The market for semiconductors in solar photovoltaic (PV) power systems is anticipated to grow 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 policies.
- These limitations help to lessen environmental pollution by reducing reliance on fossil fuels. This primarily drives the demand for semiconductors in solar photovoltaic (PV) power systems, which in turn encourages the demand for renewable energy sources like solar energy.
- Additional factors that are anticipated to boost sales of semiconductors in solar photovoltaic (PV) power systems and fuel the expansion of the market include the decrease of carbon emissions and the production of cheap electricity.
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The use of semiconductors in solar photovoltaic (PV) power systems is an important aspect of the renewable energy industry. Semiconductors are materials that have properties between those of conductors and insulators, and they are used in a variety of electronic devices, including solar cells.
Solar PV power systems convert sunlight into electrical energy using photovoltaic cells, which are made up of semiconducting materials such as silicon. When sunlight strikes the solar cell, it excites electrons in the material, creating a flow of electricity. The electricity generated by the solar cell can be used directly or stored in batteries for later use.
Semiconductors are also used in other components of solar PV power systems, including inverters and charge controllers. Inverters convert the DC electricity produced by the solar panels into AC electricity that can be used by households or fed back into the grid. Charge controllers regulate the flow of electricity between the solar panels and the batteries to ensure that the batteries are not overcharged or discharged.
The market for semiconductors in solar PV power systems is driven by the growing demand for renewable energy and the increasing efficiency of solar PV technology. As solar PV technology continues to improve, more efficient semiconductors will be needed to capture and convert sunlight into electricity.
Leading semiconductor companies in the solar PV market include Texas Instruments, Infineon Technologies, STMicroelectronics, and Maxim Integrated. These companies provide a range of semiconductors for use in solar PV power systems, including power management ICs, microcontrollers, and voltage regulators.
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Key players in this market include
- Fairchild Semiconductor International Inc. (U.S.),
- JA Solar Holdings, Co., Ltd. (China),
- Mitsubishi Electric Corporation (Japan),
- Infineon Technologies AG (Germany),
- ABB Ltd. (Switzerland),
- Suntech Power Holdings Co., Ltd. (China),
- Hitachi Power Semiconductor Device Ltd. (Japan),
- Toshiba Corporation (Japan),
- STMicroelectronics N.V. (Switzerland),
- Fuji Electric Co. Ltd. (Japan),
- Vishay Intertechnology Inc (U.S.),
- Semikron Inc (Germany), and
- First Solar, Inc. (U.S.), among others.
This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology.
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Regional analysis includes
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East and Africa
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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