Global Photovoltaic Market – Size, Outlook, Trends and Forecast (2024 – 2032)

The term photovoltaics (PV) covers the conversion of light into electricity using semiconducting materials that expose the photovoltaic effect. An ordinary photovoltaic system exploits solar panels in which each comprising some solar cells, which are used to generate electrical power. Photovoltaic installations may be ground-mounted, rooftop mounted or wall mounted. The mount which is used may be fixed or can be used as a solar tracker to follow the sun across the sky. Photovoltaics has various advantages as an energy source, once installed, its operation generates no pollution and no greenhouse gas emissions, it shows simple scalability in respect of power needs and silicon has the large possibility in the Earth’s crust.

Global Photovoltaic Market Segments Size & Growth:

Global Photovoltaic Market size is projected to reach approximately $357.32 billion by the end of 2024 with a CAGR of close to 19.20% from $193.55 billion in 2017 during the forecast timeline 2018-2024. Key parameters promoting the market growth include increasing demand for solar systems in residential applications, the decline in the cost of the photovoltaic, and supportive government policies and initiatives. However, the high cost of installation, storage, and power conversion devices, and an inadequate number of certified installers are thereby hampering the market growth.

The drop in the photovoltaic cost is one of the major factors driving the global photovoltaic market. In 2017, photovoltaic module prices reduced by 75%, as compared to that in 2009. The fall of cost can be mainly attributed to the improvement in material efficiency, production optimisation, and economies of scale. Photovoltaic modules can be installed at the utility, commercial, and residential scales. Volatility in crude oil price, the environmental concern of hydropower, and risk of nuclear radiation accidents in nuclear power plants provide a great opportunity for solar power to meet the increasing demand of energy soon. This would, in turn, have a positive impact on the growth of the global photovoltaic market.

Global Photovoltaic Market Segments Share:

Global Photovoltaic Market is categorised into a type which comprises organic PV, and inorganic PV. By the component, the market is segmented into cells, optics, and trackers. By application, the market is segmented into residential applications, non-residential, and utility applications. Among them, the utility segment accounted for the largest market size in 2017 at 59% because of growing usage of photovoltaics in power plants, military applications, and other utility applications such as space & defence, industrial projects, and so on. By Geography, Asia-Pacific is projected to dominate the market with the largest share, and it has been the fastest growing region during the forecast period because of growth in the population, government regulations, and emerging markets. Also, the increasing focus of players on the development of new products and technological advancements is likely to accelerate the growth of the Asia-Pacific in the next few years.

For the last three to four years, Asia-Pacific has projected for about two-thirds of the global Photovoltaic market. In 2017, the top five markets of China, United States, Japan, India, and United Kingdom, accounting for almost 85% of the addition. Regarding cumulative capacity, the top two countries are China and Japan. China continued to dominate both the use and manufacturing of photovoltaic. It is estimated that by the end of 2018, every continent will install 1 GW of Photovoltaic capacity. The leaders in photovoltaic capacity per inhabitant were Germany, Belgium, Japan, Italy, and Australia.

Global Photovoltaic Market Trends:

• SunPower company will be going to supply 291 MW of its high-efficiency solar panels to the projects awarded to the company in the second round of France’s CRE tender process.
• Trina Solar has inaugurated the operation of its photovoltaic modules in a 455MW DC

the solar power plant in Andhra Pradesh.

• JinkoSolar Holdings Co. Ltd is going to supply polycrystalline photovoltaic panels to the first solar power plant in Armenia.

Global Photovoltaic Market Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.

Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact in altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

The major market players, such as

• Kaneka Corporation
• Kyocera Corporation
• Mitsubishi Electric Corporation
• Panasonic Corporation
• Canadian Solar Inc.

Along with these companies, there were many other companies considered/cited in the report while analysing the global photovoltaic market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.