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One noteworthy business development is the increasing usage of solar energy in various industries. Growing environmental consciousness has prompted companies, families, and governments to pay attention to solar technology as a clean and sustainable energy source. In response to this expanding need, there is a notable trend toward solar power in both developed and developing countries.
Another important development in the PV sector is the advancement of solar technology. Efficiency and cost-effectiveness are growing as PV cell efficiency, energy storage, and total system performance improve. Bifacial solar panels and tandem solar cells are examples of technological developments that boost energy production and maximize solar energy consumption.
Grid parity, a significant trend in the PV market, is being achieved in various regions globally. Grid parity occurs when the cost of solar electricity becomes comparable to or even lower than traditional grid electricity. This milestone has been a catalyst for widespread adoption, as solar energy becomes economically competitive without the need for substantial subsidies. The decreasing costs of PV components, coupled with increased efficiency, are driving the market towards broader grid parity, making solar energy a mainstream and cost-effective power generation option.
Storage integration is emerging as a critical trend in the PV market. PV systems are increasingly incorporating energy storage options, such batteries, as the demand for a steady and dependable power source rises. In order to mitigate the fluctuating nature of solar energy, energy storage systems enable users to store extra energy produced during hours of maximum sunshine for use during times of low or no sunlight. This development increases solar energy systems' dependability and adaptability, which increases their appeal for both home and commercial use.
Community solar initiatives are becoming more and more well-liked as a cooperative strategy for solar energy uptake. These initiatives let several people or companies, who are unable to put solar panels on their own homes, benefit from a single solar installation. This pattern encourages community involvement in renewable energy projects and increased accessibility to solar energy. Community solar programs are receiving more and more support from utilities and governments, which is driving this trend in the PV market.
Policies are placing an increasing focus on carbon emission reduction and sustainability. To hasten the adoption of renewable energy, particularly solar power, governments throughout the world are putting supportive laws and incentives into place. Among the policy instruments propelling the expansion of the PV sector are feed-in tariffs, tax credits, and renewable portfolio standards. Support from policymakers not only promotes market expansion but also offers a solid regulatory framework that attracts capital to solar energy projects.
Environmental, social, and governance (ESG) considerations are influencing investment decisions and corporate strategies, leading to a surge in sustainable and responsible investing. Companies are increasingly incorporating renewable energy goals into their ESG initiatives, contributing to the momentum of the PV market. As investors prioritize environmentally friendly and socially responsible projects, the photovoltaic market stands to benefit from this growing trend.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Governmental authorities are concentrating on solar energy-powered systems and investing more to produce energy through solar panels |
| Market Dynamics | The increasing requirement for alternative energy sources. Rising concerns regarding climate change. |
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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