Solar PV Market Trends

Growth Drivers

• Increasing electricity generation from solar PVs - Solar photovoltaic (PV) technology directly converts sunlight into energy via the use of electrical devices known as solar cells. It is among the renewable energy sources with the quickest rate of growth and is becoming more and more significant in the global energy transition. Therefore, the power generation from solar PVs is rising immensely.
  
  In line with the International Energy Association (IEA), in 2022, solar PV generation reached about 1 300 TWh, a record 270 TWh (up 26%). When contrasted with all other sustainable technologies, it had the most absolute production growth in 2022, surpassing wind power for the first time ever. The Net Zero Emissions by 2050 Scenario's level of growth from 2023 to 2030 is matched by this pace of generation growth.
   
• Rising ecological consciousness and climate change threats - The trend of consumers becoming more environmentally conscious and wanting to reduce the environmental effect of fossil fuels is driving up demand for solar photovoltaic (PV) systems. Accordingly, major companies are concentrating on enhancing designs and using cutting-edge materials, which is propelling the market's expansion even more.
  
  Tawalbeh et al. from the University of Sharjah's Department of Sustainable and Renewable Energy Engineering, for example, claim that enhancing PV design and recycling solar cell components can cut greenhouse gas emissions by as much as 42%.
   
• Increasing innovations in technologies - Across a wide spectrum of technologies, trends in innovation and cost are becoming more and more apparent. Higher efficiency levels are now possible thanks to the development of novel cell designs. Bifacial cells and modules have specifically caused the most marked shift in cell design. Additional solar-related technological advancements include solar trees, solar carports, and floating solar.

Challenges

• Safety problems related to solar PVs - Safety risks associated with solar photovoltaic (PV) systems include electrical shock, fire, arc faults, and flash. These dangers may be reduced by using the right safety equipment, installing and maintaining it properly, and according to local construction laws and regulations.
  
  Rising shortage of skilled technicians - There is a severe shortage of trained labor. Even while college grads are widely available for office jobs, fewer and fewer of them choose to perform manual labor on PV systems during maintenance.