The photovoltaic 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.
In the wake of technological development and focus toward a growing trend of solar PV technology, the German and Spanish governments have established robust policy frameworks such as clear national targets, attractive incentives to promote consumption, and integrated plans to boost technological development and PV technology adoption in solar energy and drives the photovoltaic market growth. In APAC, several initiatives have been taken by governments to minimize the cost of the overall set-up to maximize the far-reaching benefits of an off-grid option in rural electrification, along with uplifting the focus toward sustainable environmental conditions. Moreover, several countries, such as China, have established policies to enhance the production level of photovoltaic solar power energy. Thus, above-mentioned factors are contributing toward the growth of the photovoltaic market.
Photovoltaic (PV) energy is growing at a rapid pace by contributing a significant part in the energy balance of the economy’s power systems. These systems have established to be a mature technology utilized for mainstream electricity generation and drive the photovoltaic market growth. However, solar-powered PV systems generate electricity in excess. Power providers across the world provide net metering, which is defined as an arrangement where the excess electricity produced by grid-connected renewable energy systems returns to the electricity meter. This avoids wastage and improves energy distribution as and when needed. PV systems using grid technology account for about 99% of the installed capacity in comparison with standalone systems, which require batteries. Battery-less grid-connected PV is considered to be a cost-effective solution and needs less maintenance which increases the adoption of PV-based products and thus drives the photovoltaic market share.
Moreover, for people switching over to solar panels, grid PV systems are considered to be a cost-effective option to meet their entire electrical needs. Also, the installation of standalone systems is quite a tedious task and requires more capital and space than that of PV grid systems. Thus, the rise in the adoption of PV-grid system will further drive the photovoltaic market growth. Further, with increasing focus toward the use of renewable energy along with a trend toward energy conservation, grid-connected PV systems prove to be an economically viable option. However, its applicability is quite limited at the moment and might increase in the forthcoming years.
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Photovoltaic Market: Strategic Insights
Market Size Value in US$ 153.9 billion in 2018 Market Size Value by US$ 768.1 billion by 2027 Growth rate CAGR of 19.8% from 2019 to 2027. Forecast Period 2019-2027 Base Year 2018
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Photovoltaic Market: Strategic Insights
Market Size Value in US$ 153.9 billion in 2018 Market Size Value by US$ 768.1 billion by 2027 Growth rate CAGR of 19.8% from 2019 to 2027. Forecast Period 2019-2027 Base Year 2018
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Photovoltaic Market: Strategic Insights
| Market Size Value in | US$ 153.9 billion in 2018 |
| Market Size Value by | US$ 768.1 billion by 2027 |
| Growth rate | CAGR of 19.8% from 2019 to 2027. |
| Forecast Period | 2019-2027 |
| Base Year | 2018 |
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Lucrative Regions for Photovoltaic Market Providers
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Photovoltaic Market Insights
Increasing Use of Photovoltaic Paints for Tapping Solar Energy
The volatility in the prices of crude oil, environmental concerns related to hydropower, and risk associated with nuclear radiation have shifted the burden of meeting energy demands on solar energy. 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. Solar paints, or popularly known as photovoltaic paints, can be applied to any surface to trap energy from the sun and convert it into electricity. The components of the paint are combined with billions of pieces of light-sensitive material suspended in it, which could help in transforming a typical paint into super-powered energy-capturing paint. The use of photovoltaic paint can effectively lower down the dependency on metal and a combination p-n junction diode principle/thermoelectric effect to produce electrical energy from solar exposure. Thus, this will lead to a rise in the adoption of solar energy and eventually propel the photovoltaic market growth. Companies such as Onyx Solar Group LLC are aiming toward the development of technology by focusing on R&D activities and collaborating with the institutes to develop photovoltaic paint and thus drive the photovoltaic market growth. Although solar paints or photovoltaic paint technology are currently at the stage of infancy, it is likely to gain traction in the near future. With the progression and advancement of the solar industry, solar paint has an excellent opportunity to become a reasonable option. Thus, above-mentioned factors are creating an opportunity for the photovoltaic market.
Component-Based Market Insights
Photovoltaic cells consist of two or more thin layers of semi-conducting material. The most commonly used material in the photovoltaic cell is silicon. The semiconductor cells are exposed to light to generate electrical charges, and this can be conducted by metal contacts as direct current (DC) and thus increasing adoption of PV cells will rise the global photovoltaic market size in the forecast period.
