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The global solar photovoltaic (PV) market size is projected to reach USD 185.62 billion by 2027. The increasing focus of major countries on surging their renewable energy power generation is set to affect growth positively. It would help in lowering their dependency on fossil fuels for conventional power generation. This information is published by Fortune Business Insights™ in a new study, titled, “Solar Photovoltaic (PV) Market Size, Share and COVID-19 Impact Analysis, By Technology (Monocrystalline Silicon, Thin Film, Polycrystalline Silicon, and Others), By Grid Type (On-grid and Off-grid), By Installation (Ground Mounted, Rooftop, and Others), By Application (Residential, Non-Residential and Utilities), and Regional Forecast, 2020-2027.” The study further mentions that the market stood at USD 162.65 billion in 2019. But, it is set to exhibit a CAGR of 5.3% during the forecast period between 2020 to 2027.
Narendra Modi Inaugurates 750-megawatt Rewa Ultra Mega Solar Power Project
In July 2020, Narendra Modi, the Indian Prime Minister inaugurated a new solar power plant in Rewa district, Madhya Pradesh. This 750-megawatt plant is called ‘Rewa Ultra Mega Solar Power Project’ and is considered to be the largest to date in Asia. Every year, it would lower emissions equivalent to 15 lakh tonne of carbon dioxide.
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According to Modi, “In the 21st century, solar energy is expected to be one of the most crucial mediums of energy needs.” The new project is a joint venture of Madhya Pradesh Urja Vikas Nigam Ltd. and Solar Energy Corporation of India. It will provide around 24% of energy to the Delhi Metro Rail Corporation.
Increasing Demand for Power to Accelerate Growth
Most of the off-grid areas either have no access or limited access to grid-connected electricity. They are highly reliant on secondary sources; such as wind or solar energy. Various countries in Latin America and Sub-Sahara have poor infrastructure and sluggish electrification rates. Hence, the demand for power is increasing rapidly in these regions. To meet the high demand, government authorities are compelling these countries to focus on using solar energy. The Bloomberg New Energy Finance report declared that by the end of 2021, around 1.2 GW of solar PV projects would be online in the Sub-Saharan countries. These factors are expected to bolster the solar photovoltaic (PV) market growth in the near future. However, the COVID-19 pandemic has delayed several solar PV projects across the globe, thereby restricting growth.
Key Players Aim to Fulfil Growing Demand by Opening New Facilities
The global market for solar photovoltaic (PV) is fragmented with the presence of leading companies, such as Trina Solar, First Solar, and Canadian Solar Inc. They are mainly focusing on fulfilling the high demand for power coming from various countries. To do so, they are building new manufacturing facilities.
Fortune Business Insights™ presents a list of all the renowned solar photovoltaic (PV) producers operating in the global market. They are as follows:
A Significant Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Billion) & Volume (GW)
By Grid Type