Photovoltaic Market is expected to reach US$ 768.1 billion by 2027

Published Date: 02 Jan 2020

Government Support and Investments in Developing Economies to Provide Growth Opportunities for Photovoltaic Market During 2019–2027

According to our latest market study on “Photovoltaic Market Forecast to 2027 – Global Analysis – by Application, Type, and Component,” the market is expected to grow from US$ 153.9 billion in 2018 to US$ 768.1 billion by 2027 at a CAGR of 19.8% between 2019 and 2027.

Renewable energy is regarded as a clean form of energy obtained from natural sources, which can be continuously replenished. Energy derived from renewable sources such as sunlight, wind, tides, and geothermal heat are sustainable and cost-effective. With the increase in population coupled with a rise in industrialization and economic development, the energy requirements have grown consistently, which is posing a burden upon natural resources and thus driving the photovoltaic market growth. The solar power is considered to be carbon-free and generates small or negligible amount of pollutants during the manufacturing process, thereby safeguarding the quality of the environment. The rise in the supply of renewable energy would enable an adequate replacement to carbon-intensive energy sources and considerable reduction in global warming emissions. This is expected to positively impact the growth of the photovoltaic market share. Also, renewable form of energy provides electricity at an affordable rate across the world, which can help stabilize energy prices in the future.

Moreover, the increasing focus of major photovoltaic market players toward the various development strategies is contributing toward the photovoltaic market growth. For instance, in 2019, Panasonic unveiled its new residential energy storage system, EverVolt, and other solar portfolio announcements at Solar Power International 2019. EverVolt features a modular design and is available in AC and DC-coupled versions, offering a flexible solution optimized for homeowners' energy needs and budgets. The home energy storage system enhances Panasonic's full suite of home energy solutions, including its signature photovoltaic high-performance HIT portfolio. In addition, the advancements in technology, focus on the reduction of installation costs, and rapid utilization of photovoltaic technology in residential applications are among the factors that are redefining the use of photovoltaic technology. In the era of increased usage of solar energy, the introduction of solar paints has become a remarkable achievement. The installation of solar panels is perceived to be a quite expensive and tedious task and requires heavy capital investment. Further, the maintenance of solar panels is another factor motivating customers to opt for photovoltaic paints technology. Also, conventional photovoltaic machinery comprising traditional silicone panels fail to acknowledge the issues related to efficiency and is limited in scope concerning practical application.

North America holds the top rank with a remarkable photovoltaic market share, in terms of photovoltaic R&D, network design/deployment, and presence of key market participants. APAC is expected to lead the photovoltaic market with the largest market share during the forecast period.

Based on application, the photovoltaic market is segmented into residential, commercial, and utilities. In 2018, the utilities segment held the largest share of the global photovoltaic market. Utility-scale solar generates reliable and clean electricity. Solar power plants can be developed in a way that balances environmental protection with increased energy demands and climate goals. By adhering to federal policies in order to accelerate the growth of utility-scale solar, we can successfully decrease the expenses in energy consumption. Developing utility-scale solar power is one of the fastest ways to reduce carbon emissions. A utility-scale solar power plant can utilize several solar technologies—photovoltaic solar energy (PV) or concentrating solar power (CSP).

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 are a few major companies operating in the photovoltaic market.

Photovoltaic Market — by Geography, 2019 and 2027 (%)
Photovoltaic Market — by Geography, 2019 and 2027 (%)

Report : Photovoltaic Market Forecast to 2027 – Global Analysis – by Application (Residential Applications, Commercial, and Utility Applications), Type (Organic Components and Inorganic Components), and Component (Cells, Optics, and Trackers)

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