Photovoltaic Market, by Component – 2017 and 2025 (%)
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Players operating in the photovoltaic market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the photovoltaic market. A few developments by key players are listed below:
- In 2021, Royal Dutch Shell PLC debuted its 25-megawatt Qabas solar facility. The project is made up of over 88,000 solar modules, is located on a 50-hectare location in northern Oman's Sohar Free Zone. It aids in the reduction of around 25,000 metric tons of CO2 emissions per year.
- In 2021, the 300 MW Sakaka PV IPP, the country's first utility-scale renewable energy project, was inaugurated by ACWA Power at a cost of SAR 1.2 billion. ACWA Power was awarded the project at a world-record tariff of US$ 2.3417 cents per kWh (8.781 halalas per kWh).
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application, Type and Component
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The leading type of photovoltaic type is inorganic components that has noted to account a CAGR of 22.3%. Organic components or solar cells are made of thin films of organic semiconducting materials so as to convert solar energy into electrical energy. A typical organic components device consists of one or more photoactive materials between two electrodes. A primary advantage of organic components technology over inorganic components is its ability to be applied in a large area and flexible solar modules.
The Asia Pacific region led the photovoltaic market with a market share of 52.13%in 2018. Solar energy has brought significant changes to energy usage pattern, from being an alternative source of energy to becoming a primary source of energy for power generation. It is quite evitable with the growing research and development activities focused on the increased production of solar energy, coupled with positive government initiatives and decreasing costs of photovoltaic equipment, in the Asian countries. Further, the diversification in the use of solar energy generation techniques by harnessing various technologies such as PV cell, thermal heating, and concentrated solar power technology is also leading to the growth of this industry.
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. For instance, in the US, about 29% of global warming emissions are contributed to the electricity sector. Such emissions are resulted from the utilization of fossil fuels such as coal and natural gas. Over-exploitation and depletion of natural resources along with environmental degradation have led to a shift over renewable forms of energy. The demand for electricity is associated with social and economic development that generates a requirement to shift to renewables in order to tackle climate change and promote sustainability of the environment while meeting energy demands of future generations. Renewable forms of energy generate little or no global warming emissions.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Photovoltaic Market, by Application
1.3.2 Photovoltaic Market, by Type
1.3.3 Photovoltaic Market, by Component
1.3.4 Photovoltaic Market, by Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Photovoltaic Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia Pacific
4.2.4 Middle East and Africa
4.2.5 South America
5. Photovoltaic Market – Global Market Analysis
5.1 Global Photovoltaic Market Overview
5.2 Global Photovoltaic Market Forecast and Analysis
5.3 Market Positioning – Key Market Players
6. Photovoltaic Market – Key Industry Dynamics
6.1 Key Market Drivers
6.1.1 Focus Toward Renewable Energy Forms
6.1.2 Supportive Government Policies
6.2 Key Market Restraints
6.2.1 High Cost Associated with Photovoltaic Systems
6.3 Key Market Opportunities
6.3.1 Increasing Use of Photovoltaic Paints for Tapping Solar Energy
6.4 Key Future Trends
6.4.1 Rising Demand for Grid-Connected PV Systems
6.5 Impact Analysis
7. Global Photovoltaic Market Analysis – By Type
7.1 Overview
7.2 Global Photovoltaic Market Breakdown, by Type, 2018 & 2027
7.3 Organic Components
7.3.1 Overview
7.3.2 Global Organic Components Photovoltaic Market Revenue Forecast to 2027 (US$ Bn)
7.4 Inorganic Components
7.4.1 Overview
7.4.2 Global Inorganic Components Photovoltaic Market, Revenue Forecast to 2027 (US$ Bn)
