Photovoltaic (PV) technology uses semiconductor materials to convert energy from solar radiation directly into electricity. It has no mechanically moving parts, so it has an extended lifespan and requires minimal maintenance. PV technology is used in renewable energy systems that range from small systems for lighting and pumps to large systems for entire buildings and photovoltaic parks. The global photovoltaic market size was estimated at $ 53,916.0 million in 2018 and is projected to reach $ 333,725.1 million by 2026, growing at a CAGR of 25.1% from 2019 to 2026.
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Continuous energy supply and comparatively lower costs for photovoltaics than conventional energy sources make PV technology lucrative for use in industrial sectors such as telecommunications, aerospace & defense, agriculture and automotive. This factor is expected to escalate market growth over the forecast period. In addition, the increasing popularity of photovoltaic technology, due to its use in power generation to provide electricity to residential buildings at a low cost, is expected to drive the growth of the global photovoltaic market.
In addition, highly concentrated PV (HCPV) is widely used in military and aerospace applications, such as the manufacture of solar panels for satellites. The growth of the aerospace and defense sectors in the Asia-Pacific region and the increase in the number of domestic development satellites have increased the demand for photovoltaic technology and thus have a positive impact on market growth.
Supportive government initiatives and regulations for the use of photovoltaic technology and the increasing demand for PV technology in residential applications are driving the growth of the market. However, the low efficiency of PV modules and the high costs of storage, installation and power conversion devices are holding back market growth. On the other hand, the increasing demand for renewable energy and the rise in the price of fossil fuels offer new opportunities.
The following are the regions covered in this report.
- North America [U.S., Canada, Mexico]
- Europe [Germany, UK, France, Italy, Rest of Europe]
- Asia Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
- South America [Brazil, Argentina, Rest of Latin America]
- Middle East & Africa [GCC, North Africa, South Africa, Rest of Middle East and Africa]
Depending on the application, the market is divided into industrial, residential and commercial. In residential use, PV technology is often used in solar roof systems to provide inexpensive stored energy for residential buildings. Commercially, PV technology is used in solar buses and automobiles to provide electricity to run the vehicle's engine. It is also used in agriculture and is used in solar drying systems to dry crops more quickly and generate electricity to run water pumps.
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In addition, PV technology is used in the aerospace and defense industries to manufacture solar panels for use in satellites. In addition, it is widely used in the telecommunications industry in PV modules to provide the required charging current for batteries. The photovoltaic market trends in usage are expected to grow across all applications as the use of photovoltaic technology to generate electricity and reduce carbon footprint increases worldwide.
On a technology basis, the thin-film segment had the largest market share in 2018 with almost half of total sales and is expected to retain its dominant position in the forecast period. This is due to the generation of electricity at a low cost per watt, the constant generation of electricity on cloudy days and low sun angles, as well as the reduction in the consumption of fossil fuels and the emission of ozone-depleting gases. In contrast, due to its widespread use in calculators and smartwatches and standalone PV systems along with supporting government initiatives for PV technology, the Multi-Si segment will grow with the highest CAGR of 25.5% from 2019 to 2026. The research is also discussing the mono Si segment.
The most important players in the photovoltaic industry are
- Abengoa
- Acciona
- Canadian solar
- First solar
- JA Solar Co., Ltd.
- Renaissance
- Sharp Corporation
- Tata Power Solar Systems Ltd.
- Trina Solar
- Wuxi Suntech Power Co., Ltd.
Market participants have chosen collaboration, partnership, product launch, joint venture, agreement and acquisition as their key strategies to gain a competitive advantage in this market.
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