Solar Photovoltaic (PV) Market Size is Expected to Witness Over 4% CAGR by 2032

The solar PV market is set to grow at a significant rate between 2023 and 2032, owing to the increasing demand for electricity, along with extensive research and development projects in the domain.

Besides, there is a strong investment from the public and the private sector, which aims to fulfill the increasing demand for clean electricity along with the continuous development of innovative PV system parts such as monitoring technologies and trackers equipped with smart control. These trends would boost the business scenario.

Furthermore, major players in the solar PV market are engaging in mergers, strategic partnerships, and collaborations, which, coupled with the development of large-scale projects across emerging nations, will positively impact the business scenario. To cite an instance, in December 2022, Inxeption, a global leader in industrial commerce platforms, announced that it is assisting Meyer Burger, the solar panels manufactured in Germany, to be launched in the U.S. market. As per credible reports, Meyer Burger is one of the early adopters of heterojunction PV technology, and the firm is planning to open its own solar manufacturing facility in the U.S.

Based on connectivity, the solar PV market is likely to be defined through the off-grid segment. Increasing electricity requirements across remote and rural areas, coupled with the introduction of electrification programs in these regions, will fuel the industry trend. Besides, reduced electricity costs, easy installation, and the advantage of independent and long-term renewable power generation will also impact the market positively.

On the basis of mounting, the market is likely to be characterized by the roof-top segment. Growing industrialization, urbanization, and ongoing building renovation activities have increased the adoption of roof-top products. Besides, since solar electricity can reduce energy bills and carbon footprint, the market is set to expand through the researched timespan.

In the context of end-use, the commercial & industrial segment is set to register steady growth through the estimated period. There is a noticeable paradigm shift regarding the adoption of renewable solutions, coupled with increasing commercialization and rapid industrialization, which will boost industry demand.

In the regional context, the solar PV market in the Asia Pacific region is expected to grow at a significant pace. Continuous expansion of solar technology in tandem with increasing demand for electricity will drive market growth in this region. Besides, the rapid development of sustainable building infrastructure coupled with increasing spending by homeowners regarding home renovations will positively affect solar PV installation in the APAC economies.