Photovoltaic Market

Analysis from GMI Research finds that the Photovoltaic Market earned revenues of USD 87.3 billion in 2022 and forecast to touch USD 184.4 billion in 2030 will grow at a CAGR of 9.8% from 2023-2030.

Overview of the Photovoltaic Market Report

Photovoltaic devices produce the electricity directly from the sunlight through an electronic process. The photovoltaic devices can be utilized to power anything from small electronics like road signs and calculators to residential and large commercial business. The photovoltaics use the energy from the sun and convert it into electricity which can be further used to make the household greener and less dependent on the grid.

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Market Dynamic

Key Drivers and Emerging Trends

The factors that are fuelling the growth of the global photovoltaic market size include the growing penetration of solar energy in various countries such as Saudi Arabia and rising demand for photovoltaic systems from the residential and commercial applications areas. Moreover, various government initiatives and subsidies to encourage the adoption of solar energy is also a key factor that is bolstering the growth of the photovoltaic market share worldwide. The National Renewable Energy Program is a strategic initiative that lies under the Saudi Vision 2030 and the King Salman Renewable Energy Initiative. This program focuses to expand the ability of the renewable energy in Saudi Arabia and support the advancement in the renewable sector.

In addition to this, the declining price of the solar system in the market and increasing inclination towards the use of organic photovoltaic are the factors that are resulting in an upsurge in the demand for the photovoltaics in the market during the forecast period. According to IEA, the global solar PV capacity is anticipated to reach around 107 GW in 2020 showing a stable growth from 2019.

Restraint in the Photovoltaic Market

The factors that are responsible for hindering the growth of the global photovoltaic market include the lack of skilled professionals for the maintenance and deployment of photovoltaic.

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Component – Segment Analysis

Based on the component, the inverters segment is anticipated to rise at a higher CAGR during the forecast period. The factor proliferating the growth of the market in this segment includes the increasing deployment of inverters across the utilities, commercial, and other such application areas. Moreover, several advantages offered by inverter that include maximization of energy production, enhances the grid assistance capabilities, ensures safe system operation, and efficient tracking of power output, among others is also a key factor that is accelerating the demand for such component in the market worldwide.

Application – Segment Analysis

On the basis of the application, the residential segment is estimated to increase at a higher CAGR over the forecast period. The increasing adoption of photovoltaic systems in the residential areas as a result of their ability to provide electricity at a low cost is a major factor that is driving the growth of the photovoltaic market in this application. In addition to this, the offering of subsidy by the government in several countries is a factor that is likely to propel the market growth. For instance, in India, both the State Nodal Agencies and the Central Government provide subsidy schemes to the people for deploying the rooftop PV systems. According to the Ministry of New and Renewable Energy, the Central Government pays 30% of the installation cost for the rooftop PV systems.

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Regional – Segment Analysis

Based on the region, the Asia-Pacific region is estimated to rise at a higher CAGR during the forecast period. Increasing adoption of the PV modules across various countries like India and China owing to the rising inclination of people towards the use of renewable energy is a key factor that is proliferating the growth of the photovoltaic market in this region. In addition to this, several government initiatives and efforts to increase the penetration of renewable energy in this region is another major factor that is surging the growth of the market. For instance, the Ministry of Finance in China has decided the total subsidy for PV in 2020 that amounts to around USD 214 million. Out of which, around USD 71 million is allocated for the residential PV and about USD 143 million is allocated to bidding projects that include utility PV and distributed PV projects.

Top Market Players

Various notable players operating in the market include JA SOLAR Technology Co., Ltd., Jinko Solar & ADVIGA, LONGi Solar, Trina Solar, First Solar, Canadian Solar, Mitsubishi Electric Corporation, Hanwha Q CELLS, Wuxi Suntech Power Co., Ltd., and Sharp Corporation, among others.

Key Developments: 

• In 2020, LONGi Solar partnered with Senergia for supplying 9.2 MW of the high efficiency Hi-MO4 modules for the market in Finland. This partnership involves around 25,000 PV modules of several power that includes 23,400 pieces of 370W and 1,320 pieces of 440W and which will be distributed and deployed in the commercial projects across Finland.
• In 2020, Jinko Solar & ADVIGA received a contract to supply 126 MW of the solar modules for the extension of an existing 160 MW solar park in Chile. This existing PV plant already comprises 668,160 Jinko Solar panels deployed that produces 440 GWh per year. Through this expansion, an additional 315,900 Jinko Solar bifacial modules will be added to the plant.   

Segments Covered in the Report:

The global photovoltaic market has been segmented on the basis of component, material, cell type, installation type, application, and regions. Based on the component, the market is segmented into the inverters, modules, and balance of system. Based on the material, the market is segmented into compounds and silicon. Based on the cell type, the market is segmented into half-cell PV modules and full-cell PV modules. Based on the installation type, the market is segmented into building-integrated photovoltaics, ground mounted, and floating PV. Based on the application, the market is segmented into the commercial & industrial, residential, and utilities. 

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Key questions answered in this research report:

• • At what pace is the global photovoltaic market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the photovoltaic market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global photovoltaic market?
  • Which component generated maximum revenues in 2019 and identify the most promising component during the forecast period?
  • What are the various application areas of the global photovoltaic market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2022)	USD 87.3 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Component, By Material, By Cell Type, By Installation Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	JA SOLAR Technology Co., Ltd., Jinko Solar & ADVIGA, LONGi Solar, Trina Solar, First Solar, Canadian Solar, Mitsubishi Electric Corporation, Hanwha Q CELLS, Wuxi Suntech Power Co., Ltd., and Sharp Corporation, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Photovoltaic Market by Component

• • Inverters
  • Modules
  • Balance of System

Global Photovoltaic Market by Material

• • Compounds
  • Silicon

Global Photovoltaic Market by Cell Type

• • Half-Cell PV Modules
  • Full-Cell PV Modules

Global Photovoltaic Market by Installation Type

• • Building-Integrated Photovoltaics
  • Ground Mounted
  • Floating PV

Global Photovoltaic Market by Application

• • Commercial & Industrial
  • Residential
  • Utilities

Global Photovoltaic Market by Region

• • North America Photovoltaic Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Material
    • By Cell Type
    • By Installation Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Photovoltaic Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Material
    • By Cell Type
    • By Installation Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Photovoltaic Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Material
    • By Cell Type
    • By Installation Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Photovoltaic Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Material
    • By Cell Type
    • By Installation Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Photovoltaic Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • JA SOLAR Technology Co., Ltd.
  • Jinko Solar & ADVIGA
  • LONGi Solar
  • Trina Solar
  • First Solar
  • Canadian Solar
  • Mitsubishi Electric Corporation
  • Hanwha Q CELLS
  • Wuxi Suntech Power Co., Ltd.
  • Sharp Corporation