Photovoltaic Market | Emergen Research
Rising adoption of photovoltaic systems in residential applications is a key factor driving photovoltaic market revenue growth
The global photovoltaic market size reached USD 87.51 Billion in 2021 and is expected to register a revenue CAGR of 24.7% during the forecast period, according to latest analysis by Emergen Research. Rising adoption of photovoltaic systems in residential applications is the key factor driving market revenue growth.
Solar experts are optimistic about residential solar sector revenue growth prospects in the future. Rising initiatives by government and increasing awareness toward renewable energy is driving demand for solar energy as well as photovoltaic systems across the globe. European Commission introduced solar rooftop initiative and mandates installation of solar panels on new public, commercial, and residential buildings by 2029. Solar rooftops will be required for all new public and commercial buildings by 2027 and for all new residential buildings by 2029. According to Solar Energy Industries Association (SEIA), 2021 has seen a 21% year-over-year gain in residential solar as the industry hits 3.9 GW of installed capacity. SolarReviews, a U.S. based solar company presented its yearly review of the industry, noting a 130% rise in customer quotation requests. The solar market in the U.S. has now topped 3 million installations, majority of which are distributed residential PV systems.
Various solar PV projects are ongoing at present across the globe especially in China, India, and U.S, which is expected to drive revenue growth of the market. In June 2022, Indian Government-owned NTPC Limited announced that, with the installation of 92 MW floating solar power in Kerala, the company’s installed renewable energy capacity surpassed 2 gigawatts. According to NTPC, this floating solar project would generate power from over 3 lakh solar PV modules spread across a 480-acre reservoir. National Grid Renewables, a U.S based company and First Solar have collaborated on a number of projects, including recently operational 200 MW Prairie Wolf Solar Project in Illinois and 275 MW Noble Solar and 125 MWh Storage Project in Texas, which is now under development.
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