Photovoltaic Market

Global Photovoltaic Market Size (2024-2032):

The Global Photovoltaic Market Was worth US$ 104.64 billion in 2023 and is anticipated to reach a valuation of US$ 227.27 billion by 2032 from US$ 114.06 billion in 2024. It is predicted to register a CAGR of 9% during the forecast period 2024-2032.

MARKET SCENARIO

Photovoltaic (PV) is a system that is used for the conversion of light into electricity using semiconducting materials, which exhibit the photovoltaic effect. This phenomenon is studied in physics, photochemistry, and electrochemistry. These photovoltaic systems employ solar modules comprising a number of solar cells generating electrical power. Majorly, the installation of PVs may be ground-mounted, rooftop-mounted, wall-mounted, or floating, whereas the mount may be fixed or use a solar tracker to follow the sun in the sky.

Photovoltaic energy is produced by the radiation of the sun where it is transformed into electricity by utilizing the photovoltaic cells. This Photovoltaic electricity can be used in powering electrical equipment that was fed into the electricity network for the user or stored in a battery. In the commercial scale of the target market, this photovoltaic technology can be integrated into solar lamps, emergency telephones, parking meters, trash compactors, temporary traffic signs, charging stations, and remote guard posts and signals. Moreover, this technology is also used in solar panels of solar buses and cars for providing electricity to run their motor. In addition, in the agricultural sector, photovoltaic electricity is widely used in solar drying to dry crops faster. Also, for providing power to remote locations, this technology is employed to generate electricity to run water pumps which is also a cheaper option than new electric lines.

MARKET DRIVERS

Increasing energy demand because of the rising population, increasing demand for sustainable energy resources, and favorable government regulations focusing on reducing dependency on fossil fuels and helping control environmental pollution are favoring the need for renewable energy sources like solar energy, which is a significant driver for the growth of the global Photovoltaic Market.

Moreover, the need to decrease the carbon footprint and low-cost energy generation is expected to propel the demand for photovoltaics and drive the growth of the photovoltaic industry during the projection period. The usage of this technology in the aerospace and defense sectors to generate electricity for the smooth working of satellites in space is the factor estimated to bolster the application of photovoltaic technology.

MARKET OPPORTUNITIES

Moreover, the significant rise in the prices of fossil fuels and the increasing demand for renewable energy is anticipated to provide lucrative opportunities for market expansion during the outlook period.

MARKET CHALLENGES

However, the high cost involved in installing photovoltaics, power conversion devices, storage, and the low efficiency of the PV module are factors that are majorly hindering the growth of the global photovoltaic market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Photovoltaic Market Analysis By Type

• Organic
• Inorganic

Global Photovoltaic Market Analysis By System

• High Concentrated PV (HCPV)
• Low Concentrated PV (LCPV)

Global Photovoltaic Market Analysis By Components

• Cells
  • Crystalline silicon PV cells
  • Thin-film PV cells
• Optics
• Trackers

Global Photovoltaic Market Analysis By Technology

• Thin Film
  • Cadmium Telluride
  • Copper Indium Gallium Diselenide
  • Amorphous Thin-film Silicon
• Mono Si
• Multi Si

Global Photovoltaic Market Analysis By Material

• Poly Dimethyl Siloxane
• Thermoplastic Polyurethane
• Thermoplastic Polyurethane
• Ethylene-Vinyl Acetate
• Polyvinyl Butyral

Global Photovoltaic Market Analysis By Application

• Residential
• Non-residential
• Utility
  • Power plant applications
  • Military & space applications.

REGIONAL ANALYSIS

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

In the regional analysis of the Global Photovoltaic Market, Asia-Pacific has held a significant revenue share for some time now. The growth of the photovoltaic market is attributed to the increasing usage of photovoltaic energy over conventional fuels because of its low electricity generation cost and zero carbon emission. Also, the rapid industrialization and urbanization across the countries of the Asia-Pacific region, such as India, China, and Thailand, have increased demand for electricity where is a lot of scope for the growth of this technology adoption. Moreover, the stringent government regulations over carbon emission and the reduction of conventional energy sources like crude oil and coal are boosting the approval of the photovoltaic systems which a significant booster of the target market in this area.

MARKET KEY PLAYERS

The major players in the Global Photovoltaic Market include Yingli Green (China), Trina Solar (China), Sharp Corporation (Japan), Canadian Solar (Canada), Jinko Solar (China), Kaneka Corporation (Japan), Kyocera Corporation (Japan), Mitsubishi Electric Corporation (Japan), Panasonic Corporation (Japan), JA Solar Co. Ltd (China), ReneSola Co. Ltd (China), and Suntech Power Holdings Co. Ltd (China), and Others.

RECENT HAPPENINGS IN THE MARKET

• Canadian Solar, a publicly-traded company that manufactures solar PV modules and runs large scale solar projects, has raised the fundings about USD 30 million from the China-Portuguese Speaking Countries Cooperation and Development Fund, which is utilized by their solar photovoltaic (PV) modules manufacturer unit, aiming to the development and construction of solar projects in Brazil.

• Trina Solar, a Chinese company that develops and produces ingots, wafers, solar cells and solar modules, located in the province of Jiangsu, with multiple branches in the areas like the US, Europe, Asia, and Latin America, has launched its latest offerings for the global market which includes the ‘Duomax V’ bifacial double-glass panel and ‘Tallmax V’ series panel.

• Yingli Green Energy Europe, SL, a subsidiary of Yingli Green Energy Holding Company Limited, has announced that it had supplied 110 MW of polycrystalline solar panels to Solaria Energía y Medio Ambiente )