The market for semiconductors in solar photovoltaic (PV) power systems is anticipated to expand from a value of US$ 222.44 billion in 2022 to US$ 1,377.27 billion by 2032, at a CAGR of 20%.
The following are major drivers of demand:
- Due to the rising energy consumption brought on by the expanding population, there is an increasing need for sustainable energy sources as well as helpful government regulations.
- These limitations help to lessen environmental pollution by limiting dependency on fossil fuels. This largely drives the demand for semiconductors in solar photovoltaic (PV) power systems, which in turn encourages the demand for renewable energy sources like solar energy.
- The reduction of carbon emissions and the generation of inexpensive electricity are additional factors that are anticipated to boost semiconductor sales in solar photovoltaic (PV) power systems and fuel market expansion.
- As public awareness of environmental preservation rises, numerous nations have established environmental standards.
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Rising Electricity Demand Will Speed Market Growth For Semiconductors Used In Solar Photovoltaic (PV) Power Systems
Power consumption has increased dramatically over the past few years due to the expansion of the manufacturing sector, population growth, and strong economic growth. Power consumption is rising in developing economies as a result of population growth and infrastructure expansion.
As a result of industrialization, urbanisation, and rising living standards, there is a greater need for energy generation. To meet the growing need for energy, several countries are expanding their power-producing capacity, either by constructing new plants or enhancing the capacity of already-existing ones.
In order to lessen their dependency on conventional energy sources, numerous countries are boosting their usage of renewable energy sources to produce power. A key renewable energy source that can meet the growing need for electricity is solar energy.
The solar photovoltaic (PV) power systems market has seen several quick technological breakthroughs during the last several years. Perovskite is the most modern solar material with an appropriate crystal structure for light absorption.
Perovskite cells additionally outperform silicon in dimly lit areas, on cloudy days, or indoors, enabling higher conversion efficiencies. The main benefit of using semiconductors in solar photovoltaic (PV) power systems is that they are a cheap, readily available material with the potential to produce cheap solar electricity.
Semiconductor Market Trends And Opportunities In Solar Photovoltaic (PV) Power Systems
The focus is increasingly turning to the renewable energy industry, particularly solar photovoltaic energy, as a result of tight carbon emission limits implemented by governments in many different countries. This is projected to fuel the market expansion for semiconductors in solar photovoltaic (PV) power systems throughout the anticipated time.
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Market Overview for Semiconductors in Solar Photovoltaic (PV) Power Systems
Energy efficiency, environmental friendliness, and cost cutting have become crucial challenges for the semiconductor business in recent years. Insulated gate bipolar transistors (IGBTs), for example, have been introduced by the electronics and semiconductor industries as semiconductor solutions for solar power systems.
PV cells, insulated gate bipolar transistors (IGBTs), metal oxide field effect transistors (MOSFETs), diodes, couplers, analogue IC, logic IC, micro components, and optical semiconductors are a few of the several semiconductor products utilised in the solar PV sector.
Volatility in the price of fossil fuels, environmental concerns, financial incentives from the government, and technology advancements are some of the factors influencing the growth of the solar power market.
The need for semiconductor power devices in solar photovoltaic systems is being driven by growing concerns over performance efficiency to cut power losses. The expansion of semiconductor demand in the solar power industry has been fueled by a continued focus on design enhancements throughout the electrical and electronic industries.
At the same time, demand for alternative and renewable energy has surged, particularly for solar energy, which is growing quickly. Additionally, the market for semiconductor makers in solar PV is experiencing tremendous expansion due to the increase in government subsidies and feed-in tariff policies.
Due to cost concerns, competition from conventional energy sources that are offered at a subsidy in various countries poses a challenge to the growth of the solar power market. This has an impact on the development of semiconductors for renewable energy sources, such as solar PV.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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