Photovoltaics (PV) Market

Photovoltaics (PV) Market by Component (Modules, Inverters, BOS), Material (Silicon, Compounds), Installation Type (Ground Mounted, BIPV, Floating PV), Application (Residential, Commercial & Industrial, Utilities), Cell Type and Region - Global Forecast to 2028

Report Code: SE 3152 Jan, 2023, by marketsandmarkets.com

[332 Pages Report] The photovoltaic (PV) market is estimated to be USD 96.5 billion in 2023 and is projected to reach USD 155.5 billion by 2028 at a CAGR of 10.0%. The growth of the PV market is driven by the rising number of solar installations attributed to government-led incentives and schemes, growth in the adoption of solar PV systems for residential applications and decreasing cost of PV systems. Meanwhile, increasing inestments in renewewable energy presents a significant opportunity for developing the photovoltaic market.

The photovoltaic industry has witnessed various fast-paced technological developments in recent years. Perovskite is the newest solar material whose crystal structure is good for solar absorption. Perovskite cells also work better than silicon at lower lighting intensities, on cloudy days, or indoors, thus enabling higher conversion efficiency. Recently, metal halide perovskite solar cells have emerged as a promising thin-film PV technology owing to their inherently excellent optical and electronic properties such as large optical absorption coefficient, high carrier mobility, long carrier lifetime, and low mid-gap state density. The past few years have seen rapid exponential progress in their power conversion efficiency, increasing from 3.8% in 2009 to 25.5% in 2020, comparable to the record efficiencies of c-Si.

The perovskite PV technology is potentially very cost-effective because of its low-temperature solution processibility and small material consumption. The globally intensive and collective research has significantly improved perovskite materials’ quality and stability, and device durability increasing prospects for commercialization. This is mainly due to factors such as advancements in deposition processes producing better crystalline and compact perovskite films, understanding of photo- and electronic-physics underlying device operation, and passivation of defects associated with perovskite materials and device structures. Additionally, the perovskite solar cell adoption benefits from lifestyle changes, improved investments, expanding urbanization, and rising consumer spending. In addition, increasing demand for passivated emitter and rear cell (PERC) modules—a technology that aims to achieve higher efficiency than standard solar cells by adding a dielectric passivation layer on the rear of the cell—is likely to offer growth opportunities for the solar photovoltaic market.

Global Photovoltaic Market

Photovoltaic Market

Photovoltaic Market Forecast to 2028

The photovoltaic (PV) industry is on the cusp of a technological revolution, it has experienced significant technological advancements over the years, driving improvements in efficiency, cost-effectiveness, and sustainability. Perovskite Solar Cells: Perovskite solar cells have gained attention for their potential to offer higher efficiency and lower production costs compared to traditional silicon solar cells. Ongoing research aims to address stability and scalability issues, making perovskite cells a promising area for future development.

Tandem Solar Cells: Tandem solar cells combine multiple layers of different materials to capture a broader spectrum of sunlight and improve overall efficiency. This approach involves stacking solar cell materials with complementary absorption spectra to enhance energy conversion.

Bifacial Solar Panels: Bifacial solar panels can capture sunlight from both the front and rear sides, reflecting off surfaces such as the ground or nearby structures. This design increases overall energy capture, especially in environments with reflective surfaces.

Bifacial Tracking Systems: Bifacial solar panels combined with tracking systems that follow the sun's path throughout the day can significantly increase energy capture. By optimizing the angle and orientation of the panels, bifacial tracking systems enhance overall system efficiency.

Transparent Solar Cells: Transparent solar cells allow light to pass through, enabling their integration into windows, facades, and other transparent surfaces. These cells can generate electricity while maintaining visibility, opening up new possibilities for building-integrated photovoltaics.

Advanced Manufacturing Techniques: Innovations in manufacturing processes, such as roll-to-roll printing and automated assembly, have contributed to cost reductions and increased production efficiency. These advancements help make solar energy more competitive with traditional energy sources.

Artificial Intelligence (AI) and Data Analytics: AI and data analytics are being employed to optimize the operation and maintenance of solar installations. Predictive analytics, machine learning algorithms, and data-driven insights help improve energy forecasting, fault detection, and overall system performance.

Continued research and development in these and other areas are likely to pave the way for even more innovative applications in the photovoltaic industry.

Here are some of the challenges that need to be addressed for deployment of PV modules:

Safety Issues:  In traditional photovoltaic systems, PV panels, wires, and other equipment are energized with high DC voltages. These high DC voltages pose risks to installers, maintenance personnel, and firefighters.
Skills and expertise: PV installation requires a spectrum of skilled workers, ranging from Ph.D. level scholars in R&D to technicians requiring specialized training and certification to a wide variety of other professionals for supporting all aspects of the PV industry. The industry does not have enough trained installers to handle the implementation of this technology, and the availability of appropriately skilled manpower has been one of the most prominent challenges in the PV arena.
Technological Standardization: There is a lack of global standardization in solar technology, which can lead to compatibility issues, increased costs, and slower adoption rates. Standardizing components and systems could improve interoperability and reduce costs.
Costs and Economic Viability: While the cost of solar panels has significantly decreased over the years, the initial installation costs can still be a barrier for widespread adoption. Achieving economic viability without heavy government subsidies remains a challenge in some regions.
Despite these challenges, collaborative efforts from governments, industry stakeholders, researchers, and the public to drive innovation, improve efficiency, and create a more sustainable and accessible photovoltaic industry.
 

To know about the assumptions considered for the study, Request for Free Sample Report

Photovoltaic (PV) Market Dynamics

Drivers: Growing adoption of photovoltaic systems for residential applications

The residential sector is among the major application areas and early adopters of PV systems and products. There is a significant demand for PV products from this sector. The number of residential solar rooftop installations has also witnessed a substantial increase over the years globally. The residential sector is exhibiting a high appetite for the installation of solar systems on account of the increasing willingness of end-users to adopt energy-efficient measures. This can be mainly attributed to the increasing awareness about global climate change and the adverse effects of greenhouse gas emissions. The demand for solar PV panels for residential use has been on the rise due to the rising costs of oil and gas and decreasing costs of solar PV panels, making them a preferable alternative for homeowners.

Restraint: Lack of skilled workforce for PV installation and maintainence

PV installation requires a spectrum of skilled workers, ranging from Ph.D. level scholars in R&D to technicians requiring specialized training and certification to a wide variety of other professionals for supporting all aspects of the PV industry. The industry does not have enough trained installers to handle the implementation of this technology, and the availability of appropriately skilled manpower has been one of the most prominent challenges in the PV arena. On the other hand, end-users of the technology demand for acknowledged standards, quality assurance, and skills certification during the entire development phase of a PV installation. Moreover, there have been fatalities in the past involving technicians falling off the roof during rooftop solar installation and due to electrocution. The solar industry in the US is constantly monitored by the federal government through the Occupational Safety and Health Administration (OSHA), which makes it essential for PV companies to provide necessary training to their technicians and other staff. Also, the target end-users of PV products are not adequately informed or aware of these products. Information about the benefits of these products and installation and regular maintenance-related information must also be conveyed to the said demographic. However, due to the lack of a skilled and informed workforce, these benefits are not being passed on to consumers, which is expected to act as a restraint for the market.

Opportunity: Increasing investments in renewable energy

There has been a rise in demand for renewable energy over the past couple of years. With governments across the world coming together for initiatives such as the Paris Climate Agreement, the demand for renewable energy, such as solar, is set to rise in the coming years. According to the International Energy Agency (IEA), by 2026, global renewable electricity capacity is expected to rise by more than 60% from 2020 levels to over 4,800 GW, equivalent to the current total global power capacity of fossil fuels and nuclear combined. Renewables are set to account for almost 95% of the increase in global power capacity through 2026, with solar PV alone providing more than half. The amount of renewable capacity added throughout 2021 to 2026 is expected to be 50% higher than from 2015 to 2020. The amount of energy produced via renewable sources surpassed 8,000 TWh in 2021, a record 500 TWh over 2020 while PV solar output grew by 170 TWh. This is driven by stronger support from government policies and more ambitious clean energy goals announced before and during the COP26 Climate Change Conference. China, India, the US, and major European countries, including Germany and the UK, have increased their investments in renewable energy resources. As renewable energy sources have become increasingly attractive, investments in new renewable power projects have grown significantly in the past few years. Solar energy costs are already below retail electricity prices in major countries such as China, and the cost of solar power is anticipated to fall further by 15% to 35% by 2024, which is expected to spur the demand for PV systems.

.

