Solar PV Services: Global Market Scenario, Trends, Opportunity, Growth and Forecast, 2020-2030

Market Definition

Solar PV services covers plant and equipment maintenance, repair, and overhaul of a solar-power-generating facility. This research service analyzes the annual installed capacity and revenue (from new and ongoing contracts) of the global and regional solar PV services.

Market Insights

The total solar PV services market is expected to grow from $10.45 billion in 2022 to $20.12 billion by 2030. The consumer model encouraged by net metering and feed in tariffs programmes, pay-as-you-go, and energy-as-a-service models, as well as rising electricity prices in South Africa and Australia, are likely to drive the expansion of the residential segment.

Investments in renewable energy sources and decarbonization initiatives have soared as a result of climate change. At the most recent COP26, more than 100 nations made a commitment to reduce methane emissions by 30.0% from 2020 levels. This follows the COP21, Paris (2016), which proposed renewable source targets to be achieved by 2030; this is likely to have a direct impact on the energy sector, particularly O&G, the main source of methane emissions, and further boost the transition to other renewable sources like solar PV. Solar PV offers various benefits, including inexpensive investment, minimal maintenance, a plentiful source of power throughout the year, and ease of accessibility, in contrast to wind power, which requires a substantial investment and land.

Rising demand for digital Solar PV Services is recognized as one of the key trends in the Solar PV services market. When compared to replacements, maintenance interventions that are part of predictive maintenance systems provide the best balance between cost and benefits. In a perfect world, these models would be able to forecast the breakdown of each PV system component. Big data analytics is essential for recommending immediate steps that will avoid potential problems. With intraday prediction revisions, the market is quickly advancing towards being able to forecast energy production on an hourly basis. Forecasting PV yields is more accurate because to advanced data analytics.

The top 8 notable players in the solar PV services market collectively own only 40% of the market’s revenue share in 2022, indicating the market is highly fragmented. To succeed in the fiercely competitive market, standard solar PV service providers will need to maintain a high level of quality, professionalism, and minimum service standards and guarantees. By entering new markets, participants sought expansion, primarily through strategic partnerships and acquisitions.

Market Dynamics: Drivers

• The surge in annual solar PV capacity additions (over 100GW) is boosted by ongoing technological advancements and project cost reductions
• Mandates and objectives for renewable energy increase global solar PV investment and related servicing income
• Increased servicing is necessary due to the installed base’s growth and ageing, in addition to the replacement of important parts like inverters and other balance of system equipment

Market Dynamics: Challenges

• Phasing out/reduction/elimination of renewable subsidies across a number of geographies and retrospective measures that focus on project costs cast pressure on servicing revenues and the margins of providers
• The tendency of some utilities to reduce costs through in-house maintenance limits business opportunities available on the open market

Market Segmentation

• Based on Contract Type, the Global Solar PV Services market is segmented into
  • Basic Services
  • Availability Guarantee Contracts
  • Energy Conversion Guarantee Contracts
• Based on End User, the Global Solar PV Services market is segmented into
  • Residential
  • Commercial & Industrial
  • Utilities
• Based on Geography, the Global Solar PV Services market is segmented into
  • Asia-Pacific
  • North America
  • Europe
  • Latin America
  • Middle East & Africa

• All market revenue has been given in US Dollar.

Historical Year: 2020-2021

Base Year: 2022

Estimated: 2023

Forecast- 2024-2030

Key Questions this Study will Answer

• What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Market Size-By Volume, Forecast Numbers, Market Segmentation, Market Shares) of Global Solar PV Services Market?
• What is the region wise industry size, growth drivers and challenges key market trends?
• What are the key innovations, opportunities, current and future trends and regulations in the Global Solar PV Services Market?
• Who are the key competitors, what are their key strength and weakness and how they perform in Global Solar PV Services Market based on competitive benchmarking matrix?
• What are the key results derived from the market surveys conducted during Global Solar PV Services Market study?