Rockville , Aug. 07, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global photovoltaics market is expected to reach US$ 155 billion by the end of 2033, expanding at a CAGR of 6% over the next 10 years.
Photovoltaic energy, harnessed from the sun's radiation, undergoes a conversion process using photovoltaic cells to generate electricity. This energy can be used to power various electrical devices, integrated into the power grid, or stored in batteries for later use. On a commercial scale, photovoltaic technology finds applications in solar lamps, parking meters, emergency telephones, trash compactors, temporary traffic signs, charging stations, remote guard posts, and signals. It also powers solar panels in buses and cars, contributing to their motor function.
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The agricultural sector extensively employs photovoltaic electricity for solar drying, facilitating faster crop drying. It also serves as a cost-effective alternative to electric lines in remote locations for powering water pumps and other equipment.
The industrial sector leverages photovoltaic energy, particularly in the aerospace & defense segment, to supply electricity to satellites for smooth operation in space. Given these diverse applications, demand for photovoltaic energy is expected to see significant growth. This pivotal factor drives the increasing demand for photovoltaic energy.
Emphasis on reducing carbon footprint and achieving cost-effective energy generation is projected to further boost the demand for photovoltaic systems and foster the overall growth of the photovoltaic industry.
Key Takeaways from Market Study
- The global photovoltaics market is valued at US$ 90 billion in 2023.
- Worldwide demand for photovoltaics is projected to rise at a CAGR of 6% from 2023 to 2033.
- The market is estimated to touch US$ 155 billion by the end of 2033.
- Use of photovoltaics in inverters is projected to grow at a CAGR of 5% from 2023 to 2033.
- The market in China is estimated to rise at a CAGR of 10% during the forecast period (2023 to 2033).
- The photovoltaics market in Canada is forecasted to expand at a CAGR of 5% from 2023 to 2033.
“Escalating global energy demand driven by population growth has led to the increased need for sustainable energy solutions, complemented by supportive government regulations. These regulations aim to reduce reliance on fossil fuels and combat environmental pollution, thereby promoting the adoption of renewable energy sources, including solar energy,” says a Fact.MR analyst.
Key Companies Profiled in this Report
- GCL System Integration
- Suntech Power Co.
- Sharp Corporation
- Canadian Solar Inc.
- JA Solar Holdings
- Trina Solar Co. Ltd.
- Acciona, S.A.
- Tata Power Solar Systems Limited
- Risen Energy Co., Ltd.
- SunPower Corporation
Market Competition
In the competitive landscape of the global market, key players in the industry are implementing diverse strategies to maintain their market position and stay ahead of the competition. Companies are forming alliances and partnerships with other industry players to combine their expertise, resources, and technologies to achieve common goals. Such collaborations can lead to mutual benefits, increased market reach, and innovations.
- In 2023, Rajasthan Urja Vikas Nigam Ltd. awarded state-owned SJVN Ltd. a 100 MW solar power project at USD 73.24 million. SJVN Green Energy Ltd (SGEL), a wholly owned subsidiary of SJVN, took part in an open global price bidding process, which was followed by an e-Reverse Auction (e-RA) hosted by Rajasthan Urja Vikas Nigam Ltd. (RUVNL).
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Key Segments of Photovoltaics Industry Research Report
- By Component:
- Modules
- Inverters
- Balance Of Systems (BOS)
- By Material:
- Silicon
- Compounds
- By Installation Type:
- Ground-mounted
- Building-integrated Photovoltaics (BIPV)
- Floating PV
- By Application:
- Commercial
- Residential
- Industrial
- Utilities
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global photovoltaics market with historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on component (modules, inverters, balance of systems [BOS]), material (silicon, compounds), installation type (ground-mounted, building-integrated photovoltaics (BIPV), floating PV), and application (commercial, residential, industrial, utilities), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
Explore More Trending Studies Published by Fact.MR Research:
Building Integrated Photovoltaic (BIVP) Market: The global building integrated photovoltaic (BIVP) market is currently valued at US$ 16.1 billion and is projected to surge to US$ 88.6 billion by the end of 2032.
Photonic Integrated Circuit Market: Optical technology makes the world of communication more compact and discrete and offers high performance as compared to electronics devices. Photonic integrated circuits are expected to emerge as a new technology in optical systems in coming Years.
Hybrid Inverters Market: The hybrid inverters market is likely to record a CAGR of 8.92% in coming Years.
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