According to UnivDatos, “Solar Photovoltaic (PV) Cell Market” report, the global Market was valued at USD 184.3 Million in 2022, growing at a CAGR of 21.8% during the forecast period from 2023 – 2030 to reach USD billion by 2030. It is mainly owing to the government programs and incentives to promote cleaner renewable energy in order to meet climate change policies globally.

APAC registered the highest market share in the Solar Photovoltaic (PV) Cell market and is expected to witness an influential CAGR in the forecasted period. It is mainly owing to many Solar Photovoltaic (PV) Cell operational projects taking place in China, India, Australia, and Japan. Moreover, favorable government policies, regulations, and investments in achieving renewable energy targets set by various countries are driving the market. For instance: In Australia, the Australian government will provide AUD 14 million to support 5B’s AUD 33.4 million strategic technology innovation project through the Australian Renewable Energy Agency; In Japan, the Japanese government allocated 8 billion yen in the 2021 national budget to support the introduction of independent solar power generation equipment and storage batteries including electric vehicles through on-site PPA; and in India, the Government of India announced an additional capital infusion of Rs. 10 billion to the Solar Energy Corporation of India and Rs.15 billion to the Indian Renewable Energy Development Agency.

In addition to this, key players in the market are also launching new products and technology in the market to increase the yield of Solar Photovoltaic (PV) Cells and produce affordable versions of solar panels. Most governments have formulated new policies to support the growth of renewable solar energy. The U.S. Department of Energy (DOE) announced up to USD 45 million for research to advance solar hardware and systems integration, including the creation of a consortium dedicated to developing control technologies for a modernized electric grid.

Moreover, the need to meet net zero emission goals across the globe in various countries and rising consumer awareness towards environmentally friendly & cleaner energy are acting as a catalyst in the growth of Solar Photovoltaic (PV) Cell globally during the projected period.

Based on deployment, the Solar Photovoltaic (PV) Cell market is bifurcated into Rooftop and Ground-Mounted segments. The rooftop segment acquired a majority share in the Solar PV market and is expected to register a substantial growth rate during the forecast period. A Rooftop PV system means a PV system that has electricity-generating solar panels mounted on the rooftop of a building or structure. Most rooftop PV systems are usually residential and much smaller when compared to utility-scale solar ground-mounted systems. Most residential rooftop PV systems are in the range of 5-20 kW while commercial rooftop-mounted systems can range from 100 kW to 1 MW. many large rooftops have built industrial-scale PV systems in the range of 10 MW.

Based on capacity, the Solar Photovoltaic (PV) Cell market is bifurcated into rooftop capacity and ground-mounted capacity segments. The rooftop capacity segment is further bifurcated into Below 10 kWp, 10-20 kWp, 20-30 KWp, 30-100 kWp, 100-500 kWp, and Above 500 kWp. The ground-mounted capacity segment is further bifurcated into Below 750 kWp and Above 750 kWp. The rooftop capacity segment is growing due to government subsidies and high demand from consumers for Solar PV, whereas the ground-mounted segment is driven by government policies and upcoming large-scale solar power generation projects. Policies such as “Rural Clean Energy Initiative & Support to rural energy transition” of the USA and government funding of AUD 37 million government investment in new high-tech solar farms in Australia are the reasons which are driving the solar PV market during the projected period.

Access sample report (including graphs, charts, and figures) - https://univdatos.com/reports/solar-photovoltaic-cell-market?popup=report-enquiry

Based on technology, the Solar Photovoltaic (PV) Cell market is divided into Thin Film, Multi-Crystalline Silicon, and Mono-Crystalline silicon segments. The Mono-Crystalline silicon segment acquired a majority share in the Solar PV market and is expected to register a substantial growth rate during the forecast period. The shift to more efficient monocrystalline solar PV accelerated in 2021, with the technology capturing almost all crystalline PV production.

Based on End User, the Solar Photovoltaic (PV) Cell market is divided into Residential, Commercial & Industrial, and Utility-scale segments. The Utility-scale segment acquired a majority share in the Solar PV market and is expected to showcase a substantial growth rate during the forecast period. Utility-scale PV remains the most competitive source of PV generation globally; however, building large-scale installations is becoming increasingly challenging in many regions of the world due to the lack of suitable sites. Moreover, Solar PV is the main choice for the private sector if they want to invest in renewable energy. Companies investing in distributed (including rooftop) solar PV installations on their commercial buildings and premises are responsible for around 30% of the total installed PV capacity, moreover, Companies are entering into corporate power purchase agreements with solar PV plant operators which would drive the market for solar PV during the forecast period.

Contact Us:

UnivDatos

Email - contact@univdatos.com

Website - www.univdatos.com