Opportunities, Challenges, and Future Prospects of the Solar Cell Market

Abstract

The production and consumption of energy must be converted to renewable alternatives in order to meet climate targets. During the past few decades, solar photovoltaic systems (PVs) have become increasingly popular as an alternative energy source. PVs generate electricity from sunlight, but their production has required governmental support through market interventions due to their lack of competitiveness on the energy market. Despite 40 years of attempts to establish PV technology through such interventions, the aim of this paper is to find out what general conclusions can be drawn regarding different technologies. Our study examines peer-reviewed studies from the start of PV technology up to 2023 to answer these questions. The literature indicates that not only developed countries but also developing and emerging nations possess significant potential to mitigate the adverse effects of climate change by adopting renewable energy sources. Leading market players can offer support to these less developed countries by subsidizing both equipment and installation processes. As a result, this initiative can contribute to sustainable development on our planet.