New York, United States , June 28, 2023 (GLOBE NEWSWIRE) -- The Global Photovoltaic Market Size is to grow from USD 93.15 billion in 2022 to USD 243.81 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period.
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Photovoltaic (PV) technology harnesses the power of sunlight to generate electricity. PV systems consist of solar panels made up of photovoltaic cells that convert sunlight into a direct current. This renewable energy source offers numerous benefits, including zero greenhouse gas emissions, long lifespan, and low maintenance requirements. PV technology has experienced significant advancements, becoming more efficient and cost-effective. It can be utilized in various applications, from small-scale residential installations to large-scale solar farms. As the world transitions to cleaner and sustainable energy solutions, photovoltaic systems play a crucial role in reducing carbon emissions and combating climate change.
Report Coverage
This research report categorizes the market for photovoltaic market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the photovoltaic market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the photovoltaic market.
Browse key industry insights spread across 210 pages with 130 Market data tables and figures & charts from the report on "Global Photovoltaic Market Size, Share, and COVID-19 Impact Analysis, By Component Type (Modules, Inverters, and Balance of System), By Material (Silicon and Compounds), By Cell Type (Full-Cell PV Modules and Half-Cell PV Modules), By Installation Type (Ground-mounted, Building-Integrated Photovoltaics, and Floating PV), By Application (Residential, Commercial & Industrial, and Utilities), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032.'' Get Detailed Report Description Here:
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The inverters segment is expected to grow at a CAGR of around 10.7% during the forecast period.
Based on component type, the global photovoltaic market is segmented into modules, inverters, and balance of system. The inverters segment is poised for significant growth in the forecast period in the solar energy market. Inverters play a crucial role in converting the direct current (DC) generated by photovoltaic (PV) panels into alternating current (AC) for use in electrical systems. The expected growth can be attributed to several factors due to increasing adoption of PV systems, both in utility-scale projects and residential installations, drives the demand for inverters. Additionally, advancements in inverter technology, such as higher efficiency, improved reliability, and grid integration capabilities, are fueling market expansion. Moreover, the integration of smart and digital features in inverters, enabling remote monitoring and control, is driving their popularity.
The utilities segment held the largest market share with more than 35.4% market share in 2022.
Based on application, the global photovoltaic market is segmented into residential, commercial & industrial, and utilities. The utilities segment has emerged as the dominant player, holding the largest market share in the solar energy industry. This can be attributed to several factors such as utilities have invested heavily in large-scale solar projects, taking advantage of economies of scale and cost competitiveness. Additionally, favorable government policies, such as feed-in tariffs and power purchase agreements, have encouraged utilities to adopt solar energy as a reliable and sustainable power source. Moreover, the utilities sector has the infrastructure and resources to develop, operate, and maintain utility-scale solar installations. As a result, utilities have established a significant presence in the market and continue to drive its growth.
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Asia-Pacific is predicted to grow at a higher CAGR of around 13.2% over the projected period.
Based on region, Asia-Pacific is poised for significant growth in the forecast period in the photovoltaic (PV) market. The region's favorable market conditions, including supportive government policies, increasing energy demand, and abundant solar resources, are expected to drive the expansion of PV installations. Countries like China, India, and Japan are projected to witness substantial growth in PV deployment, fueled by ambitious renewable energy targets and investment initiatives. Moreover, advancements in PV technology, such as improved efficiency and declining costs, will further stimulate market growth. The rising awareness and emphasis on sustainability, coupled with the need for energy security, will continue to propel the Asia-Pacific region as a key contributor to the global PV market in the coming years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global photovoltaic market include JinkoSolar, JA Solar, Trina Solar, LONGi, Canadian Solar, First Solar, Hanwha Q CELLS, Wuxi Suntech Power, Sharp, Mitsubishi Electric, ABB, Huawei, SMA Solar Technology, Sungrow Power Supply, Array Technologies, Chint Solar, GCL System Integration Technology, NEXTracker, Risen Energy, Tongwei Solar, Eaton Corp., LG Electronics, and Power Electronics.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global photovoltaic market based on the below-mentioned segments:
Photovoltaic Market, By Component Type
- Modules
- Inverters
- Balance of System
Photovoltaic Market, By Material
- Silicon
- Compounds
Photovoltaic Market, By Cell Type
- Full-Cell PV Modules
- Half-Cell PV Modules
Photovoltaic Market, By Installation Type
- Ground-mounted
- Building-Integrated Photovoltaics
- Floating PV
Photovoltaic Market, By Application
- Residential
- Commercial & Industrial
- Utilities
Photovoltaic Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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