Solar photovoltaic services (PV) market size to increase by USD 16,359.62 Million: Market research insights highlight increasing new installations and aging asset base of solar PV modules as a key driver - Technavio

Rhea-AI Summary

The solar photovoltaic services (PV) market is expected to grow at a remarkable 14.6% YOY from 2022 to 2023, driven primarily by increasing installations and government support, as per Technavio. The market is projected to expand by USD 16,359.62 million at a CAGR of 15.38% from 2022 to 2027, with APAC accounting for 74% of this growth. This surge is propelled by rising environmental concerns and the adoption of renewable energy sources. However, challenges like recycling scrap from solar PV systems pose significant hurdles for growth in this sector.

Positive

• Expected market growth of USD 16,359.62 million from 2022 to 2027.
• Forecasted CAGR of 15.38% indicates strong future growth.
• APAC to contribute 74% of market growth, reflecting robust demand.

Negative

• Challenges with recycling scrap from solar PV systems could hinder market growth.

NEW YORK, Jan. 26, 2023 /PRNewswire/ -- According to Technavio, the solar photovoltaic services (PV) market will witness a YOY growth of 14.6% between 2022 and 2023. The report is segmented by service (installation services, O&M services) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The solar photovoltaic services (PV) market size is estimated to increase by USD 16,359.62 million at a CAGR of 15.38% from 2022 to 2027 - Request a Sample Report.

Solar photovoltaic services (PV) market - Vendor insights

The global solar photovoltaic services (PV) market is fragmented, and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.  

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• 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
• RWE AG
• Sharp Corp.
• SunPower Corp
• Trina Solar Co. Ltd.
• Wuxi Suntech Power Co. Ltd.
• For Details on the vendor and its offerings – Buy the report!

Solar photovoltaic services (PV) market - Geographical analysis 

APAC will account for 74% of the market's growth during the forecast period. Countries like China, India, Japan, and South Korea have the highest installed capacity of solar PVs in the region. The increase in new installations in China, India, Japan, and South Korea, and the alarming levels of pollution from GHG emissions in China and India majorly drive the solar PV services market.

Furthermore, the market for solar PV services is expected to grow rapidly due to the adoption and installation of microgrids in APAC. Microgrid adoption is mostly fueled by rural electrification initiatives in emerging nations like India, Indonesia, Myanmar, and the Philippines. The governments of various countries in this region are taking active measures to deploy microgrid solutions to increase access to power in rural areas.

Know more about this market's geographical distribution along with a detailed analysis of the top regions: https://www.technavio.com/report/solar-photovoltaic-services-market-industry-analysis 

Solar photovoltaic services (PV) market - Key segment analysis

The solar photovoltaic services (PV) market share growth by the installation services segment will be significant during the forecast period. The increase in solar PV installation is being driven by increasing environmental concerns and global initiatives to create renewable energy sources, such as solar PVs, in order to lower greenhouse gas emissions and slow climate change. The price of using solar energy to generate power has greatly decreased due to advances in manufacturing solar panels and other related components and the growing acceptance of technology. These factors will boost the market growth during the forecast period.

Download a Sample to obtain additional highlights and key points on various market segments and their impact in coming years. 

Solar photovoltaic services (PV) market - Key market drivers & challenges: 

The solar photovoltaic services (PV) market is primarily driven by increasing new installations and an aging asset base of solar PV modules. The growth is attributed to the ability of solar PV modules to be manufactured in both small and large-scale plants. Furthermore, factors like the declining cost of solar power generation, and Supportive government policies and regulations will boost market growth during the forecast period.

However, The challenges associated with recycling scrap from solar PV systems are the major challenge impeding the market growth. The amount of discarded scrap from solar PV systems is expected to grow. The disposal of scrap from discarded solar PV systems in landfills is considered unsafe because poisonous materials can pollute the soil and water, making its disposal a big issue. This makes the recycling of scrapes difficult which will hinder the market growth during the forecast period.

Download a sample for highlights on market drivers & challenges affecting the solar photovoltaic services (PV) market. 

What are the key data covered in this solar photovoltaic services (PV) market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the solar photovoltaic services (PV) market between 2023 and 2027
• Precise estimation of the size of the solar photovoltaic services (PV) market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the solar photovoltaic services (PV) market across APAC, North America, Europe, the Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of solar photovoltaic services (PV) market vendors

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Solar Photovoltaic Services Market Scope

Report Coverage	Details
Page number	153
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 15.38%
Market growth 2023-2027	USD 16,359.62 million
Market structure	Fragmented
YoY growth 2022-2023(%)	14.6
Regional analysis	APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution	APAC at 74%
Key countries	US, China, Japan, India, and Germany
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
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.
Market dynamics	Parent Market Analysis; Market growth inducers and obstacles; Fast-growing and slow-growing segment analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse for Technavio "Industrials" Research Reports

Table Of Contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Service
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 13: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global solar photovoltaic services market 2017 - 2021
• Exhibit 17: Historic Market Size – Data Table on Global solar photovoltaic services market 2017 - 2021 ($ million)

