The global photovoltaic market size reached USD 87.51 Billion in 2021 and is expected to register a revenue CAGR of 24.7% during the forecast period, according to latest analysis by Emergen Research. Rising adoption of photovoltaic systems in residential applications is the key factor driving market revenue growth. Solar experts are optimistic about residential solar sector revenue growth prospects in the future. Rising initiatives by government and increasing awareness toward renewable energy is driving demand for solar energy as well as photovoltaic systems across the globe. European Commission introduced solar rooftop initiative and mandates installation of solar panels on new public, commercial, and residential buildings by 2029.
The Photovoltaic Market report provides full coverage of the companies’ data, including details about their production and manufacturing capacity, product portfolio, business overview, revenue, gross profit margins, sales network and distribution channel, financial standing, and market position. The report also studies business strategies and strategic alliances undertaken by companies to gain a robust footing in the market.
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Photovoltaic Market Report 2022 is one of a series of new reports from The Emergen Research Company that provides plant factory industry overview, Photovoltaic market analysis and forecasts market size and growth for the global plant factory market, Photovoltaic market segments and geographies, Photovoltaic market players, Photovoltaic market leading competitor revenues, profiles and market shares. The plant factory market research report identifies top countries and segments for opportunities and strategies based on market trends and key competitors’ approaches.
Photovoltaic Market: Analysis by focusing on Competitive landscape and Key Developments
Trina Solar Co., Ltd., Canadian Solar Inc., JA Solar Holdings, Acciona, S.A, First Solar, Inc., Tata Power Solar Systems Limited, Suntech Power Holdings Co., Ltd., Sharp Corporation, JinkoSolar Holding Co., Ltd., Risen Energy Co., Ltd., SunPower Corporation, and SolarEdge Technologies Inc.
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The research then uncovers market opportunities that are simple and gives the business valuable information that will help it thrive in the global Photovoltaic market. The report contains detailed information on the factors that will increase the market’s growth over the next few years, from 2022-2030. The report discusses market segmentation, key players and types of applications, as well as rapid growth in key markets.
key findings from the report suggest
- The commercial segment revenue is expected to increase at a steady rate over the forecast period. The commercial solar sector, which includes on-site solar installations for governments, businesses, and non-profit organizations, has developed unevenly in recent years as the industry works to unlock finance mechanisms required to enable access to a diverse range of business types. In addition, continued adoption by large corporations with clean energy aspirations, such as Apple, Walmart, Target, and Amazon, is expected to drive revenue growth of this segment.
- The monocrystalline silicon segment is expected to register a significantly fast revenue growth rate over the forecast period due to rising demand for monocrystalline silicon for manufacturing of solar panels. Pyramid arrangement of these cells in the panel allows for a bigger surface area to capture more energy from sunlight. In addition, the primary benefit of monocrystalline solar cells is greater efficiency of solar energy conversion into electric energy than thin-film and multicrystalline solar cells.
- The Asia Pacific market accounted for largest revenue share in the global photovoltaic market in 2021. This is due to supporting initiatives by the governments and rising awareness of renewable energy in countries across the region, especially in China and India. China is leading the position for solar PV market in the region followed by India. In May 2022, China’s National Energy Administration (NEA) reported that the country added about 23.71 GW of new PV installations in the first five months of the year, bringing total amount of PV electricity it had installed to 327.9 GW.
The report further divides the Photovoltaic market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Photovoltaic market.
Emergen Research has segmented the global photovoltaic market based on technology, installation, application, material, system, and region:
Technology Outlook (Revenue, USD Billion; 2019-2030)
- Thin Film
- Multicrystalline Silicon
- Monocrystalline Silicon
Installation Outlook (Revenue, USD Billion; 2019-2030)
- Ground Mounted
- Roof Mounted
- Floating PV
- Building-Integrated Photovoltaics (BIPV)
Application Outlook (Revenue, USD Billion; 2019-2030)
Material Outlook (Revenue, USD Billion; 2019-2030)
System Outlook (Revenue, USD Billion; 2019-2030)
- High Concentrated PV (HCPV)
- Low Concentrated PV (LCPV)
The study segments the Photovoltaic industry in light of major classification such as product type, potential markets, application, and end-user. This industry assessment for the forecast period, 2021 – 2028 incorporates projections pertaining to the investment feasibility, gross margin, profits, consumption volume, production capability and major market vendors. Likewise, statistics associated with the competitive landscape, shifting consumer behaviour and spending power is showcased and well-explained with the help of treasured resources such as charts, graphs and graphic images, which can be easily incorporated in the business or corporate presentations.
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Key point summary of the report:
- The report offers a comprehensive overview of the market size, share, and growth rate in the forecast duration.
- It provides details about current scenario, historical data, giving an accurate market forecast for the coming years.
- The study categorizes the market on the basis of product types, applications, end users, market value and volume, business verticals, and 5 major regions.
- It also offers regional market analysis and forecast for prominent geographies in the sector viz., North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
- Industry supply chain, sourcing strategy, upstream feedstock, and downstream demand analysis has also been undertaken in the research report.
- The study offers a comprehensive understanding of the demand and supply dynamics, including production and consumption rates, and mapping of the overall market.
- The report employs different analytical tools including, SWOT analysis, Porter’s five forces analysis, and pricing analysis, to give precise market information.
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