Photovoltaic Market Research Report 2024
Photovoltaic Market Global Industry Analysis and Forecast (2024-2032) By Product Type (Monocrystalline Silicon, Polycrystalline Silicon, Thin Film), Installation Type (Roof Top, Ground Mounted), Grid Type (On-Grid, Off-Grid), Application (Utility, Residential, Commercial), Component (Modules, Inverters, BOS), And Region
Photovoltaic Market Synopsis
Photovoltaic Market Size Was Valued at USD 94.90 Billion in 2023 and is Projected to Reach USD 213.02 Billion by 2032, Growing at a CAGR of 9.4% From 2024-2032.
Photovoltaics (PV) is the conversion of light energy into electricity using semiconducting materials that exhibit the photovoltaic effect.
- The main purpose of photovoltaic panels is to produce environmentally friendly and sustainable energy from the sun. Solar power plants, whether large-scale utility installations or small-scale rooftop systems, utilize the sun's energy to generate electricity.
- They are also set up on household roofs to produce power for personal use. These systems enable homeowners to produce renewable energy and reduce their electricity expenses. Photovoltaic systems are commonly incorporated into commercial and industrial buildings to fulfill their energy requirements.
- Portable solar panels and devices powered by solar energy have gained popularity for use during outdoor activities such as camping, hiking, and emergencies. Solar water pumping systems are especially useful in regions with limited electricity access or where traditional fuel-based pumps are not feasible or cost-effective.
- Photovoltaic technology is used in the transportation industry for solar-powered electric vehicles (EVs) and charging stations. Solar street lighting systems use solar panels to produce electricity during the day and store it in batteries for lighting at night. These lighting solutions are both energy-efficient and autonomous, providing savings on costs and reducing carbon emissions.
- Off-grid electrification involves combining systems with energy storage solutions to provide sustainable and reliable power for various essential services such as lighting, communication, healthcare, and education.
Top Active Players Involved Are:
“First Solar (USA), SunPower Corporation (USA), Canadian Solar (Canada), JinkoSolar (China), Trina Solar (China), JA Solar (China), Hanwha Q CELLS (South Korea), LONGi Solar (China), REC Group (Norway), Yingli Green Energy (China), Risen Energy (China), Shunfeng International Clean Energy (China), SolarWorld (Germany), Enphase Energy (USA), SMA Solar Technology (Germany), GCL-Poly Energy Holdings (China), Suntech Power Holdings (China), Sharp Corporation (Japan), Panasonic Corporation (Japan), Kyocera Corporation (Japan), Tata Power Solar Systems (India), Vikram Solar (India), LG Electronics (South Korea), BYD Company (China), Solaria Corporation (USA) and Other Active Players.”
Photovoltaic Market Trend Analysis
Rising Adoption of Photovoltaic Cells for Residential Purposes
- As the price of PV systems has dropped drastically, becoming more accessible to homeowners. The decreasing costs of solar panels, combined with government perks such as incentives, tax credits, and subsidies, have enabled numerous households to afford residential solar setups.
- Setting up PV systems enables homeowners to produce their electricity, lessening their reliance on the conventional power grid. The increase in climate change and the necessity to shift towards renewable energy sources has prompted homeowners to embrace PV cells. Solar energy is an eco-friendly and long-lasting energy option that generates electricity without releasing greenhouse gases.
- Homeowners have the potential to extend their financial rewards in the long run. After the PV cells and installation costs are paid off, the electricity produced by the solar panels is essentially cost-free. This leads to lower electric bills throughout the system's lifespan.
- Combining PV cells is frequently done in conjunction with energy-saving methods and technologies.
- Many governments worldwide have implemented encouraging policies, benefits, and advantageous net metering rules to promote the use of solar power in residential areas. Some of the support mechanisms consist of tax credits, rebates, grants, and easier permitting procedures. Hence in this way, the Rising Adoption of Photovoltaic Cells for Residential Purposes acts as a Driver in the Photovoltaic Market.
Increasing Investments in Renewable Energy
- The Increased recognition of climate change and its negative effects has resulted in a worldwide transition to cleaner and more sustainable energy sources. Renewable energy sources like solar, wind, hydro, and geothermal provide a way to decrease greenhouse gas emissions is increasing renewable energy.
