Category : ICT | Published at : June-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The global photovoltaic market is expected to grow at a CAGR of around 21.4% from 2020 to 2027 and expected to reach the market value of around US$ 1,039.4 Bn by 2027.
Photovoltaics or PV technology is used for the generation of electricity by converting solar radiation into direct current electricity using semiconductor that helps in exhibiting photovoltaic effect. The materials used in the manufacturing of photovoltaic include poly dimethyl siloxane, thermoplastic polyurethane, thermoplastic polyurethane, ethylene vinyl acetate, and polyvinyl butyral. Additionally, these are based on thin-film, mono Si, and multi Si technology. The photovoltaic system involves high concentrated PV (HCPV), and Low concentrated PV (LCPV).
Market Dynamics
The favorable government support in terms of government policies and initiatives are driving the market growth. The beneficial features associated with organic photovoltaics such as low manufacturing cost and availability of abundant materials. The increasing demand for solar systems in residential applications due to rising awareness about renewable energy resources is driving the market growth. Furthermore, decreasing costs of solar systems and energy storage devices and parallel increasing prices of fossil fuels are projected to provide potential opportunities over the forecast timeframe from 2020 to 2027.
On the other side, the high cost associated with the installation, storage, and power conversion devices is projected to hinder the growth.
Utility applications accounted for the major share in the global market
By application, the utility segment leading the market in 2019, and the segment is also projected to maintain its dominance over the estimated period. The photovoltaics applications are used for power generation in the telecommunication and aerospace & defense industries. The increasing investment in R&D of satellites for civil & military purposes, as well as high usage of this technology to power military satellite using a solar panel, is supporting the market value. Additionally, the continuous development in telecommunication technologies like 4G and 5G technologies which require set up of new towers to increase the bandwidth of mobile services is further anticipated to accelerate demand in the market.
The market research study on “Photovoltaic Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global photovoltaic market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Photovoltaic market, its type, component, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Photovoltaic market size and volume, and segment markets by type, component, application, and geography along with the information on companies operating in the market. The Photovoltaic market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific accounted for the major share in the Photovoltaic Market
Asia Pacific has registered a maximum share in the global market due to the low cost of production in APAC Countries. The major contributors to the maximum region market value are Japan, China and India. Additionally, the increasing environmental concern, favorable government support and rising focus of major manufacturers in the regional market are accelerating the market value. Moreover, The region is further projected to exhibit fastest growth over the estimated period from 2020 to 2027.
The players profiled in the report include Canadian Solar (Canada), JA Solar Co. Ltd (China), Jinko Solar (China), Kaneka Corporation (Japan), Kyocera Corporation (Japan), Mitsubishi Electric Corporation (Japan), Panasonic Corporation (Japan), ReneSola Co. Ltd (China), Sharp Corporation (Japan), Suntech Power Holdings Co. Ltd (China), Trina Solar (China), and Yingli Green (China).
Market Segmentation
Market By Type
- Organic
- Inorganic
Market By Component
Cells
- Crystalline silicon PV cells
- Thin film PV cells
Optics
Trackers
Market By Application
Residential applications
Non-residential applications
Utility applications
- Power plants applications
- Military & space applications
Market By Geography
North America
- U.S.
- Canada
Europe
- UK.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
Photovoltaics or PV technology is used for the generation of electricity by converting solar radiation into direct current electricity using semiconductor that helps in exhibiting photovoltaic effect.
The materials used in the manufacturing of photovoltaic include poly dimethyl siloxane, thermoplastic polyurethane, thermoplastic polyurethane, ethylene vinyl acetate, and polyvinyl butyral.
The market for photovoltaic is expected to reach the market value of around US$ 1,039.4 Bn by 2027.
The market for photovoltaic is expected to grow at a CAGR of around 21.4% from 2020 to 2027.
Utility are the leading segment by application in the photovoltaic market.
The favorable government support in terms of government policies and initiatives, beneficial features associated with the organic photovoltaics, increasing demand for solar systems in residential applications, and rising awareness about the renewable energy resources are some of the factors supporting the market value.
Asia Pacific held the highest market share in the photovoltaic market.
