PV Market to Reach $188980 Mn by 2028 with a CAGR of 20.1%: Report

Strong government regulations like the Solar Investment Tax Credit, rapidly falling costs, green initiatives by businesses, and rising demand for sustainable electricity in both the private and public sectors are projected to fuel the expansion of the Photovoltaic market.

Even though the cost of solar has dramatically decreased over the past ten years, it is still a sizable investment for homeowners and business owners who want to reduce their electricity costs.

The federal government, state and local governments and even some utilities offer incentives to help make solar more accessible and inexpensive in an effort to promote the increased use of solar.

After solar panels are deployed, maintenance expenses are quite minimal when compared to those associated with conventional power-producing methods.

Solar energy doesn't require fuel, therefore it can generate vast amounts of electricity without the risk and price of ensuring a fuel supply. The advantages of using solar energy are most apparent over the long term. These factors are expected to drive the growth of the photovoltaic market.