8. Global Photovoltaic Market Analysis – By Component
8.1 Overview
8.2 Global Photovoltaic Market Breakdown, By Component, 2018 & 2027
8.3 Cells
8.3.1 Overview
8.3.2 Global Cells Market Revenue Forecasts to 2027 (US$ Bn)
8.4 Optics
8.4.1 Overview
8.4.2 Global Optics Market Revenue Forecasts to 2027 (US$ Bn)
8.5 Trackers
8.5.1 Overview
8.5.2 Global Trackers Market Revenue forecast to 2027 (US$ Bn)
9. Global Photovoltaic Market Analysis – by Application
9.1 Overview
9.2 Global Photovoltaic Market Breakdown, By Application, 2018 & 2027
9.3 Commercial Applications
9.3.1 Overview
9.3.2 Global Commercial Applications in Photovoltaic Revenue and Forecasts to 2027 (US$ BN)
9.4 Residential Application
9.4.1 Overview
9.4.2 Global Residential Application in Photovoltaic Revenue Forecast to 2027 (US$ BN)
9.5 Utility Application
9.5.1 Overview
9.5.2 Global Utility Application in Photovoltaic Revenue and Forecast to 2027 (US$ BN)
10. Photovoltaic Market – Geographic Analysis
10.1 Overview
10.2 North America Photovoltaic Market Revenue and Forecasts to 2027
10.2.1 North America Photovoltaic Market Revenue and Forecast to 2027 (US$ Bn)
10.2.2 North America Photovoltaic Market Breakdown, by Application
10.2.3 North America Photovoltaic Market Breakdown, by Type
10.2.4 North America Photovoltaic Market Breakdown, by Component
10.2.5 North America Photovoltaic Market Breakdown, by Country
10.2.5.1 US Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.2.5.1.1 US Photovoltaic Market Breakdown, by Application
10.2.5.1.2 US Photovoltaic Market Breakdown, by Type
10.2.5.1.3 US Photovoltaic Market Breakdown, by Component
10.2.5.2 Canada Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.2.5.2.1 Canada Photovoltaic Market Breakdown, by Application
10.2.5.2.2 Canada Photovoltaic Market Breakdown, by Type
10.2.5.2.3 Canada Photovoltaic Market Breakdown, by Component
10.2.5.3 Mexico Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.2.5.3.1 Mexico Photovoltaic Market Breakdown, by Application
10.2.5.3.2 Mexico Photovoltaic Market Breakdown, by Type
10.2.5.3.3 Mexico Photovoltaic Market Breakdown, by Component
10.3 Europe Photovoltaic Market Revenue and Forecasts to 2027
10.3.1 Europe Photovoltaic Market Revenue and Forecast to 2027 (US$ Bn)
10.3.2 Europe Photovoltaic Market Breakdown, by Application
10.3.3 Europe Photovoltaic Market Breakdown, by Type
10.3.4 Europe Photovoltaic Market Breakdown, by Component
10.3.5 Europe Photovoltaic Market Breakdown, by Country
10.3.5.1 Germany Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.3.5.1.1 Germany Photovoltaic Market Breakdown, by Application
10.3.5.1.2 Germany Photovoltaic Market Breakdown, by Type
10.3.5.1.3 Germany Photovoltaic Market Breakdown, by Component
10.3.5.2 France Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.3.5.2.1 France Photovoltaic Market Breakdown, by Application
10.3.5.2.2 France Photovoltaic Market Breakdown, by Type
10.3.5.2.3 France Photovoltaic Market Breakdown, by Component
10.3.5.3 Italy Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.3.5.3.1 Italy Photovoltaic Market Breakdown, by Application
10.3.5.3.2 Italy Photovoltaic Market Breakdown, by Type
10.3.5.3.3 Italy Photovoltaic Market Breakdown, by Component
10.3.5.4 Spain Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.3.5.4.1 Spain Photovoltaic Market Breakdown, by Application
10.3.5.4.2 Spain Photovoltaic Market Breakdown, by Type
10.3.5.4.3 Spain Photovoltaic Market Breakdown, by Component
10.3.5.5 UK Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.3.5.5.1 UK Photovoltaic Market Breakdown, by Application
10.3.5.5.2 UK Photovoltaic Market Breakdown, by Type
10.3.5.5.3 UK Photovoltaic Market Breakdown, by Component
10.3.5.6 Russia Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.3.5.6.1 Russia Photovoltaic Market Breakdown, by Application
10.3.5.6.2 Russia Photovoltaic Market Breakdown, by Type
10.3.5.6.3 Russia Photovoltaic Market Breakdown, by Component
10.3.5.7 Rest of Europe Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.3.5.7.1 Rest of Europe Photovoltaic Market Breakdown, by Application
10.3.5.7.2 Rest of Europe Photovoltaic Market Breakdown, by Type
10.3.5.7.3 Rest of Europe Photovoltaic Market Breakdown, by Component
10.4 SAM Photovoltaic Market Revenue and Forecast to 2027
