Solar Photovoltaic Market Worth USD 129.86 Billion by 2027 Says Market Statsville Group

The Market Statsville Group (MSG) publishes the new report on the "Solar Photovoltaic Market by Technology (Monocrystalline Silicon, Polycrystalline Silicon, Thin Film and Others), by Deployment (Ground-Mounted and Rooftop Solar), by Grid Type (On-Grid and Off-Grid), by End User (Residential, Commercial and Industrial (C&I) and Utility), and Region - Global Trends, Market Share, and Forecast to 2027". The global solar photovoltaic market is estimated to grow from USD 79.6 billion in 2021 to USD 129.86 billion by 2027, registering a CAGR of 8.5% from 2021 to 2027. The solar photovoltaic market is higher for the ground-mounted segment than the rooftop segment due to higher capacity installations in the ground-mounted segment. The higher demand for utility-scale is expected to continue in 2018 as well, 

Global Solar Photovoltaic Market Segmentation

The solar photovoltaic market has been segmented into technology, deployment, grid type, end user, and regions.

· By Technology (Monocrystalline Silicon, Polycrystalline Silicon, Thin Film and Others)

· By Deployment (Ground-Mounted and Rooftop Solar)

· By Grid Type (On-Grid and Off-Grid)

· By End User (Residential, Commercial and Industrial (C&I) and Utility)

By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India,South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Rooftop solar, by deployment, is estimated to hold the largest market share during the forecast period

In 2017, the South Korean government decided that in Seoul, the country’s capital, it will implement solar panels in one-third of all households by 2022. This is expected to result in increasing the existing solar capacity by about ten times. According to the plan, all the new buildings would be required to install solar PV. Meanwhile, the existing facilities would be offered incentives to opt for solar PV. Furthermore, it is estimated that about 1 million solar power systems will be deployed in Seoul by 2022, among the 630,000 apartment verandas, 150,000 houses, and 220,000 buildings.

The costs of electricity from residential rooftop solar PV have witnessed a rapid decline in recent years. In just over six years, prices have fallen by 45% in California and 66% in Germany.

The Asia Pacific accounts for the largest market share during the forecast period.

Based on the regions, the global solar photovoltaic market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the highest market share of 45.39% in the global solar photovoltaic market and was anticipated to maintain its dominance throughout the forecast period, followed by North America and Europe.