Market Overview:
The global photovoltaic market is expected to grow from USD 93.8 billion in 2018 to USD 188.9 billion by 2030, at a CAGR of 10.5% from 2018 to 2030. The growth of the global photovoltaic market can be attributed to the increasing demand for renewable energy sources and rising concerns about greenhouse gas emissions and climate change. Based on type, the thin film segment is expected to lead the global photovoltaic market during the forecast period.
Product Definition:
A photovoltaic (PV) cell is a device that converts light into electrical energy using the photovoltaic effect. The first solar cells were developed in the early 1950s by Bell Telephone Laboratories. PV cells are made of semiconductor materials such as silicon, germanium, or gallium arsenide. When sunlight shines on a PV cell, it creates an electric field across the cell that drives electrons free from their atoms. These electrons flow through an external circuit to produce electricity.
Thin Film:
Thin film is a sheet of material that allows light to pass through but prevents it from entering the material itself. Thin films are made up of materials such as silicon, selenium, germanium and silver. These sheets are used in solar cells which helps them absorb sunlight and convert it into electricity. The major application areas for thin film include consumer electronics & flat panel displays, packaging & labels and photovoltaic (PV) market i.e.
Mono Si:
Mono silicon PV is a type of crystalline silicon solar cell that has one face covered with a single layer of the semiconductor material. It was first manufactured in large quantities by CIGS (Copper Indium Gallium Selenide) technology, which emerged as the leading choice for commercial-scale installations. However, manufacturers have now shifted to mono silica technology owing to several benefits over CIGS including lower manufacturing costs and better performance under high light conditions.
Application Insights:
The market is segmented based on application into industrial, residential, and commercial. The industrial sector accounted for the largest share in 2016 owing to rising demand from utility scale power generation and growing installations of large-scale solar parks. The growth of the industrial sector can be attributed to factors such as increasing government support for renewable energy along with feed-in tariff schemes that offer subsidies for PV installations.
The residential segment is expected to witness significant growth over the forecast period due to rapid deployment of roof top panels across households worldwide due to their low cost nature coupled with excellent energy yield. Increasing awareness regarding clean electricity has led governments around the world t0 introduce feed-in tariff schemes which favor PV installation in homes thereby driving industry growth over the forecast period.
Regional Analysis:
Asia Pacific accounted for the largest market share in 2016 and is expected to continue its dominance over the forecast period. The region has witnessed a growing demand for solar energy due to rapid industrialization and urbanization, which has resulted in an increased need for photovoltaic systems. Countries such as China, Japan, South Korea, Indonesia have been witnessing strong economic growth over the past few years owing to various factors such as low labor cost and high purchasing power of consumers. These factors are anticipated to increase product demand in these countries through 2018-19 fiscal year.
North America is projected to be one of the fastest-growing regions from 2017 to 2030 owing both commercial & residential applications segments on account of supportive government policies across U.S.
Growth Factors:
- Increasing demand for electricity due to population growth and industrialization in developing countries.
- Government policies and regulations supporting the use of renewable energy sources such as solar power.
- Reduction in the cost of photovoltaic systems due to technological advances and economies of scale.
- Growing awareness about the benefits of solar energy among consumers and businesses alike 5
Scope Of The Report
Report Attributes
Report Details
Report Title
Photovoltaic Market Research Report
By Type
Thin Film, Mono Si, Multi Si
By Application
Industrial, Residential, Commercial
By Companies
Kaneka, Kyocera, Mitsubishi Electric, Panasonic, Sharp, Ja Solar, Jinko Solar, Renesola, Suntech Power, Trina Solar, Kaneka, Canadian Solar
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
233
Number of Tables & Figures
164
Customization Available
Yes, the report can be customized as per your need.
Global Photovoltaic Market Report Segments:
The global Photovoltaic market is segmented on the basis of:
Types
Thin Film, Mono Si, Multi Si
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Industrial, Residential, Commercial
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Kaneka
- Kyocera
- Mitsubishi Electric
- Panasonic
- Sharp
- Ja Solar
- Jinko Solar
- Renesola
- Suntech Power
- Trina Solar
- Kaneka
- Canadian Solar
Highlights of The Photovoltaic Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Thin Film
- Mono Si
- Multi Si
- By Application:
- Industrial
- Residential
- Commercial
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Photovoltaic Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Photovoltaic is a technology that converts sunlight into electricity. Solar panels use this energy to power devices like lights and appliances.
Some of the key players operating in the photovoltaic market are Kaneka, Kyocera, Mitsubishi Electric, Panasonic, Sharp, Ja Solar, Jinko Solar, Renesola, Suntech Power, Trina Solar, Kaneka, Canadian Solar.
The photovoltaic market is expected to grow at a compound annual growth rate of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Photovoltaic Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Photovoltaic Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Photovoltaic Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Photovoltaic Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Photovoltaic Market Size & Forecast, 2020-2028
4.5.1 Photovoltaic Market Size and Y-o-Y Growth
4.5.2 Photovoltaic Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Thin Film
5.2.2 Mono Si
5.2.3 Multi Si
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Industrial
6.2.2 Residential
6.2.3 Commercial
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Photovoltaic Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Photovoltaic Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Thin Film
9.6.2 Mono Si
9.6.3 Multi Si
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Industrial
9.10.2 Residential
9.10.3 Commercial
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Thin Film
10.6.2 Mono Si
10.6.3 Multi Si
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Industrial
10.10.2 Residential
10.10.3 Commercial
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Thin Film
11.6.2 Mono Si
11.6.3 Multi Si
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Industrial
11.10.2 Residential
11.10.3 Commercial
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Thin Film
12.6.2 Mono Si
12.6.3 Multi Si
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Industrial
12.10.2 Residential
12.10.3 Commercial
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Thin Film
13.6.2 Mono Si
13.6.3 Multi Si
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Industrial
13.10.2 Residential
13.10.3 Commercial
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Photovoltaic Market: Competitive Dashboard
14.2 Global Photovoltaic Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Kaneka
14.3.2 Kyocera
14.3.3 Mitsubishi Electric
14.3.4 Panasonic
14.3.5 Sharp
14.3.6 Ja Solar
14.3.7 Jinko Solar
14.3.8 Renesola
14.3.9 Suntech Power
14.3.10 Trina Solar
14.3.11 Kaneka
14.3.12 Canadian Solar