10.4.1 SAM Photovoltaic Market Revenue and Forecast to 2027 (US$ Bn)
10.4.2 SAM Photovoltaic Market Breakdown, By Application
10.4.3 SAM Photovoltaic Market Breakdown, By Type
10.4.4 SAM Photovoltaic Market Breakdown, By Component
10.4.5 SAM Photovoltaic Market Breakdown, by Country
10.4.5.1 Brazil Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.4.5.1.1 Brazil Photovoltaic Market Breakdown, By Application
10.4.5.1.2 Brazil Photovoltaic Market Breakdown, By Type
10.4.5.1.3 Brazil Photovoltaic Market Breakdown, By Component
10.4.5.2 Argentina Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.4.5.2.1 Argentina Photovoltaic Market Breakdown, By Application
10.4.5.2.2 Argentina Photovoltaic Market Breakdown, By Type
10.4.5.2.3 Argentina Photovoltaic Market Breakdown, By Component
10.4.5.3 Rest of SAM Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.4.5.3.1 Rest of SAM Photovoltaic Market Breakdown, By Application
10.4.5.3.2 Rest of SAM Photovoltaic Market Breakdown, By Type
10.4.5.3.3 Rest of SAM Photovoltaic Market Breakdown, By Component
10.5 APAC Photovoltaic Market Revenue and Forecast to 2027
10.5.1 APAC Photovoltaic Market Revenue and Forecast to 2027 (US$ Bn)
10.5.2 APAC Photovoltaic Market Breakdown, By Application
10.5.3 APAC Photovoltaic Market Breakdown, By Type
10.5.4 APAC Photovoltaic Market Breakdown, By Component
10.5.5 APAC Photovoltaic Market Breakdown, by Country
10.5.5.1 Australia Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.5.5.1.1 Australia Photovoltaic Market Breakdown, By Application
10.5.5.1.2 Australia Photovoltaic Market Breakdown, By Type
10.5.5.1.3 Australia Photovoltaic Market Breakdown, By Component
10.5.5.2 China Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.5.5.2.1 China Photovoltaic Market Breakdown, By Application
10.5.5.2.2 China Photovoltaic Market Breakdown, By Type
10.5.5.2.3 China Photovoltaic Market Breakdown, By Component
10.5.5.3 Japan Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.5.5.3.1 Japan Photovoltaic Market Breakdown, By Application
10.5.5.3.2 Japan Photovoltaic Market Breakdown, By Type
10.5.5.3.3 Japan Photovoltaic Market Breakdown, By Component
10.5.5.4 India Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.5.5.4.1 India Photovoltaic Market Breakdown, By Application
10.5.5.4.2 India Photovoltaic Market Breakdown, By Type
10.5.5.4.3 India Photovoltaic Market Breakdown, By Component
10.5.5.5 South Korea Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.5.5.5.1 South Korea Photovoltaic Market Breakdown, By Application
10.5.5.5.2 South Korea Photovoltaic Market Breakdown, By Type
10.5.5.5.3 South Korea Photovoltaic Market Breakdown, By Component
10.5.5.6 Taiwan Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.5.5.6.1 Taiwan Photovoltaic Market Breakdown, By Application
10.5.5.6.2 Taiwan Photovoltaic Market Breakdown, By Type
10.5.5.6.3 Taiwan Photovoltaic Market Breakdown, By Component
10.5.5.7 Rest of APAC Photovoltaic Market Revenue and Forecast to 2027 (US$ BN)
10.5.5.7.1 Rest of APAC Photovoltaic Market Breakdown, By Application
10.5.5.7.2 Rest of APAC Photovoltaic Market Breakdown, By Type
10.5.5.7.3 Rest of APAC Photovoltaic Market Breakdown, By Component
10.6 MEA Photovoltaic Market Revenue and Forecast to 2027
10.6.1 MEA Photovoltaic Market Revenue and Forecast to 2027 (US$ Bn)
10.6.2 MEA Photovoltaic Market Breakdown, By Application
10.6.3 MEA Photovoltaic Market Breakdown, By Type
10.6.4 MEA Photovoltaic Market Breakdown, By Component
10.6.5 MEA Photovoltaic Market Breakdown, by Country
11. Company Profiles
11.1 Mitsubishi Electric Corporation
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.2 Panasonic Corporation
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Kaneka Corporation
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Kyocera Corporation
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Sharp Corporation
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 JA Solar Co., Ltd.
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Renesola Co. Ltd
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Trina Solar
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.9 Jinko Solar
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Shunfeng International Clean Energy Co., Ltd.
