Global Solar PV Market Snapshot
Overview
A solar PV module is a stacked silicon semiconductor module that may generate energy from sunshine. This photovoltaic effect is caused by the flow of electrons within the module, which may be boosted by increasing the number of hours exposed to sunshine. These PV systems are the most dependable and commonly available renewable energy source.
Global Solar PV Market Snapshot
In 2021, the global solar PV market was valued at USD 159 billion and is expected to increase and reach USD 250 billion by 2030. The market is anticipated to grow at an approximate CAGR of 5.2% during the forecasted 2022-2030.
The ongoing progress toward a decarbonized economy, supported by legislative and government energy policies and incentives, is the primary determinant of market growth. Furthermore, the rising demand for PV systems for residential applications will fuel demand for these products in the near future.
At the end of 2020, amongst the top countries having the highest solar power capacity, China had installed a photovoltaic capacity of 253 GW. While the United States installed a photovoltaic capacity of 98 GW, followed by Japan (72 GW), Germany (51 GW), and finally India (39 GW).
In 2020, globally there was around 144 GW of solar PV new installation, which is expected to increase and reach approximately 334 GW of solar PV new installation by 2030.
The United States government proposed a solar tax credit in 2019 with the goal of reducing the cost of constructing a solar energy system by 30%. Tata Solar Power said in June 2021 that it had won an engineering, procurement, and construction (EPC) contract from NTPC to develop a solar project with an installed capacity of 210 MW. The overall order value was around USD 90 million, and the NTPC intends to complete the project by 2022.
Data Sources: Bloomberg, GlobalData, SolarPower Europe, Rystad, IEA
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