Global solar PV services market to record 6% growth


The global solar photovoltaic (PV) services market is expected to record a 16% growth between 2019 and 2030, according to Technavio.

The research firm forecasts revenue generation within the market to reach $10.81 billion.

The year over year growth rate for 2019 is estimated at 13.71%.

One of the key drivers for the market will be the increasing new installations and aging asset base of solar pv modules.

The continued decline in the prices of solar modules and the increasing support from governments is positively impacting on the solar market.

The increasing number of solar projects is also increasing the demand for consulting and technical services within the market.

At the same time, due to constant innovations within the renewables market, there has been the introduction of next-generation solar PV modules such as bifacial to generate power from both sides and mono PERC solar PV modules.

These innovative technologies require to be implemented making use ofr consulting and technical services since they are still new and technical

A senior analyst at Technavio, said:  “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.”

The APAC region led the solar pv services market in 2018, followed by the Americas, and EMEA respectively.

The market in APAC is expected to 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 market is highly fragmented with many players occupying the market share.