Photovoltaic (PV) Market Research Report-Global Forecast till 2030

Photovoltaic (PV) Market Research Report Information By Type (Organic PV, Inorganic PV), Component (Cells, Modules and Optics), Application (Residential Applications, Non-Residential Applications) and Region- Forecast till 2030

ID: MRFR/SEM/0555-HCR | February 2021 | Region: Global | 110 Pages         

TABLE OF CONTENTS

1 Executive Summary

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.2.1 Research Objectives

2.2.2 Assumptions & Limitations

2.3 Markets Structure

3 Market Research Methodology

3.1 Research Process

3.2 Secondary Research

3.3 Primary Research

3.4 Forecast Model

4 Market Landscape

4.1 Porter’s Five Forces Analysis

4.1.1 Threat of New Entrants

4.1.2 Bargaining power of buyers

4.1.3 Threat of substitutes

4.1.4 Segment rivalry

4.1.5 Bargaining power of suppliers

4.2 Value Chain/Supply Chain of Photovoltaic Market

5 Industry Overview of Global Photovoltaic Market

5.1 Introduction

5.2 Growth Drivers

5.3 Impact analysis

5.4 Market Challenges

6 Market Trends

6.1 Introduction

6.2 Growth Trends

6.3 Impact analysis

7 Global Photovoltaic Market by Type

7.1 Introduction

7.2 Organic PV

7.2.1 Market Estimates & Forecast, 2020–2027

7.2.2 Market Estimates & Forecast by Region, 2020–2027

7.3 Inorganic PV

7.3.1 Market Estimates & Forecast, 2020–2027

7.3.2 Market Estimates & Forecast by Region, 2020–2027

8 Global Photovoltaic Market by Components

8.1 Introduction

8.2 Cells

8.2.1 Market Estimates & Forecast, 2020–2027

8.2.2 Market Estimates & Forecast, by Region, 2020–2027

8.2.3 Crystalline Silicon PV Cells

8.2.3.1 Market Estimates & Forecast, 2020–2027

8.2.3.2 Market Estimates & Forecast, by Region, 2020–2027

8.2.4 Crystalline Silicon PV Cells

8.2.4.1 Market Estimates & Forecast, 2020–2027

8.2.4.2 Market Estimates & Forecast, by Region, 2020–2027

8.3 Modules

8.3.1 Market Estimates & Forecast, 2020–2027

8.3.2 Market Estimates & Forecast, by Region, 2020–2027

8.4 Optics

8.4.1 Market Estimates & Forecast, 2020–2027

8.4.2 Market Estimates & Forecast, by Region, 2020–2027

9 Global Photovoltaic Market, by Application

9.1 Introduction

9.2 Residential Applications

9.2.1 Market Estimates & Forecast, 2020–2027

9.2.2 Market Estimates & Forecast, by Region, 2020–2027

9.3 Non-Residential Applications

9.3.1 Market Estimates & Forecast, 2020–2027

9.3.2 Market Estimates & Forecast, by Region, 2020–2027

10. Global Photovoltaic Market, by Region

10.1 Introduction

10.2 North America

10.2.1 Market Estimates & Forecast, by Country, 2020–2027

10.2.2 Market Estimates & Forecast, by Type, 2020–2027

10.2.3 Market Estimates & Forecast, by Components, 2020–2027

10.2.4 Market Estimates & Forecast, by Application, 2020–2027

10.2.5 US

10.2.5.1 Market Estimates & Forecast, by Type, 2020–2027

10.2.5.2 Market Estimates & Forecast, by Components, 2020–2027

10.2.5.3 Market Estimates & Forecast, by Application, 2020–2027

10.2.6 Canada

10.2.6.1 Market Estimates & Forecast, by Type, 2020–2027

10.2.6.2 Market Estimates & Forecast, by Components, 2020–2027

10.2.6.3 Market Estimates & Forecast, by Application, 2020–2027

10.2.7 Mexico

10.2.7.1 Market Estimates & Forecast, by Type, 2020–2027

10.2.7.2 Market Estimates & Forecast, by Components, 2020–2027

10.2.7.3 Market Estimates & Forecast, by Application, 2020–2027