Challenge: Issues related to land acquisition for deployment of solar projects

When it comes to obtaining a land parcel for a solar plant, there are numerous legalities to consider. The land is governed by various issues of environment, wildlife, legal title, ceiling limit, SEBI monitored assets of PACL, government land allotment, state laws on ancestral property sale, and more. The conflicts between conservationists and land seekers are unavoidable, and this presents an enormous challenge for the inception of solar projects. Private players are generally prohibited from acquiring large tracts of land in rural areas due to the existence of state land-ceiling laws. Hence, there are systematic measures that address these gaps in land allotment for large-scale solar projects toward a more sustainable response to the exponential rise in renewable investments. Solar or PV systems for utility applications require large areas of land. Some estimates show that the land requirements for utility-scale PV systems are in the range of 5 acres per megawatt (depending on the technology and availability of sunlight), which indicates a hike in the requirement for serviceable land in the coming years. This might evoke concerns regarding land degradation and habitat loss in some locations. Unlike wind power, there is a minimal possibility for solar projects to share land for agricultural uses. The acquisition of operational land is a major challenge, especially in developing countries such as India and China—major markets for PVs. However, this problem can be solved by setting up solar plants on low-quality lands such as brownfields, abandoned mining land, or existing transportation and transmission corridors. Also, floating PVs can be appropriately deployed in places where land acquisition is a problem..

PV Market Ecosystem

Photovoltaic Market by Ecosystem

Inverters to exhibit highest growth during the forecast period.

The market for inverters is expected to grow at the highest CAGR during the forecast period. The growth of the PV inverters market can be attributed to their increasing adoption in residential and utilities applications. In the last few years, inverter technologies have significantly advanced such that in addition to converting DC to AC, they offer several other capabilities and services to ensure that the inverter can operate at an optimal performance level. This includes controlling and monitoring the entire plant. Thus, PV inverters ensure that PV modules always function at their radiation- and temperature-dependent maximum power while continuously monitoring the power grid for adherence to various safety standards. This includes controlling and monitoring the entire system. With the increasing adoption of rooftop solar systems across the world, the demand for inverters is also rising, which, in turn, is expected to drive the inverters market.

PV market for residential application is expected to grow at a significant CAGR from during forecast period

The market for the residential application is projected to grow at a significant CAGR during the forecast period. This is due to the declining cost of PV systems in the past few years. For residential applications, PV systems are installed on the rooftop or where adequate sunlight is available in order to fulfill the home electricity needs. Governments across various countries such as India, China, and the US provide incentives and tax rebate to residential users to install PV systems, which is expected to foster the growth of the market for PV systems in residential applications during the forecast period. . For example, China's National Development and Reform Commission (NDRC) has allocated RMB 500 million (USD 78.1 million) for the incentive scheme for residential PV in 2021. With the current subsidy level of RMB0.03 per watt, this total amount will feed around 16 GW of residential PV, according to government estimations.

PV market for full-cell PV modules to hold a larger share during forecast period

Full-cell PV modules are expected to hold a larger market share during the forecast period. This module is an assembly of photovoltaic cells mounted in a framework for installation. In traditional full-cell solar panels, cells are wired together in rows, known as series wiring. In series wiring schemes, if one cell in a row is shaded and not producing energy, the entire row of cells will stop producing power. Standard panels typically have 3 separate rows of cells wired together, so the shade of one cell on one row would eliminate one-third of the panel’s power production. The advancements in the materials used and technology in designing PV module have led to the growth of full-cell photovoltaic modules. For instance, Swiss start-up Insolight is using integrated lenses as optical boosters in the panels’ protective glass to concentrate light beams by 200 times while reaching an efficiency of 30%.

Balance of System (BOS) component segment to hold the largest share of the photovoltaic (pv) market during the forecast period

By component, the BOS segment held the largest market share in 2022 and is expected to exhibit a similar growth trend during the forecast period. BOS includes electrical BOS, structural BOS, and installation costs. BOS is an essential component of PV systems. Other electrical and structural BOS include trackers, solar cables, batteries, mounting structures, monitoring, and metering systems. Solar trackers have been gaining popularity in the recent past, mainly due to the higher returns solar panel developers achieve on their solar investments. In the last five years, innovations centered around enhanced designs, improved reliability and durability in challenging environments, higher efficiency, and enhanced module capacity have driven the solar tracking solutions market. In addition, government incentives in the form of solar rebates and feed-in tariffs favor the adoption of solar trackers, which, in turn, drive the adoption of these type of equipment for solar PV systems.

PV market in Asia Pacific estimated to grow at the fastest rate during the forecast period

The photovoltaic (pv) market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. This is due to presence of key players such as JinkoSolar (China), JA Solar (China), Trina Solar (China), and LONGi (China) in Asia Pacific. The growth in the adoption of PV modules in countries such as China, Japan, and India is contributing the growth of the market. The Asia Pacific region is the largest producer and consumer of PV modules and related PV components. Several initiatives and favorable policies launched by governments of different countries in Asia Pacific to promote the use of solar energy are expected to result in an increased demand for PV systems in the region during the forecast period. As per the International and Renewable Energy Agency (IRENA), rapid urbanization and industrialization are increasing energy demand and, thus, creating opportunities for the countries in the region to boost their renewable energy potential.

Photovoltaic Market by Region

Photovoltaic Market by Region

To know about the assumptions considered for the study, download the pdf brochure

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the photovoltaic space. The break-up of primary participants for the report has been shown below:

  • By Company Type: Tier 1 – 40%, Tier 2 – 40%, and Tier 3 – 20%
  • By Designation: C-level Executives – 40%, Directors –40%, and Others – 20%
  • By Region: North America –30%, Asia Pacific– 40%, Europe – 20%, and RoW – 10%

Key Market Players in PV Market

Major vendors in the photovoltaic companies such as JinkoSolar (China), JA Solar (China), Trina Solar (China), LONGi (China), Canadian Solar (Canada), Hanwha Q CELLS (South Korea), Wuxi Suntech Power (China), Sharp (Japan), Mitsubishi Electric (Japan), ABB (Switzerland), Huawei (China), SMA Solar Technology (Germany), Sungrow Power Supply (China). Other companies in the photovoltaic market include ). Array Technologies (US), Chint Solar (China), GCL System Integration Technology (China), NEXTracker (US), Risen Energy (China), Tongwei Solar (China), Eaton Corp. (Ireland), LG Electronics (South Korea), Power Electronics (Spain), Fimer (Italy), AllEarth Renewables (US), Emmvee Photovoltaic Power Private Limited (India), ShunFeng International Clean Energy (China), Waaree Energies Ltd. (India) and Yingli Solar (China).

PV Market Report Scope

Report Metric

Details

Estimated Value

USD 96.5 billion

Expected Value 

USD 155.5 billion

Growth Rate

CAGR of 10.0%

Market size available for years

2019—2028

Base year

2022

Forecast period

2023—2028

Segments Covered

Component, Material, Cell Type, Installation Type, Application, and Region

Geographic regions covered

North America, Europe, Asia Pacific, and RoW

PV Companies covered

JinkoSolar (China), JA Solar (China), Trina Solar (China), LONGi (China), Canadian Solar (Canada), First Solar (US), Hanwha Q CELLS (South Korea), Wuxi Suntech Power (China), Sharp (Japan), Mitsubishi Electric (Japan), Array Technologies (US), Chint Solar (China), GCL System Integration Technology (China), Huawei (China), LG Electronics (South Korea), NEXTracker (US), Risen Energy (China), SMA Solar Technology (Germany), Sungrow Power Supply (China), Tongwei Solar (China), and Yingli Solar (China), Eaton Corp. (Ireland), ABB (Switzerland), Power Electronics (Spain), Fimer (Italy), AllEarth Renewables (US), Emmvee Photovoltaic Power Private Limited (India), ShunFeng International Clean Energy (China), Waaree Energies Ltd. (India)

Photovoltaic Market Highlights

This research report categorizes the photovoltaic market based on Component, Material, Cell Type, Installation Type, Application, and Region

Aspect

Details

PV Market, Component :

  • Modules
  • Inverters
  • Balance of System (BOS)
    • Connections & Cables
    • Junction Boxes
    • Safety Equipment
    • Trackers
    • Batteries
    • Monitoring Systems
    • Others (Mounting structures, Metering systems, Power Optimizers)

Photovoltaic (PV) Market, by Material:

  • Silicon
    • Crystalline Silicon (C-Si)
    • Thin Film
  • Compounds
    • Copper Indium Gallium Selenide (CIGS)
    • Cadmium Telluride (CDTE)

PV Market, by Cell Type:

  • Full-Cell PV Modules
  • Half-Cell PV Modules

PV Market, By Installation Type

  • Ground-mounted
  • Building-Integrated Photovoltaics (BIPV)
    • Rooftops
    • Windows
  • Floating PV

PV Market, By Application

  • Residential
  • Commercial & Industrial
  • Utilities

PV Market, By Region:

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Rest of the World (RoW)
    • Middle East & Africa
    • South America

