Technavio projects that the Solar Photovoltaic Market will increase by USD 47.16 billion, with a CAGR of 8.42% between 2022 and 2027. Historical data from 2017 to 2021 highlights increased demand, primarily driven by the growing focus on decarbonization, advancements in thin-film solar cells and photovoltaic inverters, and grid electrification initiatives. However, the market faces competition from alternative energy sources, issues related to the intermittent nature of solar systems, and high initial investment and maintenance costs. Despite these challenges, the market outlook is optimistic, with ongoing technological innovations improving the efficiency and affordability of solar technology. With the global shift toward renewable energy, solar photovoltaic systems will play a crucial role in shaping the future energy landscape.

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