10.3 Europe

10.3.1 Market Estimates & Forecast, Country, 2020–2027

10.3.2 Market Estimates & Forecast, by Type, 2020–2027

10.3.3 Market Estimates & Forecast, by Components, 2020–2027

10.3.4 Market Estimates & Forecast, by Application, 2020–2027

10.3.5 Germany

10.3.5.1 Market Estimates & Forecast, by Type, 2020–2027

10.3.5.2 Market Estimates & Forecast, by Components, 2020–2027

10.3.5.3 Market Estimates & Forecast, by Application, 2020–2027

10.3.6 France

10.3.6.1 Market Estimates & Forecast, by Type, 2020–2027

10.3.6.2 Market Estimates & Forecast, by Components, 2020–2027

10.3.6.3 Market Estimates & Forecast, by Application, 2020–2027

10.3.7 UK

10.3.7.1 Market Estimates & Forecast, by Type, 2020–2027

10.3.7.2 Market Estimates & Forecast, by Components, 2020–2027

10.3.7.3 Market Estimates & Forecast, by Application, 2020–2027

10.3.8 Spain

10.3.8.1 Market Estimates & Forecast, by Type, 2020–2027

10.3.8.2 Market Estimates & Forecast, by Components 2020–2027

10.3.8.3 Market Estimates & Forecast, by Application, 2020–2027

10.3.9 Italy

10.3.9.1 Market Estimates & Forecast, by Type, 2020–2027

10.3.9.2 Market Estimates & Forecast, by Components, 2020–2027

10.3.9.3 Market Estimates & Forecast by Application, 2020–2027

10.3.10 Rest of Europe

10.3.10.1 Market Estimates & Forecast, by Type, 2020–2027

10.3.10.2 Market Estimates & Forecast, by Components, 2020–2027

10.3.10.3 Market Estimates & Forecast by Application, 2020–2027

10.4 Asia-Pacific

10.4.1 Market Estimates & Forecast, Country, 2020–2027

10.4.2 Market Estimates & Forecast, by Type, 2020–2027

10.4.3 Market Estimates & Forecast, by Components, 2020–2027

10.4.4 Market Estimates & Forecast, by Application, 2020–2027

10.4.5 China

10.4.5.1 Market Estimates & Forecast, by Type, 2020–2027

10.4.5.2 Market Estimates & Forecast, by Components, 2020–2027

10.4.5.3 Market Estimates & Forecast, by Application, 2020–2027

10.4.6 India

10.4.6.1 Market Estimates & Forecast, by Type, 2020–2027

10.4.6.2 Market Estimates & Forecast, by Components, 2020–2027

10.4.6.3 Market Estimates & Forecast, by Application, 2020–2027

10.4.7 Japan

10.4.7.1 Market Estimates & Forecast, by Type, 2020–2027

10.4.7.2 Market Estimates & Forecast, by Components, 2020–2027

10.4.7.3 Market Estimates & Forecast, by Application, 2020–2027

10.4.8 Rest of Asia-Pacific

10.4.8.1 Market Estimates & Forecast, by Type, 2020–2027

10.4.8.2 Market Estimates & Forecast, by Components, 2020–2027

10.4.8.3 Market Estimates & Forecast, by Application, 2020–2027

10.5 Rest of the World

10.5.1 Market Estimates & Forecast, Country, 2020–2027

10.5.2 Market Estimates & Forecast, by Type, 2020–2027

10.5.3 Market Estimates & Forecast, by Components, 2020–2027

10.5.4 Market Estimates & Forecast, by Application, 2020–2027

10.5.5 Middle East & Africa

10.5.5.1 Market Estimates & Forecast, by Type, 2020–2027

10.5.5.2 Market Estimates & Forecast, by Components, 2020–2027

10.5.5.3 Market Estimates & Forecast, by Application, 2020–2027

10.5.6 Latin America

10.5.6.1 Market Estimates & Forecast, by Type, 2020–2027

10.5.6.2 Market Estimates & Forecast, by Components, 2020–2027

10.5.6.3 Market Estimates & Forecast, by Application, 2020–2027

11 Company Landscape

12 Company Profiles

12.1 Trina Solar Limited

12.1.1 Company Overview

