Market research and numerous reports have shown that the value of the global solar cell market was approaching $ 40 billion in 2020, and between 2021 and 2028, this value is expected to upsurge at a compound annual growth rate (CAGR) of more than 15% .
In the REmap analysis 100% electricity access is foreseen by 2030, in line with the Sustainable Development Goals, and solar PV would be the major contributor to this achievement. costs are expected to reduce further, outpacing fossil fuels by 2020 (IRENA, 2019f).
Tim Buckley, director of Climate Energy Finance, speaks to pv magazine about the current steep trajectory of solar module prices. He estimates that PV panels prices will end up dropping by 40% this year and predicts the closure of old technology and sub-scale solar manufacturing facilities, both in China and globally.
Currently, thin-film technology accounts for only 5% of the global solar PV market, while silicon-based solar modules still hold approximately 95% of the global PV module market (GlobalData, 2018).
Comparison of next generation PV technology in the future market landscape. Photovoltaic module prices have typically decreased faster than projections. There are two methods usually used for these projections; cumulative market shipment experience curves or detailed bottom-up cost calculations for specific technologies.
As the world faces pressing environmental challenges and seeks to reduce greenhouse gas emissions, solar power has gained significant momentum [53, 54, 55]. The future of the solar energy market in both developed and developing nations holds tremendous potential.