Photovoltaic Market

The Photovoltaic Market was valued at USD 91.85 billion in 2022 and is estimated to reach approximately USD 220.15 billion by 2031, at a CAGR of 10.2% from 2023 to 2031.

Photovoltaic (PV) technology is a sustainable and fast-developing ,renewable energy source that tu s sunlight directly into electricity. PV systems are made up of solar panels made up of photovoltaic cells, which are commonly comprised of semiconductor materials such as silicon. When exposed to sunlight, these cells create an electric current via the photovoltaic effect. PV systems may be installed in various sizes, ranging from modest rooftop installations to enormous solar farms. They have various advantages, including zero greenhouse gas emissions, low maintenance requirements, and extended lifespans. Furthermore, PV technology has gotten more efficient and inexpensive over the years, making it a feasible choice for wider adoption.

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PHOTOVOLTAIC MARKET: REPORT SCOPE &, SEGMENTATION

Photovoltaic Market Dynamics

The growing worldwide conce about climate change and the need to cut greenhouse gas emissions has resulted in a greater emphasis on renewable energy sources, with photovoltaics (PV) playing a crucial role. Furthermore, gove ment regulations and incentives, including feed-in tariffs and tax credits, have played an important role in increasing PV system adoption. Furthermore, the rising demand for energy, along with the necessity for decentralized and off-grid power solutions in rural places, has increased PV system implementation. Overall, improving consumer knowledge of the environmental and economic benefits of PV has resulted in increased demand for solar power installations.

Photovoltaic Market Drivers

• Increasing Demand for Renewable Energy

The growing global awareness of the environmental impact of traditional energy sources has led to a surge in demand for renewable energy solutions like photovoltaic (PV) systems. The need to reduce carbon emissions and combat climate change is a major driver of the PV market.

Restraints:

• Competition from Other Renewable Technologies

While PV is one of the most widely adopted renewable energy technologies, it faces competition from other sources such as wind power, hydropower, and geothermal energy. The availability of alte ative renewable options may divert some investments away from PV systems.

Opportunities:

• Energy Storage Integration

The integration of PV systems with energy storage technologies, such as batteries, presents a significant opportunity for the market. Energy storage enhances the value proposition of PV systems by enabling load shifting, grid stabilization, and backup power, making them more reliable and versatile.

Segment Overview

• By Component

Based on the component, the global photovoltaic market is divided into modules, inverters, and balance of system. The balance of system category dominates the market with the largest revenue share of around 53.8% in 2022. BOS refers to all of the components and equipment needed for the installation and operation of a photovoltaic (PV) system, excluding the solar panels themselves. Inverters, mounting structures, cabling, connections, monitoring systems, and other essential equipment are all included.

• By Cell Type

Based on the cell type, the global photovoltaic market is divided into full-cell PV modules and half-cell PV modules. The full-cell PV modules category dominates the market with the largest revenue share of around 63.7% in 2022. Full-cell modules have busbars that completely cover the cell area, leading to ,lower power losses and improved overall module performance. When compared to other module types, this design provides better power output and improved efficiency.

• By Application

Based on application, the global photovoltaic market is divided into residential, commercial &, industrial, and utilities. The utilities category dominates the market with the largest revenue share of around 34.5% in 2022. This may be attributable to a number of things, including the fact that utilities have substantially invested in large-scale solar projects, utilizing economies of scale and cost-effectiveness.

Photovoltaic Market Overview by Region

By Region, the global photovoltaic market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for 42.5% revenue share of the global market in 2022. The growth factors including the substantial expenditures made in solar energy infrastructure by nations like China, Japan, and India, which has resulted in a sharp rise in PV installations. To encourage the use of PV systems, these countries have enacted favorable gove ment policies, such as feed-in tariffs, subsidies, and renewable energy objectives.

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Photovoltaic Market Competitive Landscape

In the global photovoltaic market, a handful of major players hold substantial market domination and exhibit a robust regional presence. These influential players remain dedicated to continuous research and development endeavors. Additionally, they actively engage in strategic growth initiatives, including product creation, product launches, joint ventures, and partnerships. By employing these tactics, these organizations aim to bolster their market position, expand their client base, and secure a significant market share.

Some of the leading companies in the global photovoltaic market include Trina Solar, LONGi, Canadian Solar, First Solar, Hanwha Q CELLS, Sungrow Power Supply, Wuxi Suntech Power, Sharp, Mitsubishi Electric, ABB, Huawei, SMA Solar Technology, Array Technologies, Chint Solar, GCL System Integration Technology, and various other key players.

Photovoltaic Market Recent Developments

• In February 2022, The 54-cell Hi-MO 5m 54c module was recently presented by LONGi in China. The newest member of the Hi-MO 5m series has been designed exclusively for rooftop installations in residential and commercial &, industrial (C&,I) buildings. The Hi-MO 5m module has an excellent efficiency of 21.25% while producing a maximum power output of 415W.

Photovoltaic Market Report Segmentation