Solar PV Systems Industry Data Book – Solar PV Modules, PV Inverter and Solar Charge Controller Market
Solar PV Systems Industry | Forecast 2030
Solar PV Systems Industry Data Book – Solar PV Modules, PV Inverter and Solar Charge Controller Market
The economic value generated by the solar PV systems industry was estimated at approximately USD 170.80 billion in 2022. This economic output is an amalgamation of businesses that are involved in the raw material suppliers, manufacturers of solar power products, distribution & supply, and application of solar PV systems.
The growing demand for sustainable energy production sources to replace conventional sources of energy is expected to boost industry growth over the forecast period. The declining costs of solar energy systems have made solar energy more competitive in the energy generation industry. The prices of components are expected to further reduce in the coming years owing to high investments in solar energy technologies, which, in turn, is expected to make solar energy systems cheaper than currently operating coal or gas power plants. The rising emphasis on alternative sources of power generation and reducing dependence on fossil fuels is expected to boost product demand.
Access the Global Solar PV Systems Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Solar PV Systems Industry Data Book Coverage Snapshot
Markets Covered
PV Inverter Market Growth & Trends
The global PV inverter market size is expected to reach USD 41.87 billion by 2030, registering a CAGR of 18.3% during the forecast period, according to a new report by Grand View Research, Inc. The increasing renewable energy demand globally is driving the need for various equipment such as PV inverters. According to the International Energy Agency (IEA), renewable energy supply from hydro, solar, geothermal, wind, and ocean use rose by 8% in 2022. According to the same source, net renewable electricity capacity additions by PV-utility reached 112.6 GW in 2022 compared to 89.5 GW in the previous year. With increased utilization of solar energy, there is an increased manufacturing of solar equipment such as solar PV inverters, solar panels, and other solar devices. Thus, all these factors are expected to drive the market growth.
Given the critical juncture of our civilization, the adoption of clean energy is at an unprecedented scale, making renewable energy a predominantly feasible alternative. Presently, constructing a new solar or wind plant comes at a lower cost compared to the continued operation of natural gas or coal plants.
Order your copy of the Free Sample of “Solar PV Systems Industry Data Book – Solar PV Modules, PV Inverter and Solar Charge Controller Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030, published by Grand View Research
Solar Charge Controller Market Growth & Trends
The global solar charge controller market size is expected to reach USD 4.15 billion by 2027, expanding at a CAGR of 15.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. Implementation of climate change policies, along with provision of government subsidies for power generation through renewable energy, is likely to strengthen market growth over the forecast period.
Growing requirement for reliable power supply in harsh environmental conditions or remote locations has resulted in increasing deployment of off-grid photovoltaic systems, which, in turn, has positively influenced the solar charge controller demand across such regions. In addition, renewable energy battery storage solutions are expected to bolster the market growth over the forecast period.
Solar charge controllers increase battery lifespan by regulating the voltage and current flow from PV panels to battery during the day and preventing excessive discharging flow from battery to solar panels during the night. Innovative technology advancements including controllers integrated with auto night detection capabilities, smart sensor technology, and smart communication technologies, such as Bluetooth, are expected to enhance the functional capability of the product across the industry.
Solar Charge Controller Market Growth & Trends
The global solar charge controller market size is expected to reach USD 4.15 billion by 2027, expanding at a CAGR of 15.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. Implementation of climate change policies, along with provision of government subsidies for power generation through renewable energy, is likely to strengthen market growth over the forecast period.
Growing requirement for reliable power supply in harsh environmental conditions or remote locations has resulted in increasing deployment of off-grid photovoltaic systems, which, in turn, has positively influenced the solar charge controller demand across such regions. In addition, renewable energy battery storage solutions are expected to bolster the market growth over the forecast period.
Solar charge controllers increase battery lifespan by regulating the voltage and current flow from PV panels to battery during the day and preventing excessive discharging flow from battery to solar panels during the night. Innovative technology advancements including controllers integrated with auto night detection capabilities, smart sensor technology, and smart communication technologies, such as Bluetooth, are expected to enhance the functional capability of the product across the industry.
Competitive Insights
The solar PV systems market witnesses highly competitive rivalry with the presence of a number of global solar PV system manufacturers such as JinkoSolar, JA Solar, Trina Solar, LONGi Solar, Canadian Solar, SunPower Corporation, and First Solar along with some other new and growing players. The 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.
© 2024 Crivva - Business Promotion. All rights reserved.