Global Solar Photovoltaic (PV) Installation Market to Reach $610.5 Billion by 2027
Amid the COVID-19 crisis, the global market for Solar Photovoltaic (PV) Installation estimated at US$202.8 Billion in the year 2020, is projected to reach a revised size of US$610.5 Billion by 2027, growing at aCAGR of 17.1% over the period 2020-2027. Grid-Connected, one of the segments analyzed in the report, is projected to record 17.6% CAGR and reach US$535.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Off-Grid segment is readjusted to a revised 13.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $60 Billion, While China is Forecast to Grow at 16.4% CAGR
The Solar Photovoltaic (PV) Installation market in the U.S. is estimated at US$60 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$105.3 Billion by the year 2027 trailing a CAGR of 16.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.3% and 14.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 12.4% CAGR.We bring years of research experience to this 6th edition of our report. The 185-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- First Solar, Inc.
- Schott AG
- Sharp Corporation
- Sun Power Corporation
- Trina Solar Ltd.
- Yingli Green Energy Holding Co., Ltd.