0

Global Photovoltaic Market Expected to Reach $333,725.1 Million by 2026

 
2022
Global Photovoltaic Market

Report Code : A00078

quote The global photovoltaic market registered a high growth over the past few years. This is attributed to rise in usage of photovoltaic energy overs conventional fuels owing to its low electricity generation cost and zero carbon emission. As compared to the other renewable energy sources such as wind or hydro, this energy has come into light only after 2010. PV market is used in solar panels to generate electricity to run the vehicle motor. Due to stringent government regulation on carbon footprint and volatile fuel prices, the demand for solar bus and cars has increased significantly. This factor is expected to increase the demand of photovoltaic. In addition, photovoltaic energy is widely used in agricultural sector as solar drying is used to dry crops faster. It is also used in photovoltaic panel used to generate electricity to run water pumps. Due to this factor the demand of PV technology is likely to increase across agriculture centric country like India and is expected to drive the quote

According to Eswara Prasad
Manager, Chemical and Material at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, "Photovoltaic Market by Technology, System, and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global photovoltaic market size was valued at $53,916.0 million in 2018, and is projected to reach $333,725.1 million by 2026, growing at a CAGR of 25.1% from 2019 to 2026.

Photovoltaic (PV) technology converts energy from solar radiation directly into electricity using semiconductor materials. It has no mechanical moving parts, thus, it has a prolonged service life, requiring minimal maintenance. Photovoltaic technology is used in renewable energy systems range from small-scale systems for lighting and pumping to large-scale systems for whole buildings and utility-scale photovoltaic farms.

Continuous supply of energy and comparatively lower expenses of photovoltaic energy than conventional energy sources have made PV technology lucrative for application in industrial sectors such as telecommunication, aerospace & defense, agriculture, and automotive. This factor is expected to escalate the market growth during the forecast period. In addition, increase in popularity of photovoltaic technology owing to its employment in electricity generation, to provide electricity for residential buildings, at a low cost is expected to drive the growth of the global photovoltaic market. Furthermore, high concentrated PV (HCPV) is widely used in military and aerospace applications such as in manufacturing of solar panels for satellites. The growth in aerospace & defense sector across Asia-Pacific region and increase in indigenous development satellites have led to increase in demand for photovoltaic technology, and is thus positively affecting the market growth.

Based on technology, the market size is segmented into thin film, mono-Si, and multi-Si. Thin-film photovoltaic modules are manufactured using silicon, cadmium, and copper as raw materials, and are incorporated in solar panels to produce electricity. Thin-film photovoltaic technology is available in three different types, including cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and amorphous thin-film silicon (a-Si, TF-Si). Monocrystalline silicon (mono-Si) technology is a silicon-based discrete component that uses integrated circuits. This technology is used in modern electronic equipment. Multi-crystalline silicon (multi-Si) technology comprises high-purity, polycrystalline form of silicon and contains multiple layers of the same. This technology is mostly used in standalone systems. 

Based on system, the market size is bifurcated into high concentrated PV (HCPV) and low concentrated PV (LCPV). The HCPV system is used to generate electricity by using lenses or curved mirrors to gather huge amount of sunlight on a small area with highly proficient multi-Junction (MJ) solar cells. This system concentrates sunlight to intensify it, equals to that of 1,000 suns or more. It is majorly used in industrial, telecom or mobile towers, rural electrification, and aerospace & defense sectors. LCPV cell converts the solar energy into direct current, which is used in semiconductor materials. 

The initiative Akshay Urja taken by the Government of India, which includes installation of 300,000 solar streetlights and 2,500,000 numbers of solar study lamps is anticipated to provide lucrative opportunities in northeastern states. In addition, solar power plants of individual size up to 25 kWp will be promoted in remote areas where grid power has not reached. This factor is anticipated to increase the demand for photovoltaic energy, thereby accelerating the market growth.

Based on application, the market is categorized into industrial, residential, and commercial. In residential application, PV technology is widely used in rooftop solar installations for providing stored energy for residential buildings at low cost. Commercially, PV technology is used in solar buses and cars to provide electricity to run the vehicle motor. In addition, it finds application in agricultural sector and is used in solar drying equipment to dry crops faster and to generate electricity to run water pumps. Moreover, in the industrial sector, PV technology is used in aerospace & defense sector for manufacturing of solar panels to be used in satellite. In addition, in the telecommunication industry, it is widely used in PV modules, providing required charging current for batteries. The photovoltaic market trends in terms of usage are expected to grow across all application owing to increase in usage of photovoltaic technology to generate electricity and to reduce carbon footprint across the globe.

Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific has emerged as a global leader in the photovoltaic market, due to surge in energy demand in the developing economies such as India, China, and Thailand, owing to decrease in dependency on conventional energy sources, including coal & crude oil, and increase in urbanization. In addition, development of rural electrification activities in countries such as India, China, and Thailand and rise in government initiatives to promote the use of renewable energy are anticipated to boost the photovoltaic market growth from 2019 to 2026. 

Key Findings of the Photovoltaic Market :

  • The Asia-Pacific photovoltaic market is predicted to hold a share of over 48.93% by 2026.
  • The thin film photovoltaic technology segment is expected to dominate the market, garnering a share 48.52% during the projected period.
  • The low concentration PV segment is projected to hold a share of over 39.00% by 2026.
  • The industrial application segment is estimated to account for 45.52% of the share by 2026.
  • The Europe photovoltaic market is predicted to hold a share of over 38.98% by 2026.

The market players have adopted collaboration, partnership, product launch, joint venture, agreement and acquisition as their key strategies to gain competitive advantage in this market. The key players operating in the photovoltaic industry include Abengoa, Acciona, Canadian Solar, First Solar, JA Solar Co., Ltd., Renesola, Sharp Corporation, Tata Power Solar Systems Ltd., Trina Solar and Wuxi Suntech Power Co., Ltd.
 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Photovoltaic Market by Technology (Thin Film, Mono Si and Multi Si), System (High Concentration Photovoltaic (HCPV) and Low Concentration Photovoltaic (LCPV)), and Application (Industrial, Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2019–2026 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Mar 2024

Hairbrush Market

Download Sample
rep-img

Published Date Mar 2024

Debt Security Market

Download Sample
rep-img

Published Date Mar 2024

Wood Adhesives Market

Download Sample

Buy Full Version
"Global Photovoltaic Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers