This research estimates the size and trends of the global solar photovoltaic operation and maintenance (O&M) market as of 2023. The methodology for this work includes segmentation of the global market to multiple countries, with each country having a different ratio of residential, commercial, industrial and utility scale solar installations. The result of this study for 2023 - global solar photovoltaic (PV) market O&M size cap is 21.1 billion USD, composed of distributed (residential and commercial) 7.3 billion USD and centralized (large industrial and utility-scale) 11.9 billion USD segments. The estimate is that by 2025 the global solar PV O&M market would grow to a total of 31.0 billion USD, composed of 14.9 billion USD distributed and 16.1 billion USD centralized solar market segments.
The methodology for this work includes segmentation of the global market to multiple countries, with each country having a different ratio of residential, commercial and utility-scale solar installations. Over 20 million solar PV facilities are deployed globally, including different ratios of distributed and centralized solar for each country. By utilizing an estimate of facility size ratios within each country multiplied by annual O&M cost and added together, one can obtain a global estimate of O&M costs. The methodology includes figures for major countries with massive solar deployments from a variety of sources and when unavailable - an estimate is utilized. It is important to emphasize that definitions for the matter of this study for residential scale are <25kWp, commercial is <1MWp, Industrial is <10MWp and utility scale is anything above 10MWp. Different countries apply varying size definitions for those segments, thus for instance in US utility-scale is defined as >5MWp. Hence, the results of this study may somewhat differ from others depending on definitions.
The updated figures for 2022 are re-calculated with the new definition of solar O&M costs, revising previous figures of 10.9 billion USD, composed of distributed (residential and commercial) 4.6 billion USD and centralized solar (industrial and utility-scale) 6.3 billion USD segments to 17.6 billion USD composed of 7.3 billion UDD distributed and 10.3 billion USD centralized solar O&M markets. The change is largely due to inclusion of more equipment costs in the formula making it closer to the real-life situation.
The preliminary estimate for 2023 is that global solar PV O&M market would be at a total of 21.1 billion USD, composed of 9.2 billion USD distributed and 11.9 billion USD centralized solar O&M segments. The estimate of this study for 2024 is that global solar photovoltaic (PV) market O&M size cap is to reach 25.7 billion USD, composed of distributed (residential and commercial) 11.8 billion USD and centralized solar (large industrial and utility-scale) 13.9 billion USD segments. By 2025 the global solar PV O&M market is estimated to grow to a total of 31.0 billion USD, composed of 14.9 billion USD distributed and 16.1 billion USD centralized solar segments. The rate of PV deployment growth in the rest of the decade is estimated to increase to as much as 1 TWp annual and hence is expected to be more much aggressive than during 2015-2019 period, implicating a parallel rapid growth in solar O&M market.
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