• 4.2 Service Segment Analysis 2017 - 2021 
• Exhibit 18: Historic Market Size – Service Segment 2017 - 2021 ($ million)

• 4.3 Geography Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.4 Country Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 21: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 22: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 23: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 24: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 25: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 26: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 27: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Service

• 6.1 Market segments 
• Exhibit 28: Chart on Service - Market share 2022-2027 (%)
• Exhibit 29: Data Table on Service - Market share 2022-2027 (%)

• 6.2 Comparison by Service 
• Exhibit 30: Chart on Comparison by Service
• Exhibit 31: Data Table on Comparison by Service

• 6.3 Installation services - Market size and forecast 2022-2027 
• Exhibit 32: Chart on Installation services - Market size and forecast 2022-2027 ($ million)
• Exhibit 33: Data Table on Installation services - Market size and forecast 2022-2027 ($ million)
• Exhibit 34: Chart on Installation services - Year-over-year growth 2022-2027 (%)
• Exhibit 35: Data Table on Installation services - Year-over-year growth 2022-2027 (%)

• 6.4 O and m services - Market size and forecast 2022-2027
• Exhibit 36: Chart on O and m services - Market size and forecast 2022-2027 ($ million)
• Exhibit 37: Data Table on O and m services - Market size and forecast 2022-2027 ($ million)
• Exhibit 38: Chart on O and m services - Year-over-year growth 2022-2027 (%)
• Exhibit 39: Data Table on O and m services - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Service 
• Exhibit 40: Market opportunity by Service ($ million)

7 Customer Landscape

• 7.1 Customer landscape overview 
• Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

8 Geographic Landscape

• 8.1 Geographic segmentation 
• Exhibit 42: Chart on Market share by geography 2022-2027 (%)
• Exhibit 43: Data Table on Market share by geography 2022-2027 (%)

• 8.2 Geographic comparison 
• Exhibit 44: Chart on Geographic comparison
• Exhibit 45: Data Table on Geographic comparison

• 8.3 APAC - Market size and forecast 2022-2027
• Exhibit 46: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 8.4 Europe - Market size and forecast 2022-2027
• Exhibit 50: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 51: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 8.5 North America - Market size and forecast 2022-2027
• Exhibit 54: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 55: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 57: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 8.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 8.7 South America - Market size and forecast 2022-2027
• Exhibit 62: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 63: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 65: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 8.8 China - Market size and forecast 2022-2027
• Exhibit 66: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 69: Data Table on China - Year-over-year growth 2022-2027 (%)

• 8.9 Japan - Market size and forecast 2022-2027
• Exhibit 70: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 73: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 8.10 India - Market size and forecast 2022-2027
• Exhibit 74: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 77: Data Table on India - Year-over-year growth 2022-2027 (%)

• 8.11 US - Market size and forecast 2022-2027
• Exhibit 78: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 81: Data Table on US - Year-over-year growth 2022-2027 (%)

• 8.12 Germany - Market size and forecast 2022-2027
• Exhibit 82: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 85: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 8.13 Market opportunity by geography 
• Exhibit 86: Market opportunity by geography ($ million)

9 Drivers, Challenges, and Trends

• 9.1 Market drivers

• 9.2 Market challenges

• 9.3 Impact of drivers and challenges 
• Exhibit 87: Impact of drivers and challenges in 2022 and 2027

• 9.4 Market trends

10 Vendor Landscape

• 10.1 Overview

• 10.2 Vendor landscape 
• Exhibit 88: Overview on Criticality of inputs and Factors of differentiation

• 10.3 Landscape disruption 
• Exhibit 89: Overview on factors of disruption

• 10.4 Industry risks 
• Exhibit 90: Impact of key risks on business

11 Vendor Analysis

• 11.1 Vendors covered 
• Exhibit 91: Vendors covered

• 11.2 Market positioning of vendors 
• Exhibit 92: Matrix on vendor position and classification

• 11.3 ABB 
• Exhibit 93: ABB - Overview
• Exhibit 94: ABB - Product / Service
• Exhibit 95: ABB - Key offerings

• 11.4 Acciona SA 
• Exhibit 96: Acciona SA - Overview
• Exhibit 97: Acciona SA - Business segments
• Exhibit 98: Acciona SA - Key news
• Exhibit 99: Acciona SA - Key offerings
• Exhibit 100: Acciona SA - Segment focus

• 11.5 Canadian Solar Inc. 
• Exhibit 101: Canadian Solar Inc. - Overview
• Exhibit 102: Canadian Solar Inc. - Business segments
• Exhibit 103: Canadian Solar Inc. - Key news
• Exhibit 104: Canadian Solar Inc. - Key offerings
• Exhibit 105: Canadian Solar Inc. - Segment focus

• 11.6 First Solar Inc. 
• Exhibit 106: First Solar Inc. - Overview
• Exhibit 107: First Solar Inc. - Business segments
• Exhibit 108: First Solar Inc. - Key news
• Exhibit 109: First Solar Inc. - Key offerings
• Exhibit 110: First Solar Inc. - Segment focus

