Photovoltaic Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021 to 2027

The global photovoltaic market was valued at US$ 68 Billion in 2021, and is projected to reach US$ 335 billion by 2027, growing at a CAGR of 25.1% from 2021 to 2027.

Photovoltaic energy is the energy produced by the radiation of the sun. This energy is transformed into electricity with the help of photovoltaic cells. This electricity can then be used in powering electrical equipment, fed into the electricity network for use or stored in a battery. 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 and signals. Moreover, it is also used in solar panel of solar buses and cars to provide electricity to run the vehicle motor. Furthermore, in the agricultural sector, photovoltaic electricity is widely used in solar drying to dry crops faster. It is also used to generate electricity to run water pumps and is a cheaper option than new electric lines for providing power to remote locations. Moreover, in industrial sector, photovoltaic energy is used in the aerospace & defense sector to generate electricity for smooth working of satellites in space. These factors are anticipated to increase the demand for photovoltaic energy. 

Owing to the increasing energy demand due to the rising population, there is an increasing need for sustainable energy resources, coupled with favorable government regulations. These regulations focus on the reduced dependency of fossil fuels and help control environmental pollution. This in turn favors 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 the carbon footprint and low cost energy generation are expected to propel photovoltaic demand and are expected to drive the growth of the photovoltaic industry.

Based on technology, the thin film segment held the major share in 2018. Thin-film photovoltaic modules are manufactured using silicon, cadmium, and copper as raw material and are incorporated in solar panels to produce electricity. The increase in demand for solar panels for production of electricity to be used for residential application like rooftop photovoltaic power station in countries such as U.S., UK, Germany, Italy, China, and France is expected to increase the demand for thin film technology and is expected to drive the growth of photovoltaic market.

Depending on system, the low concentration PV segment accounted for the major market share in 2020, due to increase in use of LCPV system in solar panels to produce electricity to be used for residential, commercial, and industrial purpose. It is widely used in automobiles such as solar buses and cars that run on solar energy, as it helps curb the carbon emission from the vehicles. In addition, it is also used in agriculture sector to produce electricity at low cost to run water pumps. The rise in demand for solar vehicle across the U.S., Germany, and China is expected to increase the requirement of LCPV system and is expected to drive Photovoltaic market growth.

Depending on application, the industrial segment garnered the major photovoltaic market share in 2020. This is attributed to the fact that photovoltaic technology is considerably used for power generation in the telecommunication and aerospace & defense industries. This technology is majorly used in the aerospace & defense sector to power military satellite using solar panel. The increase in investment in R&D of satellites for civil & military purpose in countries across China, India, UK, U.S., France is anticipated to drive the growth of the photovoltaic market. In addition, continuous development in telecommunication technologies such as 4G and 5G technologies has led to set up of new towers to increase the bandwidth of mobile services. This factor is expected to drive the global photovoltaic market growth.

Asia-Pacific accounted for the major share in 2020 in the global photovoltaic market, owing to increase in usage of photovoltaic energy over conventional fuels owing to its low electricity generation cost and zero carbon emission. Due to rapid industrialization and urbanization across the countries of Asia-Pacific region like India, China, and Thailand has led to increase in demand for electricity. In addition, stringent government regulations over carbon emission and reduction in conventional energy sources such as crude oil and coal lead to increase in demand for photovoltaic technology for the production of electricity. These factors are anticipated to increase the demand for photovoltaic technology across the Asia-Pacific region and is likely to drive the growth of photovoltaic market.

The major key players operating in the photovoltaic industry include 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. Other players operating in this market include Kaneka Corporation, Kyocera Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, and Jinko Solar. These major key players are adopting different strategies such as collaboration, partnership, product launch, joint venture, agreement and acquisition to stay competitive in the global market.

Segmentation

By Technology

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

By System

• High Concentrated PV (HCPV)
• Low Concentrated PV (LCPV)

By Application

• Industrial
• Residential
• Commercial

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Spain
  • Italy
  • UK
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
  • Australia
  • Rest of Asia-Pacific
• LAMEA
  • Chile
  • South Africa
  • Turkey
  • Rest of LAMEA

The Photovoltaic market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Photovoltaic market for the base year 2021 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Photovoltaic market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Photovoltaic market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Photovoltaic market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Photovoltaic capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Photovoltaic by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Photovoltaic market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Photovoltaic market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Photovoltaic market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Photovoltaic industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Photovoltaic market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Photovoltaic market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Photovoltaic market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Photovoltaic market. These factors have benefited the growth of the global market for Photovoltaic. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Photovoltaic. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Photovoltaic are as follows:

• History Year: 2016-2020
• Base Year: 2021
• Forecast Year 2021 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2016-2020) and forecast (2021-2027);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.