Photovoltaic Market: Current Analysis and Forecast 2021-2027

Global Photovoltaic Market was valued at US$ 76.6 Billion in 2020 and is anticipated to reach US$ 222.5 Billion by 2027 displaying an elevated CAGR of 17.2% over the forecast period (2021-2027).
Photovoltaic energy is produced by radiation of the sun, and it can be transferred into electricity with the help of photovoltaic cells. This electricity can be used in powering electric devices. Depending on the application the photovoltaic can be used as a solar lamp, parking meters, emergency telephones, trash compactors, temporary traffic signs, charging stations in commercial application. Similarly, in agriculture sector, photovoltaic technology used to generate electricity to run water pumps at cheaper cost and with surging use of photovoltaic technology it's expected to accelerate its market share in the forecasted period as well. Moreover, the surging demand for electricity across the globe owing to rising number of population coupled with the rising need to adopt sustainable renewable energy sources are the factor fueling the market size of global photovoltaic market. In addition, government favorable policies and regulation to reduce carbon footprints and low cost energy generation are also the key factors that fuels the demand for photovoltaic market.
During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. The lockdown imposed in various regions led to complete shutdown of manufacturing facilities to reduce the spread of Covid-19 that had severely disrupted the supply chain. This has also impacted the manufacturing of photovoltaic in china which has a direct impact on India's photovoltaic market demand. However, market share for photovoltaic is expected to revive post 2020. It is due to the increasing adoption of renewable power owing to growing concern to protect the environment from hazardous emission. Further, favorable government policies is propelling the growth of the market.
Insights Presented in the Report
"Amongst Type, Inverter segment dominated the market in 2020."
Based on type the global photovoltaic market is segmented into Module, Inverter and Balance of System (BOS). Currently inverters segment dominates the market. As solar inverter can convert DC power to AC power which then is effective to use for residential application. Moreover, the increasing advancement in solar inverter technology helps in improving its performance level and with surging adoption of rooftop photovoltaic, solar inverter demand is also rising which in turn would accelerate the inverter market share in the forecasted period as well.
"Amongst Material, Silicon segment dominated the market in 2020."
Based on material, the market is bifurcated into silicon and compound. Silicon segment dominates the market. The silicon photovoltaic material is expected to witness rapid growth owing to the benefits of crystalline silicon solar cells that increase efficiency and reduce cost of final installation of photovoltaic as few solar cells needs to be installed for desired output.
"Amongst Cell Type, Full Cell PV Module segment dominated the market in 2020."
Based on cell type, the market is bifurcated into full cell PV modules and half-cell PV modules. Currently, full cell PV module segment dominates the market, however half-cell PV module segment is expected to witness high demand during the forecast period.
"Amongst Installation Type, Residential segment dominated the market in 2020."
Based on installation type the market is segmented into residential, commercial & industrial and utilities. Residential segment holds significant share whereas utilities also have considerable presence in the market
"Asia-Pacific represents the largest markets in the Global Photovoltaic Market."
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Asia-Pacific dominated the market owing to the growing adoption of PV modules in countries such as China, Japan, and India. Some of the major companies profiled in the report includes Canadian Solar, Hanwha Q CELLS, Trina Solar Limited, Jinko Solar Holding, GCL System Integration, JA Solar Holdings, Shunfeng International Clean Energy Limited, Sharp Corporation, Risen Energy, Mitsubishi Electric Corporation, Suntech Power.
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Photovoltaic energy is produced by radiation of the sun, and it can be transferred into electricity with the help of photovoltaic cells. This electricity can be used in powering electric devices. Depending on the application the photovoltaic can be used as a solar lamps, parking meters, emergency telephones, trash compactors, temporary traffic signs, charging stations in commercial application. Similarly, in agriculture sector, photovoltaic technology used to generate electricity to run water pumps at cheaper cost and with surging use of photovoltaic technology its expected to accelerate its market share in the forecasted period as well. Moreover, the surging demand for electricity across the globe owing to rising number of population coupled with the rising need to adopt sustainable renewable energy sources are the factor fueling the market size of global photovoltaic market. In addition, government favorable policies and regulation to reduce carbon footprints and low-cost energy generation are also the key factors that fuels the demand for photovoltaic market.
Based on type the global photovoltaic market is segmented into modules, inverters and balance of systems. Currently inverters segment dominates the market. As solar inverter can convert DC power to AC power which then is effective to use for residential application. Moreover, the increasing advancement in solar inverter technology helps in improving its performance level and with surging adoption of rooftop photovoltaic, solar inverter demand is also rising which in turn would accelerate the inverter market share in the forecasted period as well.
Based on material, the market is bifurcated into silicon and compound. Silicon segment dominates the market. The silicon photovoltaic material is expected to witness rapid growth as crystalline silicon solar cells increases the effciency of electrcity and reduce cost of final installation of photovoltaic as few solar cells need to be installed in different application areas for desired results.
Based on cell type, the market is bifurcated into full cell PV modules and half cell PV modules. Currently, XX segment dominates the market, however XX segment is expected to witness high demand during the forecast period.
Based on installation type the market is segmented into residential, commercial & industrial, and utilities. Residential segment holds significant share whereas utilities also have considerable presence in the market.
Based on deployment type, market is classified into rooftop-solar and ground mounted. Currently, rooftop-solar segment dominated the market. It is mainly in residential application photovoltaic panel are deployed on rooftop where adequate amount of sunlight is available. However, the ground-mounted deployment also captures significant share in utilities and industrial segment.
Based on technology type the market is segmented into thin film (Cadmium Telluride, Copper Indium Gallium Diselenide, Amorphous Thin-film Silicon), Mono Si and Multi Si. Currently, XX segment dominated the market. However, XX segment expected to grow in the forecasted period.
For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, Spain, rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) and Rest of World. Currently Asia-Pacific dominated the market and is expected to maintain its dominance throughout the forecast period.
Some of the major companies operating in the global photovoltaics market includes Canadian Solar, Hanwha Q CELLS, Trina Solar Limited, Jinko Solar Holding, GCL System Integration, JA Solar Holdings, Shunfeng International Clean Energy Limited, Sharp Corporation, Risen Energy, Mitsubishi Electric Corporation, Suntech Power.