- The Investment in renewable energy sources can decrease reliance on finite fossil fuels that are exposed to geopolitical risks. Renewable energy provides a varied and lasting energy source that improves energy security.
- The Continued developments in renewable energy technologies have increased investors' trust. Advancements in solar panel efficiency, wind turbine designs, energy storage systems, and grid integration solutions have enhanced the reliability, efficiency, and economic feasibility of renewable energy projects.
- The companies are also integrating sustainability objectives into their corporate strategies due to consumer expectations, and acknowledgment of the advantages of transitioning to renewable energy in the long run.
- Renewable energy initiatives provide appealing ROI by utilizing extended PPAs and additional income-generating methods. Institutional investors such as pension funds, private equity firms, and infrastructure fund managers. Hence in this way Increasing Investments in Renewable Energy acts as an opportunity in the Photovoltaic Market.
Photovoltaic Market Segment Analysis:
The Photovoltaic Market is Segmented on the basis of Product Type, Installation Type, Grid Type, Application, and Component.
By Application, Utility Segment Is Expected to Dominate the Market During the Forecast Period
- Large solar power plants at the utility scale generate a substantial amount of electricity. Due to technological advancements and economies of scale, utility-scale PV projects have become more affordable. The increased size results in reduced installation and operational expenses per unit of energy generated.
- Numerous nations have established goals for renewable energy and pledges to decrease greenhouse gas emissions while transitioning to a more sustainable energy blend. They offer a practical solution for incorporating solar energy into the current electrical grid system.
- The Projects frequently obtain extended power purchase agreements with utility companies or other buyers. PPAs offer a reliable source of income for project developers and help ensure financial stability while generating a consistent revenue flow for a prolonged duration.
- Governments around the world have put in place different policies and rewards to promote the growth of large-scale solar photovoltaic projects. Some of these options are financial incentives, tax credits, feed-in tariffs, and procurement programs.
- The increasing energy needs of homes, businesses, and factories. Large-scale solar panel installations offer a flexible way to address this need and increase the capacity for generating electricity. Hence, in this way By Application, the Utility Segment Is Expected to Dominate the Photovoltaic Market.
By Product Type, Monocrystalline Segment Held the Largest Share In 2023
- Most Industries and Consumers are selecting the Monocrystalline type of Solar Panels as a choice due to several factors. Solar panels. These usually outperform in converting the maximum percentage of sunlight into electricity, which results in greater energy production per unit area due to their Single-crystal structure.
- This enhanced structural integrity is making them an appealing choice for those people who are seeking increased reliability and longevity in their solar energy systems, this makes these panels a cost-effective investment in the long run, as they require very less replacements and maintenance. This is the best choice for those who are looking for a more modern and sleek aesthetic, monocrystalline solar panels. They’re typically black and have a more uniform appearance.
- One of the key reasons for the dominance of Monocrystalline panels is their higher conversion efficiency when compared to other options like Polycrystalline or Thin-Film panels, they have gained popularity due to their overall performance and efficiency. The higher energy generation and reliable power supply, that is leading to a greater demand for Monocrystalline panels.
Hence in this way By Product Type, Monocrystalline Segment Held the Largest in Photovoltaic Market.
Photovoltaic Market Regional Insights:
Asia Pacific is Expected to Dominate the Market Over the Forecast Period
- The population in Asia Pacific is quickly increasing and so is the energy demand, fuelled by fast urbanization, industrialization, and economic growth. Photovoltaic systems provide a sustainable and dependable electricity source to address the growing energy needs.
- The countries in this region have made supportive policies and frameworks to encourage the growth of photovoltaic energy. These measures consist of feed-in tariffs, goals for renewable energy, tax benefits, and supportive regulations.
- The development of numerous utility-scale solar projects, benefiting from cost efficiencies. These major undertakings provide cost savings and increased affordability in comparison to smaller projects.
- Countries like China, Taiwan, and Malaysia are major manufacturers of PV modules with established supply chains. This is acting as an advantage in manufacturing guarantees a reliable PV product supply and lowers expenses, increasing the economic feasibility of PV installations in the area.
