Marketresearch

Global Solar Photovoltaic (PV) Market Size, Analysis, Cost Models, Forecast 2023-2028

Di Dhamashalu

The latest research study "Solar Photovoltaic (PV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global solar photovoltaic (PV) market size reached 1,034.5 TWh in 2022. Looking forward, IMARC Group expects the market to reach 2,546.5 TWh by 2028, exhibiting a growth rate (CAGR) of 16.4% during 2023-2028. What is solar photovoltaic (PV)? A solar photovoltaic (PV) system usually consists of solar panels with an inverter as well as other mechanical and electrical hardware that convert sunlight into electrical energy. In line with this, it relies on mounting structures that point panels toward the sun for converting direct current (DC) into alternating current (AC). Solar photovoltaic is extensively utilized to generate clean and green energy and reduce air pollution levels and greenhouse gas emissions. It is highly versatile, easy to install, noise-free, etc. Solar photovoltaic has low maintenance costs as compared to other renewable energy systems. Consequently, it finds wide-ranging applications in commercial and residential sectors across the globe. Request a Free PDF Sample for more detailed market insights: https://www.imarcgroup.com/solar-photovoltaic-market/requestsample Solar Photovoltaic (PV) Market Trends and Drivers: The escalating demand for sustainable and continuous electric supply is primarily driving the solar photovoltaic (PV) market. Additionally, the increasing consumer awareness towards using low carbon-intensive technologies for minimizing the carbon footprint is further catalyzing the market growth. Besides this, the widespread adoption of solar PV systems to power spacecraft and orbiting satellites is acting as another significant growth-inducing factor. Moreover, it is also utilized to reduce dependency on fossil fuels and in the residential sector for generating grid-connected electricity, which is propelling the market growth. Apart from this, the rising investments in R&D activities by key market players to develop improved solar energy generation technologies are positively influencing the global market. Furthermore, the launch of numerous favorable policies by government bodies across countries to promote the use of solar energy is anticipated to fuel the solar photovoltaic (PV) market over the forecasted period. Who are the key players operating in the industry? The report has segmented the market on the basis of type, grid type, deployment and end user. Breakup by Type: Breakup by Grid Type: Breakup by Deployment: Breakup by End User: Breakup by Region: Key highlights of the report: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization. Contact US IMARC Group 134 N 4th St. Brooklyn, NY 11249, USA USA: +1-631-791-1145 | Asia: +91-120-433-0800 Email: sales@imarcgroup.com Follow us on Twitter: @imarcglobal LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/ About Us: IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.