The market for semiconductors in solar photovoltaic 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%.
Key factors propelling the demand are:
- 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 further aspects that are projected to improve semiconductor sales in solar photovoltaic (PV) power systems and fuel market expansion.
- As public awareness of environmental preservation rises, numerous nations have established environmental criteria.
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Rising Electricity Demand To Accelerate Semiconductors In Solar Photovoltaic (PV) Power Systems Market Growth
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.
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Trends And Opportunities In Semiconductors In Solar Photovoltaic (PV) Power Systems Market
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.
Locations off the grid have limited or no access to grid-connected power. These areas rely on solar electricity and other backup photovoltaic energy sources. All around the world, there are substantial off-grid areas that are not connected to the electrical system.
Semiconductors in Solar Photovoltaic (PV) Power Systems Market Overview
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.
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