Photovoltaic Market: Current Analysis and Forecast (2021-2027)


Emphasis on Type (Module, Inverter, Balance of System (BOS)); Material (Silicon Compound); Cell Type (Full Cell PV Modules, Half-Cell PV Modules); Installation Type (Residential, Commercial & Industrial, Utilities); Region/Country









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Report Description
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Research Methodology

Report Description

Global Photovoltaic Market was valued at US$ 76.6 Billion in 2020 and is anticipated to reach US$ 222.5 Billion by 2027 displaying an elevated CAGR of 17.2% over the forecast period (2021-2027).

Photovoltaic energy is produced by radiation of the sun, and it can be transferred into electricity with the help of photovoltaic cells. This electricity can be used in powering electric devices. Depending on the application the photovoltaic can be used as a solar lamp, parking meters, emergency telephones, trash compactors, temporary traffic signs, charging stations in commercial application. Similarly, in agriculture sector, photovoltaic technology used to generate electricity to run water pumps at cheaper cost and with surging use of photovoltaic technology it’s expected to accelerate its market share in the forecasted period as well. Moreover, the surging demand for electricity across the globe owing to rising number of population coupled with the rising need to adopt sustainable renewable energy sources are the factor fueling the market size of global photovoltaic market. In addition, government favorable policies and regulation to reduce carbon footprints and low cost energy generation are also the key factors that fuels the demand for photovoltaic market.

Global change in electricity demand in 2020 and 2021 by region (%)

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 India’s photovoltaic market demand. However, market share for photovoltaic is expected to revive post 2020. It is 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.

 Insights Presented in the Report

“Amongst Type, Inverter segment dominated the market in 2020.”

Based on type the global photovoltaic market is segmented into Module, Inverter and Balance of System (BOS). 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.

“Amongst Material, Silicon segment dominated the market in 2020.”

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 of 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.

“Amongst Cell Type, Full Cell PV Module segment dominated the market in 2020.”

Based on cell type, the market is bifurcated into full cell PV modules and half-cell PV modules. Currently, full cell PV module segment dominates the market, however half-cell PV module segment is expected to witness high demand during the forecast period.

“Amongst Installation Type, Residential segment dominated the market in 2020.”

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

“Asia-Pacific represents the largest markets in the Global Photovoltaic Market.”

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. Asia-Pacific dominated the market owing to the growing adoption of PV modules in countries such as China, Japan, and India. 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.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive country level analysis of the industry

Customization Options:

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1.1. Market Definitions
1.2. Limitation
1.3. Stake Holders
1.4. Currency Used in Report

2.1. Research Methodology for the Global Photovoltaic Market
2.1.1 Main Objective of the Global Photovoltaic Market

7.1. Modules
7.2. Inverters
7.3. Balance of System (BOS)

8.1. Silicon
8.2. Compounds

9.1. Full Cell PV Modules
9.2. Half Cell PV modules

10.1. Residential
10.2. Commercial & Industrial
10.3. Utilities

11.1. Rooftop Solar
11.2. Ground-Mounted

12.1. Thin Film
12.1.1. Cadmium Telluride
12.1.2. Copper Indium Gallium Diselenide
12.1.3. Amorphous Thin-film Silicon
12.2. Mono Si
12.3. Multi Si

13.1. North America Photovoltaic Market
13.1.1. United States
13.1.2. Canada
13.1.3. Rest of North America
13.2. Europe Photovoltaic Market
13.2.1. Germany
13.2.2. United Kingdom
13.2.3. France
13.2.4. Spain
13.2.5. Rest of Europe
13.3. Asia Pacific Photovoltaic Market
13.3.1. China
13.3.2. Japan
13.3.3. India
13.3.4. Australia
13.3.5. Rest of Asia-Pacific
13.4. Rest of World Photovoltaic Market

14.1. Market Drivers
14.2. Market Challenges
14.3. Impact Analysis

18.1. Demand Side Analysis
18.2. Supply Side Analysis
18.2.1. Top Product Launches
18.2.2. Top Business Partnerships
18.2.3. Top Business Expansions, Investments and Divestitures
18.2.4. Top Merger and Acquisitions

20.1. Porter’s Five Forces Analysis
20.1.1. Bargaining power of Supplier
20.1.2. Bargaining power of Buyer
20.1.3. Industry Rivalry
20.1.4. Availability of Substitute
20.1.5. Threat of new Entrants
20.2. Competitive Landscape
20.2.1. Company Shares, By Revenue

21.1. Canadian Solar
21.2. Hanwha Q CELLS
21.3. Trina Solar Limited
21.4. Jinko Solar Holding
21.5. GCL System Integration
21.6. JA Solar Holdings
21.7. Shunfeng International Clean Energy Limited
21.8. Sharp Corporation
21.9. Risen Energy
21.10. Mitsubishi Electric Corporation
21.11. Suntech Power

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the photovoltaic. The three major steps undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the photovoltaic industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the photovoltaic market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the photovoltaic market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by type, material, cell type, installation type, deployment type, technology. Further regional and country-level analyses were conducted to evaluate the overall adoption of the photovoltaic globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of photovoltaic. Further, we conducted factor analysis using dependent and independent variables such as growing industrial sector, growing demand for electricity due to growing urban population etc. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the photovoltaic industry.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global photovoltaic market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and sub segments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of photovoltaic across the major markets
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the photovoltaic market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global photovoltaic market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, material, cell type, installation type, deployment type, and technology.

The main objective of the Photovoltaic Market Study

The current & future market trends of global photovoltaic were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of photovoltaic in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of type, material type, cell type, installation type, deployment type, and technology
  • Defined analysis of the regulatory framework for the photovoltaic industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the photovoltaic for the major countries
  • Major regions/countries analyzed in the report includes North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
  • Company profiles of the photovoltaic market players and the growth strategies adopted by them to sustain in the fast-growing market
  • Deep dive country level analysis of the industry