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The solar photovoltaic services market size is valued to increase by USD 24.33 billion, at a CAGR of 18.69% from 2023 to 2028. Increasing new installations and aging asset base of solar PV modules will drive the solar photovoltaic services market.
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In the dynamic solar photovolvoltaic (PV) services market, businesses increasingly adopt various PV systems to reduce electricity bills and align with renewable energy initiatives. Rooftop solar systems account for 60% of installations, while ground-mounted solar farms represent 40%. Grid-tied systems dominate with a 90% market share, enabling seamless integration with the power grid. Renewable energy credits generate additional revenue, with a 1:1 ratio of energy produced to credits earned. Hybrid solar systems, combining solar and energy storage, offer improved performance ratios, with energy storage systems increasing system capacity by up to 50%. Shading loss mitigation and performance degradation analysis ensure optimal system efficiency, while smart grid integration and solar energy monitoring enhance system productivity. Inverter technology and system maintenance protocols ensure long-term system reliability, with solar panel lifespan reaching up to 30 years. Solar panel cleaning and capacity factor calculation further enhance power generation capacity. Solar panel installation, net metering programs, and string inverters streamline system implementation, while solar tracker systems and energy yield optimization maximize system output. PV module efficiency and grid integration solutions ensure compliance with evolving industry standards. Solar irradiance levels and energy storage optimization strategies further optimize system performance.
The increasing number of new solar PV module installations and the aging asset base are the primary factors driving market growth in this sector.
The trend in the solar energy market revolves around advancements in solar photovoltaic (PV) modules.
The recycling of scrap from solar photovoltaic (PV) systems presents significant challenges that hinder the growth of the solar industry. These challenges must be addressed to ensure the sustainable and efficient production of renewable energy.
The solar photovoltaic services industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The installation services segment is estimated to witness significant growth during the forecast period.
The market encompasses a range of offerings essential for optimizing the performance and efficiency of various solar power systems, including rooftop solar, grid-tied, ground-mounted solar farms, off-grid, and hybrid systems. Renewable energy credits, electricity bill reduction, energy storage systems, shading loss mitigation, and capacity factor calculation are integral aspects of these services. Inverter technology, system maintenance protocols, and PV module efficiency play significant roles in power generation capacity and performance degradation analysis. Solar panel cleaning, net metering programs, and smart grid integration are also crucial for enhancing system performance ratios. Solar energy monitoring, solar irradiance levels, and energy storage optimization further contribute to the market's growth.
The installation of solar panels, string inverters, and solar tracker systems ensures net metering and grid integration solutions. With the increasing solar panel lifespan and the declining cost of solar energy, the market for these services is poised for continuous expansion. Approximately 15% of solar PV system owners opt for maintenance services to ensure their systems operate at peak efficiency.
The Installation services segment was valued at USD 5.02 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 75% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in the Asia Pacific (APAC) region is experiencing robust growth, fueled primarily by the increasing installation of solar photovoltaic (PV) systems in China, India, Japan, and South Korea. These countries lead the region in installed solar PV capacity due to financial incentive programs, such as Feed-in Tariffs (Fit's) in China and Japan, which have stimulated the expansion of solar PV systems. The growing emphasis on renewable energy sources, driven by concerns over greenhouse gas (GHG) emissions in China and India, further bolsters the market's expansion.
According to estimates, solar PV installations in China alone are projected to reach 150 GW by 2025, while India aims to install 100 GW of solar capacity by 2022. The resulting large installed base necessitates a strong demand for operations and maintenance (O&M) services to ensure optimal system performance and longevity.
Customer Landscape of Solar Photovoltaic Services Industry
Companies are implementing various strategies, such as strategic alliances, solar photovoltaic services market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
ABB - This company specializes in solar photovoltaic services, utilizing advanced 10.0 kW and 12.0 kW isolated inverters. Featuring dual input sections and independent MPPT technology, these inverters optimize power tracking and energy harvesting through high-speed, precise algorithms.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio’s robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Solar Photovoltaic Services Market insights. See full methodology.
Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.69% |
Market growth 2024-2028 |
USD 24325 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
16.01 |
Key countries |
China, Japan, India, US, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
"Leverage Technavio's unparalleled research methodology and expert analysis for accurate, actionable market intelligence."
The market is experiencing robust growth as businesses and homeowners increasingly prioritize optimizing their solar panel systems for maximum performance. This involves addressing various challenges, such as the impact of shading on solar panel output, improving cleaning effectiveness, and mitigating solar energy system failures. One significant factor influencing system performance is the assessment of solar energy resource potential. By accurately evaluating this, businesses can ensure they are making informed decisions about system design and implementation. For instance, a company may choose to invest in solar trackers to maximize solar energy yield, which can lead to a 20% increase in energy production compared to fixed systems. Another crucial aspect is enhancing solar energy storage capacity. Calculating the return on investment (ROI) for these systems is essential, as is designing reliable photovoltaic systems that adhere to safety regulations and comply with smart grid integration. Measuring solar panel degradation rates and implementing effective monitoring solutions are vital for maintaining system efficiency and reducing operating costs. Improving the efficiency of DC to AC conversion and analyzing system data can lead to further cost savings and improved operational planning. Mitigating solar energy system failures and ensuring safety are key concerns for businesses, as is choosing optimal solar energy storage systems based on system size and energy demand. Integrating solar energy systems with smart grids can lead to improved grid integration and better energy management, ultimately contributing to a more sustainable and cost-effective energy supply chain.
What is the expected growth of the Solar Photovoltaic Services Market between 2024 and 2028?
USD 24.33 billion, at a CAGR of 18.69%
What segmentation does the market report cover?
The report is segmented by Service (Installation services and O and m services) and Geography (APAC, Europe, North America, Middle East and Africa, and South America)
Which regions are analyzed in the report?
APAC, Europe, North America, Middle East and Africa, and South America
What are the key growth drivers and market challenges?
Increasing new installations and aging asset base of solar PV modules, Challenges associated with recycling of scrap from solar PV systems
Who are the major players in the Solar Photovoltaic Services Market?
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.
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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