The global photovoltaic market accounted for US$.153.99 Bn in 2018 and is expected to grow at a CAGR of 19.8% during the forecast period 2019 - 2027, to account to US$ 768.1 Bn by 2027. Photovoltaic aid in the conversion of solar energy into electricity using semiconducting materials. A photovoltaic system is coupled with solar modules comprising several solar cells to generate electrical power. Photovoltaic installations may be ground-mounted, rooftop-mounted, wall-mounted, or floating. Cells, optics, and trackers are the components used in a photovoltaic system. Photovoltaic systems have broad applications in residential, commercial, and utilities. With an increase in population coupled with the industrial revolution and economic development, energy requirements have grown consistently, which is posing a burden upon natural resources. Solar energy, tapped from the sun, can effectively meet a significant portion of energy needs, which is further driving the market for photovoltaic systems.
Based on the type, the photovoltaic market has been segmented into organic and inorganic components.In 2018, the inorganic components segment accounted for the largest share of the photovoltaic market.
Moreover, the organic components segment is projected to grow at a faster pace during the forecast period.The organic photovoltaic technology is useful to transform solar energy to fully redefined electric energy.
This technology has the potential to supply electricity at a lower cost.The organic components are used in certain electronic gadgets and wearable devices, where the product is designed to operate on solar energy.
Additionally, the rising concern regarding greenhouse gas emissions and carbon footprint have also influenced the market of organic components. The growing trend of building green structures in developed countries including the US, Canada, Australia, China, Germany, and France, among others, is expected to favor the growth of the photovoltaic market during the forecast period.
Supportive government policies is driving the growth of the photovoltaic market.Several government policies have been initiated to promote and support the use of solar energy and production of solar PV products.
Such policies may vary across countries and may contribute to regulatory uncertainty.Many government policies have been framed to promote the production and consumption that reflects the growth and development of solar PV industries.
Production policies relate to transfer of technology, funding for research and development, production subsidies offered by the government, research deployment, and others.Consumption policies aimed to enhance the installation demand may drive the production of cost-effective solar equipment.
To boost the consumption of solar PV technologies, governments initiated policies related to consumption subsidies, FiTs, tax credits, renewable portfolio standards, and others. Therefore, the growth of the photovoltaic market is strongly supported by government policies.
Some of the players present in global photovoltaic market are Mitsubishi Electric Corporation, Panasonic Corporation, Kaneka Corporation, Kyocera Corporation, Sharp Corporation, JA Solar Co.Ltd, Renesola Co.
Ltd, Trina Solar, Jinko Solar, and Shunfeng International Clean Energy Limited among others. These players are influencing the growth of the photovoltaic market.
The overall global photovoltaic market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the photovoltaic market.
Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the photovoltaic market.
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