Photovoltaic Market Driven by Decreasing Costs of PV
Chicago, March 08, 2023 (GLOBE NEWSWIRE) -- The Photovoltaic Market by Component (Modules, Inverters, BOS), Material (Silicon, Compounds), Installation Type (Ground Mounted, BIPV, Floating PV), Application (Residential, Commercial & Industrial, Utilities), Cell Type and Region - Global Forecast to 2028", The rise in the number of solar installations owing to government-led incentives and schemes, growth in the adoption of PV systems for residential applications, decrease in the cost of PV systems and energy storage devices is expected to propel the growth of the photovoltaic market. However, issues related to land acquisition for deployment of solar projects is a major factor limiting the growth of the market.
The global photovoltaic market is expected to grow at a steady pace, driven by factors such as decreasing cost of PV systems and energy storage devices, increasing investments in renewable energy, and rising demand for clean energy solutions. However, there are also challenges that need to be addressed, such as safety risks associated with high DC voltages and issues related to land acquisition for solar projects.
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Photovoltaic Market Report Scope :
| Report Metric | Details |
| Estimated Market Size | USD 96.5 Billion |
| Projected Market Size | USD 155.5 Billion |
| Growth Rate | CAGR of 10.0% |
| Forecast period | 2023–2028 |
| Based Year | 2022 |
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| Largest Growing Region | Asia Pacific (APAC) |
The decreasing cost of PV systems and energy storage devices is one of the primary drivers of the photovoltaic market. The prices of solar systems and PV products have been decreasing continually over the past few years, thanks to the launch of innovative and efficient products by a large number of players. Other factors leading to a drop in the prices of PV/solar systems include decreasing raw material prices, government subsidies, and large-scale production of the said systems.
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However, there are also restraints associated with high DC voltages in traditional PV systems, which pose risks to installers, maintenance personnel, and firefighters. Safety mechanisms mandated by the National Electric Code (NEC) and the Electrical Safety Authority (ESA) of the US do not eliminate all risks, which hampers the growth of the photovoltaic market.
On the other hand, increasing investments in renewable energy, such as solar, is creating opportunities for the photovoltaic market. Governments across the world are coming together for initiatives such as the Paris Climate Agreement, which is expected to drive the demand for renewable energy in the coming years. The amount of renewable capacity added throughout 2021 to 2026 is expected to be 50% higher than from 2015 to 2020. The amount of energy produced via renewable sources surpassed 8,000 TWh in 2021, driven by stronger support from government policies and more ambitious clean energy goals.
However, one of the challenges that the photovoltaic market faces is related to land acquisition for deployment of solar projects. There are numerous legalities to consider, and conflicts between conservationists and land seekers are unavoidable. Private players are generally prohibited from acquiring large tracts of land in rural areas, which presents an enormous challenge for the inception of solar projects. This problem can be solved by setting up solar plants on low-quality lands such as brownfields, abandoned mining land, or existing transportation and transmission corridors.
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