Supportive government policies is projected to escalate the photovoltaic market at a CAGR of 19.8%
Latest market study on “Global Photovoltaic Market to 2027 - Analysis and Forecasts by Application (Residential Applications, Commercial Application, Utility Applications); Type (Organic Components, Inorganic Components); Component (Cells, Optics, Trackers), and Geography”, The global photovoltaic market is accounted to 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$ 768.09 Bn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The global photovoltaic market, by components, has been segmented into cells, optics, and trackers. The cell segment dominated the global photovoltaic market in 2018. Cells are extensively used in photovoltaic systems to capture solar energy. The crystalline silicon photovoltaic cells are widely used cells due to the semiconductor properties of silicon. Silicon is considered to be better than the other elements used in the photovoltaic system. Besides, the low cost of silicon also helps to build a thriving market for the same. These factors are propelling the demand for cells in the global photovoltaic market.
Photovoltaic is defined as the conversion of sunlight into energy by incorporating semiconducting materials, which exhibits the photovoltaic effect. This system includes solar panels, solar cells, and others that are used to generate electrical power. These power generation systems are considered as renewable and environment-friendly forms of resources that help generate low-cost energy with less impact on the environment. The solar photovoltaic (PV) industry is strongly correlated with government policies. Several government policies have been initiated to promote and support the use of solar energy and the 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 the 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.
The market for global photovoltaic is concentrated with some very well-established players. Some of the key players in the 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 Co., Ltd.
Global Photovoltaic Market — By Region Breakdown, 2018
The report segments the global photovoltaic market as follows:
Global Photovoltaic Market - By Type
Global Photovoltaic Market - By Component
Global Photovoltaic Market - By Geography
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