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.
In 2017, the Photovoltaic (PV) Market registered to grow USD 225.6 Billion. Further, it has expectations to meet the growth of USD 547.15 Billion by the end of the year 2023, at a CAGR of 8.2% for the forecast period.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The prominent key players of this PV market are:
The photovoltaic market Leaders or players have adopted various strategies to uplift the photovoltaic market size.
Recent Developments of PV Market
The report overview is as follows:
The report puts light on the global photovoltaic market size and its growth all over the regions.
|Market Size||USD 102.9 Billion|
|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||
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 16.7% for the present forecast years.
Asia-Pacific region has domination over the PV market and generating more market revenue.