to rising commodity prices, utility-scale solar PV is the most cost-effective alternative for new energy generation in the vast majority of countries throughout the world. As a result of increased retail power costs and growing legislative support to help customers save money on their energy bills, distributed solar PV, such as rooftop solar on buildings, is also expected to grow quicker. 

What are the Current Market Drivers?  

Government Support Aiding the Growth of the Market  

Government support has been a major driving factor for the growth of the solar photovoltaic market, with many countries around the world implementing policies, incentives, and subsidies to encourage the adoption of solar power. Here are some recent examples of government support for the solar photovoltaic market:  

For instance, United States: In December 2020, the US Congress passed a new stimulus package that includes an extension of the federal solar investment tax credit (ITC) for two years. This tax credit provides a 26% reduction in the cost of solar panel installation for residential and commercial properties, which is expected to stimulate demand for solar power in the US.  

Ask here for a sample study@ https://www.precedenceresearch.com/sample/1555  

Cost Reduction in Manufacturing Solar PV Modules  

Cost reduction has been a significant driving factor for the growth of the solar photovoltaic market in recent years. Here are a few examples of how cost reduction has been achieved in the solar photovoltaic industry: Economies of Scale: As the solar photovoltaic market has grown, production has increased, leading to economies of scale that have reduced the cost of solar panels. For example, in 2016, the Dubai Electricity and Water Authority received a bid for an 800 MW solar power project at a record low price of 2.99 cents per kilowatt-hour. This was made possible due to the large scale of the project, which allowed for significant cost reductions. 

Production Technology 

The crystalline silicon technology dominates the solar PV market, and the manufacturing process consists of four major steps: 

• High-purity polysilicon production


• Making ingots and slicing them into thin wafers


• PV cell production


• PV Module Assemblies   

Global solar PV manufacturing capacity is expected to rise by more than 70% by 2022, reaching 450 GW for polysilicon and up to 640 GW for modules, with China accounting for more than 95% of new facilities across the supply chain.  

Global capacity will more than quadruple in the next five years, according on manufacturer investment announcements and the predicted impact of industrial policies implemented in the United States (IRA), India (Production Linked Incentive), and the European Union (The Green Deal Industrial Plan). Despite these efforts to diversify the supply chain globally, announced projects indicate that China is likely to maintain its 80-95% share of solar PV production capacity throughout this period.   

While solar PV production capacity in 2030 is likely to be far more than what is necessary to meet 2030 demand in the Net Zero Scenario, greater efforts are required to strengthen supply chain resilience and geographic diversification.  

Investment 

In 2022, solar PV will have further cemented its position as the power production technology with the highest investment.

Global solar PV capacity addition investments climbed by more than 20% in 2022, surpassing USD 320 billion, marking yet another record year. In 2022, solar PV will account for about 45% of total worldwide power generation investment, more than double spending on all fossil fuel technologies combined. PV investment is likely to increase further in the next years as a result of aggressive government targets, regulatory assistance, and rising competitiveness.  

Recent Developments  

• 04 Jan 2023, Canadian Solar Inc, CSI Energy Storage, a majority-owned subsidiary of the Company, has been selected to provide up to 550 MWh of SolBank energy storage products to Pulse Clean Energy ("Pulse") for use in various UK-based projects. The agreement calls for CSI Energy Storage's SolBank, a proprietary battery energy storage solution designed and manufactured for utility-scale applications, to be used in 550 MWh of energy storage projects.  


• 26 Oct 2022, First Solar, Inc. signed an agreement to supply Swift Current Energy with 2 gigatonnes (GW)DC of high-performance, responsibly produced thin film solar modules in 2025 and 2026. Swift Current has placed its second gigawatt-plus order for First Solar modules. The Boston-based developer, owner, and operator of utility-scale clean energy assets announced earlier this year that it had placed an order for 1.27 GWDC of First Solar modules.  

Get Full Report Study@ https://www.precedenceresearch.com/checkout/1555  

Ask here for more details@ Call: USA - +1 9197 992 333 | sales@precedenceresearch.com