Photovoltaic Market 2022 Report Overview, Consumption by Region, Company Profiles, Value Chain and Sales Analysis to 2030

(Heraldkeepers via Comtex)

Global Photovoltaic Market is valued approximately at USD 70.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.1% over the forecast period 2020-2027.

The photovoltaic system is used to convert sunlight into electricity without increasing the carbon footprint. It further stores energy for future use and has low operating cost as compared to the traditional systems. It is used in wide range of applications including residential, commercial & industrial and utilities. The rising adoption of renewables in electronics, supportive government policies and initiatives for renewable energy sources and rising demand for PV systems for residential applications are the factors responsible for the growth of Photovoltaic Market over the forecast period 2020-2027.

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For instance, according to International Renewable Energy Agency (IRENA), the renewable share of total generation capacity rose from 33.3% in 2018 to 34.7% in 2019. Also, renewables made up 26.2 percent of global electricity generation in 2018 and is expected to rise to 45 percent in 2040, due to rising consumption from renewable energy (solar, wind and hydropower), stated by Center for Climate and Energy Solutions (C2ES).

Accroding to Hawaii State energy office, Hawaii renewable portfolio standards (HRS 269-92) mandates 100 percent renewable energy in the electricity sector by 2045, whereas, in 2017, the renewable portfolio standards stood at 27.6 percent, more than 12 percent ahead of the interim statutory 2015 target of 15 percent. Such a rise in government mandates for renewable power consumption and increasing share of renewable power generation, is expected to boost the solar energy consumption which would propel the growth of the global Photovoltaic market. However, lack of skilled workforce for PV installation and maintenance is the major factor restraining the growth of global Photovoltaic market during the forecast period.

The regional analysis of global Photovoltaic Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world in terms of market share owing to the rising investment by government and key players in the region to increase the power generation without increasing the carbon footprint that leads to the market growth.

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Major market player included in this report are:
JinkoSolar Holding Co., Ltd.
JA Solar Holdings
Trina Solar Co., Ltd.
Xi'an Longi Silicon Materials Corporation
Canadian Solar Inc.
First Solar, Inc.
Hanwha Q Cells Co., Ltd.
Mitsubishi Electric Corporation
Sharp Corporation
Suntech Power Holdings Co., Ltd.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Type:
Modules
Inverters
Balance of System (BOS)

Material:
Silicon
Compounds

By Cell Type:
Full Cell PV Modules
Half Cell PV modules

By Installation Type:
Ground Mounted
Building-Integrated Photovoltaics (BIPV)
Floating PV

By Application:
Residential
Commercial & Industrial
Utilities

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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2017, 2018
Base year - 2019
Forecast period - 2020 to 2027

Target Audience of the Global Photovoltaic Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Factors Influencing

The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.

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COVID-19 Impact Analysis

The COVID-19 pandemic has affected almost every industry. The market witnessed a significant decline in investments, mainly in the energy and power sector. According to the estimations by the International Energy Agency, investments in the energy and power domain are projected to decrease by 10% in 2020 as compared to the pre-pandemic statistics. This indicate the condition of global marketplace along with severe challenges faced during pandemic.

Regional Analysis

Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments' initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.

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What is the key information extracted from the report?

Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter's Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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Source - HeraldKeeper
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