The semiconductors in solar photovoltaic (PV) power systems market size is projected to grow at a CAGR of 20% from 2022 to 2032, from a value of US$ 222.44 Bn in 2022 to US$ 1,377.27 Bn by 2032.
Key factors propelling the demand are:
- There is a growing need for sustainable energy supplies, as well as benevolent government policies, due to the rising energy consumption caused by the growing population.
- To reduce reliance on fossil fuels, these restrictions also aid in reducing environmental pollution. The demand for semiconductors in solar photovoltaic (PV) power systems is primarily fueled by this, which in turn promotes the need for sustainable energy sources like solar energy.
- Additional factors that are anticipated to boost sales of semiconductors in solar photovoltaic (PV) power systems and fuel the expansion of the market include the decrease of carbon emissions and the production of cheap electricity.
- Globally, several nations have created environmental standards as public awareness of environmental preservation grows.
|Semiconductors in Solar Photovoltaic (PV) Power Systems Market Value (2022)||US$ 222.44 Bn|
|Semiconductors in Solar Photovoltaic (PV) Power Systems Market Forecast Value (2032)||US$ 1,377.27 Bn|
|Semiconductors in Solar Photovoltaic (PV) Power Systems Market CAGR (2022-2032)||20%|
Rising Electricity Demand To Accelerate Semiconductors In Solar Photovoltaic (PV) Power Systems Market Growth
Over the past few years, power consumption has significantly grown across the world due to the rise in the manufacturing sector, population growth, and robust economic growth. Due to population growth and infrastructural development, developing economies are experiencing increased power consumption.
The need for energy generation rises as a result of industrialization, urbanization, and improving living standards. Many nations are growing their power-producing capacity to meet the rising energy demand, either by building new plants or adding capacity to existing ones.
Multiple nations are increasing their use of renewable energy sources to generate electricity to reduce their reliance on traditional sources. Solar energy is an essential renewable energy source with the ability to provide the rising power demand.
Trends And Opportunities In Semiconductors In Solar Photovoltaic (PV) Power Systems Market
Governments in several nations have enacted strict carbon emission regulations, as a result of which attention is shifting more and more to the renewable sector, notably solar photovoltaic energy. During the anticipated time this is anticipated to propel semiconductors in solar photovoltaic (PV) power systems market expansion.
Off-grid locations have very little or no access to power that is connected to the grid. These regions rely on backup photovoltaic energy sources, such as solar power. There are sizable off-grid locations all over the world that are not linked to the energy grid.
Semiconductors in Solar Photovoltaic (PV) Power Systems Market Overview
energy efficiency, environment compatibility, and cost reduction have been emerging as critical issues across the semiconductor industry. The electronics and semiconductor industry has launched various semiconductor solutions such as insulated gate bipolar transistors (IGBTs) for solar power systems.
Various semiconductor products used in solar PV market include PV cells, insulated gate bipolar transistors (IGBTs), metal oxide field effect transistors (MOSFETs), diodes, couplers, analog IC, logic IC, micro components and optical semiconductors, among others.
Factors driving the growth of the solar power market include volatility in fossil fuel prices, environmental concerns, government incentives, and technological developments.
The demand for semiconductor power devices in solar PV is spurred by rising concerns over efficiency in performance to reduce power losses. Continued focus on design improvements across the electrical and electronics industry has been driving the growth in demand of semiconductors in solar power industry.
At the same time, the renewable and alternative energy market has gained an increased demand, especially the solar energy market, which is expanding rapidly. Further, increase in incentives by governments and feed-in tariff policy are creating significant growth opportunity for semiconductor manufacturers in solar PV market.
The growth of solar power industry in this region is driven by regulatory factors which have mandated reduction in emission and harmful gases and increased reliance on renewable energy. Asia Pacific is expected to be the fastest growing market for solar power driven by growing investment in solar power by countries such as China, Japan and India.