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Decarbonization Efforts and a Continual Decline in Project Costs Drive Transformational Growth
03-Nov-2023
Global
Market Research
PED6-01-00-00-00
EG_2023_289
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
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
List of Figures
- Solar PV: Key Growth Metrics, Global, 2022
- Solar PV: Distribution Channel Analysis, Global, 2022
- Solar PV: Growth Drivers, Global, 2023–2030
- Solar PV: Growth Restraints, Global, 2023–2030
- Solar PV: New Manufacturing Facilities Announcements, Global, 2022
- Solar PV: Polysilicon Production Capacity and Planned Additions, Global, 2023
- Solar PV: Polysilicon Price, Global, 2022 and 2023
- Solar PV: Ingot and Wafer Production Capacity, Global, 2023
- Solar PV: Ingot and Wafer Prices, Global, 2023
- Solar PV: New Ingot and Wafer Manufacturing Facility Announcements, Global, 2023
- Solar PV: PV Module Volume Share , Global, 2022
- Solar PV: PV Module Price, Global, 2023
- Solar PV: Planned PV Module Production Facilities, Global, 2023
- Solar PV: Annual Corporate PPA Volumes (in GW) by Region, Global, 2020–2022
- Solar PV: PPA Prices, Global, 2022 and 2023
- Solar PV: Share of Top Inverter Suppliers by Shipment Volume, Global, 2022
- Solar PV: Announced Capacity Additions of Top Inverter Suppliers, Global, 2022/2023
- Solar PV: Trackers’ Installed Capacity, Global, 2022–2030
- Solar PV: Cumulative PV Panel Retirement of Selected Countries by 2050 by Weight, Global
- Solar PV: Agri PV—Key Countries and Companies, Global, 2022 and 2023
- Solar PV: Recorded Efficiencies of PV Cells in Research Institutions, Global, 2020–2023
- Solar PV: Recorded Efficiencies of PV Cells by Commercial Cell Makers, Global, 2023
- Solar PV: PSH-integrated FPV Installed or Under Development by Region, Global, 2022
- Solar PV: Offshore Solar PV Forecast, Global, 2022–2030
- Solar PV: Announced Offshore Solar PV Projects, Global, 2022–2030
- Solar PV: Annual Capacity Addition Forecast by Region, Global, 2022–2030
- Solar PV: Annual Capacity Addition Forecast by End-user Type, Global, 2022–2030
- Solar PV: Cumulative Installed Capacity Forecast by Region, Global, 2022–2030
- Solar PV: Cumulative Installed Capacity by End-user Type, Global, 2022–2030
- Solar PV: Revenue Forecast by Region, Global, 2022–2030
- Solar PV: Revenue Forecast by End-user Type, Global, 2022–2030
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| Deliverable Type | Market Research |
|---|---|
| Author | Jonathan Robinson |
| Industries | Energy |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Solar Pv Market Analysis |
| Keyword 2 | Photovoltaic Industry Trends |
| Keyword 3 | Solar Energy Market |
| List of Charts and Figures | Solar PV: Key Growth Metrics, Global, 2022~ Solar PV: Distribution Channel Analysis, Global, 2022~ Solar PV: Growth Drivers, Global, 2023–2030~ Solar PV: Growth Restraints, Global, 2023–2030~ Solar PV: New Manufacturing Facilities Announcements, Global, 2022~ Solar PV: Polysilicon Production Capacity and Planned Additions, Global, 2023~ Solar PV: Polysilicon Price, Global, 2022 and 2023~ Solar PV: Ingot and Wafer Production Capacity, Global, 2023~ Solar PV: Ingot and Wafer Prices, Global, 2023~ Solar PV: New Ingot and Wafer Manufacturing Facility Announcements, Global, 2023~ Solar PV: PV Module Volume Share , Global, 2022~ Solar PV: PV Module Price, Global, 2023~ Solar PV: Planned PV Module Production Facilities, Global, 2023~ Solar PV: Annual Corporate PPA Volumes (in GW) by Region, Global, 2020–2022~ Solar PV: PPA Prices, Global, 2022 and 2023~ Solar PV: Share of Top Inverter Suppliers by Shipment Volume, Global, 2022~ Solar PV: Announced Capacity Additions of Top Inverter Suppliers, Global, 2022/2023~ Solar PV: Trackers’ Installed Capacity, Global, 2022–2030~ Solar PV: Cumulative PV Panel Retirement of Selected Countries by 2050 by Weight, Global~ Solar PV: Agri PV—Key Countries and Companies, Global, 2022 and 2023~ Solar PV: Recorded Efficiencies of PV Cells in Research Institutions, Global, 2020–2023~ Solar PV: Recorded Efficiencies of PV Cells by Commercial Cell Makers, Global, 2023~ Solar PV: PSH-integrated FPV Installed or Under Development by Region, Global, 2022~ Solar PV: Offshore Solar PV Forecast, Global, 2022–2030~ Solar PV: Announced Offshore Solar PV Projects, Global, 2022–2030~ Solar PV: Annual Capacity Addition Forecast by Region, Global, 2022–2030~ Solar PV: Annual Capacity Addition Forecast by End-user Type, Global, 2022–2030~ Solar PV: Cumulative Installed Capacity Forecast by Region, Global, 2022–2030~ Solar PV: Cumulative Installed Capacity by End-user Type, Global, 2022–2030~ Solar PV: Revenue Forecast by Region, Global, 2022–2030~ Solar PV: Revenue Forecast by End-user Type, Global, 2022–2030~ |
| Podcast | No |
| WIP Number | PED6-01-00-00-00 |
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