Recent Developments

  • In June 2022, JinkoSolar announced that it had executed an agreement to supply approximately one gigawatt of its high-efficiency n-type bifacial Tiger Neo solar panels to China Datang Corporation to power its six utility-scale solar projects located in Hunan and Guangxi provinces.
  • In March 2022, Canadian Solar announced it has started the mass production of new 54-cell format module with 182 mm cell for residential, commercial, and industrial rooftop solar systems. CS6R-MS, the new module type under HiKu6 series, has the power output of up to 420 W and module efficiency of up to 21.5%. The CS6R-MS module is especially suitable for rooftop solar applications given its small module size (1.95 m² ? 30 mm), lightweight (21.3 kg), and outstanding aesthetic design for a homogenous appearance.
  • In March 2022, LONGi introduced a new system known as ‘One Module One Code’, which attaches a specific anti-counterfeiting QR code to each of its modules. This represents major progress in smart management provided by LONGi Lifecycle Quality
  • .
  • In February 2022, LONGi (China), announced that it has released a new module, the Hi-MO 5m 54c. With 54 cells, this new Hi-MO 5m module is designed mainly for residential and C&I rooftop systems, produces a maximum power output of 415W, and achieves an efficiency of 21.25%.
  • In January 2022, TrinaTracker, a business unit of Trina Solar (China) launched Vanguard 1P single-row tracker at the World Future Energy Summit in Abu Dhabi. The new Vanguard 1P series, fully compatible with ultra-high-power modules ranging from 400W to 670W+, enables new application scenarios for TrinaTracker.

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 33)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 INCLUSIONS AND EXCLUSIONS 
    1.4 STUDY SCOPE 
           1.4.1 MARKETS COVERED
                    FIGURE 1 PV MARKET: SEGMENT
           1.4.2 REGIONAL SCOPE
           1.4.3 YEARS CONSIDERED
    1.5 CURRENCY CONSIDERED 
    1.6 STAKEHOLDERS 
    1.7 UNIT CONSIDERED 
    1.8 SUMMARY OF CHANGES 
 
2 RESEARCH METHODOLOGY (Page No. - 38)
    2.1 RESEARCH DATA 
           FIGURE 2 PV MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 List of key secondary sources
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Primary interviews with experts
                    2.1.2.2 Breakdown of primaries
           2.1.3 SECONDARY AND PRIMARY RESEARCH
                    2.1.3.1 Key industry insights
    2.2 MARKET SIZE ESTIMATION 
           FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: REVENUE OF MARKET PLAYERS FOR PV MODULE MARKET
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach to capture market size by bottom-up analysis (demand side)
                               FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
                    2.2.1.2 Major upcoming solar projects in various regions worldwide
                        TABLE 1 MAJOR SOLAR PROJECTS ACROSS VARIOUS REGIONS
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach to capture market size by top-down analysis (supply side)
                               FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
    2.3 DATA TRIANGULATION 
           FIGURE 6 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS 
           FIGURE 7 ASSUMPTIONS FOR RESEARCH STUDY
           2.4.1 LIMITATIONS
 
3 EXECUTIVE SUMMARY (Page No. - 49)
    3.1 GROWTH RATE ASSUMPTIONS/GROWTH FORECAST 
           FIGURE 8 MARKET FOR INVERTERS TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
           FIGURE 9 SILICON SEGMENT TO EXHIBIT HIGHER CAGR DURING FORECAST PERIOD
           FIGURE 10 COMMERCIAL & INDUSTRIAL APPLICATIONS TO WITNESS HIGHEST CAGR IN PV MARKET DURING FORECAST PERIOD
           FIGURE 11 PV MARKET IN ASIA PACIFIC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
 
4 PREMIUM INSIGHTS (Page No. - 54)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN PHOTOVOLTAIC MARKET 
           FIGURE 12 DECREASING COST OF PV SYSTEMS TO BOOST MARKET GROWTH
    4.2 PV MARKET, BY CELL TYPE 
           FIGURE 13 HALF-CELL TYPE TO WITNESS HIGHER CAGR DURING FORECAST PERIOD
    4.3 PV MARKET, BY INSTALLATION TYPE 
           FIGURE 14 FLOATING PV SEGMENT TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD
    4.4 PV MARKET, BY APPLICATION 
           FIGURE 15 UTILITIES TO DOMINATE PV MARKET DURING FORECAST PERIOD
    4.5 PV MARKET, BY REGION 
           FIGURE 16 ASIA PACIFIC TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD
    4.6 PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY COUNTRY AND APPLICATION 
           FIGURE 17 CHINA AND UTILITIES WERE LARGEST SHAREHOLDERS OF PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY COUNTRY AND APPLICATION, RESPECTIVELY, IN 2022
    4.7 PHOTOVOLTAIC MARKET, BY COUNTRY 
           FIGURE 18 CHINA TO RECORD HIGHEST CAGR IN PV MARKET DURING FORECAST PERIOD
 
5 MARKET OVERVIEW (Page No. - 58)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 19 PHOTOVOLTAIC MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Rising number of solar installations attributed to government-led incentives and schemes
                    5.2.1.2 Growing adoption of PV systems in residential applications
                               FIGURE 20 RESIDENTIAL SOLAR PV SYSTEM PRICING
                    5.2.1.3 Decreasing cost of PV systems and energy storage devices
                               FIGURE 21 SOLAR PV PRICING TRENDS AND DEPLOYMENT GROWTH
                               FIGURE 22 DRIVERS
           5.2.2 RESTRAINTS
                    5.2.2.1 Lack of skilled workforce for PV installation and maintenance
                    5.2.2.2 Safety risks associated with high DC voltages
                               FIGURE 23 RESTRAINTS
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Increasing investments in renewable energy
                               FIGURE 24 RENEWABLE POWER INVESTMENTS, 2019–2021 (USD BILLION)
                    5.2.3.2 Ongoing technological developments in solar cell manufacturing
                               FIGURE 25 OPPORTUNITIES
           5.2.4 CHALLENGES
                    5.2.4.1 Issues related to land acquisition for deployment of solar projects
                               FIGURE 26 CHALLENGES
    5.3 SUPPLY CHAIN ANALYSIS 
           FIGURE 27 SUPPLY CHAIN OF PHOTOVOLTAIC MARKET
    5.4 ECOSYSTEM/MARKET MAP 
           TABLE 2 PLAYERS AND THEIR ROLE IN ECOSYSTEM
    5.5 PORTER’S FIVE FORCES ANALYSIS 
           TABLE 3 PHOTOVOLTAIC MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.5.1 THREAT OF NEW ENTRANTS
           5.5.2 THREAT OF SUBSTITUTES
           5.5.3 BARGAINING POWER OF SUPPLIERS
           5.5.4 BARGAINING POWER OF BUYERS
           5.5.5 INTENSITY OF COMPETITIVE RIVALRY
    5.6 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.6.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    TABLE 4 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 VERTICALS (%)
           5.6.2 BUYING CRITERIA
                    FIGURE 28 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS
                    TABLE 5 KEY BUYING CRITERIA FOR TOP 3 INDUSTRIES
    5.7 TRENDS/DISRUPTIONS IMPACTING BUSINESS OF MARKET PLAYERS AND RAW MATERIAL SUPPLIERS 
           5.7.1 REVENUE SHIFT AND NEW REVENUE POCKETS FOR PV MARKET PLAYERS
                    FIGURE 29 REVENUE SHIFT IN PHOTOVOLTAICs (PV) MARKET
    5.8 TECHNOLOGY ANALYSIS 
           TABLE 6 TECHNOLOGICAL ANALYSIS FOR PV MARKET
    5.9 CASE STUDY ANALYSIS 
           5.9.1 TATA POWER SOLAR (INDIA) COMMISSIONED 3 MW SOLAR PV POWER PLANT IN IRON ORE MINE AT NOAMUNDI (INDIA)
           5.9.2 HANWHA Q CELLS (SOUTH KOREA) HELPED COPENHAGEN ZOO IMPLEMENT C&I ROOFTOP SYSTEM TO MEET ITS SUSTAINABILITY GOALS
           5.9.3 SHARP HELPED BIG C SUPERMARKET (THAILAND) INSTALL ROOFTOP SOLAR PANELS
           5.9.4 HEWLETT PACKARD (HP) INSTALLED ROOFTOP SOLAR PANELS WITH THE HELP OF SHARP (JAPAN)
           5.9.5 LONGI (CHINA) COMPLETED EXECUTION OF LARGE-SCALE PV POWER STATION AT GUIZHOU COMPLEX
    5.10 TRADE ANALYSIS 
           5.10.1 IMPORT SCENARIO
                    5.10.1.1 Import scenario for PV components
                                TABLE 7 IMPORT DATA, BY COUNTRY, 2017–2021 (USD MILLION)
           5.10.2 EXPORT SCENARIO
                    5.10.2.1 Export scenario for photovoltaic (PV) components
                                TABLE 8 EXPORT DATA, BY COUNTRY, 2017–2021 (USD MILLION)
    5.11 PATENT ANALYSIS 
           TABLE 9 PATENT REGISTRATIONS RELATED TO PHOTOVOLTAICs (PV) MARKET
           FIGURE 30 PHOTOVOLTAIC PATENTS PUBLISHED BETWEEN 2012 AND 2022
           TABLE 10 NUMBER OF PATENTS REGISTERED IN PHOTOVOLTAIC MARKET FROM 2012 TO 2022
           FIGURE 31 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS FROM 2012 TO 2022
    5.12 TARIFF 
    5.13 REGULATORY STANDARDS 
           5.13.1 REGULATORY COMPLIANCE
                    5.13.1.1 Regulations
                    5.13.1.2 Standards
                                TABLE 11 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                                TABLE 12 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                                TABLE 13 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                                TABLE 14 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    5.14 KEY CONFERENCES AND EVENTS, 2022–2023 
           TABLE 15 PHOTOVOLTAIC MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
    5.15 PRICING ANALYSIS 
           TABLE 16 AVERAGE SELLING PRICE OF PHOTOVOLTAIC MODULES AND INVERTERS
           TABLE 17 AVERAGE SELLING PRICE OF BOV (BALANCE OF SYSTEM) COMPONENTS
           TABLE 18 AVERAGE SELLING PRICE OF PV SYSTEMS, BY APPLICATION
           5.15.1 AVERAGE SELLING PRICE OF PV MODULES, BY OFFERING (KEY PLAYERS)
                    FIGURE 32 AVERAGE SELLING PRICE OF PV MODULES OFFERED BY KEY PLAYERS, BY APPLICATION
                    TABLE 19 AVERAGE SELLING PRICE OF PV MODULES OFFERED BY KEY PLAYERS, BY APPLICATION (USD/WATT)
 