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms
LIST OF TABLES
Table 1. Global Photovoltaic Market Revenue and Forecasts to 2027 (US$ Bn)
Table 2. North America Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Bn)
Table 3. North America Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Bn)
Table 4. North America Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Bn)
Table 5. US Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Bn)
Table 6. US Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Bn)
Table 7. US Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Bn)
Table 8. Canada Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Bn)
Table 9. Canada Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Bn)
Table 10. Canada Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Bn)
Table 11. Mexico Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Bn)
Table 12. Mexico Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Bn)
Table 13. Mexico Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Bn)
Table 14. Europe Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Bn)
Table 15. Europe Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Bn)
Table 16. Europe Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Bn)
Table 17. Germany Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Bn)
Table 18. Germany Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Bn)
Table 19. Germany Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Bn)
Table 20. France Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Bn)
Table 21. France Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Bn)
Table 22. France Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Bn)
Table 23. Italy Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Bn)
Table 24. Italy Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Bn)
Table 25. Italy Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Bn)
Table 26. Spain Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Bn)
Table 27. Spain Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Bn)
Table 28. Spain Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Bn)
Table 29. UK Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Bn)
Table 30. UK Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Bn)
Table 31. UK Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Bn)
Table 32. Russia Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Bn)
Table 33. Russia Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Bn)
Table 34. Russia Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Bn)
Table 35. Rest of Europe Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Bn)
Table 36. Rest of Europe Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Bn)
Table 37. Rest of Europe Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Bn)
Table 38. SAM Photovoltaic Market Revenue and Forecast, By Application, 2018–2027, (US$ Bn)
Table 39. SAM Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 40. SAM Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 41. Brazil Photovoltaic Market Revenue and Forecast to 2027 – By Application (US$ Bn)
Table 42. Brazil Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 43. Brazil Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 44. Argentina Photovoltaic Market Revenue and Forecast to 2027 – By Application (US$ Bn)
Table 45. Argentina Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 46. Argentina Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 47. Rest of SAM Photovoltaic Market Revenue and Forecast to 2027 – By Application (US$ Bn)
Table 48. Rest of SAM Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 49. Rest of SAM Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 50. APAC Photovoltaic Market Revenue and Forecast to 2027 – By Application (US$ Bn)
Table 51. APAC Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 52. APAC Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 53. Australia Photovoltaic Market Revenue and Forecast to 2027 – By Application (US$ Bn)
Table 54. Australia Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 55. Australia Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 56. China Photovoltaic Market Revenue and Forecast to 2027 – By Application (US$ Bn)
Table 57. China Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 58. China Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 59. Japan Photovoltaic Market Revenue and Forecast to 2027 – By Application (US$ Bn)
Table 60. Japan Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 61. Japan Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 62. India Photovoltaic Market Revenue and Forecast to 2027 – By Application (US$ Bn)
Table 63. India Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 64. India Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 65. South Korea Photovoltaic Market Revenue and Forecast to 2027 – By Application (US$ Bn)
Table 66. South Korea Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 67. South Korea Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 68. Taiwan Photovoltaic Market Revenue and Forecast to 2027 – By Application (US$ Bn)
Table 69. Taiwan Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 70. Taiwan Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 71. Rest of APAC Photovoltaic Market Revenue and Forecast to 2027 – By Application (US$ Bn)