12.1.2 Product/Business Segment Overview

12.1.3 Financial Updates

12.1.4 Key Developments

12.2 Canadian Solar Inc.

12.2.1 Company Overview

12.2.2 Product/Business Segment Overview

12.2.3 Financial Updates

12.2.4 Key Developments

12.3 Jinko Solar Holding Co., Ltd.

12.3.1 Company Overview

12.3.2 Product/Business Segment Overview

12.3.3 Financial Updates

12.3.4 Key Developments

12.4 Hanwha Q CELLS Co., Ltd.

12.4.1 Company Overview

12.4.2 Product/Business Segment Overview

12.4.3 Financial Updates

12.4.4 Key Developments

12.5 JA Solar Holdings

12.5.1 Company Overview

12.5.2 Product/Business Segment Overview

12.5.3 Financial Updates

12.5.4 Key Developments

12.6 GCL System Integration.

12.6.1 Company Overview

12.6.2 Product/Business Segment Overview

12.6.3 Financial Updates

12.6.4 Key Developments

12.7 Kaneka Corporation

12.7.1 Company Overview

12.7.2 Product/Business Segment Overview

12.7.3 Financial Updates

12.7.4 Key Developments

12.8 Sharp Corporation

12.8.1 Company Overview

12.8.2 Product/Business Segment Overview

12.8.3 Financial Updates

12.8.4 Key Developments

12.9 Risen Energy Co. Ltd

12.9.1 Company Overview

12.9.2 Product/Business Segment Overview

12.9.3 Financial Updates

12.9.4 Key Developments

12.10 Shunfeng International Clean Energy Limited

12.10.1 Company Overview

12.10.2 Product/Business Segment Overview

12.10.3 Financial Updates

12.10.4 Key Developments

12.11 Suntech Power Co.

12.11.1 Company Overview

12.11.2 Product/Business Segment Overview

12.11.3 Financial Updates

12.11.4 Key Developments

13 Conclusion

LIST OF TABLES

Table 1 Global Photovoltaic Market, by Region, 2020–2027

Table 2 North America: Photovoltaic Market, by Country, 2020–2027

Table 3 Europe: Photovoltaic Market, by Country, 2020–2027

Table 4 Asia-Pacific: Photovoltaic Market, by Country, 2020–2027

Table 5 Middle East & Africa: Photovoltaic Market, by Country, 2020–2027

Table 6 Latin America: Photovoltaic Market, by Country, 2020–2027

Table 7 Global Photovoltaic Market, by Type Market, by Region 2020–2027

Table 8 North America: Photovoltaic Market, by Type Market, Country, 2020–2027

Table 9 Europe: Photovoltaic Market, by Type Market, Country, 2020–2027

Table10 Asia-Pacific: Photovoltaic Market, by Type Market, Country, 2020–2027

Table11 Middle East & Africa: Photovoltaic Market, by Type Market, by Country, 2020–2027

Table12 Latin America: Photovoltaic Market, by Type Market, by, Country, 2020–2027

Table13 Global Photovoltaic Market, by Components Market, by Region, 2020–2027

Table14 North America: Photovoltaic Market, by Components Market, by Country, 2020–2027

Table15 Europe: Photovoltaic Market, by Components Market, by Country, 2020–2027

Table16 Asia-Pacific: Photovoltaic Market, by Components Market, by Country, 2020–2027

Table17 The Middle East & Africa: Photovoltaic Market, by Components Market, by Country, 2020–2027

Table18 Latin America: Photovoltaic Market by, Components Market, by Country, 2020–2027

Table19 Global Photovoltaic Market, by Application Market, by Region, 2020–2027

Table20 North America: Photovoltaic Market, by Application Market, by Country, 2020–2027

Table21 Europe: Photovoltaic Market, by Application Market, by Country, 2020–2027

Table22 Asia-Pacific: Photovoltaic Market, by Application Market, by Country, 2020–2027

