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The PV market has expanded and evolved significantly in tandem with the rise in demand for sustainable and renewable energy sources. Additionally, the PV market is impacted by innovations in technology. The durability, cost-effectiveness and efficiency of solar cells have all been enhanced, thanks to the rise in research and development. In light of the advancements in photovoltaic technology such as perovskite and thin-film solar cells, solar energy is now extremely competitive and has a broader variety of applications.
The supply chain and the availability of raw materials for PV manufacture can be impacted by geopolitical and global economic variables. Uncertainties can be introduced and the entire cost structure of the PV market impacted by changes in trade rules, geopolitical tensions, and currency exchange rate fluctuations."
Environmental concerns coupled with the continuous climate changes shed light on the significance of renewable energy sources, especially solar technology. The environmental benefits of solar energy, such as lower carbon emissions and less environmental effect than traditional fossil fuels, are becoming more apparent to consumers, businesses, and governments. This rising awareness has heightened demand for PV installations and transformed market dynamics as a result of the development of a sustainable and ecologically acceptable energy source.
Economic issues like as the cost of developing, installing, and maintaining photovoltaic systems have a significant effect on market dynamics. PV technology has grown more appealing and accessible to a broader range of customers as the cost of solar panels has decreased over time. Savings from economies of scale in manufacturing and installation have also increased the use of solar energy.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Component, Application, and Region |
Photovoltaic Market Highlights:
Global Photovoltaic (PV) Market Overview:
The Photovoltaic (PV) Market Size was valued at USD 89 Billion in 2022. The Photovoltaic (PV) market industry is projected to grow from USD 95 Billion in 2023 to USD 126 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.00% during the forecast period (2023 - 2030). Photovoltaic systems are widely used in converting sunlight into electricity. It is eco-friendly as it can produce energy without increasing the carbon footprint from a renewable source.
It has proven to offer low operating costs as it is different from traditional systems. As the electricity demand increases daily, the demand for solar panels for power generation is going higher. The increasing requirement for alternative energy sources and rising concerns regarding climate change are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Photovoltaic (PV) Market Trends
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Growing number of off-grid areas worldwide to boost market growth
The growing number of off-grid areas worldwide is indeed one of the key drivers for the growth of the global photovoltaic market. Off-grid areas refer to regions that are not connected to the traditional grid and lack access to electricity. There is a growing demand for reliable and sustainable energy solutions in these areas, as they are often located in remote or rural regions. Photovoltaic technology offers a clean, renewable, and cost-effective solution for powering off-grid areas. The increasing awareness about the need for sustainable energy sources, along with declining costs for photovoltaic technology, has made it an attractive solution for powering off-grid areas.
In addition to the growing number of off-grid areas, several other factors are driving the growth of the global photovoltaic market. The global push towards clean energy sources has led to an increase in the demand for photovoltaics, as it is a clean and renewable source of energy. Governments around the world are offering incentives and subsidies to encourage the adoption of photovoltaic technology. The continuous improvement of photovoltaic technology has made it more efficient and cost-effective, further driving its growth. Therefore, such factors related to Photovoltaic (PV) have enhanced the Photovoltaic (PV) market CAGR across the globe in recent years.
Photovoltaic (PV) Market Segment Insights:
Photovoltaic (PV) Type Insights
The Photovoltaic (PV) Market segmentation, based on type, includes Organic PV, Inorganic PV. The Organic PV segment held the majority share in 2022 of the Photovoltaic (PV) Market revenue. Organic Photovoltaics (OPVs) are a newer type of photovoltaic technology that utilizes organic materials to convert sunlight into electricity. The OPV market is expected to grow in the coming years as technological advancements in the field improve their efficiency and performance. In addition, the increasing demand for flexible and lightweight photovoltaics has created a favorable market environment for OPVs, as they offer advantages in these areas compared to inorganic photovoltaics.
Photovoltaic (PV) Component Insights
The Photovoltaic (PV) Market segmentation, based on components, includes Cells, Modules, and Optics. The cells segment held the majority share in 2022. Photovoltaic cells, also known as solar cells, are the basic building blocks of a photovoltaic system. They convert sunlight into electrical energy, which is then used to power homes, businesses, and other structures. The cells segment dominates the Photovoltaic (PV) Market due to its crucial role in the overall performance of a photovoltaic system. Advances in photovoltaic cell technology, such as the development of higher-efficiency cells, have driven growth in the cells segment and helped to make photovoltaic technology increasingly cost-effective.
Photovoltaic (PV) Application Insights
Based on application, the Photovoltaic (PV) Market segmentation includes Residential Applications, Non-Residential Applications. The residential application segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The growing adoption of photovoltaic technology by homeowners and residential property owners is driving the growth of this segment. Residential photovoltaic systems offer several benefits, including lower electricity bills, reduced carbon footprint, and increased energy independence. The availability of government incentives and subsidies, along with declining costs of photovoltaic technology, has made residential photovoltaic systems more accessible and affordable for homeowners. These all factors for Photovoltaic (PV) positively impact the market growth.
Figure 2: Photovoltaic (PV) Market, by Application, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Photovoltaic (PV) Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is the largest market for photovoltaic (PV) technology, and it holds the largest market share in the Photovoltaic (PV) Market. The region has a large number of vendors and key players in the PV market, which has helped to drive growth and increase market share. The region's rapidly growing population and increasing industrialization are driving the energy demand. Many governments in the region have implemented favorable policies and incentives to support the growth of renewable energy, including photovoltaic technology. The region is home to many leading photovoltaic technology companies, and the region has seen several technological advancements that have helped to improve the efficiency and cost-effectiveness of photovoltaic systems.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Figure 3: Photovoltaic (PV) Market SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Photovoltaic (PV) market accounts for the second-largest market share. Many European countries have implemented strong policies and incentives to support the growth of renewable energy, including photovoltaic technology. This support has helped to drive growth and increase market share. Europe is home to many leading photovoltaic technology companies, and the region has seen several technological advancements that have helped to improve the efficiency and cost-effectiveness of photovoltaic systems. The European Photovoltaic (PV) market is expected to continue to grow in the coming years, driven by increasing demand for renewable energy, supportive government policies, and technological advancements. Further, the Germany Photovoltaic (PV) market held the largest market share, and the UK Photovoltaic (PV) market was the fastest-growing market in the European region.
North America is expected to generate the second-largest market share in the global photovoltaic market. The region has seen a growing demand for renewable energy, particularly in the residential and non-residential segments. The region is home to many leading photovoltaic technology companies, and the region has seen several technological advancements that have helped to improve the efficiency and cost-effectiveness of photovoltaic systems. The North American Photovoltaic (PV) market is expected to continue to grow in the coming years, driven by increasing demand for renewable energy, supportive government policies, and technological advancements. The region is expected to remain a key player in the Photovoltaic (PV) Market, with growth expected to continue in the residential, non-residential, and utility-scale segments. Moreover, the U.S. Photovoltaic (PV) market held the largest market share, and the Canada Photovoltaic (PV) market was the fastest-growing market in the North American region.
Photovoltaic (PV) Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Photovoltaic (PV) market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Photovoltaic (PV) industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Photovoltaic (PV). With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Photovoltaic (PV) industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Photovoltaic (PV) industry to benefit customers and expand the market sector. Major Photovoltaic (PV) market players, including Risen Energy Co. Ltd, Shunfeng International Clean Energy Limited, Mitsubishi Electric Corporation, GCL System Integration, JA Solar Holdings, Kaneka Corporation, Sharp Corporation, Suntech Power Co., Trina Solar Limited, Canadian Solar Inc., Jinko Solar Holding Co., Ltd., and others, are attempting to increase market demand by funding R&D initiatives.
Risen Energy Co. Ltd is a Chinese company that specializes in the production and distribution of photovoltaic (PV) products and solutions. Risen Energy's product portfolio includes photovoltaic modules, photovoltaic systems, and related components. The company's photovoltaic modules are designed for use in residential, commercial, and utility-scale applications. Its photovoltaic systems offer customers a turnkey solution for the design, engineering, and construction of photovoltaic systems.
Shunfeng International Clean Energy Limited is a leading provider of clean energy solutions, with a focus on photovoltaic (PV) power generation. Shunfeng International's product portfolio includes photovoltaic modules, photovoltaic systems, and related components. The company's photovoltaic modules are designed for use in a wide range of applications, including residential, commercial, and utility-scale projects. Its photovoltaic systems provide customers with turnkey solutions for the design, engineering, and construction of photovoltaic systems. The company is committed to providing high-quality, reliable, and cost-effective photovoltaic products and solutions to its customers. It invests heavily in research and development and is constantly seeking to improve its products and technologies.
Key Companies in the Photovoltaic (PV) market include
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Shunfeng International Clean Energy Limited
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Mitsubishi Electric Corporation
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GCL System Integration
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JA Solar Holdings
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Sharp Corporation
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Suntech Power Co.
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Trina Solar Limited
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Canadian Solar Inc.
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Jinko Solar Holding Co., Ltd among others
Photovoltaic (PV) Industry Developments
March 2022: Canadian Solar announced that it has started mass production of new 54-cell format module with 182 mm cell for residential, commercial and industrial rooftop solar systems.
Photovoltaic (PV) Market Segmentation
Photovoltaic (PV) Type Outlook
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Organic PV
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Inorganic PV
Photovoltaic (PV) Component Outlook
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Cells
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Modules
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Optics
Photovoltaic (PV) Application Outlook
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Residential Applications
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Non-Residential Applications
Photovoltaic (PV) Regional Outlook
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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