NEW
YORK, June 24, 2024 /PRNewswire/ -- The global
solar photovoltaic services market size is estimated to grow
by USD 24.32 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 18.69% during the forecast
period. Increasing new installations and aging asset
base of solar pv modules is driving market growth, with a
trend towards developments related to solar pv modules.
However, challenges associated with recycling of scrap from
solar pv systems poses a challenge. Key market players
include ABB, Acciona SA, Amana Contracting and Steel Buildings LLC,
Anesco Ltd., Avi Solar Energy Pvt Ltd., Canadian Solar Inc., ENcome
Energy Performance GmbH, First Solar Inc., GCL System Integration
Technology Co. Ltd., Hanwha Corp., JA Solar Technology Co. Ltd.,
Jiangsu Shunfeng Photovoltaic Technology Co. Ltd., JinkoSolar
Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., Risen
Energy Co. Ltd., RWE AG, Sharp Corp., SunPower Corp., Trina Solar
Co. Ltd., and Wuxi Suntech Power Co. Ltd..
![Technavio has announced its latest market research report titled Global solar photovoltaic services market 2024-2028 Technavio has announced its latest market research report titled Global solar photovoltaic services market 2024-2028](https://mma.prnewswire.com/media/2444591/IRTNTR70918_bw_info_v4.jpg)
Get a detailed analysis on regions, market
segments, customer landscape, and companies - Click for the
snapshot of this report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Service (Installation
services and O and m services) and Geography (APAC, Europe, North
America, Middle East and Africa, and South America)
|
Region
Covered
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Key companies
profiled
|
ABB, Acciona SA, Amana
Contracting and Steel Buildings LLC, Anesco Ltd., Avi Solar Energy
Pvt Ltd., Canadian Solar Inc., ENcome Energy Performance GmbH,
First Solar Inc., GCL System Integration Technology Co. Ltd.,
Hanwha Corp., JA Solar Technology Co. Ltd., Jiangsu Shunfeng
Photovoltaic Technology Co. Ltd., JinkoSolar Holding Co. Ltd.,
LONGi Green Energy Technology Co. Ltd., Risen Energy Co. Ltd., RWE
AG, Sharp Corp., SunPower Corp., Trina Solar Co. Ltd., and Wuxi
Suntech Power Co. Ltd.
|
Key Market Trends Fueling Growth
The Solar Photovoltaic Services Market is experiencing
significant growth due to advancements in solar PV technology. Mono
PERC and bifacial modules, which offer higher efficiency and
conversion rates, are gaining popularity. Bifacial modules generate
power from both sides, reducing balance of system costs and
increasing power output by one-third. Advanced PERC technology
integrates anti-light-induced degradation and passivation films,
increasing efficiency and reducing costs. Half-cut cell modules,
which reduce resistance loss and increase efficiency, are also on
the rise. These innovations are driving market growth, making solar
energy more cost-effective and efficient.
The Solar Photovoltaic (PV) services market is experiencing
significant growth, with increasing demand for solar power
solutions. Markets are shifting towards solar power projects,
particularly in the residential and commercial sectors. In 2022,
the solar PV market size was estimated to be 600 billion dollars, with projections for
continued growth. Key technologies include solar cells, solar
panels, and solar inverters. Renewable energy technologies, such as
solar, are becoming more cost-effective and efficient, making them
a popular choice for businesses and individuals looking to reduce
their carbon footprint. The market is also seeing advancements in
energy storage solutions, allowing for greater grid independence
and improved energy management. Solar PV is a trending industry,
with many companies investing in research and development to
improve efficiency and reduce costs.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The solar photovoltaic services market faces challenges due to
the growing amount of solar PV scrap. With no standards for safe
disposal, toxic materials like cadmium and lead pose risks to the
environment if not handled properly. Damaged modules, often
containing these hazardous substances, can contaminate soil and
water if disposed of in landfills. Natural disasters can also
damage modules, leading to additional costs for hazardous waste
treatment. Manufacturers may pass these costs onto consumers,
hindering market growth, particularly in countries lacking waste
management infrastructure. Proper disposal solutions are crucial to
mitigate these risks and ensure the continued adoption of solar PV
technology.
- The Solar Photovoltaic Services Market faces several
challenges. Capacity expansion and technology upgrades are key
areas of concern. The industry requires significant investment in
research and development to improve efficiency and reduce costs.
Regulations and policies also impact the market, with technologies
like thin-film solar and silicon solar having different regulatory
requirements. The integration of solar power into the grid is
another challenge, requiring solutions for energy storage and grid
management. Additionally, the intermittency of solar power
necessitates the use of predictive analytics and smart grids to
ensure a consistent power supply. The market is dynamic, with new
players and technologies constantly emerging.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This solar photovoltaic services market report extensively
covers market segmentation by
- Service
- 1.1 Installation services
- 1.2 O and m services
- Geography
- 2.1 APAC
- 2.2 Europe
- 2.3 North America
- 2.4 Middle East and
Africa
- 2.5 South America
1.1 Installation services- The Solar Photovoltaic
Services Market is experiencing significant growth due to
increasing demand for renewable energy sources. Companies are
offering installation, maintenance, and repair services for solar
photovoltaic systems. These services ensure optimal system
performance and energy efficiency. The market is driven by
government incentives, technological advancements, and decreasing
costs. Businesses and homeowners are investing in solar energy to
reduce their carbon footprint and save on energy bills. The market
is expected to continue expanding as more countries adopt renewable
energy policies.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Solar Photovoltaic Services Market is experiencing
significant growth, driven by the increasing adoption of renewable
technologies such as Solar PV in the global energy mix. The Indian
government's Solar Policy 2022 aims to install an additional 6,000
MW of solar power capacity, with a focus on distributed solar power
through rooftop solar panels. This includes the development of
bonded warehouses spanning 100,000 square meters to facilitate the
storage and trading of solar power. The installation costs for
solar PV systems continue to decrease, making them increasingly
competitive with traditional electricity sources. The South-Central
Section of the electricity grid is expected to see significant
growth in solar PV capacity, with the electricity grid
infrastructure undergoing necessary upgrades to accommodate the
intermittent nature of solar power. The integration of solar power
into the electricity grid involves the use of photovoltaic cells,
which convert sunlight into electrons through the movement of
silicon atoms. Renewable technologies such as wind and bioenergy
are also contributing to the energy mix, with solar PV playing a
key role in the transition towards a more sustainable energy
future.
Market Research Overview
The Solar Photovoltaic Services Market refers to the industry
dedicated to the design, installation, and maintenance of solar
photovoltaic (PV) systems. These systems convert sunlight into
electricity, making them an essential component of renewable energy
solutions. The market is experiencing significant growth due to
increasing global awareness of sustainable energy sources and
government incentives. Solar PV services include system design,
site assessment, installation, commissioning, and ongoing
maintenance and repair. The market is segmented based on geography,
system size, and application. The use of advanced technologies,
such as thin-film and monocrystalline silicon, is driving
innovation in the sector. The market is expected to continue
growing due to the increasing demand for clean energy and the
declining cost of solar PV technology.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Service
-
- Installation Services
- O And M Services
- Geography
-
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/solar-photovoltaic-services-market-size-is-set-to-grow-by-usd-24-32-billion-from-2024-2028--increasing-new-installations-and-aging-asset-base-of-solar-pv-modules-to-boost-the-market-growth-technavio-302178881.html
SOURCE Technavio