Product Code: 50109
Backed by the rapid decline in the cost of solar technology, coupled with the growing energy demand, the solar power market is projected to register a growth of around 4.3% CAGR during the forecast period of 2020-2025. Since 2004, the global investment in the solar power market has increased more than ten folds, from USD 11.2 billion to USD 114 billion in 2018, thereby making solar power one of the fastest-growing industries across the globe. The major factor of driving the global solar PV market is the declining cost of solar PV. Solar PV module prices reduced by nearly 73% in 2018, as compared to that in 2010. This would, in turn, have a positive impact on the growth of the global solar photovoltaic (PV) market. However, the adoption of the solar PV system is marginally affected by factors such as reliability, availability, overall production, and competitiveness. In addition, solar PV technology is limited to the snowfall and rain-prone areas.
- 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, with strong demand in China and many emerging markets around the world installing notable amounts that are mostly ground mounted.
- The intention of reducing the carbon footprint and decarbonization of the energy sector by various international agencies and regions, it is expected to have around 13% of solar generation share in the total energy mix by 2030, with more than 2000 GW of installed capacity.
- Asia-Pacific accounted for about two-thirds of the global solar PV addition. In 2018, the top five markets of China, the United States, Japan, India, and the United Kingdom, accounting for almost 85% of the addition. In terms of cumulative capacity, the top two countries are China and Japan.
Key Market Trends
Ground Mounted to Dominate the Market
- In 2018, the market share of ground-mounted solar PVs was high, as they are mainly used for commercial and utility purposes.
- However, the share of the ground mounted segment is anticipated to decrease over the forecast period, whereas, the share of rooftop solar segment is projected to increase, supported by the falling solar PV prices, government supportive policies and regulations, and widespread adoption of rooftop solar systems, primarily in the residential sector.
- Ground mounted solar for commercial or utility projects is economical due to the economies of scale, number of installation, and operation and maintenance efficiencies. On the other hand, rooftop solar is used in small residential projects, less than 1 MW.
- Increasing competition and technical advancements in large-scale utility projects have led to cost reductions in both installation and operation & maintenance prices.
- Emerging economies, such as China, India, and Brazil, have various large-scale ground-mounted solar projects lined up, which are expected to drive the market over the forecast period.
Asia-Pacific to Experience Robust Growth
- Asia-Pacific is the largest solar PV market in the globe, that shares nearly 57% of the total install solar PV capacity. China, Japan, and India are the key market in the area that has the maximum install capacity share, and are expected to increase further during the forecasting period.
- The Chinese solar photovoltaic industry has grown faster than any other country over the years. The market share of Chinese PV increased from 1% to 35% over a period of eight years. As of March 2018, China achieved 175 GW solar energy capacity, and is expected to increase further with increasing investment during the upcoming years.
- With increasing demand for electricity and green energy, India is planning to set up 700 megawatt solar power project in 2019, that is expected to have an annual electricity production of around 1200 terawatt hour. The electricity generated is expected to meet the demand of 1.1 million Indian population.
- During 2018, Japan ranked second in the world, behind China, in solar capacity and generated around 5% of the country's electricity generation. In 2018, the country had 55.5 GW capacity for solar PV, and under the Long-term Energy Supply and Demand Outlook for FY 2030, the Ministry of Economy, Trade, and Industry of Japan is aiming to increase the share of renewable energy share to 24% by 2030, which is expected to increase the solar PV market in the country and in the region.
The solar photovoltaic (PV) market is fragmented. The key players in the solar photovoltaic market are JinkoSolar Holding Co. Ltd, Canadian Solar Inc., SunPower Corporation, Trina Solar Ltd, First Solar Inc., Suntech Power Holding Co. Ltd., Sharp Corporation, Hanwha Q Cells Co Ltd, and JA Solar Holdings Co. Ltd among others.
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Solar Photovoltaic Market in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitute Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Thin film
- 5.1.2 Multi-Si
- 5.1.3 Mono-Si
- 5.2 End User
- 5.2.1 Residential
- 5.2.2 Commercial
- 5.2.3 Utility
- 5.3 Deployment
- 5.3.1 Ground Mounted
- 5.3.2 Rooftop Solar
- 5.4 Geography
- 5.4.1 North America
- 5.4.2 Asia-Pacific
- 5.4.3 Europe
- 5.4.4 South America
- 5.4.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 First Solar, Inc.
- 6.3.2 Suntech Power Holding Co. Ltd.
- 6.3.3 Sharp Corporation
- 6.3.4 JinkoSolar Holding Co. Ltd
- 6.3.5 JA Solar Holdings Co. Ltd
- 6.3.6 Trina Solar Ltd
- 6.3.7 Hanwha Q Cells Co Ltd
- 6.3.8 Acciona SA
- 6.3.9 Canadian Solar Inc.
- 6.3.10 SunPower Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS