Photovoltaic Market Size, Share and Future Outlook (2025-2033) | UnivDatos

According to UnivDatos’ research report “Photovoltaic Market”, the market is expected to witness a CAGR growth of % during the forecast period 2021-2027. Increasing focus to reduce the dependency of fossil fuel and rising need to control environment pollution are driving the demand of photovoltaic market. In addition, the emerging population escalating need for energy generation coupled with the large number of off-grid areas in developing nations are creating demand for photovoltaic market. In addition, technology advancement in solar cell would provide ample growth opportunity for the photovoltaic manufacturers during the forecast period. Further, rising urban population and growing industrial sector would further help the market to grow. However, lack of skilled worker for PV installation and maintenance would act as the restraints in the market growth.

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Photovoltaic energy is produced by radiation of the sun and it can be transferred into electricity with the help of photovoltaic cells. This electricity can be used in powering electric devices. Depending on the application the photovoltaic can be used as solar lamps, parking meters, emergency telephones, trash compactors, temporary traffic signs, charging stations in commercial application. Similarly, in agriculture sector, photovoltaic technology used to generate electricity to run water pumps at cheaper cost and with surging use of photovoltaic technology it’s expected to accelerate its market share in the forecasted period as well. Moreover, the surging demand for electricity across the globe owing to rising population coupled with the rising need to adopt sustainable renewable energy sources are the factor fueling the market size of global photovoltaic market. In addition, government favorable policies and regulation to reduce carbon footprints and low-cost energy generation are also the key factors that fuels the demand for photovoltaic.

During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown led to shutdown of manufacturing facilities had severely disrupted the supply chain. This has also impacted the manufacturing of photovoltaic in china which has a direct impact on global photovoltaic market demand. However, market share for photovoltaic is expected to revive post 2020. It is mainly due to the increasing adoption of renewable power owing to growing concern to protect the environment from hazardous emission. Further, favorable government policies are propelling the growth of the market.

Based on Type, the global photovoltaic market is segmented into modules, inverters, and balance of systems. Currently inverters segment dominates the market. As solar inverter can convert DC power to AC power which then is effective to use for residential application. Moreover, the increasing advancement in solar inverter technology helps in improving its performance level and with surging adoption of rooftop photovoltaic, solar inverter demand is also rising which in turn would accelerate the inverter market share in the forecasted period as well.

Based on Material, the market is bifurcated into silicon and compound. Silicon segment dominates the market. The silicon photovoltaic material is expected to witness rapid growth owing to the benefits of crystalline silicon solar cells that increase efficiency and reduce cost of final installation of photovoltaic as few solar cells needs to be installed for desired output.

Based on Cell Type, the market is bifurcated into full cell PV modules and half-cell PV modules. Currently, segment dominates the market, however segment is expected to witness high demand during the forecast period.

Based on Installation Type, the market is segmented into residential, commercial & industrial, and utilities. Residential segment holds significant share owing to rising energy demand for growing population, whereas utilities also have considerable presence in the market.

Based on Deployment Type, market is classified into rooftop-solar and ground mounted. Currently, rooftop-solar segment dominated the market. n residential application photovoltaic panel are deployed on rooftop where adequate amount of sunlight is available. However, the ground-mounted deployment also captures significant share in utilities and industrial segment.

Based on Technology Type the market is segmented into thin film (cadmium telluride, copper indium gallium diselenide, amorphous thin-film silicon), Mono Si and Multi Si. Currently, segment dominated the market. However, XX segment expected to grow in the forecasted period.

Asia-Pacific to witness highest growth

Based on region, the report provides detail analysis for overall adoption of photovoltaic in major region including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. India has achieved 5th position globally in 2020 in installing solar power deployment surpassed the Italy. From 2.6 GW in 2014 to 30 GW in 2019, solar power deployment has increased by 11 times in India. As a result, photovoltaic is likely to have a promising future during the forecast period.

According to UnivDatos, the key players with a considerable market share in the global photovoltaic market are Canadian Solar Inc., Hanwha Q CELLS, Trina Solar Limited, Jinko Solar Holding, GCL System Integration, JA Solar Holdings, Shunfeng International Clean Energy Limited, Sharp Corporation, Risen Energy, Mitsubishi Electric Corporation, Suntech Power.

Some of the instances are:

§ In June 2020, Canadian Solar Inc. announced launch of Next-Generation PV modules worldwide, mark another breakthrough in module efficiency, propelling solar energy to achieve ever lower levelized cost-of electricity ("LCOE"). The new products will be supported by competitive warranties and the highest level of pre- and post-sales service.

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In August 2021, GCL Integrated Technology Co., Ltd (hereinafter referred to as GCLSI) and China Power Engineering Consultants Group Southwest Electric Power Design Institute Co. Ltd (SWEPDI) signed a strategic cooperation agreement at GCL Energy Center in Suzhou. Through the agreement, all the products which purchased by the SWEPDI are high-efficiency modules with the maximum output up to 530W.

“Global Photovoltaic Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

Market Segmentation:

1.     By Type (Module, Inverter, Balance of System (BOS))

2.     By Material (Silicon, Compounds)

3.     By Cell Type (Full Cell PV Module, Half Cell PV Module)

4.     By Installation Type (Residential, Commercial & Industrial, Utilities)

5.     By Deployment Type (Rooftop-Solar, Ground Mounted)

6.     By Technology (Thin Film, Mono Si, Mini Si)

7.     By Region (North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)

8.     By Company (Canadian Solar Inc., Hanwha Q CELLS, Trina Solar Limited, Jinko Solar Holding, GCL System Integration, JA Solar Holdings, Shunfeng International Clean Energy Limited, Sharp Corporation, Risen Energy, Mitsubishi Electric Corporation, Suntech Power)

Key questions answered in the study:

1.     What are the current and future trends of the global photovoltaic industry?

2.     How the industry has been evolving in terms of installation type demand and technology?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the global photovoltaic industry?

5.     What is the customer orientation, purchase behavior, and expectations from the global photovoltaic suppliers across various region and countries? 

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