New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Photovoltaic Global Market Report 2023" - https://www.reportlinker.com/p06466705/?utm_source=GNW
Ltd., Sharp Corporation, Mitsubishi Electric Corporation, GCL System Integration Technology Co. Ltd., Risen Energy Co. LTD., Shunfeng International Clean Energy Ltd, Acciona S.A., SunPower Corporation., and Waaree Energies Ltd.
The global photovoltaic market is expected to grow from $82.75 billion in 2022 to $91.06 billion in 2023 at a compound annual growth rate (CAGR) of 10%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The photovoltaic market is expected to reach $127.80 billion in 2027 at a CAGR of 8.8%.
The photovoltaic market consists of sales of perovskite solar cells, flexible photovoltaics, and tandem.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Photovoltaic refer to direct conversion of light into electrical power using semiconducting materials, such as silicon.Photovoltaic technology is a key component of the transition to a more sustainable and renewable energy future.
It is used to convert solar energy directly into electrical power without burning non-renewable carbon fuels like coal, oil, or natural gas.
Asia-Pacific was the largest region in the Photovoltaic market in 2022. The regions covered in photovoltaic report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of photovoltaics are modules, inverters, and the balance of systems (bos).A module is a separate component combined with others to create other things.
The various cell types include full-cell PV modules and half-cell PV modules.The various installation types include ground-mounted, building-integrated photovoltaics (BPPV), and floating PV, that includes techniques such as thin film, mono-si, and multi-si.
These are used in various applications such as residential, commercial, and industrial, utilities.
The rise in demand for renewable energy is expected to propel the growth of the photovoltaic market going forward.Renewable energy is defined as energy produced from natural sources that are regenerated at a faster rate than it is consumed.
Photovoltaic systems are made up of solar panels, which are commonly built of silicon-based materials, and an inverter, which converts the direct current electricity produced by the solar panels into alternating current electricity that may be utilized to power homes and businesses, as a result, rise in demand for renewable energy increases the demand for photovoltaic market.For instance, in September 2022, according to the International Energy Agency, a France -based intergovernmental organization, Wind and solar PV technologies together accounted for about 90% of the increase in renewable electricity output in 2021, a record 522 TWh increase.
And, a 0.4 % point growth in 2021, the proportion of renewable energy in the world’s electrical generation increased to 28.7%. Therefore, the rise in demand for renewable energy is driving the growth of the photovoltaic market.
Technological advancements are a key trend gaining popularity in the photovoltaic market.Major companies operating in the photovoltaic market are adopting new technologies to sustain their position in the market.
For instance, in September 2021, PZL Sedziszow, a Poland-based auto parts manufacturer launched modern photovoltaic panels for the Avia Solar brand with silicon–monocrystalline technology. These panels produced are made of silicon with an efficiency ranging from 17 to 22% and are characterized by high efficiency and low loss of efficiency in relation to temperature.
In September 2022, Enverus, a US-based company that specializes in energy-related software-as-a-service items, acquired RatedPower for an undisclosed sum.This acquisition broadens, diversifies, and improves Enveru’s portfolio in terms of value and a growing range of solar industry solutions, as well as international geographical coverage.
RatedPower is a Spain-based solar energy company that operates in the photovoltaic market.
The countries covered in the photovoltaic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The photovoltaic market research report is one of a series of new reports that provides photovoltaic market statistics, including photovoltaic industry global market size, regional shares, competitors with a photovoltaic market share, detailed photovoltaic market segments, market trends, and opportunities, and any further data you may need to thrive in the photovoltaic industry. This photovoltaic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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