6 PHOTOVOLTAIC MARKET, BY COMPONENT (Page No. - 93)
    6.1 INTRODUCTION 
           FIGURE 33 PV MARKET FOR INVERTERS TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 20 PV MARKET, BY COMPONENT, 2019–2022 (USD BILLION)
           TABLE 21 PV MARKET, BY COMPONENT, 2023–2028 (USD BILLION)
           TABLE 22 PV MARKET, BY ANNUAL CAPACITY, 2019–2022 (GW)
           TABLE 23 PV MARKET, BY ANNUAL CAPACITY, 2023–2028 (GW)
    6.2 MODULES 
           6.2.1 PV MODULE TYPES
                    6.2.1.1 Organic photovoltaic modules
                               6.2.1.1.1 Organic PV modules produce energy at lower cost compared to traditional solar technologies
                    6.2.1.2 Inorganic photovoltaic modules
                               6.2.1.2.1 Inorganic PV modules have a longer lifespan and higher efficiency than OPVs
                    6.2.1.3 Hybrid photovoltaic modules
                               6.2.1.3.1 Hybrid photovoltaic modules contain both inorganic and organic materials
           6.2.2 BY CELL TYPE
                    6.2.2.1 60 cells
                               TABLE 24 COMPANIES OFFERING 60-CELL PV MODULES
                    6.2.2.2 72 cells
                               TABLE 25 COMPANIES OFFERING 72-CELL PV MODULES
                    6.2.2.3 96 cells
                               TABLE 26 COMPANIES OFFERING 96-CELL PV MODULES
                               TABLE 27 MODULES: PV MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
                               TABLE 28 MODULES: PV MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
                               TABLE 29 RESIDENTIAL: PV MARKET FOR MODULES, BY REGION, 2019–2022 (USD MILLION)
                               TABLE 30 RESIDENTIAL: PV MARKET FOR MODULES, BY REGION, 2023–2028 (USD MILLION)
                               TABLE 31 COMMERCIAL & INDUSTRIAL: PV MARKET FOR MODULES, BY REGION, 2019–2022 (USD MILLION)
                               TABLE 32 COMMERCIAL & INDUSTRIAL: PV MARKET FOR MODULES, BY REGION, 2023–2028 (USD MILLION)
                               TABLE 33 UTILITIES: PV MARKET FOR MODULES, BY REGION, 2019–2022 (USD BILLION)
                               TABLE 34 UTILITIES: PV MARKET FOR MODULES, BY REGION, 2023–2028 (USD BILLION)
                               TABLE 35 MODULES: PV MARKET, BY REGION, 2019–2022 (USD BILLION)
                               TABLE 36 MODULES: PV MARKET, BY REGION, 2023–2028 (USD BILLION)
    6.3 INVERTERS 
           6.3.1 PV INVERTERS CONVERT DIRECT CURRENT OF PV MODULES INTO GRID-COMPLIANT ALTERNATING CURRENT
                    TABLE 37 INVERTERS: PV MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
                    TABLE 38 INVERTERS: PV MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
                    TABLE 39 RESIDENTIAL: PV MARKET FOR INVERTERS, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 40 RESIDENTIAL: PV MARKET FOR INVERTERS, BY REGION, 2023–2028 (USD MILLION)
                    TABLE 41 COMMERCIAL & INDUSTRIAL: PV MARKET FOR INVERTERS, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 42 COMMERCIAL & INDUSTRIAL: PV MARKET FOR INVERTERS, BY REGION, 2023–2028 (USD MILLION)
                    TABLE 43 UTILITIES: PV MARKET FOR INVERTERS, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 44 UTILITIES: PV MARKET FOR INVERTERS, BY REGION, 2023–2028 (USD MILLION)
                    TABLE 45 INVERTERS: PV MARKET, BY REGION, 2019–2022 (USD BILLION)
                    TABLE 46 INVERTERS: PV MARKET, BY REGION, 2023–2028 (USD BILLION)
    6.4 BALANCE OF SYSTEM 
           6.4.1 CONNECTIONS AND CABLES
                    6.4.1.1 BOS market for cables & connectors to hold largest share during forecast period
           6.4.2 JUNCTION BOXES
                    6.4.2.1 Junction box is enclosure on module where PV strings are electrically connected
           6.4.3 SAFETY EQUIPMENT
                    6.4.3.1 Safety equipment essential to ensure safety of PV systems from harsh weather conditions
           6.4.4 TRACKERS
                    6.4.4.1 Movement of solar trackers increases solar energy output by up to 40% compared with standard panels
           6.4.5 BATTERIES
                    6.4.5.1 BOS market for batteries to exhibit highest growth during forecast period
           6.4.6 MONITORING SYSTEMS
                    6.4.6.1 Ensure reliable functioning and maximum yield of any solar electric system
           6.4.7 OTHERS
                    TABLE 47 BOS: PHOTOVOLTAIC MARKET, BY TYPE, 2019–2022 (USD BILLION)
                    TABLE 48 BOS: PHOTOVOLTAIC MARKET, BY TYPE, 2023–2028 (USD BILLION)
                    TABLE 49 BOS: PHOTOVOLTAIC MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
                    TABLE 50 BOS: PHOTOVOLTAIC MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
                    TABLE 51 RESIDENTIAL: PHOTOVOLTAIC MARKET FOR BOS, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 52 RESIDENTIAL: PHOTOVOLTAIC MARKET FOR BOS, BY REGION, 2023–2028 (USD MILLION)
                    TABLE 53 COMMERCIAL & INDUSTRIAL: PHOTOVOLTAIC MARKET FOR BOS, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 54 COMMERCIAL & INDUSTRIAL: PHOTOVOLTAIC MARKET FOR BOS, BY REGION, 2023–2028 (USD MILLION)
                    TABLE 55 UTILITIES: PHOTOVOLTAIC MARKET FOR BOS, BY REGION, 2019–2022 (USD BILLION)
                    TABLE 56 UTILITIES: PHOTOVOLTAIC MARKET FOR BOS, BY REGION, 2023–2028 (USD BILLION)
                    TABLE 57 BOS: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION)
                    TABLE 58 BOS: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION)
 