- The region also has established ambitious goals for renewable energy and pledged to decrease greenhouse gas emissions. An example is the substantial goals set by China, India, and Japan to increase their renewable energy capacity, with PV technology playing a major role in reaching these targets. Hence in this way, Asia Pacific is Expected to Dominate the Photovoltaic Market.
Photovoltaic Market Active Players
- First Solar (USA)
- Sunpower Corporation (USA)
- Canadian Solar (Canada)
- Jinkosolar (China)
- Trina Solar (China)
- Ja Solar (China)
- Hanwha Q Cells (South Korea)
- Longi Solar (China)
- Rec Group (Norway)
- Yingli Green Energy (China)
- Risen Energy (China)
- Shunfeng International Clean Energy (China)
- Solarworld (Germany)
- Enphase Energy (USA)
- Sma Solar Technology (Germany)
- Gcl-Poly Energy Holdings (China)
- Suntech Power Holdings (China)
- Sharp Corporation (Japan)
- Panasonic Corporation (Japan)
- Kyocera Corporation (Japan)
- Tata Power Solar Systems (India)
- Vikram Solar (India)
- Lg Electronics (South Korea)
- Byd Company (China)
- Solaria Corporation (USA) and Other Active Players
Key Industry Developments in the Photovoltaic Market:
- In April 2024, The Ministry of Energy of Azerbaijan, with the support of the European Bank for Reconstruction and Development (EBRD), announced the country’s first renewable energy auction for a 100-megawatt solar power plant project in Garadagh, the country had committed to increasing the renewable energy share of its installed electricity-generation capacity to at least 30 percent by 2030.
- In April 2024, JinkoSolar, the world’s leading PV and ESS supplier, announced that it has again topped the PV Tech 2024 Q1 Module Tech Bankability Report, earning a "AAA" rating as long it has been committed to Technological innovation as it has achieved significant growth in operating and financial performance in the previous year.
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Photovoltaic Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 94.90 Bn. |
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Forecast Period 2024-32 CAGR: |
9.4 % |
Market Size in 2032: |
USD 213.02 Bn. |
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Segments Covered: |
By Product Type |
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By Installation Type |
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By Grid Type |
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By Application |
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By Component |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Photovoltaic Market by By Product Type
4.1 Photovoltaic Market Snapshot and Growth Engine
4.2 Photovoltaic Market Overview
4.3 Monocrystalline Silicon
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in
Frequently Asked Questions
What would be the forecast period in the Photovoltaic Market research report?
The forecast period in the Photovoltaic Market research report is 2024-2032.
Who are the key players in the Photovoltaic Market?
First Solar (USA), SunPower Corporation (USA), Canadian Solar (Canada), JinkoSolar (China), Trina Solar (China), JA Solar (China), Hanwha Q CELLS (South Korea), LONGi Solar (China), REC Group (Norway), Yingli Green Energy (China), Risen Energy (China), Shunfeng International Clean Energy (China), SolarWorld (Germany), Enphase Energy (USA), SMA Solar Technology (Germany), GCL-Poly Energy Holdings (China), Suntech Power Holdings (China), Sharp Corporation (Japan), Panasonic Corporation (Japan), Kyocera Corporation (Japan), Tata Power Solar Systems (India), Vikram Solar (India), LG Electronics (South Korea), BYD Company (China), Solaria Corporation (USA) and Other Active Players.
What are the segments of the Photovoltaic Market?
The Photovoltaic Market is segmented into Product Type, Installation Type, Grid Type, Application, Component, and region. By Product Type, the market is categorized into Monocrystalline Silicon, Polycrystalline Silicon, and Thin Film. By Installation Type, the market is categorized into rooftop and ground-mounted. By Grid Type, the market is categorized into On-Grid and Off-Grid. By Application, the market is categorized into Utility, Residential, and Commercial. By Component, The Market Is Categorized into Modules, Inverters, and BOS. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
What is the Photovoltaic Market?
Photovoltaics (PV) is the conversion of light energy into electricity using semiconducting materials that exhibit the photovoltaic effect.
How big is the Photovoltaic Market?
Photovoltaic Market Size Was Valued at USD 94.90 Billion in 2023 and is Projected to Reach USD 213.02 Billion by 2032, Growing at a CAGR of 9.4% From 2024-2032.