• 11.7 GCL System Integration Technology Co. Ltd.
• Exhibit 111: GCL System Integration Technology Co. Ltd. - Overview
• Exhibit 112: GCL System Integration Technology Co. Ltd. - Business segments
• Exhibit 113: GCL System Integration Technology Co. Ltd. - Key news
• Exhibit 114: GCL System Integration Technology Co. Ltd. - Key offerings
• Exhibit 115: GCL System Integration Technology Co. Ltd. - Segment focus

• 11.8 Hanwha Corp. 
• Exhibit 116: Hanwha Corp. - Overview
• Exhibit 117: Hanwha Corp. - Product / Service
• Exhibit 118: Hanwha Corp. - Key news
• Exhibit 119: Hanwha Corp. - Key offerings

• 11.9 JA Solar Technology Co. Ltd. 
• Exhibit 120: JA Solar Technology Co. Ltd. - Overview
• Exhibit 121: JA Solar Technology Co. Ltd. - Product / Service
• Exhibit 122: JA Solar Technology Co. Ltd. - Key offerings

• 11.10 Jiangsu Shunfeng Photovoltaic Technology Co. Ltd.
• Exhibit 123: Jiangsu Shunfeng Photovoltaic Technology Co. Ltd. - Overview
• Exhibit 124: Jiangsu Shunfeng Photovoltaic Technology Co. Ltd. - Product / Service
• Exhibit 125: Jiangsu Shunfeng Photovoltaic Technology Co. Ltd. - Key offerings

• 11.11 JinkoSolar Holding Co. Ltd. 
• Exhibit 126: JinkoSolar Holding Co. Ltd. - Overview
• Exhibit 127: JinkoSolar Holding Co. Ltd. - Product / Service
• Exhibit 128: JinkoSolar Holding Co. Ltd. - Key news
• Exhibit 129: JinkoSolar Holding Co. Ltd. - Key offerings

• 11.12 Longi green energy technology Co. Ltd
• Exhibit 130: Longi green energy technology Co. Ltd - Overview
• Exhibit 131: Longi green energy technology Co. Ltd - Product / Service
• Exhibit 132: Longi green energy technology Co. Ltd - Key offerings

• 11.13 Risen Energy Co. Ltd. 
• Exhibit 133: Risen Energy Co. Ltd. - Overview
• Exhibit 134: Risen Energy Co. Ltd. - Product / Service
• Exhibit 135: Risen Energy Co. Ltd. - Key offerings

• 11.14 Sharp Corp. 
• Exhibit 136: Sharp Corp. - Overview
• Exhibit 137: Sharp Corp. - Business segments
• Exhibit 138: Sharp Corp. - Key news
• Exhibit 139: Sharp Corp. - Key offerings
• Exhibit 140: Sharp Corp. - Segment focus

• 11.15 SunPower Corp 
• Exhibit 141: SunPower Corp - Overview
• Exhibit 142: SunPower Corp - Business segments
• Exhibit 143: SunPower Corp - Key news
• Exhibit 144: SunPower Corp - Key offerings
• Exhibit 145: SunPower Corp - Segment focus

• 11.16 Trina Solar Co. Ltd. 
• Exhibit 146: Trina Solar Co. Ltd. - Overview
• Exhibit 147: Trina Solar Co. Ltd. - Business segments
• Exhibit 148: Trina Solar Co. Ltd. - Key offerings
• Exhibit 149: Trina Solar Co. Ltd. - Segment focus

• 11.17 Wuxi Suntech Power Co. Ltd. 
• Exhibit 150: Wuxi Suntech Power Co. Ltd. - Overview
• Exhibit 151: Wuxi Suntech Power Co. Ltd. - Product / Service
• Exhibit 152: Wuxi Suntech Power Co. Ltd. - Key offerings

12 Appendix

• 12.1 Scope of the report

• 12.2 Inclusions and exclusions checklist 
• Exhibit 153: Inclusions checklist
• Exhibit 154: Exclusions checklist

• 12.3 Currency conversion rates for US$ 
• Exhibit 155: Currency conversion rates for US$

• 12.4 Research methodology 
• Exhibit 156: Research methodology
• Exhibit 157: Validation techniques employed for market sizing
• Exhibit 158: Information sources

• 12.5 List of abbreviations 
• Exhibit 159: List of abbreviations

About Us: 

Technavio is a leading global technology research and advisory company. Their research and analysis focus 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. 

Contact 
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Email: media@technavio.com 
Website: www.technavio.com/ 

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FAQ

What is the growth rate of the solar photovoltaic services market in 2023?

The solar photovoltaic services market is projected to grow by 14.6% year-over-year in 2023.

How much is the solar photovoltaic services market expected to grow from 2022 to 2027?

The market is expected to grow by USD 16,359.62 million from 2022 to 2027.

What is the CAGR for the solar photovoltaic services market from 2022 to 2027?

The CAGR for the solar photovoltaic services market from 2022 to 2027 is projected to be 15.38%.

Which region will drive the majority of the solar photovoltaic services market growth?

APAC is expected to drive 74% of the market growth during the forecast period.

What are the major challenges facing the solar photovoltaic services market?

The primary challenge is the recycling of scrap from solar PV systems, which poses environmental risks.