7 PHOTOVOLTAIC MARKET, BY MATERIAL (Page No. - 118)
    7.1 INTRODUCTION 
           FIGURE 34 SILICON-BASED PHOTOVOLTAIC SYSTEMS TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD
           TABLE 59 PHOTOVOLTAIC MARKET, BY MATERIAL, 2019–2022 (USD BILLION)
           TABLE 60 PHOTOVOLTAIC MARKET, BY MATERIAL, 2023–2028 (USD BILLION)
    7.2 SILICON 
           TABLE 61 SILICON: PV MARKET, BY TYPE, 2019–2022 (USD MILLION)
           TABLE 62 SILICON: PHOTOVOLTAIC MARKET, BY TYPE, 2023–2028 (USD MILLION)
           TABLE 63 SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION)
           TABLE 64 SILICON: PV MARKET, BY REGION, 2023–2028 (USD BILLION)
           7.2.1 CRYSTALLINE SILICON
                    TABLE 65 CRYSTALLINE SILICON: PV MARKET, BY TYPE, 2019–2022 (USD BILLION)
                    TABLE 66 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY TYPE, 2023–2028 (USD BILLION)
                    TABLE 67 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION)
                    TABLE 68 CRYSTALLINE SILICON: PV MARKET, BY REGION, 2023–2028 (USD BILLION)
                    7.2.1.1 Crystalline silicon types
                               7.2.1.1.1 Monocrystalline
                                             7.2.1.1.1.1 High efficiency and minimum space requirements to drive market growth
                                                            TABLE 69 MONOCRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION)
                                                            TABLE 70 MONOCRYSTALLINE SILICON: PV MARKET, BY REGION, 2023–2028 (USD BILLION)
                               7.2.1.1.2 Multicrystalline/polycrystalline
                                             7.2.1.1.2.1 Low-cost production makes them preferred choice for residential applications
                                                            TABLE 71 MULTICRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION)
                                                            TABLE 72 MULTICRYSTALLINE SILICON: PV MARKET, BY REGION, 2023–2028 (USD BILLION)
                    7.2.1.2 Crystalline silicon technologies
                               TABLE 73 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY TECHNOLOGY, 2019–2022 (USD BILLION)
                               TABLE 74 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY TECHNOLOGY, 2023–2028 (USD BILLION)
                               7.2.1.2.1 BSF
                                             7.2.1.2.1.1 AI BSF most used technology for fabricating photovoltaic cells
                               7.2.1.2.2 PERC
                                             7.2.1.2.2.1 Efficiency and high flexibility offered by PERC to boost demand
                               7.2.1.2.3 Others
           7.2.2 THIN FILM
                    TABLE 75 THIN-FILM SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 76 THIN-FILM SILICON: PV MARKET, BY REGION, 2023–2028 (USD MILLION)
                    7.2.2.1 Amorphous
                               7.2.2.1.1 Amorphous solar modules perform better even in low-light conditions
                    7.2.2.2 Nanocrystalline
                               7.2.2.2.1 Use of nanocrystals in solar cells increase their efficiency by up to 60%
                                            TABLE 77 COMPOUNDS: PHOTOVOLTAIC MARKET, BY TYPE, 2019–2022 (USD BILLION)
                                            TABLE 78 COMPOUNDS: PV MARKET, BY TYPE, 2023–2028 (USD BILLION)
                                            TABLE 79 COMPOUNDS: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD MILLION)
                                            TABLE 80 COMPOUNDS: PV MARKET, BY REGION, 2023–2028 (USD MILLION)
           7.2.3 COPPER INDIUM GALLIUM SELENIDE
                    7.2.3.1 CIGS solar cells among most efficient thin-film PV technologies
                               TABLE 81 CIGS: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD MILLION)
                               TABLE 82 CIGS: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD MILLION)
           7.2.4 CADMIUM TELLURIDE
                    7.2.4.1 CdTe materials most commonly used in thin-film modules
                               TABLE 83 CDTE: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD MILLION)
                                TABLE 84 CDTE: PV MARKET, BY REGION, 2023–2028 (USD MILLION)
           7.2.5 GALLIUM ARSENIDE AND INDIUM PHOSPHIDE
                    7.2.5.1 GaAs and InP materials used to achieve high efficiency in solar cells
           7.2.6 PEROVSKITE
                    7.2.6.1 Perovskite cells absorb sunlight across entire visible spectrum
           7.2.7 OTHERS
 
8 PHOTOVOLTAIC MARKET, BY CELL TYPE (Page No. - 136)
    8.1 INTRODUCTION 
           FIGURE 35 HALF-CELL PV MODULES TO REGISTER HIGHER CAGR IN PV MARKET DURING FORECAST PERIOD
           TABLE 85 PHOTOVOLTAIC MARKET, BY CELL TYPE, 2019–2022 (USD BILLION)
           TABLE 86 PHOTOVOLTAIC MARKET, BY CELL TYPE, 2023–2028 (USD BILLION)
    8.2 FULL-CELL PV MODULES 
           8.2.1 FULL-CELL PV MODULES TO HOLD LARGER MARKET SHARE DURING FORECAST PERIOD
                    TABLE 87 FULL-CELL PV MODULES: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION)
                    TABLE 88 FULL-CELL PV MODULES: PV MARKET, BY REGION, 2023–2028 (USD BILLION)
    8.3 HALF-CELL PV MODULES 
           8.3.1 MARKET FOR HALF-CELL PV MODULES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
                    TABLE 89 HALF-CELL PV MODULES: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION)
                    TABLE 90 HALF-CELL PV MODULES: PV MARKET, BY REGION, 2023–2028 (USD BILLION)
 
9 PHOTOVOLTAIC MARKET, BY INSTALLATION TYPE (Page No. - 142)
    9.1 INTRODUCTION 
           FIGURE 36 FLOATING PV SEGMENT OF PHOTOVOLTAIC MARKET TO WITNESS HIGHEST CAGR FROM 2023 TO 2028
           TABLE 91 PHOTOVOLTAIC MARKET, BY INSTALLATION TYPE, 2019–2022 (USD BILLION)
           TABLE 92 PHOTOVOLTAIC MARKET, BY INSTALLATION TYPE, 2023–2028 (USD BILLION)
    9.2 GROUND MOUNTED 
           9.2.1 GROUND-MOUNTED SEGMENT TO HOLD LARGEST SHARE OF PV MARKET IN 2028
    9.3 BUILDING-INTEGRATED PHOTOVOLTAICS 
           9.3.1 ROOFTOPS
                    9.3.1.1 Increasing rooftop installations of PV modules for residential and commercial applications to drive market
           9.3.2 WINDOWS
                    9.3.2.1 Surging adoption of PV windows by business complexes in major cities worldwide to drive market
    9.4 FLOATING PV 
           9.4.1 FLOATING PV SEGMENT TO WITNESS HIGHEST CAGR FROM 2022 TO 2027
 
 
10 PV MARKET, BY APPLICATION (Page No. - 149)
     10.1 INTRODUCTION 
             FIGURE 37 UTILITIES TO CONTINUE TO DOMINATE PV MARKET IN TERMS OF SIZE DURING FORECAST PERIOD
             TABLE 93 PHOTOVOLTAIC MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
             TABLE 94 PV MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
     10.2 RESIDENTIAL 
             10.2.1 MARKET FOR RESIDENTIAL APPLICATION TO GROW AT SIGNIFICANT CAGR FROM 2023 TO 2028
                        FIGURE 38 INVERTERS TO REGISTER HIGHEST CAGR IN PHOTOVOLTAIC MARKET FOR RESIDENTIAL APPLICATION FROM 2023 TO 2028
                        TABLE 95 RESIDENTIAL: PHOTOVOLTAIC MARKET, BY COMPONENT, 2019–2022 (USD BILLION)
                        TABLE 96 RESIDENTIAL: PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION)
                        TABLE 97 RESIDENTIAL: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION)
                        TABLE 98 RESIDENTIAL: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION)
     10.3 COMMERCIAL AND INDUSTRIAL 
             10.3.1 COMMERCIAL & INDUSTRIAL APPLICATION TO EXHIBIT HIGHEST GROWTH FROM 2023 TO 2028
                        TABLE 99 COMMERCIAL AND INDUSTRIAL: PV MARKET, BY COMPONENT, 2019–2022 (USD BILLION)
                        TABLE 100 COMMERCIAL AND INDUSTRIAL: PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION)
                        TABLE 101 COMMERCIAL AND INDUSTRIAL: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION)
                        TABLE 102 COMMERCIAL AND INDUSTRIAL: PV MARKET, BY REGION, 2023–2028 (USD BILLION)
     10.4 UTILITIES 
             10.4.1 UTILITIES TO ACCOUNT FOR LARGEST SHARE OF PHOTOVOLTAIC MARKET THROUGHOUT FORECAST PERIOD
                        TABLE 103 UTILITIES: PHOTOVOLTAIC MARKET, BY COMPONENT, 2019–2022 (USD BILLION)
                        TABLE 104 UTILITIES: PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION)
                        TABLE 105 UTILITIES: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION)
                        TABLE 106 UTILITIES: PV MARKET, BY REGION, 2023–2028 (USD BILLION)
 
11 PHOTOVOLTAIC (PV) CONCENTRATION SYSTEMS (Page No. - 160)
     11.1 INTRODUCTION 
     11.2 HIGH-CONCENTRATION PV 
     11.3 MEDIUM- AND LOW-CONCENTRATION PV 
           TABLE 107 DIFFERENT CLASSES OF CPV SYSTEMS AND THEIR REQUIREMENTS
 
