photovoltaic market is expected to foresee significant growth. Asia-Pacific to lead the growth!

Global photovoltaic market is expected to reach the market valuation of US$ XX billion by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX billion in 2020. The surging electricity generation demand due to the growing population coupled with increasing need to adopt sustainable energy resources. This is driving the market demand for photovoltaic and expected to fuel in the forecasted period as well.

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The increasing focus to reduce the dependency of fossil fuel and rising need to control environment pollution are driving the demand of photovoltaic market. In addition, the emerging population escalating need for energy generation coupled with the governments in various regions are constantly working towards formulating policies to provide photovoltaic projects with grid connection convenience are overall creating demand for global photovoltaic market. However, lack of skilled workforces for installation and maintenance of photovoltaic is hampering the market growth of global photovoltaic market. In addition, the large area of land requires to install photovoltaic for utilities application which further degrades the land. Therefore, shortage or unavailability of land is also creating challenge for the photovoltaic installation for different industries.

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During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. The lockdown imposed in various regions led to complete shutdown of manufacturing facilities to reduce the spread of Covid-19 that had severely disrupted the supply chain. This has also impacted the manufacturing of photovoltaic in china which has a direct impact on global photovoltaic market demand. However, market share for photovoltaic is expected to revive post 2020. It is mainly due to the increasing adoption of renewable power owing to growing concern to protect the environment from hazardous emission. Further, favorable government policies is propelling the growth of the market.

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• Based on type the global photovoltaic market is segmented into modules, inverters and balance of systems. Currently inverters segment dominates the market. As solar inverter can convert DC power to AC power which then is effective to use for residential application. Moreover, the increasing advancement in solar inverter technology helps in improving its performance level and with surging adoption of rooftop photovoltaic, solar inverter demand is also rising which in turn would accelerate the inverter market share in the forecasted period as well.
• Based on material, the market is bifurcated into silicon and compound. Silicon segment dominates the market. The silicon photovoltaic material is expected to witness rapid growth owing to the benefits crystalline silicon solar cells that increase efficiency and reduce cost of final installation of photovoltaic as few solar cells needs to be installed for desired output
• Based on cell type, the market is bifurcated into full cell PV modules and half-cell PV modules. Currently, XX segment dominates the market, however XX segment is expected to witness high demand during the forecast period
• Based on installation type the market is segmented into residential, commercial & industrial and utilities. Residential segment holds significant share whereas utilities also have considerable presence in the market
• Based on deployment type the market is segmented into rooftop-solar and ground mounted. Currently, rooftop-solar segment dominated the market. It is mainly in residential application photovoltaic panel are deployed on rooftop where adequate amount of sunlight is available. However, the ground-mounted deployment also captures significant share in utilities and industrial segment
• Based on technology type the market is segmented into thin film (Cadmium Telluride, Copper Indium Gallium Diselenide, Amorphous Thin-film Silicon), Mono Si and Multi Si. Currently, XX segment dominated the market. However, XX segment expected to grow in the forecasted period

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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. In 2020, Asia-Pacific dominated the market. Advancement in technology to improve solar cells and efficiency and government investment to install photovoltaic are the significant factors expected to accelerate the market growth in the coming years. Some of the major companies profiled in the report includes Canadian Solar, Hanwha Q CELLS, Trina Solar Limited, Jinko Solar Holding, GCL System Integration, JA Solar Holdings, Shunfeng International Clean Energy Limited, Sharp Corporation, Risen Energy, Mitsubishi Electric Corporation, Suntech Power.

Global Photovoltaic Market Segmentation

Market Insight, by Type

• Module
• Inverter
• Balance of System (BOS)

Market Insight, by Material

• Silicon
• Compound

Market Insight, by Cell Type

• Full Cell PV Module
• Half Cell PV Module

Market Insight, by Installation Type

• Residential
• Commercial & Industrial
• Utilities

Market Insight, by Deployment Type

• Rooftop-Solar
• Ground Mounted

Market Insight, by Technology

• Thin Film
  • Cadmium telluride
  • Copper Indium Gallium Diselenide
  • Amorphous Thin-film Silicon
• Mono Si
• Multi Si

Market Insight, by Region

• North America Photovoltaic Market
  • United States
  • Canada
  • Rest of North America
• Europe Photovoltaic Market
  • Germany
  • United Kingdom
  • France
  • Spain
  • Rest of Europe
• Asia-Pacific Photovoltaic Market
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World Photovoltaic Market

Top Company Profiles

• Canadian Solar
• Hanwha Q CELLS
• Trina Solar Limited
• Jinko Solar Holding
• GCL System Integration
• JA Solar Holdings
• Shunfeng International Clean Energy Limited
• Sharp Corporation
• Risen Energy
• Mitsubishi Electric Corporation
• Suntech Power