Table23 The Middle East & Africa: Photovoltaic Market, by Application Market by Country, 2020–2027

Table24 Latin America: Photovoltaic Market, by Application Market by Country, 2020–2027

Table25 Global Photovoltaic Market, by Type Market, by Region, 2020–2027

Table26 Global Photovoltaic Market, by Components Market, by Region, 2020–2027

Table27 Global Photovoltaic Market, by Application Market, by Region, 2020–2027

Table28 North America: Photovoltaic Market, by Country

Table29 North America: Photovoltaic Market, by Type

Table30 North America: Photovoltaic Market, by Components

Table31 North America: Photovoltaic Market, by Application

Table32 Europe: Photovoltaic Market, by Country

Table33 Europe: Photovoltaic Market, by Type

Table34 Europe: Photovoltaic Market, by Components

Table35 Europe: Photovoltaic Market, by Application

Table36 Asia-Pacific: Photovoltaic Market, by Country

Table37 Asia-Pacific: Photovoltaic Market, by Type

Table38 Asia-Pacific: Photovoltaic Market, by Components

Table39 Asia-Pacific: Photovoltaic Market, by Application

Table40 The Middle East & Africa: Photovoltaic Market, by Country

Table41 The Middle East & Africa: Photovoltaic Market, by Type

Table42 The Middle East & Africa: Photovoltaic Market, by Components

Table43 The Middle East & Africa: Photovoltaic Market, by Application

Table44 Latin America: Photovoltaic Market, by Country

Table45 Latin America: Photovoltaic Market, by Type

Table46 Latin America: Photovoltaic Market, by Components

Table47 Latin America: Photovoltaic Market, by Application

LIST OF FIGURES

FIGURE 1 Global Photovoltaic Market Segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Porter’s Five Forces Analysis of Global Photovoltaic Market

FIGURE 4 Value Chain of Global Photovoltaic Market

FIGURE 5 Share of Global Photovoltaic Market in 2017, by Country (in %)

FIGURE 6 Global Photovoltaic Market, 2020–2027

FIGURE 7 Sub-segments of Type

FIGURE 8 Global Photovoltaic Market Size, by Type, 2017

FIGURE 9 Share of Global Photovoltaic Market, by Type, 2020 to 2027

FIGURE 10 Global Photovoltaic Market, by Components, 2017

FIGURE 11 Share of Global Photovoltaic Market, by Components, 2020to 2027

FIGURE 12 Global Photovoltaic Market, by Application, 2020 to 2027

FIGURE 13 Share of Global Photovoltaic Market, by Application, 2020 to 2027

Photovoltaic Market

Photovoltaic (PV) Market expected to reach USD 124.2 Billion by 2030, growing at a CAGR of 8.5%.

Segmentation

By Type Organic Pv Inorganic Pv
By Component Modules Cells Optics
By Application Residential Applications Non Residential Applications
By Region North America Europe Asia Pacific Rest Of The World (Ro W)

Key Players

  • Risen Energy Co. Ltd (China)
  • Shunfeng International Clean Energy Limited (China)
  • Mitsubishi Electric Corporation (Japan)
  • GCL System Integration (Hong Kong)
  • JA Solar Holdings (China)
  • Kaneka Corporation (Japan)
  • Sharp Corporation (Japan)
  • Suntech Power Co.
  • Trina Solar Limited (China)
  • Canadian Solar Inc. (Canada)
  • Jinko Solar Holding Co.
  • Ltd. (China)
  • Hanwha Q CELLS Co.
  • Ltd. (South Korea)

Drivers

  • The increasing requirement for alternative energy sources. Rising concerns regarding climate change.
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Market Overview


Generally, photovoltaic systems are widely used in converting sunlight into electricity. It is eco-friendly as it can produce energy without increasing the carbon footprint from a renewable source. It has proven to offer low operating costs as it is different from the traditional systems. As the electricity demand increases daily, the demand for solar panels for power generation is going higher. The increasing requirement for alternative energy sources and rising concerns regarding climate change are the two major factors that contribute to solar photovoltaic (PV) market growth.