12 POWER CAPACITY RANGES OF PV SYSTEMS (Page No. - 161)
     12.1 INTRODUCTION 
     12.2 UP TO 100 WP 
           TABLE 108 COMPANIES OFFERING PV MODULES UP TO 100 WP
     12.3 100.1 TO 300 WP 
           TABLE 109 COMPANIES OFFERING PV MODULES FROM 100.1 TO 300 WP
     12.4 ABOVE 300 WP 
           TABLE 110 COMPANIES OFFERING PV MODULES ABOVE 300 WP
 
13 PV MARKET, BY REGION (Page No. - 164)
     13.1 INTRODUCTION 
             FIGURE 39 REGIONAL SPLIT OF PHOTOVOLTAIC MARKET
             FIGURE 40 PHOTOVOLTAIC MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR FROM 2023 TO 2028
             TABLE 111 PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION)
             TABLE 112 PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION)
     13.2 NORTH AMERICA 
             FIGURE 41 SNAPSHOT: PHOTOVOLTAIC MARKET IN NORTH AMERICA
             TABLE 113 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
             TABLE 114 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             TABLE 115 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY COMPONENT, 2019–2022 (USD BILLION)
             TABLE 116 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION)
             TABLE 117 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY MATERIAL, 2019–2022 (USD MILLION)
             TABLE 118 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY MATERIAL, 2023–2028 (USD MILLION)
             TABLE 119 SILICON: PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY TYPE, 2019–2022 (USD MILLION)
             TABLE 120 SILICON: PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY TYPE, 2023–2028 (USD MILLION)
             TABLE 121 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY TYPE, 2019–2022 (USD BILLION)
             TABLE 122 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY TYPE, 2023–2028 (USD BILLION)
             TABLE 123 COMPOUNDS: PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY TYPE, 2019–2022 (USD MILLION)
             TABLE 124 COMPOUNDS: PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY TYPE, 2023–2028 (USD MILLION)
             TABLE 125 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2019–2022 (USD BILLION)
             TABLE 126 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2023–2028 (USD BILLION)
             TABLE 127 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
             TABLE 128 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
             13.2.1 US
                        13.2.1.1 US to account for largest size of North American market from 2022 to 2028
             13.2.2 CANADA
                        13.2.2.1 Canada to witness large-space solar installations during forecast period
             13.2.3 MEXICO
                        13.2.3.1 Mexico projected to witness highest CAGR from 2023 to 2028
     13.3 EUROPE 
             FIGURE 42 SNAPSHOT: PHOTOVOLTAIC (PV) MARKET IN EUROPE
             TABLE 129 EUROPE: PHOTOVOLTAIC (PV) MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
             TABLE 130 EUROPE: PHOTOVOLTAIC (PV) MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
             TABLE 131 EUROPE: PHOTOVOLTAIC (PV) MARKET, BY COMPONENT, 2019–2022 (USD BILLION)
             TABLE 132 EUROPE: PHOTOVOLTAIC (PV) MARKET, BY COMPONENT, 2023–2028 (USD BILLION)
             TABLE 133 EUROPE: PHOTOVOLTAIC (PV) MARKET, BY MATERIAL, 2019–2022 (USD MILLION)
             TABLE 134 EUROPE: PHOTOVOLTAIC (PV) MARKET, BY MATERIAL, 2023–2028 (USD MILLION)
             TABLE 135 SILICON: PHOTOVOLTAIC (PV) MARKET IN EUROPE, BY TYPE, 2019–2022 (USD MILLION)
             TABLE 136 SILICON: PHOTOVOLTAIC (PV) MARKET IN EUROPE, BY TYPE, 2023–2028 (USD MILLION)
             TABLE 137 CRYSTALLINE SILICON: PHOTOVOLTAIC (PV) MARKET IN EUROPE, BY TYPE, 2019–2022 (USD MILLION)
             TABLE 138 CRYSTALLINE SILICON: PHOTOVOLTAIC (PV) MARKET IN EUROPE, BY TYPE, 2023–2028 (USD MILLION)
             TABLE 139 COMPOUNDS: PHOTOVOLTAIC (PV) MARKET IN EUROPE, BY TYPE, 2019–2022 (USD MILLION)
             TABLE 140 COMPOUNDS: PHOTOVOLTAIC (PV) MARKET IN EUROPE, BY TYPE, 2023–2028 (USD MILLION)
             TABLE 141 EUROPE: PHOTOVOLTAIC (PV) MARKET, BY CELL TYPE, 2019–2022 (USD BILLION)
             TABLE 142 EUROPE: PHOTOVOLTAIC (PV) MARKET, BY CELL TYPE, 2023–2028 (USD BILLION)
             TABLE 143 EUROPE: PHOTOVOLTAIC (PV) MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
             TABLE 144 EUROPE: PHOTOVOLTAIC (PV) MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
             13.3.1 IMPACT OF THE RUSSIA-UKRAINE WAR ON THE EUROPEAN PHOTOVOLTAIC MARKET
             13.3.2 UK
                        13.3.2.1 Efforts to install large-scale PV systems to harness solar resources
 
             13.3.3 GERMANY
                        13.3.3.1 Germany to account for largest size of European photovoltaic market from 2023 to 2028
             13.3.4 FRANCE
                        13.3.4.1 France to witness highest CAGR from 2023 to 2028
             13.3.5 ITALY
                        13.3.5.1 Rising establishment of large-scale PV plants
             13.3.6 REST OF EUROPE
     13.4 ASIA PACIFIC 
             FIGURE 43 SNAPSHOT: PV MARKET IN ASIA PACIFIC
             TABLE 145 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
             TABLE 146 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
             TABLE 147 ASIA PACIFIC: PV MARKET, BY COMPONENT, 2019–2022 (USD BILLION)
             TABLE 148 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION)
             TABLE 149 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY MATERIAL, 2019–2022 (USD BILLION)
             TABLE 150 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY MATERIAL, 2023–2028 (USD BILLION)
             TABLE 151 SILICON: PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY TYPE, 2019–2022 (USD MILLION)
             TABLE 152 SILICON: PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY TYPE, 2023–2028 (USD MILLION)
             TABLE 153 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY TYPE, 2019–2022 (USD BILLION)
             TABLE 154 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY TYPE, 2023–2028 (USD BILLION)
             TABLE 155 COMPOUNDS: PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY TYPE, 2019–2022 (USD MILLION)
             TABLE 156 COMPOUNDS: PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY TYPE, 2023–2028 (USD MILLION)
             TABLE 157 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2019–2022 (USD BILLION)
             TABLE 158 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2023–2028 (USD BILLION)
             TABLE 159 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
             TABLE 160 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
             13.4.1 CHINA
                        13.4.1.1 China to account for largest size of market from 2023 to 2028
             13.4.2 JAPAN
                        13.4.2.1 Increasing investments in residential and PV utility-scale sectors to drive market growth
             13.4.3 INDIA
                        13.4.3.1 Rising rooftop installations and increasing power shortage to boost PV demand
             13.4.4 SOUTH KOREA
                        13.4.4.1 Increasing government efforts for adoption of PV systems to enhance market growth
             13.4.5 REST OF ASIA PACIFIC
     13.5 ROW 
             FIGURE 44 SNAPSHOT: PV MARKET IN ROW
             TABLE 161 ROW: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION)
             TABLE 162 ROW: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION)
             TABLE 163 ROW: PHOTOVOLTAIC MARKET, BY COMPONENT, 2019–2022 (USD BILLION)
             TABLE 164 ROW: PV MARKET, BY COMPONENT, 2023–2028 (USD BILLION)
             TABLE 165 ROW: PHOTOVOLTAIC MARKET, BY MATERIAL, 2019–2022 (USD MILLION)
             TABLE 166 ROW: PHOTOVOLTAIC MARKET, BY MATERIAL, 2023–2028 (USD MILLION)
             TABLE 167 SILICON: PHOTOVOLTAIC MARKET IN ROW, BY TYPE, 2019–2022 (USD MILLION)
             TABLE 168 SILICON: PHOTOVOLTAIC MARKET IN ROW, BY TYPE, 2023–2028 (USD MILLION)
             TABLE 169 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN ROW, BY TYPE, 2019–2022 (USD MILLION)
             TABLE 170 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN ROW, BY TYPE, 2023–2028 (USD MILLION)
             TABLE 171 COMPOUNDS: PV MARKET IN ROW, BY TYPE, 2019–2022 (USD MILLION)
             TABLE 172 COMPOUNDS: PHOTOVOLTAIC MARKET IN ROW, BY TYPE, 2023–2028 (USD MILLION)
             TABLE 173 ROW: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2019–2022 (USD BILLION)
             TABLE 174 ROW: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2023–2028 (USD BILLION)
             TABLE 175 ROW: PV MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
             TABLE 176 ROW: PHOTOVOLTAIC MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
             13.5.1 SOUTH AMERICA
                        13.5.1.1 Photovoltaic market in South America to grow at higher CAGR from 2023 to 2028
             13.5.2 MIDDLE EAST AND AFRICA
                        13.5.2.1 Middle East and Africa to account for larger size of market in 2023
 
