Global Photovoltaic Market, By Component (Modules, Inverters, Balance Of System (BOS)), System (High Concentration Photovoltaic (HCPV), Low Concentration Photovoltaic (LCPV)), Material (Silicon, Compounds), Cell Type (Full-Cell PV Modules, Half-Cell PV Modules), Installation Type (Ground Mounted, Building-Integrated Photovoltaics (BIPV), Floating PV), Application (Residential, Commercial and Industrial, Utilities), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Photovoltaic market size is valued at USD 142.47 billion by 2028 is expected to grow at a compound annual growth rate of 8.00% in the forecast period of 2021 to 2028. Data Bridge Market Research report on photovoltaic provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Photovoltaic (PV) is the type of the technology or a procedure of converting light (Sunlight) into electricity with the help of certain types of material such as semiconductors. These semiconducting materials exhibit the photovoltaic effect.
The high demand for PV systems for residential applications is expected to influence the growth of photovoltaic market over the forecast period of 2021 to 2028. Also the rapid innovation and decreasing cost of PV systems and energy storage devices are also anticipated to flourish the growth of the photovoltaic market. Furthermore, the rise in the government spreading awareness amongst individuals regarding the benefits of solar energy and rise in the concerns regarding climate change are also likely to positively impact the growth of the market. Moreover, the increase in the requirement for alternative energy sources and constant technological advancements in solar cell manufacturing are also expected create a huge demand for photovoltaic as well as lifting the growth of the photovoltaic market.
However, the dearth of skilled workforce for PV installation and maintenance and scarcity of operational land are expected to act as the major limitations for the growth of photovoltaic in the above mentioned forecasted period, whereas the manufacturing and supply chain constraints due to COVID-19 pandemic can challenge the photovoltaic market growth in the forecast period of 2021 to 2028.
Likewise, the rapid upsurge in demand for renewable energy, supportive government policies and initiatives and rise in the technological advancements in solar cell manufacturing are expected to create various new opportunities that will lead to the growth of the photovoltaic market in the above mentioned forecasted period.
This photovoltaic market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on photovoltaic market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Photovoltaic Market Scope and Market Size
Photovoltaic market is segmented on the basis of component, system, material, cell type, installation type, and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Photovoltaic market is segmented on the basis of component into modules, inverters and balance of system (BOS). Modules have further been segmented into organic photovoltaic (OPV), inorganic photovoltaic (IPV) and hybrid photovoltaic.
- On the basis of system, the photovoltaic market is segmented into high concentration photovoltaic (HCPV) and low concentration photovoltaic (LCPV).
- Based on material, the photovoltaic market is segmented into silicon and compounds. Silicon has further been segmented into crystalline silicon (C-SI) and thin film. Crystalline silicon (C-SI) has further been sub-segmented into monocrystalline and multi-crystalline/polycrystalline. Thin film has further sub-segmented into amorphous and nanocrystalline. Compounds have further been segmented into cadmium telluride (CDTE), gallium arsenide (GAAS) and indium phosphide (INP), perovskite and others.
- The cell type segment of the photovoltaic market is segmented into full-cell PV modules and half-cell PV modules.
- On the basis of installation type, the photovoltaic market is segmented into ground mounted, building-integrated photovoltaics (BIPV) and Floating PV.
- Based on application, the photovoltaic market is segmented into residential, commercial and industrial and utilities.
Photovoltaic Market Country Level Analysis
Photovoltaic market is analyzed and market size, volume information is provided by country, component, system, material, cell type, installation type, and application as referenced above.
The countries covered in the photovoltaic market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA)as a part of Middle East and Africa (MEA).
Asia-Pacific leads the photovoltaic market because of the strong presence of key players as well as the high adoption of PV modules in emerging countries such as China Japan, and India. North America is expected to expand at a significant growth rate of over the forecast period of 2021 to 2028 owing to the strong government and key players' support.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Photovoltaic Market Share Analysis
Photovoltaic market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to photovoltaic market.
The major players covered in the photovoltaic market report are JA SOLAR Technology Co., Ltd., Schneider Electric, Siemens, Mitsubishi Electric Corporation, GENERAL ELECTRIC, OMRON Corporation, SMA Solar Technology AG, Delta Energy Systems (Germany) GmbH, Enphase Energy, SolarEdge Technologies Inc., Huawei Technologies Co., Ltd., Shenzhen Kstar Science&Technology Co., Ltd., ENF Ltd., SUNGROW, Trina Solar, LONGi Solar, Canadian Solar, Q CELLS, SHARP CORPORATION and LG Electronics among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.