Fixed Tilt Solar PV Market To Reach USD 2.2 Billion By 2032 | DataHorizzon Research – GlobeNewswire
Fort Collins, Colorado, May 12, 2024 (GLOBE NEWSWIRE) —
The decreasing costs of solar PV modules and ongoing technological advances drives the industry growth.
The fixed tilt solar PV market has experienced substantial growth driven by two primary factors, the remarkable decrease in the costs of solar PV modules and ongoing technological advancements within the industry. According to the International Renewable Energy Agency (IRENA), the global weighted average levelized cost of electricity (LCOE) for utility-scale solar PV plummeted by 89% from USD 0.445/kilowatt hour (kWh) in 2010 to USD 0.049/kWh in 2022. This cost reduction has rendered fixed tilt solar PV systems more economically viable and accessible to a broader spectrum of consumers. Furthermore, the evolution of high-efficiency solar cells and modules has bolstered the energy output of these systems, heightening their appeal to both residential and commercial users.
Governments worldwide have played a pivotal role in fostering the expansion of the fixed tilt solar PV market through supportive policies, incentives, and renewable energy targets. Many nations have implemented initiatives such as feed-in tariffs, tax credits, and subsidies to incentivize the adoption of solar PV systems. For instance, the United States offers the Investment Tax Credit (ITC), providing a 26% tax credit for residential and commercial solar installations until 2022. Additionally, the European Union has established a target to attain at least 32% of its energy from renewable sources by 2030, with solar PV poised to play a significant role in achieving this objective.
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Segmentation Overview:
The fixed tilt solar PV market has been segmented into technology, application, end-user, and region.
Crystalline silicon is the leading technology segment
- Based on market segmentation by technology, the crystalline silicon segment held the largest market share in the fixed tilt solar PV market in 2023. Crystalline silicon technology, including monocrystalline and polycrystalline solar cells, has been the dominant technology in the solar PV industry due to its high efficiency, reliability, and cost-effectiveness.
On-grid is the leading application segment, accounting for the largest market share.
- Based on the market segmentation by application, the on-grid sub-segment accounted for the largest market share in the fixed tilt solar PV market. On-grid solar PV systems connected to the utility grid have been widely adopted in residential, commercial, and utility-scale projects.
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Fixed Tilt Solar PV Market Report Highlights:
- The fixed tilt solar PV market growth is anticipated at a CAGR of 10.3% by 2032.
- Technological advances and the need for renewable technologies have spurred the demand for the fixed tilt solar PV market.
- The Middle East and Africa (MEA) region is expected to be the fastest-growing market for fixed tilt solar PV in the near future. The region’s abundant solar resources, coupled with the increasing demand for electricity and the need for diversification of energy sources, drive the growth of solar PV in the MEA.
- Some prominent players in the fixed tilt solar PV market report include First Solar Inc., JinkoSolar Holding Co., Ltd., Canadian Solar Inc., Trina Solar Co., Ltd., LONGi Solar, Risen Energy Co., Ltd., GCL System Integration Technology Co., Ltd., Hanwha Q CELLS Co., Ltd., Yingli Green Energy Holding Co., Ltd., SunPower Corporation, and Talesun Solar Technologies Co., Ltd.
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