14 COMPETITIVE LANDSCAPE (Page No. - 207)
     14.1 OVERVIEW 
             TABLE 177 PV MARKET: KEY GROWTH STRATEGIES ADOPTED BY COMPANIES FROM 2019 TO 2022
     14.2 3-YEAR COMPANY REVENUE ANALYSIS 
             FIGURE 45 3-YEAR REVENUE ANALYSIS OF TOP 5 PLAYERS IN PHOTOVOLTAIC MODULE MARKET
             FIGURE 46 3-YEAR REVENUE ANALYSIS OF TOP 3 PLAYERS IN PHOTOVOLTAIC INVERTER MARKET
             FIGURE 47 3-YEAR REVENUE ANALYSIS OF TOP 3 PLAYERS IN BOS MARKET
     14.3 MARKET SHARE ANALYSIS, 2021 
             TABLE 178 MODULE MARKET: DEGREE OF COMPETITION
             TABLE 179 PV INVERTER MARKET: DEGREE OF COMPETITION
             TABLE 180 BOS MARKET: DEGREE OF COMPETITION
     14.4 COMPANY EVALUATION QUADRANT 
             14.4.1 STARS
             14.4.2 EMERGING LEADERS
             14.4.3 PERVASIVE PLAYERS
             14.4.4 PARTICIPANTS
                        FIGURE 48 PV MARKET: COMPANY EVALUATION QUADRANT, 2021
     14.5 START-UP/SME EVALUATION MATRIX 
           TABLE 181 START-UP/SMES IN PHOTOVOLTAIC MARKET
             14.5.1 PROGRESSIVE COMPANIES
             14.5.2 RESPONSIVE COMPANIES
             14.5.3 DYNAMIC COMPANIES
             14.5.4 STARTING BLOCKS
                        FIGURE 49 PV MARKET, START-UP/SME EVALUATION MATRIX, 2021
                        TABLE 182 START-UP MATRIX: DETAILED LIST OF KEY START-UP/SME PLAYERS
             14.5.5 COMPETITIVE BENCHMARKING
                        TABLE 183 PHOTOVOLTAIC MARKET: COMPETITIVE BENCHMARKING OF KEY START-UP/SME PLAYERS
     14.6 COMPANY FOOTPRINT 
             TABLE 184 COMPANY FOOTPRINT
             TABLE 185 COMPANY PHOTOVOLTAIC COMPONENT FOOTPRINT
             TABLE 186 COMPANY APPLICATION FOOTPRINT
             TABLE 187 COMPANY REGION FOOTPRINT
     14.7 COMPETITIVE SITUATIONS AND TRENDS 
     14.8 KEY MARKET DEVELOPMENTS 
             14.8.1 PRODUCT LAUNCHES
                        TABLE 188 PRODUCT LAUNCHES, 2019–2022
             14.8.2 DEALS
                        TABLE 189 DEALS, 2019–2022
             14.8.3 OTHERS
                        TABLE 190 INVESTMENTS AND EXPANSIONS, 2019–2022
 
15 COMPANY PROFILES (Page No. - 231)
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*  
     15.1 INTRODUCTION 
     15.2 KEY PLAYERS 
             15.2.1 JINKOSOLAR
                        TABLE 191 JINKO SOLAR: BUSINESS OVERVIEW
                        FIGURE 50 JINKOSOLAR: COMPANY SNAPSHOT
             15.2.2 JA SOLAR
                        TABLE 192 JA SOLAR: BUSINESS OVERVIEW
             15.2.3 TRINA SOLAR
                        TABLE 193 TRINA SOLAR: BUSINESS OVERVIEW
             15.2.4 LONGI
                        TABLE 194 LONGI: BUSINESS OVERVIEW
                        FIGURE 51 LONGI: COMPANY SNAPSHOT
             15.2.5 CANADIAN SOLAR
                        TABLE 195 CANADIAN SOLAR: BUSINESS OVERVIEW
                        FIGURE 52 CANADIAN SOLAR: COMPANY SNAPSHOT
             15.2.6 FIRST SOLAR
                        TABLE 196 FIRST SOLAR: BUSINESS OVERVIEW
                        FIGURE 53 FIRST SOLAR: COMPANY SNAPSHOT
             15.2.7 HANWHA Q CELLS
                        TABLE 197 HANWHA Q CELLS: BUSINESS OVERVIEW
             15.2.8 MITSUBISHI ELECTRIC
                        TABLE 198 MITSUBISHI ELECTRIC: BUSINESS OVERVIEW
                        FIGURE 54 MITSUBISHI ELECTRIC: COMPANY SNAPSHOT
             15.2.9 SHARP
                        TABLE 199 SHARP: BUSINESS OVERVIEW
                        FIGURE 55 SHARP: COMPANY SNAPSHOT
             15.2.10 WUXI SUNTECH POWER
                        TABLE 200 WUXI SUNTECH POWER: BUSINESS OVERVIEW
             15.2.11 HUAWEI
                        TABLE 201 HUAWEI: BUSINESS OVERVIEW
                        FIGURE 56 HUAWEI: COMPANY SNAPSHOT
             15.2.12 SUNGROW POWER SUPPLY
                        TABLE 202 SUNGROW POWER SUPPLY: BUSINESS OVERVIEW
                        FIGURE 57 SUNGROW POWER SUPPLY: COMPANY SNAPSHOT
             15.2.13 SMA SOLAR TECHNOLOGY
                        TABLE 203 SMA SOLAR TECHNOLOGY: BUSINESS OVERVIEW
                        FIGURE 58 SMA SOLAR TECHNOLOGY: COMPANY SNAPSHOT
             15.2.14 SOLAREDGE
                        TABLE 204 SOLAREDGE: BUSINESS OVERVIEW
                        FIGURE 59 SOLAREDGE: COMPANY SNAPSHOT
             15.2.15 ABB
                        TABLE 205 ABB: BUSINESS OVERVIEW
                        FIGURE 60 ABB: COMPANY SNAPSHOT
     15.3 OTHER KEY PLAYERS 
             15.3.1 ARRAY TECHNOLOGIES
             15.3.2 CHINT SOLAR (ASTRONERGY)
             15.3.3 GCL SYSTEM INTEGRATION TECHNOLOGY
             15.3.4 LG ELECTRONICS
             15.3.5 NEXTRACKER
             15.3.6 RISEN ENERGY
             15.3.7 TONGWEI SOLAR
             15.3.8 YINGLI SOLAR
             15.3.9 ACCIONA S.A
             15.3.10 ABENGOA, S.A
             15.3.11 TATA POWER SOLAR SYSTEMS
             15.3.12 WAAREE ENERGIES LTD
             15.3.13 SHUNFENG INTERNATIONAL CLEAN ENERGY LIMITED
             15.3.14 EMMVEE PHOTOVOLTAIC POWER PRIVATE LIMITED
             15.3.15 ALLEARTH RENEWABLES
             15.3.16 EATON CORP.
             15.3.17 POWER ELECTRONICS
             15.3.18 FIMER
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.  
 
16 APPENDIX (Page No. - 325)
     16.1 DISCUSSION GUIDE 
     16.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     16.3 CUSTOMIZATION OPTIONS 
     16.4 RELATED REPORTS 
     16.5 AUTHOR DETAILS 
 
 

 

The study involved four major activities in estimating the size for photovoltaic market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various sources were used to identify and collect information important for this study. These include annual reports, press releases & investor presentations of companies, white papers, technology journals, and certified publications, articles by recognized authors, directories, and databases.

Secondary research was mainly used to obtain key information about the supply chain of the industry, the total pool of market players, classification of the market according to industry trends to the bottom-most level, regional markets, and key developments from the market and technology-oriented perspectives.

Primary research was also conducted to identify the segmentation types, key players, competitive landscape, and key market dynamics such as drivers, restraints, opportunities, challenges, and industry trends, along with key strategies adopted by players operating in the photovoltaic market. Extensive qualitative and quantitative analyses were performed on the complete market engineering process to list key information and insights throughout the report.

Primary Research

Extensive primary research has been conducted after acquiring knowledge about the photovoltaic market scenario through secondary research. Several primary interviews have been conducted with experts from both demand (end users) and supply side (photovoltaic offering providers) across 4 major geographic regions: North America, Europe, Asia Pacific, and RoW. Approximately 80% and 20% of the primary interviews have been conducted from the supply and demand side, respectively. These primary data have been collected through questionnaires, emails, and telephonic interviews.

