Solar PV Systems Market: 2023-2030

The economic value generated by the solar PV systems industry was estimated at approximately USD 170.80 billion in 2022.

Solar PV Systems Industry Data Book | Forecast 2030

Grand View Research’s 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.

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.

Access the Global Solar PV Systems Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, co

The growing demand for sustainable energy production sources to replace conventional sources ofmpetitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

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.

Governments across the world have set targets to reduce carbon emissions and are promoting the adoption of solar energy systems for utility and non-utility end-users. The U.S. is one of the early adopters of solar energy in the world for power generation. The market in the U.S. has been growing steadily with the presence of key players engaged in research and development (R&D) to increase efficiency and decrease the cost of the components. In 2021, solar energy accounted for about 2.8% of the total energy production in the country. The country has been investing in research for more efficient solar technology to make it more accessible for residential and commercial uses. For instance, in November 2020, the U.S. Department of Energy announced research funding worth USD 130 million for advanced solar technologies.

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” Data Book, published by Grand View Research

PV Inverter Market Report Highlights

• 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 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

• 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.

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.