The Photovoltaic (PV) Market has expectations to meet the growth of USD 124.2 Billion by the end of the year 2030, at a CAGR of 8.5% for the forecast 2020-2030.


All over the world, governmental authorities are concentrating on solar energy-powered systems and investing more to produce energy through solar panels. Along with this, the government is spreading awareness among individuals regarding the benefits of solar energy. In the Asia-Pacific region, India has increased solar power utilization as the Indian government has implemented a subsidy to all Indian individuals.


The research report explains that the power generation cost using fossil fuels is much higher regularly, but the cost can be reduced by using solar energy. Thus, varying weather conditions and high technical complexity are expected to enhance the forecast period's PV market growth.


The present report has given more focus on the photovoltaic market Trends growth and development. It includes the market segments, market dynamics, COVID-19 analysis, comparative analysis, and other factors by studying various world regions. The global market size of the PV market was immense in the before forecast period.


Global Impact of COVID-19


The unpredicted COVID-19 has a global impact that showed a negative demand stock all over the countries. In 2020, the PV market value and size dropped due to lockdown all over the world. In the first half of 2020, the PV market was running down due to the workforce's restrictions and unavailability. The construction of the solar PV power plant was also delayed due to the COVID-19 outbreak. Furthermore, the global market experienced disruption in the supply chain due to several reasons.


Overall, the report says that the pandemic has a negative impact on the global market. But in the present scenario, the global market has taken up the speed now to increase the PV market's growth.


Market Dynamics



  • Major Market Drivers


Now that the COVID breakdown has lost its weightage over the market production pace, the key players are exerting immense developments to drive the market growth. The prominent market driving assets for the Global Photovoltaic Market are the growing number of off-grid areas worldwide and increasing investment in solar energy.


Moreover, the PV market is meant to offer diverse applications to different firms. Therefore, the market is growing, and opportunities are being evolved for better work efficiency.



  • Opportunities for the PV Market


The growth opportunities of the market are increasing at higher rates. The need for energy is highly essential within the industrial sector and other sectors too. The work operations that are being conducted with advanced machinery require high energy input for streamlined operations.


The photovoltaic market Analysis report explains the industries need to store energy to multiply the power supply aspects when there is a need for more energy. This is because more energy is required to make the machines work efficiently to enhance industry productivity.



  • Restraints of PV Market


Generally, solar power projects require a wide area of land for the generation of power.  The selection of land can be the major restraints of the global market.  The key players attend to the PV market's primary concerns to find ideal remedies to deal with the restraint.


The power generation needs to be improved to ensure that the output can be enhanced for related industries. The global PV market size will boom in the current forecast years as the key players find the ideal ways to overcome the restraint.



  • Challenges Experienced by the market


Like the restraints, the global PV market also faced challenges in the use of land and low energy problems. These challenges need to be eradicated to ensure higher productivity in terms of sales and revenue generation.


The key players are enhancing the efficiency of PV market share by technology within the market to improve sales and opportunities. The land issues and low energy problems are often recorded by the end-users, which will be attended by the key players in the present forecast years.



  • Cumulative Growth Analysis of Global PV Market


The global PV market analysis is recorded to be at a CAGR of 16.7%, which is comparatively high. The market revenue prediction for the present forecast years is relatively higher than the previous 2017 report.


The report explains that the key players of different regions are putting in their collective efforts and strengths to ensure that the market thrives across various areas regarding increased demands and sales.


Technology Analysis of Global PV Market


Many sectors have successfully adapted to the global PV market, due to which the overall growth potential has enhanced. Some of the PV market's intended audiences are Raw material suppliers, Integrated device manufacturers (IDMs, Fabless vendors, fabrication players, Original device manufacturers (ODMs, Electronic design automation (EDA) & design tool vendors, Fabrication, wafer, & foundry process equipment vendors, Power and Energy industry, Original equipment manufacturers (OEMs), Assembly, testing, & packaging vendors, Government and Research and development organizations, etc.


These sectors have understood the industry's demands for increasing the functionality of monocrystalline silicon, polycrystalline silicon, thin-film, and other technologies. So the key players are also enhancing the technology potential behind the service to increase sales and production opportunities.


