The Photovoltaic Market that valued at USD 225.6 billion, is set to increase to a valuation of USD 547.15 billion by the end of the forecast period.
— Market Scope
Photovoltaics are presenting itself as highly desirable among people, effectively serving residential heat and electricity requirement. Market Research Future (MRFR) reveals that the worldwide market for photovoltaic is anticipated to exhibit a 16.7% CAGR over the assessment period (2017-2023).
MRFR listed some popular players in the photovoltaic market. They are; Canadian Solar Inc. (Canada), Trina Solar Limited (China), Hanwha Q CELLS Co., Ltd. (South Korea), Jinko Solar Holding Co., Ltd. (China), JA Solar Holdings (China), GCL System Integration (Hong Kong), Sharp Corporation (Japan), Kaneka Corporation (Japan), Shunfeng International Clean Energy Limited (China), Risen Energy Co. Ltd (China), Suntech Power Co., Mitsubishi Electric Corporation (Japan), and others.
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September 2019 A 50 mega-watt Alternating Current (MWAC) Photovoltaic Solar Farm was launched at Kuala Ketil in Kedah, Malaysia.
As the world population density intensifies, the demand for residential electricity supply surge. The ability of photovoltaic to generate high amount and cost-effective energy, from renewable energy sources such as solar energy, is expected to gain momentum for its market. In addition, as photovoltaic harness energy from naturally renewable resource, a reduction in the carbon footprint is noted, unlike, other traditional systems. Stringent government policies regarding environmental protection is expected to benefit the global photovoltaic market in the coming years. Moreover, advancing technologies are also likely to favor innovations, which, are likely to augment the market growth.
The global market for photovoltaic has been studied in segments for better understanding. The market has been segmented on the basis of material, technology, type, application, and component.
By technology, the global market has been segmented into Mono-Si, Multi-Si, Thin-Film, Single Crystal & Polycrystalline, and others.
By application, the worldwide market has been segmented into residential, government, and non-residential. The residential segment is accounted for the market’s major share and thrive at a higher CAGR across the review period. The increase in popularity of photovoltaic systems is due to their applications in electric power generation, serving residential needs at a low price.
By materials, the worldwide market can be segmented into Polyolefin, Polyvinyl butyral, Thermoplastic polyurethane, Poly dimethyl siloxane, Ethylene vinyl acetate, Ionomer, and others.
By type, the market for photovoltaic has been segmented into concentrated PV market, thin film PV market, solar PV market, and others.
By components, the global market has been segmented into trackers, optics, modules, cells, and others.
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Detailed Regional Analysis
By region, the photovoltaic market growth investigation covers Europe, North America, Asia-Pacific, and The Rest of the World (RoW).
Asia-Pacific accounted for more than 35% share of the global photovoltaic market. Various eminent vendors that are residing in APAC is expected to actively contribute to the growth of the regional photovoltaic market. China is likely to dominate the APAC photovoltaic market. In addition, the Indian government initiatives to provide subsidies to manufacturing plants and factories to deploy solar panels for power generation can also encourage the regional market growth. Alongside, the APAC photovoltaic market expansion can be attributed to the increase in number of research and development undertakings to device methods for augmenting power generation capacity, reducing the carbon footprint. North America is expected to secure the second position in the worldwide photovoltaic market. The residence of key players contributing significantly to the market expansion is likely to promote the regional market growth. The market in Europe is anticipated to expand at a steady rate.
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