Table 72. Rest of APAC Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 73. Rest of APAC Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 74. MEA Photovoltaic Market Revenue and Forecast to 2027 – By Application (US$ Bn)
Table 75. MEA Photovoltaic Market Revenue and Forecast to 2027 – By Type (US$ Bn)
Table 76. MEA Photovoltaic Market Revenue and Forecast to 2027 – By Component (US$ Bn)
Table 77. Glossary of Term: Enterprise Labeling Software Market
LIST OF FIGURES
Figure 1. Photovoltaic Market Segmentation
Figure 2. Geographic Segmentation of Photovoltaic Market
Figure 3. Photovoltaic Market Overview
Figure 4. Utility Application Held Larger Share of Photovoltaic Market in 2018
Figure 5. Photovoltaic Market, by Geography, Value and CAGR
Figure 6. Photovoltaic Industry Landscape
Figure 7. Geographic Overview of Photovoltaic Market
Figure 8. Photovoltaic Market Forecast and Analysis, (US$ Bn)
Figure 9. Impact Analysis of Drivers And Restraints
Figure 10. Global Photovoltaic Market Breakdown, by Type, Value, 2018 & 2027 (%)
Figure 11. Global Organic Components Photovoltaic Market, Revenue Forecast, 2018–2027 (US$ Bn)
Figure 12. Global Inorganic Components Photovoltaic Market Revenue Forecast to 2027 (US$ Bn)
Figure 13. Global Photovoltaic Market Breakdown, by Component, Value, 2018 & 2027 (%)
Figure 14. Global Cells Market Revenue Forecast to 2027 (US$ Bn)
Figure 15. Global Optics Market Revenue, Forecast to 2027 (US$ Bn)
Figure 16. Global Trackers Market, Revenue Forecast, 2018–2027 (US$ Bn)
Figure 17. Global Photovoltaic Market Breakdown by Application, by Value, 2018 & 2027 (%)
Figure 18. Global Commercial Applications in Photovoltaic Market, Revenue and Forecast, 2017-2027 (US$ BN)
Figure 19. Global Residential Application in Photovoltaic Revenue Forecast to 2027 (US$ BN)
Figure 20. Global Industrial in Photovoltaic Market Revenue and Forecasts to 2027 (US$ BN)
Figure 21. Photovoltaic Market Breakdown, by Region, 2018 & 2027 (%)
Figure 22. North America Photovoltaic Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 23. North America Photovoltaic Market Breakdown, By Application, 2018 & 2027 (%)
Figure 24. North America Photovoltaic Market Breakdown, by Type, 2018 & 2027 (%)
Figure 25. North America Photovoltaic Market Breakdown, by Component, 2018 & 2027 (%)
Figure 26. North America Photovoltaic Market Breakdown, by Country, 2018 & 2027(%)
Figure 27. US Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 28. Canada Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 29. Mexico Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 30. Europe Photovoltaic Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 31. Europe Photovoltaic Market Breakdown, by Application, 2018 & 2027 (%)
Figure 32. Europe Photovoltaic Market Breakdown, by Type, 2018 & 2027 (%)
Figure 33. Europe Photovoltaic Market Breakdown, by Component, 2018 & 2027 (%)
Figure 34. Europe Photovoltaic Market Breakdown, by Country, 2018 & 2027(%)
Figure 35. Germany Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 36. France Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 37. Italy Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 38. Spain Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 39. UK Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 40. Russia Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 41. Rest Of Europe Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 42. SAM Photovoltaic Market Revenue and Forecast to 2027 (US$ Bn)
Figure 43. SAM Photovoltaic Market Breakdown, By Application, 2018 & 2027 (%)
Figure 44. SAM Photovoltaic Market Breakdown, By Type, 2018 & 2027 (%)
Figure 45. SAM Photovoltaic Market Breakdown, By Component, 2018 & 2027 (%)
Figure 46. SAM Photovoltaic Market Breakdown, By Country, 2018 & 2027(%)
Figure 47. Brazil Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 48. Argentina Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 49. Rest of SAM Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 50. APAC Photovoltaic Market Revenue and Forecast to 2027 (US$ Bn)
Figure 51. APAC Photovoltaic Market Breakdown, By Application, 2018 & 2027 (%)
Figure 52. APAC Photovoltaic Market Breakdown, By Type, 2018 & 2027 (%)
Figure 53. APAC Photovoltaic Market Breakdown, By Component, 2018 & 2027 (%)
Figure 54. APAC Photovoltaic Market Breakdown, By Country, 2018 & 2027(%)
Figure 55. Australia Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 56. China Photovoltaic Market Forecast To 2027 (US$ Bn)
Figure 57. Japan Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 58. India Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 59. South Korea Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 60. Taiwan Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 61. Rest Of APAC Photovoltaic Market Forecasts to 2027 (US$ Bn)
Figure 62. MEA Photovoltaic Market Revenue and Forecast to 2027 (US$ Bn)
Figure 63. MEA Photovoltaic Market Breakdown, By Application, 2018 & 2027 (%)
Figure 64. MEA Photovoltaic Market Breakdown, By Type, 2018 & 2027 (%)
Figure 65. MEA Photovoltaic Market Breakdown, By Component, 2018 & 2027 (%)
Figure 66. MEA Photovoltaic Market Breakdown, By Country, 2018 & 2027(%)
The List of Companies
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Kaneka Corporation
- KYOCERA Corporation
- Sharp Corporation
- JA Solar Co.,Ltd.
- Renesola Co. Ltd
- Trina Solar
- Jinko Solar
- Shunfeng International Clean Energy Co., Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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