How big is the solar photovoltaic (PV) market?

The market is expected to grow from USD 399.44 billion in 2024 to USD 2,517.99 billion by 2032 at a CAGR of 25.88% over the forecast period (2024-2032). Asia pacific dominated the solar photovoltaic (PV) market with a market share of 49.16% in 2023. Solar energy is used to convert sunlight into electricity by using photovoltaic effect technology.

Why is the solar photovoltaic market growing?

The government in many countries has imposed stringent carbon emission norms due to which the focus towards the renewable sector is increasing, particularly towards solar photovoltaic generation. This is expected to push this market towards growth during the forecast period. Request a Free sample to learn more about this report.

What is the solar photovoltaics supply chain review?

The Solar Photovoltaics Supply Chain Review explores the global solar photovoltaics (PV) supply chain and opportunities for developing U.S. manufacturing capacity.

How much does photovoltaics contribute to the world's electricity demand?

In total, PV contribution amounts to over 8% of the electricity demand in the world. Public policies with regards to photovoltaics tend to change as governments seek to promote solar or react to changing costs to investors or even state aid programs.

What is a photovoltaic component manufacturing capacity map?

The U.S. Photovoltaic Component Manufacturing Capacity map includes any active manufacturing site in the U.S. and their nameplate capacity, or the full amount of potential output at an existing facility, as of January 31, 2022. This does not imply that these facilities produced the amount listed.

Why did PV module prices fall in 2022?

After several years of tension on material and transport costs, module prices plummeted in a massively over-supplied market, maintaining the competitivity of PV even as electricity prices decreased after historical peaks in 2022. Major trends include: