Solar Photovoltaic Market is expected to grow at a CAGR of 15.33% By 2029

Global Solar Photovoltaic Market is expected to grow owing to ongoing advancements in solar PV technology improving the efficiency, durability, and affordability of solar panels throughout the forecast period.

According to TechSci Research report, “Solar Photovoltaic Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”, the Global Solar Photovoltaic Market is expected to register robust growth during the forecast period. As the world grapples with the consequences of excessive greenhouse gas emissions, there is a growing awareness of the need to mitigate climate change. The burning of fossil fuels for electricity generation is a major contributor to carbon emissions. Solar PV technology, by contrast, generates electricity without direct emissions or air pollutants during operation. This eco-friendly aspect of solar PV makes it an attractive choice for both governments and individuals looking to reduce their carbon footprint.

The decreasing cost of solar PV technology is making it increasingly cost-competitive with conventional energy sources in many regions. Grid parity, where the cost of solar electricity is equal to or lower than that of fossil fuels, is a significant opportunity. As solar energy becomes more affordable, it becomes an attractive choice for both residential and commercial customers, further driving market growth.

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Based on type, the AR Coated Solar PV Glass segment is expected to dominate the market during the forecast period. AR coatings contribute to a lower levelized cost of electricity (LCOE) for solar power systems. By improving the energy yield of solar panels, AR coated glass helps reduce the cost per unit of electricity generated. This cost reduction is attractive to both solar project developers and end-users, making solar energy more competitive with other forms of energy generation. AR coated solar PV glass aligns with the industry's sustainability goals. By increasing energy production without the need for additional solar panels, it reduces the overall environmental footprint of solar installations. This technology promotes the use of clean energy and contributes to greenhouse gas reduction. The trend of bifacial solar panels, which can capture sunlight from both the front and rear sides, has a synergistic relationship with AR coatings.

Combining bifacial technology with AR coatings enhances the energy yield even further, making this a compelling solution for various solar projects. AR coated solar PV glass is becoming more customizable and adaptable to different panel sizes and shapes. This trend allows for greater flexibility in solar PV system design and promotes the use of solar technology in various applications, from utility-scale projects to building-integrated photovoltaics (BIPV). In conclusion, the AR Coated Solar PV Glass segment is a vital component of the global solar PV market, contributing to increased energy efficiency and environmental sustainability. As technology advances and costs are further optimized, the adoption of AR coatings is expected to continue to grow, improving the performance of solar PV systems worldwide.

Based on end-user, the Crystalline Silicon PV Module segment is projected to dominate the market throughout the forecast period. Crystalline Silicon PV modules have a proven track record of durability and longevity. They are known to have a lifespan of 25 years or more, with minimal degradation in performance over time. This reliability is crucial for both solar project developers and investors, as it ensures a stable return on investment. The cost of manufacturing crystalline silicon modules has been steadily decreasing over the years. Economies of scale, improved production processes, and increased competition in the solar industry have contributed to cost reductions. This trend has made solar energy more accessible and competitive with conventional energy sources.

These innovations in c-Si module design help reduce the impact of shading, minimize electrical losses, and enhance the overall reliability of the modules. Half-cut and shingled cell designs are increasingly being used to improve the performance and robustness of solar panels. Some c-Si module manufacturers are incorporating smart features, such as integrated power optimizers or microinverters, into their modules. These features can enhance the overall efficiency of the system and provide more granular monitoring and control options. In conclusion, Crystalline Silicon PV modules are a cornerstone of the global solar PV market, offering high efficiency, reliability, and cost-competitiveness. As technology and manufacturing processes continue to evolve, these modules are expected to maintain their dominance while addressing sustainability concerns and embracing innovative design trends to further enhance their performance and market presence.

Key market players in the Global Solar Photovoltaic Market are:

Xinyi Solar Holdings Ltd.

IRICO Group New Energy Co., Ltd.

Flat Glass Group Co., Ltd

Qingdao Jinxin Glass Co., Ltd.

Dongguan CSG Solar Glass Co., Ltd.

Nippon Sheet Glass Co., Ltd.

Taiwan Glass Ind. Corp.

Borosil Renewables Ltd.

Nanhai Co., Ltd.

Hecker Glastechnik Gmbh & Co. Kg

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“The Global Solar Photovoltaic Market in Asia Pacific is poised to be the dominant force in the industry. The adoption of rooftop solar panels in residential and commercial buildings is on the rise, driven by favorable policies and the desire for energy independence. Australia, Japan, and South Korea, among others, have seen substantial growth in distributed solar PV. Countries with limited available land, such as Japan and some parts of Southeast Asia, are turning to floating solar PV installations on bodies of water to maximize space usage and energy production.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Solar Photovoltaic Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029 Segmented By Application (Residential, Non-Residential and Utility), By Type (AR Coated Solar PV Glass, Tempered Solar PV Glass, TCO Coated Solar PV Glass and Others), By End-User (Crystalline Silicon PV Module, Thin Film PV Module and Perovskite Module), By Installation (Float Glass Technology and Patterned Glass Technology), By Region, and By Competition,” has evaluated the future growth potential of Global Solar Photovoltaic Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Solar Photovoltaic Market.

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