The global photovoltaic market was valued at $53,916.0 million in 2018, and is projected to reach $333,725.1 million by 2026, growing at a CAGR of 25.1% from 2019 to 2026.
Photovoltaic energy is the energy produced by the sun’s radiation, which is transformed into electricity in photovoltaic cells. The electricity is then fed into the electricity network for can then be used in electrical equipment. Photovoltaic energy technology is widely used in rooftop solar installations to provide stored energy for residential buildings at a low cost. In addition, on a commercial scale, photovoltaic technology is used in solar lamps, parking meters, emergency telephones, trash compactors, temporary traffic signs, charging stations, and remote guard posts & signals.
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Top Market Players: Abengoa, Acciona, Canadian Solar, First Solar, JA Solar Co., Ltd., Renesola, Sharp Corporation, Tata Power Solar Systems Ltd., Trina Solar, and Wuxi Suntech Power Co., Ltd.
Moreover, it is used in solar buses and cars to provide electricity to run the vehicle motor. Furthermore, in the agricultural sector, photovoltaic technology is widely in solar drying to dry crops faster. It is further used in photovoltaic panels, which generate electricity to run water pumps, and serves as an economical option as compared to new electric lines to provide power to remote locations. Moreover, photovoltaic technology is used in aerospace & defense sector for manufacturing of solar panels to be used in satellite to generate electricity for smooth working of satellite in space. In addition, in telecommunication industry, it is widely used in PV modules consisting of silicon solar cells connected in series or parallel that provide the required charging current for batteries, thus enabling maintenance-free operation and reduced storage costs for the entire system.
The growth of the global photovoltaic market is majorly driven by increase in energy demand due to rising population, In addition, surge in need for sustainable energy resources has been witnessed across the globe, coupled with favorable government regulations. These regulations focus on the reduced dependency on fossil fuels and help in controlling environmental pollution. This in turn is favoring the demand for renewable energy sources such as solar energy, and is the key factor that fuels the demand for photovoltaic energy. In addition, reduction of carbon footprint and upsurge in need for low-cost energy generation are expected to propel the growth of the photovoltaic market.
However, factors such as high cost of installation, storage, and power conversion devices and low efficiency of PV module are expected to hinder the growth of this market. On the contrary, decrease in cost of solar systems and energy storage devices is expected to offer lucrative opportunity for market growth. In addition, increase in prices of fossil fuels is anticipated to provide remunerative opportunities for market expansion, as rise in prices of fossil fuels, such as coal, will boost the cost of electricity generation, which in turn will result in increase in usage of photovoltaic energy.
The global photovoltaic market is segmented based on technology, system, application, and region. Depending on technology, the market is classified into thin film (cadmium telluride, copper indium gallium diselenide, and amorphous thin-film silicon), mono-Si and multi-Si. The systems covered in the study include high concentrated PV (HCPV) and low concentrated PV (LCPV). On the basis of application, the market is classified into industrial, residential, and commercial. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Thailand, Australia, and rest of Asia-Pacific), and LAMEA (Chile, South Africa, Turkey, and rest of LAMEA).
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Table of Contents
Chapter 1 provides an overview of Photovoltaic market, containing global revenue, global production, sales, and CAGR. The forecast and analysis of Photovoltaic market by type, application, and region are also presented in this chapter.
Chapter 2 is about the market landscape and major players. It provides competitive situation and market concentration status along with the basic information of these players.
Chapter 3 provides a full-scale analysis of major players in Photovoltaic industry. The basic information, as well as the profiles, applications and specifications of products market performance along with Business Overview are offered.
Chapter 4 gives a worldwide view of Photovoltaic market. It includes production, market share revenue, price, and the growth rate by type.
Chapter 5 focuses on the application of Photovoltaic, by analyzing the consumption and its growth rate of each application.
Chapter 6 is about production, consumption, export, and import of Photovoltaic in each region.
Chapter 7 pays attention to the production, revenue, price and gross margin of Photovoltaic in markets of different regions. The analysis on production, revenue, price and gross margin of the global market is covered in this part.
Chapter 8 concentrates on manufacturing analysis, including key raw material analysis, cost structure analysis and process analysis, making up a comprehensive analysis of manufacturing cost.
Chapter 9 introduces the industrial chain of Photovoltaic. Industrial chain analysis, raw material sources and downstream buyers are analyzed in this chapter.
Chapter 10 provides clear insights into market dynamics.
Chapter 11 prospects the whole Photovoltaic market, including the global production and revenue forecast, regional forecast. It also foresees the Photovoltaic market by type and application.
Chapter 12 concludes the research findings and refines all the highlights of the study.
Chapter 13 introduces the research methodology and sources of research data for your understanding.
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