Photovoltaic Market Forecast Report 2020 – 2027 – Top Key Players Analysis

 

The GMI Research expects the photovoltaic market to expand at a higher rate. From a regional perspective, the Asia-Pacific is expected to grow at a higher CAGR due to the strong adoption of the PV modules across several countries, such as China and India, attributed to the drastic shift of individuals towards the usage of renewable energy.

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Photovoltaic Market Dynamics (including market size, share, trends, forecast, growth, and industry analysis)

Key Drivers

The increasing penetration of solar energy in numerous countries like Saudi Arabia and the high demand for photovoltaic systems from commercial and residential applications areas are the significant drivers responsible for the growth of the global photovoltaic market size. Furthermore, several government initiatives and subsidies to promote solar energy adoption is further surging the growth of the photovoltaic market share in terms of revenue. The National Renewable Energy Program is an initiative that comes under the Saudi Vision 2030 and the King Salman Renewable Energy Initiative. This program emphasis on expanding the capability of renewable energy in Saudi Arabia and boost the advancement in the renewable sector.

As per the photovoltaic market forecast, the reducing cost of the solar system in the market and the fundamental shift towards organic photovoltaic usage are some other factors fuelling the demand for the market in the upcoming years. As per IEA, the global solar PV capacity is predicted to meet about 107 GW in 2020, illustrating a stable growth from 2019. On the other hand, the shortage of skilled professionals for the maintenance and deployment of photovoltaic will hinder the growth of the market.

Component Segment Drivers

Based on the component, the inverters segment is estimated to increase at a faster CAGR in the upcoming years due to investors' rising deployment across the utilities, commercials, and other such application areas. Additionally, various benefits provided by the inverter, such as improves the grid assistance capabilities, confirm safe system operation, expansion of energy production, and efficient tracking of power output is a major factor accelerating the demand for such component in the market globally.

Photovoltaic Market’s leading Manufacturers:

·         JA SOLAR Technology Co., Ltd.

·         Jinko Solar & ADVIGA

·         LONGi Solar

·         Trina Solar

·         First Solar

·         Canadian Solar

·         Mitsubishi Electric Corporation

·         Hanwha Q CELLS

·         Wuxi Suntech Power Co., Ltd.

·         Sharp Corporation

Photovoltaic Market Segmentation:

Segmentation by Component:

·         Inverters

·         Modules

·         Balance of System

Segmentation by Material:

·         Compounds

·         Silicon

Segmentation by Cell Type:

·         Half-Cell PV Modules

·         Full-Cell PV Modules

Segmentation by Installation Type:

·         Building-Integrated Photovoltaics

·         Ground Mounted

·         Floating PV

Segmentation by Application:

·         Commercial & Industrial

·         Residential

·         Utilities

Segmentation by Region:

·         North America

o   United States of America

o   Canada

 

·         Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·         Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·         RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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