London, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The global solar PV supply chain market is set for an impressive trajectory, with revenue estimated to reach US$318.3 Bn by 2030, marking a substantial rise from the US$125.8 Bn that has been achieved in 2022.
Anticipated to witness a commendable CAGR of 12.3% between 2023 and 2030, the market growth is primarily fuelled by the swift developments in the renewable energy sector, and supportive government initiatives that promote solar adoption to a notable extent. Notably, technological advancements in solar PV components, especially in solar cells and inverters, have streamlined supply chain processes, enhancing efficiency and lowering costs.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$125.8 Bn | |
| Estimated Market Size in 2030 | US$318.3 Bn | |
| CAGR | 12.3 % | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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| Key Players | General Electric, Siemens AG, ABB Ltd, Schneider Electric, Eaton Corporation, Crompton Greaves, Mitsubishi Electric Corporation, Hyundai Electric & Energy Systems, Larsen & Turbo Limited, Toshiba Corporation, Fuji Electric Co | |
"The market has been flourishing on the back of strengthening government support, and rapidly heightening environmental consciousness. As solar adoption becomes integral to global energy strategies, the supply chain's efficiency and cost-effectiveness are paramount,” remarks the company’s analyst.
Key Research Insights
- The residential segment is poised to dominate globally, driven by increased awareness of climate change and the significance of sustainable energy alternatives.
- Developing nations present significant growth opportunities due to urbanization, rising energy demand, and a desire for diversified energy sources.
- The North American solar PV supply chain market is witnessing growth, propelled by business investments in renewable energy and government incentives.
Insights into Segmentation Analysis
Dominance of Solar Cell, and Polysilicon Growth
The solar PV supply chain market is dominated by the solar cell category, especially monocrystalline and polycrystalline silicon cells, driven by ongoing technological advancements, cost reductions, and government incentives.
Solar polysilicon is expected to experience the fastest growth as industries and countries shift towards renewable energy, increasing the demand for solar PV systems.
Residential Sector Leading the Way
The residential segment is set to lead the solar PV supply chain, fueled by heightened awareness of climate change.
Homeowners are embracing solar power to generate clean, renewable energy, reducing reliance on fossil fuels. The commercial and industrial (C&I) segment is the fastest-growing as the costs continue to decline, and policies are favourable, making solar PV financially viable for businesses.
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Key Report Highlights
- Falling costs of solar panels, driven by economies of scale and technology improvements, are boosting solar energy's cost-effectiveness.
- The rising demand for renewable energy sources and government initiatives encouraging solar adoption are key growth drivers.
- Rapid technological development in solar PV components, particularly solar cells, and inverters, is enhancing supply chain efficiency and reducing costs.
Insights into Regional Analysis
Asia Pacific's Pre-eminence is Intact
The Asia Pacific region, especially China, India, Japan, South Korea, and Australia, contributes the most revenue to the global solar PV supply chain market.
Large investments in manufacturing facilities, research and development, and solar energy infrastructure have fueled the region's growth. China, in particular, has dominated the market in solar PV production and export.
North America's Upward Trend
North America is the fastest-growing region, driven by a surge in solar PV installations and a focus on renewable energy. Government incentives, subsidies, and tax benefits are encouraging solar adoption, accelerating market growth.
Pro-solar regulations, sustainability goals, advances in technology, falling installation costs, and growing public awareness are key factors influencing North America's solar PV market.
Major Competitors in Solar PV Supply Chain Industry
ABB Group, Trina Solar Limited, Canadian Solar Inc., JinkoSolar Holding Co. Ltd., J.A. Solar Holdings Co. Ltd., First Solar Inc., Risen Energy Co. Ltd., LONGi Green Energy Technology Co. Ltd., SunPower Corporation, LG Chem Ltd. A., Huawei Technologies Co. Ltd., Hanwha Q CELLS Co. Ltd., REC Silicon ASA, Enphase Energy Inc., and SMA Solar Technology AG are some of the leaders in the global market for solar PV supply chain.
Browse Global Solar PV Supply Chain Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Type Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/solar-pv-supply-chain-market
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