According to a new report published by UnivDatos, The Solar Photovoltaic (PV) industry” report, the global market was valued at USD 184.3 Million in 2022, growing at a CAGR of 21.8% during the forecast period from 2023 – 2030 The analysis has been segmented into Deployment (Rooftop, and Ground Mounted); Capacity (Rooftop Capacity (Below 10 kWp, 10-20 kWp, 20-30 KWp, 30-100 kWp, 100-500 kWp and Above 500 kWp) and Ground Mounted Capacity (Below 750 kWp and Above 750 kWp)); Technology (Thin Film, Multi-Crystalline Silicon, and Mono-Crystalline silicon); End User (Residential, Commercial & Industrial, and Utility-scale); Region/Country.
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The Solar Photovoltaic (PV) Cell market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Solar Photovoltaic (PV) Cell market. The Solar Photovoltaic (PV) Cell market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Solar Photovoltaic (PV) Cell market at the global and regional levels.
Key Market Dynamics
PV materials and devices convert sunlight into electrical energy. A single PV device is known as a cell and a single PV cell produces about 1 or 2 watts of power. They are connected in chains to form larger units known as modules or panels. They are the main component in solar energy which is the highest-growing renewable energy source in the world. Solar PV generation increased by 22%, an amount of 179 TWh in 2021 to exceed 1 000 TWh overall power. Solar PV is one of the lowest-cost options for electricity generation in most of the world. Solar PV accounts for nearly 3.6% of electricity generation globally and it is the third largest renewable electricity technology behind wind and hydropower.
Moreover, the need to meet net zero emission goals across the globe in various countries and rising consumer awareness towards environmentally friendly energy is acting as a catalyst in the growth of Solar Photovoltaic (PV) Cell globally during the projected period. Solar power generation needs to grow by a CAGR of 25% for the period of 2022-30 in order to meet the targets set by the Net Zero Emissions 2050 policy.
COVID-19 Impact
During COVID-19, the global economy had impacted negatively owing to severe measures taken by governments across the globe such as nationwide lockdowns and border closures. This has impacted the industry’s performance resulting in the financial crisis and in some cases bankruptcy. Therefore, companies were operating with minimal expenditure to mitigate the COVID crisis.
Since Solar Photovoltaic (PV) Cells require the manufacturing of various components which were stopped due to lockdown in various countries and the construction of new Solar Photovoltaic (PV) Cell plants were delayed, therefore Solar Photovoltaic (PV) companies received a major setback as both the demand and supply of the product were negatively affected. The pandemic severely impacted the global economy and entire industries significantly scaled back production. This includes the global Solar Photovoltaic (PV) Cell sector which saw extraordinarily rapid falls in demand and price. However, even despite covid19 the solar industry showed major growth in the year 2021.
The global average levelized cost of energy (LCOE) from solar power fell 13% in 2020-21, despite the significant rise in materials costs and panel prices. This was mainly due to the world's large-scale solar projects having a long lead in times and contractual clauses limiting cost increases. According to International Renewable Energy Agency, the global solar electricity cost decreased to $0.048/kWh. China had the lowest solar LCOE at $0.034/kWh in 2021, whereas the solar LOCE of Australia fell 21% compared to the year 2020 at $0.042/kWh. Japan also recorded a 17% year-on-year decline to $0.086/kWh. India offered the world's second cheapest solar power, at $0.035/kWh, in part thanks to the world's lowest PV project costs which, at $590 per kilowatt of generation capacity installed, were 6% lower than Chinese solar farm prices. Most of the world's biggest markets saw their solar plant investment costs fall in 2021, but policy uncertainty in pre-invasion Ukraine drove up project expenses by 17%, year on year, resulting in a solar LCOE of $1.117/kWh. India offered the world's second cheapest solar power, at $0.035/kWh, as it has the world's lowest PV project costs at $590 per kilowatt of generation capacity installed, which is 6% lower than Chinese solar farm prices. Most of the world's biggest markets saw their solar plant investment costs fall in 2021, but policy uncertainty due to the Russia-Ukraine conflict drove up project expenses by 17% this year.
The global Solar Photovoltaic (PV) Cell market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on Deployment, rooftop caters to an extensive share of the market and is expected to grow at a significant rate in the forecasted period as well.
· Based on capacity, the Solar Photovoltaic (PV) Cell market is bifurcated into rooftop capacity and ground-mounted capacity segments. The Below 10 kWp segment in rooftop capacity and Below 750 kWp in ground-mounted capacity captured the highest share in the Solar Photovoltaic (PV) Cell market.
· Based on Technology, Mono-Crystalline silicon caters to an extensive share of the market and is expected to grow at a significant rate in the forecasted period as well. Although new technologies are being developed, silicon-based solar PV highly dominates the Solar PV Cell market.
· Based on End User, the Utility-scale segment caters to an extensive share of the market and is expected to grow at a significant rate in the forecasted period as well.
Solar Photovoltaic (PV) Cell Market Geographical Segmentation Includes:
· North and South America (U.S.A., Brazil, and the Rest of North and South America)
· Europe (Germany, Italy, United Kingdom, Netherlands, France, Spain, Rest of Europe)
· Asia-Pacific (China, Japan, Australia, South Korea, Vietnam, India, and the Rest of Asia-Pacific)
· Rest of the World
APAC registered the highest market share in the Solar Photovoltaic (PV) Cell market and is expected to witness an influential CAGR in the forecasted period. It is mainly owing to many Solar Photovoltaic (PV) Cell operational projects taking place in China, India, Australia, and Japan. Moreover, favorable government policies, regulations, and investments in achieving renewable energy targets set by various countries are driving the market. For instance: In Australia, the Australian government will provide AUD 14 million to support 5B’s AUD 33.4 million strategic technology innovation project through the Australian Renewable Energy Agency; In Japan, the Japanese government allocated 8 billion yen in the 2021 national budget to support the introduction of independent solar power generation equipment and storage batteries including electric vehicles through on-site PPA; and in India, the Government of India announced an additional capital infusion of Rs. 10 billion to the Solar Energy Corporation of India and Rs.15 billion to the Indian Renewable Energy Development Agency.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Solar Photovoltaic (PV) Cell market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
· February 2023: First Solar Strengthens its Global Technology Position in PV with the Acquisition of Evolar, a Leading European Thin Film Company. The purchase price is approximately $38 million paid at closing and up to an additional $42 million to be paid subject to certain technical milestones being achieved in the future.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Solar Photovoltaic (PV) Cell market?
• Which factors are influencing the Solar Photovoltaic (PV) Cell market over the forecast period?
• What are the global challenges, threats, and risks in the Solar Photovoltaic (PV) Cell market?
• Which factors are propelling and restraining the Solar Photovoltaic (PV) Cell market?
• What are the demanding global regions of the Solar Photovoltaic (PV) Cell market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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