Photovoltaic Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

In the complete market engineering process, both top-down and bottom-up approaches were implemented, along with several data triangulation methods, to estimate and validate the size of the photovoltaic market and various other dependent submarkets. Key players in the market were identified through secondary research, and their market share in the respective regions was determined through primary and secondary research. This entire research methodology included the study of annual and financial reports of the top players, as well as interviews with experts (such as CEOs, VPs, directors, and marketing executives) for key insights (quantitative and qualitative).

All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research study were accounted for, viewed in detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in this report.

Photovoltaic Market: Bottom-Up Approach

Photovoltaic Market Size, and Bottom-Up Approach

Data Triangulation

After arriving at the overall market size from the market size estimation process as explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, market breakdown and data triangulation procedures have been employed, wherever applicable. The data have been triangulated by studying various factors and trends from both demand and supply side. Along with this, the market has been validated using top-down and bottom-up approaches.

Report Objectives

  • To describe, segment, and forecast the photovoltaic (PV) market based on component, material, cell type, installation type, and application, in terms of value
  • To describe and forecast the photovoltaic (PV) market, by component, in terms of value and volume
  • To describe the photovoltaic (PV) market by power capacity and photovoltaic (PV) concentration systems
  • To describe and forecast the market for four key regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW), in terms of value
  • To provide detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the PV market
  • To provide a detailed overview of the supply chain and ecosystem pertaining to the PV market, along with the average selling price of PV components
  • To strategically analyze the ecosystem, tariffs and regulations, patent landscape, trade landscape, and case studies pertaining to the market under study
  • To strategically analyze micromarkets1 with regard to individual growth trends, prospects, and contributions to the overall market
  • To analyze opportunities in the market for stakeholders and provide a competitive landscape of the market
  • To analyze competitive developments such as product launches and developments, expansions, partnerships, collaborations, contracts, and mergers and acquisitions in the PV market
  • To strategically profile the key players in the PV market and comprehensively analyze their market ranking and core competencies2

Outlook and Growth on PV Modules and PV Inverters Market Approch:

PV modules are crucial components of solar PV systems that convert sunlight into electricity. They consist of multiple solar cells connected together and are installed on rooftops or in large solar power plants. Monocrystalline, polycrystalline, and thin-film modules are the three primary types available in the market. Monocrystalline modules are the most efficient but also the most expensive, while polycrystalline modules are less efficient but more affordable. Thin-film modules are less efficient than crystalline modules but are lighter and more flexible. A few large manufacturers dominate the PV module market, including Chinese companies such as JinkoSolar, Trina Solar, and Canadian Solar, as well as international companies such as First Solar and SunPower, and they produce modules for both residential and commercial applications, driving the growth of the solar PV market.

PV inverters are critical components of solar photovoltaic systems that convert DC power generated by solar panels into AC power for household and business use. The PV inverter market is growing rapidly due to increasing demand for solar PV systems and the continuous improvement of inverter products to increase efficiency and reduce costs. The article also mentions that key players in the PV inverter market, such as Huawei and Sungrow, are investing heavily in research and development to meet the growing demand for PV inverters and stay ahead of the competition.

Growth Opportunities and Niche Threats for PV Modules Market in the Future

The PV modules market is expected to grow significantly in the coming years due to the increasing demand for renewable energy sources and the declining cost of solar power. However, there are also some niche threats that may impact the growth of this market. Here are some growth opportunities and niche threats for the PV modules market in the future:

Growth Opportunities for the PV Modules market

Increasing demand for renewable energy: With the increasing focus on reducing greenhouse gas emissions and combating climate change, there is a growing demand for renewable energy sources such as solar power. This is expected to drive the growth of the PV modules market in the coming years.

Technological advancements: The PV modules market is constantly evolving with the introduction of new technologies and innovations. Advances in solar cell technology, materials, and manufacturing processes are expected to improve the efficiency and cost-effectiveness of PV modules, making them more competitive with traditional energy sources.

Government incentives: Many governments around the world are offering incentives and subsidies for the installation of solar power systems. These incentives are expected to encourage more people and businesses to invest in solar power, which will drive the growth of the PV modules market.

Emerging markets: The PV modules market is still relatively untapped in many parts of the world, particularly in emerging markets. As these economies continue to develop and demand for energy increases, there will be significant opportunities for growth in the PV modules market.

Niche Threats for the PV Modules market

Competition from other renewable energy sources: While solar power is expected to continue growing, it faces competition from other renewable energy sources such as wind, hydro, and geothermal power. As these technologies become more efficient and cost-effective, they may impact the growth of the PV modules market.

Regulatory changes: Changes in government policies and regulations can have a significant impact on the PV modules market. For example, if subsidies and incentives for solar power are reduced or eliminated, it could slow down the growth of the market.

Manufacturing challenges: The manufacturing of PV modules requires a significant amount of energy and resources. As demand for solar power increases, there may be challenges in securing sufficient resources and managing the environmental impact of manufacturing.

Supply chain disruptions: The PV modules market relies on a complex global supply chain, and disruptions to this supply chain, such as natural disasters, trade disputes, or pandemics, can impact the availability and cost of PV modules.

Industries That Will Be Impacted in the Future by PV Modules

The growing adoption of PV modules and solar power is expected to have a significant impact on several industries in the future. These industries include the energy industry, construction industry, transportation industry, agriculture industry, and technology industry. As more homes and businesses switch to solar power, traditional energy companies may see a decline in demand for their services, while builders and contractors will need to incorporate solar-friendly designs and installation methods into their projects. Solar-powered electric vehicles and charging stations could become more common in the future, and solar-powered irrigation systems could help farmers reduce their energy costs. Additionally, there will be an increased demand for energy management systems, smart home technologies, and other technologies that can help optimize energy use. Overall, the impact of PV modules and solar power will create new opportunities for innovation, job growth, and sustainability across various industries.

Market Scope of PV Inverters Market:

The PV (photovoltaic) inverter market is a critical component of the solar energy system, which is expected to grow significantly in the coming years due to the increasing demand for renewable energy sources. The PV inverter is a device that converts the direct current (DC) electricity generated by the PV modules into alternating current (AC) electricity that can be used by the electrical grid or a building.

Market Scope

Growing demand for solar energy: The PV inverter market is expected to grow significantly due to the increasing demand for solar energy, driven by government initiatives and incentives, as well as the declining cost of solar power.

Technological advancements: The PV inverter market is constantly evolving with the introduction of new technologies and innovations. Advances in power electronics, digital controls, and communication technologies are expected to improve the efficiency and reliability of PV inverters, making them more competitive with traditional energy sources.

Residential and commercial applications: The PV inverter market is expected to grow in both residential and commercial applications. The residential market is driven by the increasing number of homeowners installing solar panels on their rooftops, while the commercial market is driven by businesses looking to reduce their energy costs and carbon footprint.

Futuristic Growth use-cases of PV Modules market?

The PV modules market has several futuristic growth use-cases, including the development of integrated solar solutions, powering smart cities infrastructure, building floating solar farms, solar-powered transportation, and exploring emerging markets. These use-cases are driven by the increasing demand for renewable energy, the desire to reduce carbon footprint, and the need for sustainable energy solutions. The PV modules market is well-positioned to capitalize on these opportunities and drive significant growth in the coming years.

Key challenges for Growing PV Modules Market in the future:

While the PV modules market presents several growth opportunities, there are also key challenges that could impact its growth in the future. Here are some of the challenges facing the PV modules market:

Competition from other renewable energy sources: One of the biggest challenges facing the PV modules market is competition from other renewable energy sources such as wind and hydro power. These technologies can be more effective in certain locations, and their growth could impact the demand for PV modules.

Cost and Efficiency: Cost and efficiency are two critical factors that could impact the growth of the PV modules market. While the cost of PV modules has decreased significantly in recent years, they still represent a significant investment for homeowners and businesses. Improvements in efficiency and cost reductions will be necessary to continue to drive adoption.

Limited geographic suitability: Another challenge for the PV modules market is that not all locations are suitable for solar power generation due to climate, shading, and other factors. This can limit the potential customer base for PV modules, particularly in certain regions of the world.

Dependence on government policies and incentives: The PV modules market is highly dependent on government policies and incentives, which can change over time. Changes in government policies or reductions in incentives could impact the demand for PV modules, particularly in regions where they are heavily subsidized.

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix that gives a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analysis and profiling of additional market players (up to 7)
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

Request Customization

Instant Answers with GPT - Ask Now!

Ask real questions. Get complete answers !
Report Code
SE 3152
Published ON
Jan, 2023
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Photovoltaics (PV) Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
CUSTOMIZED WORKSHOP REQUEST
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2024 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status Website Feedback