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. 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.
Photovoltaic Market Detailed Regional Analysis
The assessment of the regions in the photovoltaic market globally Asia Pacific, North America, Europe, and the rest of the world. The AsiaPacific region is estimated to lead the photovoltaic market owing to the incidence of numerous key players and vendors in the region. China is controlling the photovoltaic market in both the usage and manufacturing with a market stake of more than 35% in the photovoltaic market globally. Furthermore, the government in India is taking initiatives by offering subsidy to the factories and manufacturing amenities using solar panels for power generation. In the Asia Pacific region, some research and development activities are taking place to increase the power generation capacity. The government and key companies are financing the development activities in the region to boost the power generation capacity without raising the carbon footprint that controls the market growth. The North American region is assessed to be the second-largest region owing to the incidence of several industries and important players in the region along with many initiatives being taken by the government. The European region is expected to flourish at a moderate rate owing to minimal investment activity by the European Union in the region for solar energy.
TABLE OF CONTENTS
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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LIST OF TABLES
Table 1 Global Photovoltaic Market, By Region, 2018–2023
Table 2 North America: Photovoltaic Market, By Country, 2018–2023
Table 3 Europe: Photovoltaic Market, By Country, 2018–2023
LIST OF FIGURES
FIGURE 1 Global Photovoltaic Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Photovoltaic Market
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