Photovoltaic (PV) technology is increasingly being adopted across the globe as the focus of renewable energy increases. PV is used for its ability to convert sunlight into energy and have a minimal impact on the environment. Market Research Future has performed a thorough examination of the global photovoltaic market which reveals various vital figures and records the important factors affecting the market. Valued at USD 225.6 Bn in 2017, the market is on track to register growth at an impressive CAGR of 16.7% during the review period from 2018 to 2023. At the projected rate of growth, the market is expected to generate a value which reaches USD 547.15 Bn by the end of 2023.
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The photovoltaic market is largely driven by the affordability of PV cells and other PV technology as compared with traditional systems. Moreover, the global population is at an all-time high, and urbanization among other factors has resulted in an unprecedented demand for energy. Environmental consciousness and government encouragement for the adoption of solar energy systems has been a strong driver of adoption of PV cells and by extension has driven growth for the market. Increasing concerns regarding climate change and a global shift in focus on alternative energy sources have furthered the demand for photovoltaic. Various government bodies across the world are investing in solar panels, thus driving growth. Additionally, the rising cost of fossil fuel and the fact that oil & gas derivatives are nonrenewable, combined with the ongoing growth of the global population as well as ever-increasing demand for energy is responsible for significant growth of the global PV cells.
Unfortunately, climate change has resulted in unpredictable weather conditions which challenge the growth of the market. Moreover, the high technical complexity associated with photovoltaic will likely have a negative impact on the market. However, the market challenges are largely outweighed by opportunities, particularly in regions with high natural sunlight.
Market participants of prominence that have been included in MRFR’s report are Mitsubishi Electric Corporation, Canadian Solar Inc., Kaneka Corporation, Hanwha Q CELLS Co., Ltd., Suntech Power Co., Trina Solar Limited, Risen Energy Co. Ltd, JA Solar Holdings, Sharp Corporation, GCL System Integration, Jinko Solar Holding Co., Ltd., and Shunfeng International Clean Energy Limited among others.
Segmental division of the global photovoltaic market has been done on the basis of type, component, application, and region. Types of photovoltaic include organic PV and inorganic PV.
Components of photovoltaic include cells, modules, and optics.
Applications of photovoltaic can be found in residential applications and non-residential applications.
Vital regional markets in the global photovoltaic market include Europe, North America, Asia Pacific, and the Rest of the World.
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The Asia Pacific is at the forefront of the global photovoltaic market with country-level market, China having secured a 35% market share in the region. The strong presence of a number of leading market players in the region is a strong driver of growth. Manufacturing and use of solar panels in the region are high and as such has played a key role in the development of the regional market. Government initiatives in India are focused on providing subsidies to encourage the adoption of solar panels. The regions natural climate is highly conducive to the adoption of solar panels as a majority of the region experiences high sunlight and has a tropical climate.
Meanwhile, North America and Europe are also significant markets which follow the APAC in terms of market size. Supportive government initiatives and increasing focus on renewable energy are expected to boost market growth. Between the two, North America is likely to experience higher growth as Europe has low investments in solar energy due to a naturally low sunlight climate.
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