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The global solar photovoltaic services market is expected to post a CAGR of more than 16% during the period 2019-2023, according to the latest market research report by Technavio. The global solar photovoltaic services market is expected to post a CAGR of more than 16% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global solar photovoltaic services market is the increasing new installations and aging asset base of solar PV modules. Solar PV systems have witnessed significant adoption over the last decade as a clean energy-generating resource, mainly due to regulatory support and declining LCOE. The installation of new solar PV modules requires both installation and consulting services, which significantly contribute to the growth of the market. Further, a significant number of solar PV systems installed are aging and thus, require continuous improvements and upgrades. This has led to the revamping and repowering of solar PV systems. Therefore, O&M services required for the existing solar PV asset base and newly-installed solar PV assets will drive the market growth during the forecast period.
As per Technavio, the development related to solar PV modules will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global solar photovoltaic services market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Solar Photovoltaic Services Market: Development Related to Solar PV Modules
The solar PV system modules market has been witnessing constant innovations over the last few years, which has resulted in the emergence of next-generation solar PV modules such as bifacial and mono PERC solar PV modules. Bifacial modules can generate power from both sides of the module, which results in higher power generation than in monofacial modules. Moreover, research and innovations are also taking place in several other components of PV modules to increase their efficiency. One such technology that can increase efficiency and enable faster returns on investment (ROI) is advanced PERC technology. PERC technology integrates anti-light-induced degradation technologies, front-surface advanced passivation, and back-surface passivation in solar PV modules. Such advances in technologies related to solar PV modules will drive the growth of the solar PV services market during the forecast period.
“Apart from the developments related to solar PV modules, factors such as innovations in solar and O&M services, declining cost of solar power generation, and advances in power electronics used in solar PV systems will significantly impact the growth of the solar PV services market during the forecast period,” says a senior research analyst at Technavio.
Global Solar Photovoltaic Services Market: Segmentation Analysis
This market research report segments the global solar photovoltaic services market by service type (installation services, and O&M services) and geographic regions (APAC, the Americas, and EMEA).
The APAC region led the solar photovoltaic services market in 2018, followed by the Americas, and EMEA respectively. The solar PV services market in APAC will grow rapidly during the forecast period, majorly driven by new installations in China, India, Japan, and South Korea as these countries have the highest installed capacity of solar PVs in the region. The growth of solar PV systems can be attributed to the alarming levels of pollution from GHG emissions in China and India.