Photovoltaic Market Size, Share, Trends, Growth Opportunities, Industry Demand, Business Outlook and Forecast 2027

Photovoltaic Market Overview

The global photovoltaic market is growing at a rapid pace, witnessing spurring a rise in solar energy utilization. The global energy demand augmenting with the ever-increasing population, rapid economic growth, urbanization, and industrialization worldwide substantiate market revenues. Also, rising investments in renewable energy sectors worldwide accelerate the growth of the market.

The market is poised to garner fabulous traction over the next couple of years. In this regard, Market Research Future (MRFR) asserts that by the end of 2023, the global photovoltaic market is estimated to reach USD 547.15 billion, growing at an 8.2% CAGR during the review period (2018-2023). MRFR also predicts that the market will expand at a phenomenal CAGR.

The power generation industry is rapidly shifting to cleaner and environment-friendly energy resources. Besides, increasing infrastructure development projects substantiate the photovoltaic market share. The enormous rise in total electricity demand in urban areas and stringent environment protection regulations favors market growth. Furthermore, rising solar projects to produce emissions-free green hydrogen are likely to influence the photovoltaic market revenues in the upcoming years.

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Photovoltaic Market – Segmentation

This market is segmented into types, components, applications, and regions. The type segment is sub-segmented into organic PV and inorganic PV. The component segment is sub-segmented into modules, cells, optics, and others. The application segment is sub-segmented into residential applications and non-residential applications. The region segment is sub-segmented into the Middle East & Africa, Americas, Asia Pacific, Europe, and the Rest-of-the-World.

Global Photovoltaic Market – Geographical Analysis 

The Asia Pacific region dominates the photovoltaic market headed by the ample raw material advantage and availability of cost-competitive workforces. Besides, the presence of leading industry players and government initiatives to promote renewable energy in the region boost the market size. 

The skyrocketing demand for energy, alongside the rapid depletion of fossil fuel levels and volatility in prices and supply of crude oil, are other major growth drivers. Moreover, the spurring rise in renewable energy generation and flourishing solar panel manufacturing facilities influence the market value.

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Photovoltaic Market – Competitive Landscape

Highly competitive, the photovoltaic market looks fragmented with the presence of several well-established market players. These players incorporate strategic initiatives, such as acquisition, collaboration, expansion, and technology launches to gain a larger competitive advantage. Key industry players strive for new ways to utilize their expertise and explore opportunities in the new energy industry. 

Major Players: 

Players leading the global photovoltaic market are Shunfeng International Clean Energy Limited (China), Mitsubishi Electric Corporation (Japan), Risen Energy Co. Ltd (China), JA Solar Holdings (China), Kaneka Corporation (Japan), GCL System Integration (Hong Kong), Suntech Power Co. Ltd. (China), Sharp Corporation (Japan), Trina Solar Limited (China), Canadian Solar Inc. (CanadaJinko Solar Holding Co.), and Hanwha Q CELLS Co., Ltd. (South Korea), among others.

Industry/ Innovation/ Related News

Apr. 15, 2022 – A research group at the Solar Energy Institute of the Technical University of Madrid, Spain and the Institute of Structure of Matter of the National Research Council, Italy, announced the development of a hybrid thermionic-photovoltaic converter for thermal energy storage and waste heat recovery applications.  

This new solid-state thermal-to-electric energy converter is based on hybrid thermionic-photovoltaics (TIPV). It comprises a three-terminal TIPV device, PV/anode structure, and a photovoltaic cell based on indium gallium arsenide (InGaAs).

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Photovoltaic (PV) Market Research Report Information By Type (Organic PV, Inorganic PV), Component (Cells, Modules and Optics), Application (Residential Applications, Non-Residential Applications) and Region- Forecast till 2027

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