Market Segment Overview



  • By Type


The global PV market is segmented into organic PV and inorganic PV based on the type segmentation. The companies and consumers have adapted these product services for diverse needs.


The photovoltaic market Report explains that these two types have their significance and perks in end outcomes. Various end-users pick their selected type to meet their requirement and develop their product.



  • By Component


The segmentation global PV market outlook is classified into modules, cells, and optics. Hence, the distribution service efficiency has preferred these components according to their requirement.


Diverse companies have their requirements and choices within the PV market, and these companies are trying to fulfill their best implementations to the global market.



  • By Application


The PV market has been segmented into various applications, such as residential applications and non-residential applications.


The report explains that with the various photovoltaic applications, the global market demand increases and creates more industrialists' opportunities.


Regional Analysis


Based on the regional analysis, the PV market is widely spread across various global regions. Some of the top-performing regions worldwide are North America, Europe, Asia Pacific, Europe, and the rest of the world.  Out of all the regions, the Asia-Pacific has domination in the PV market share due to vendors and various key players in this region.


North America is expected to generate the second largest market share as the global market has government and key players' support.


Competitive Landscape Analysis of the PV Market


The prominent key players of this PV market are:



  • Risen Energy Co. Ltd (China),

  • Shunfeng International Clean Energy Limited (China),

  • Mitsubishi Electric Corporation (Japan),

  • GCL System Integration (Hong Kong),

  • JA Solar Holdings (China),

  • Kaneka Corporation (Japan),

  • Sharp Corporation (Japan),

  • Suntech Power Co.,

  • Trina Solar Limited (China),

  • Canadian Solar Inc. (Canada),

  • Jinko Solar Holding Co., Ltd. (China),

  • Hanwha Q CELLS Co., Ltd. (South Korea)


The photovoltaic market Leaders or players have adopted various strategies to uplift the photovoltaic market size.


Recent Developments of PV Market



  • In July 2020, India's prime minister inaugurated Asia’s largest solar power plant in Rewa district, Madhya Pradesh. Every year, this plant will reduce emissions similar to approximately 15 lakh tonnes of carbon dioxide.

  • In August 2020, Canadian Solar declared one of the largest commercial and industrial rooftop solar projects in Penang, Malaysia. This project coverage will be over 26,000 m2.


Report Overview


The report overview is as follows:



  • Overview of the market

  • COVID19 Analysis

  • Market dynamic analysis

  • Technology analysis of PV market

  • Market segmentation overview

  • Regional classification analysis

  • Competitive landscape analysis

  • Recent Developments of PV market


The report puts light on the global photovoltaic market size and its growth all over the regions.


Segmental Table



  • By Type

    • organic PV

    • inorganic PV



  • By Component

    • modules,

    • cells,

    • optics



  • By Application

    • residential applications,

    • non-residential applications



  • By Region

    • North America,

    • Europe,

    • Asia-Pacific

    • rest of the world





Report Scope:
Report Attribute/Metric Details
  Market Size   USD 124.2 Billion
  CAGR   8.5%
  Base Year   2019
  Forecast Period   2020-2030
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Component, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Risen Energy Co. Ltd (China), Shunfeng International Clean Energy Limited (China), Mitsubishi Electric Corporation (Japan), GCL System Integration (Hong Kong), JA Solar Holdings (China), Kaneka Corporation (Japan), Sharp Corporation (Japan), Suntech Power Co., Trina Solar Limited (China), Canadian Solar Inc. (Canada), Jinko Solar Holding Co., Ltd. (China), Hanwha Q CELLS Co., Ltd. (South Korea)
  Key Market Opportunities   Governmental authorities are concentrating on solar energy-powered systems and investing more to produce energy through solar panels.
  Key Market Drivers

  • The increasing requirement for alternative energy sources.
  • Rising concerns regarding climate change.


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    Frequently Asked Questions (FAQ) :

    The PV market is classified into different segments that include regions, types, components, and applications.

    The PV market is expected to grow at a CAGR of 8.5% for the present forecast years.

    Asia-Pacific region has domination over the PV market and generating more market revenue.