The photovoltaic system is used to convert sunlight into electricity without increasing the carbon footprint. It further stores energy for future use and has low operating costs as compared to traditional systems. It is used in a wide range of applications including residential, commercial & industrial, and utilities. The rising adoption of renewables in electronics, supportive government policies and initiatives for renewable energy sources, and rising demand for PV systems for residential applications are the factors responsible for the growth of the Photovoltaic Market over the forecast period 2020-2027. For instance, according to International Renewable Energy Agency (IRENA), the renewable share of total generation capacity rose from 33.3% in 2018 to 34.7% in 2019. Also, renewables made up 26.2 percent of global electricity generation in 2018 and are expected to rise to 45 percent in 2040, due to rising consumption from renewable energy (solar, wind, and hydropower), stated by the Center for Climate and Energy Solutions (C2ES). According to the Hawaii State energy office, Hawaii renewable portfolio standards (HRS 269-92) mandates 100 percent renewable energy in the electricity sector by 2045, whereas, in 2017, the renewable portfolio standards stood at 27.6 percent, more than 12 percent ahead of the interim statutory 2015 target of 15 percent. Such a rise in government mandates for renewable power consumption and increasing share of renewable power generation is expected to boost solar energy consumption which would propel the growth of the global Photovoltaic market. However, the lack of a skilled workforce for PV installation and maintenance is the major factor restraining the growth of the global Photovoltaic market during the forecast period.
Global Photovoltaic Market is valued approximately at USD 71.4 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 8.44% over the forecast period 2021-2027 and is estimated to reach USD 119.9 billion in 2027.
The regional analysis of the global Photovoltaic Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. The Asia Pacific is the leading/significant region across the world in terms of market share owing to the rising investment by government and key players in the region to increase the power generation without increasing the carbon footprint that leads to the market growth.
Major market players included in this report are JinkoSolar, JA Solar, Trina Solar, Xi’an Longi Silicon Materials Corporation, Canadian Solar Inc, First Solar Inc, Hanwha Q Cells, Mitsubishi Electric Corporation, Sharp Corporation, and Suntech Power Holdings Co., Ltd.
The detailed segments and sub-segment of the market are explained below:
By Type: Modules, Inverters, Balance of System (BOS)
Material: Silicon, Compounds
By Cell Type: Full Cell PV Modules, Half Cell PV modules
By Installation Type: Ground Mounted, Building-Integrated Photovoltaics (BIPV), Floating PV
By Application: Residential, Commercial & Industrial, Utilities
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