Solar PV Systems Industry: Harnessing The Sun's Power And Revolutionizing The Energy Landscape

Global solar PV systems sector database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.

Access the Global Solar PV Systems Industry Data Book, 2023 to 2030, Compiled Report By Grand View Research

Solar PV Modules Market Report Highlights

The global solar PV modules market size is expected to reach USD 157.75 billion in 2022, expanding at a CAGR of 7.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. • The global solar PV modules market is expected to witness growth on account of rising environmental concerns regarding the increase in carbon emissions owing to the usage of conventional fuels for transportation and power generation purposes have prompted countries around the world to opt for cleaner and more efficient sources of power. • Furthermore, under the Paris Climate Agreement, countries such as the U.S., Germany, India, Japan, and the UK have pledged to reduce their carbon footprints. • Numerous governments across the world have framed various regulations to reduce greenhouse gas emissions. • The Kyoto Protocol, which was introduced by the United Nations Framework Convention on Climate Change (UNFCCC) in 1997, was one of the first major steps toward controlling greenhouse gas emissions in various countries. • It also led to increased investments in renewable energy generation methods such as wind, solar, and biogas. For instance, on January 9, 2023, Duke Energy Sustainable Solutions announced the expansion of its Green Source Advantage program with the option to supplement power usage with 100% renewable power with a new capacity of 4 GW.

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PV Inverter Market Report Highlights

The global PV inverter market size is anticipated to reach USD 11.10 billion in 2022, registering a CAGR of 15.8% from 2023 to 2030, according to a new report by Grand View Research, Inc.

• Based on product, the string PV inverter dominated the market and accounted for the largest market share of 47.10% in 2023. This is due to its numerous advantages such as efficient energy conversion, grid integration, enhanced performance and monitoring, adaptability and scalability, and cost-effectiveness • Based on end-use, the residential segment is expected to grow at the fastest CAGR of 20.4% over the forecast period. The increasing adoption of solar PV in the residential sector is driving the demand for PV inverters. According to the Solar Energy Industries Association (SEIA), annual solar PV installation in the residential sector in California, U.S., was recorded at 2,000 MW in 2022, up by over 40% compared to the previous year • Asia Pacific dominated the market in 2023, owing to the increasing adoption of renewable energy in the residential, commercial and industrial sector. In addition, favorable government policies such as Pradhan Mantri Kisan Urja Suraksha Evam Uttham Mahabhiyan, Development of Solar Parks and Ultra Mega Solar Power Projects in India are further propelling the market growth • The strengthening of market presence by major players is primarily driven by strategies such as mergers, acquisitions, and product launches. For instance, in March 2023, Semiconductor Components Industries, LLC collaborated with Sineng Electric Co., Ltd. to develop next-generation solar PV inverters to meet the growing demand for solar energy systems by end-users

Solar Charge Controller Market Report Highlights

The global solar charge controller market size is expected to reach USD 1.95 billion in 2022, expanding at a CAGR of 16.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. • By type, the Pulse Width Modulation (PWM) segment accounted for a significant market share in 2019 owing to PWM charge controller ability to self regulate to battery condition and provide constant voltage battery charging • Maximum Power Point Tracking (MPPT) is anticipated to expand at the fastest CAGR over the forecast period. The growth can be attributed to the higher efficiency of MMPT technology and its ability to extract maximum power available from PV module under specified conditions • The commercial application segment occupied the largest market share in 2019 and is expected to expand at the highest CAGR over the forecast period. Growing penetration of solar PV modules for power generation across commercial office spaces is expected to drive the solar charge controller demand across the segment • Asia Pacific accounted for the largest revenue share in 2019, with China being the highest revenue contributor. Presence of major manufacturers, along with significant investments in the solar industry resulting in reduced production costs, is expected to boost the market growth in China.

Go through the table of content of Solar PV Systems Industry Data Book to get a better understanding of the Coverage & Scope of the study.

Competitive Landscape

The solar PV systems market players face strong competition from other regional and national players as well as from each other since they have a well-established supply chain network, knowledge of suppliers across markets, and well-informed about the power generation compliances and regulations for various end-use sectors. The market players compete based on product quality, production capacity, technology used to manufacture solar PV systems, and their geographical presence. Major players engage in investing in research and development, developing infrastructure, production facilities expansion, and mergers and acquisitions to vertically integrate their operations across the solar PV systems value chain. These initiatives help them expand their customer base, reduce production costs, develop state-of-the-art products and technologies, ensure competitiveness, and improve their revenue & operations profits.

Key players operating in the Solar PV Systems Industry are –

• JinkoSolar • JA Solar • Trina Solar • LONGi Solar • Canadian Solar • SunPower Corporation • First Solar • Talesun • Hanwha Group • RISEN ENERGY Co. LTD. • Yingli Solar • GCL-SI • HIANS Energy Solutions Ltd. • Sunrun • Trinity Solar, Inc