Global Solar PV Growth Opportunities

Global Solar PV Growth Opportunities

Decarbonization Efforts and a Continual Decline in Project Costs Drive Transformational Growth

RELEASE DATE
03-Nov-2023
REGION
Global
Research Code: PED6-01-00-00-00
SKU: EG_2023_289
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Description

Global climate change concerns have spurred a flurry of investments in renewable energy sources and other decarbonization initiatives. Efforts to focus on renewables were initiated at the 2016 COP21 in Paris, which led to countries setting renewable energy targets to achieve by 2030 in an attempt to mitigate global warming. More recently, at COP26, more than 100 countries pledged to cut methane emissions by 30.0% from 2020 levels, which would directly impact the energy sector, considering oil and gas is the main source of methane emissions, further spurring the transition to other renewable sources, such as solar photovoltaic (PV).

Solar PV is an advantageous option in comparison to the various renewable sources available, being a low-investment, low-maintenance option characterized by the year-round abundance of the energy source and ease of accessibility when compared to wind, which requires sizeable resources, including land and investment. Advancements in storage technologies have strengthened the case for PV, with variability in production having been a major source of concern in the past.

This study assesses growth opportunities for the global solar PV market and uses proprietary modeling to estimate its revenue potential. The model uses estimated annual capacity additions based on countries’ individual and regional targets for 2030 and other secondary resources. The study also presents market trends that will define the industry’s growth, major participants across the value chain (PV cells, modules, inverters, and O&M), and the competitive environment. Where applicable, market potential refers to the estimated revenue opportunity size between 2022 and 2030 available for interested stakeholders to capitalize on. Key countries in each region are profiled, detailing their market potential.

Author: Jonathan Robinson

Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Solar Photovoltaic (PV) Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Key Findings

Scope of Analysis

Geographic Scope

Segmentation

Key Value Chain Competitors

Key Growth Metrics

Distribution Channels

Value Chain

Growth Drivers

Growth Restraints

Impact of the Inflation Reduction Act of 2022 (IRA) on Solar Investments

Impact of the EU Green Deal Industrial Plan (GDIP), Australia’s National Reconstruction Fund (NRF), and India’s Production-linked Investments Scheme (PLIS) on Solar Investments

Key Market Trends

Key Market Trends (continued)

Trend 1: The Push for a Domestic PV Supply Chain is Strong

Trend 1: Chinese Companies Continue to Dominate Polysilicon

Trend 1: Despite Some Diversification in Ingots and Wafers, China Remains Dominant

Trend 1: Modular Production Outside China is Rising

Trend 2: Corporate Renewable PPA Demand Continues to Grow

Trend 3: As Manufacturers Focus on Increasing Capacity and Lowering Costs, an Inverter Evolution (Rather Than Revolution) is Taking Place

Trend 4: Efficiency Gains Drive Growth of Advanced Solar Trackers

Trend 4: By 2030, Nearly 700 GW of Solar PV Will Have Trackers

Trend 5: Advanced Servicing Propositions are Becoming an Increasingly Crucial Component of Solar PV Maintenance Strategies

Trend 6: Revamping and Repowering are Growing as Assets Age

Trend 7: P2P Trading is Growing as Intelligence Increases

Trend 8: Solar PV Sustainability Means That Manufacturers are Under Pressure to Minimize Emissions and Ensure Material Reuse

Trend 8: PV Recycling Reduces the Requirement for Virgin Materials and Minimizes Landfilling

Trend 9: Agri PV Developments Mean Crops and Solar Can Coexist

Trend 10: New Materials are Being Deployed Commercially

Trend 10: Efficiencies are Constantly Increasing

Trend 11: Asia is the Future Hotspot for Floating Solar PV (FPV)

Trend 11: FPV, in Combination with Offshore Wind, Forms Part of the Energy Islands of the Future

Trend 12: Solar is Being Increasingly Incorporated in Urban Environments

Trend 12: Advanced Building-integrated PV (BIPV) is a Leading Proposition

Forecast Assumptions

Annual Capacity Addition Forecast by Region

Annual Capacity Addition Forecast by End-user Type

Cumulative Installed Capacity Forecast by Region

Cumulative Installed Capacity Forecast by End-user Type

Revenue Forecast by Region

Revenue Forecast by End-user Type

Revenue Forecast Analysis by Region

Revenue Forecast Analysis by Region (continued)

Revenue Forecast Analysis by Region (continued)

Revenue Forecast Analysis by Region (continued)

Revenue Forecast Analysis by Region (continued)

Growth Opportunity 1: Solar Value Chain Participation

Growth Opportunity 1: Solar Value Chain Participation (continued)

Growth Opportunity 2: Solar PV Plants for Green Hydrogen Production

Growth Opportunity 2: Solar PV Plants for Green Hydrogen Production (continued)

Growth Opportunity 3: 24/7 Renewable PPAs

Growth Opportunity 3: 24/7 Renewable PPAs (continued)

Growth Opportunity 4: Specialist O&M Service Offerings

Growth Opportunity 4: Specialist O&M Service Offerings (continued)

Growth Opportunity 5: Solutions for Urban Solar and Off-grid Deployments

Growth Opportunity 5: Solutions for Urban Solar and Off-grid Deployments (continued)

List of Exhibits

List of Exhibits (continued)

Legal Disclaimer

Global climate change concerns have spurred a flurry of investments in renewable energy sources and other decarbonization initiatives. Efforts to focus on renewables were initiated at the 2016 COP21 in Paris, which led to countries setting renewable energy targets to achieve by 2030 in an attempt to mitigate global warming. More recently, at COP26, more than 100 countries pledged to cut methane emissions by 30.0% from 2020 levels, which would directly impact the energy sector, considering oil and gas is the main source of methane emissions, further spurring the transition to other renewable sources, such as solar photovoltaic (PV). Solar PV is an advantageous option in comparison to the various renewable sources available, being a low-investment, low-maintenance option characterized by the year-round abundance of the energy source and ease of accessibility when compared to wind, which requires sizeable resources, including land and investment. Advancements in storage technologies have strengthened the case for PV, with variability in production having been a major source of concern in the past. This study assesses growth opportunities for the global solar PV market and uses proprietary modeling to estimate its revenue potential. The model uses estimated annual capacity additions based on countries individual and regional targets for 2030 and other secondary resources. The study also presents market trends that will define the industry s growth, major participants across the value chain (PV cells, modules, inverters, and O&M), and the competitive environment. Where applicable, market potential refers to the estimated revenue opportunity size between 2022 and 2030 available for interested stakeholders to capitalize on. Key countries in each region are profiled, detailing their market potential. Author: Jonathan Robinson
More Information
Author Jonathan Robinson
Industries Energy
No Index No
Is Prebook No
Podcast No
WIP Number PED6-01-00-00-00