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What's driving the Global Photovoltaic Market trends? Mitsubishi Electric Corporation, Panasonic Corporation, Kaneka Corporation, Kyocera Corporation

04-28-2020 12:56 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Study Report LLC

The global photovoltaic market accounted for US$.153.99 Bn in 2018 and is expected to grow at a CAGR of 19.8% during the forecast period 2019 - 2027, to account to US$ 768.1 Bn by 2027.

Some of the players present in 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 Limited among others. These players are influencing the growth of the photovoltaic market.

The overall global photovoltaic market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the photovoltaic market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the photovoltaic market.

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Market Study Report Provides A Detailed Overview Of Photovoltaic Market With Respect To The Pivotal Drivers Influencing The Revenue Graph Of This Business Sphere. The Current Trends Of Photovoltaic Market In Conjunction With The Geographical Landscape, Demand Spectrum, Remuneration Scale, And Growth Graph Of This Vertical Have Also Been Included In This Report.

Photovoltaic aid in the conversion of solar energy into electricity using semiconducting materials. A photovoltaic system is coupled with solar modules comprising several solar cells to generate electrical power. Photovoltaic installations may be ground-mounted, rooftop-mounted, wall-mounted, or floating. Cells, optics, and trackers are the components used in a photovoltaic system. Photovoltaic systems have broad applications in residential, commercial, and utilities. With an increase in population coupled with the industrial revolution and economic development, energy requirements have grown consistently, which is posing a burden upon natural resources. Solar energy, tapped from the sun, can effectively meet a significant portion of energy needs, which is further driving the market for photovoltaic systems.

Based on the type, the photovoltaic market has been segmented into organic and inorganic components. In 2018, the inorganic components segment accounted for the largest share of the photovoltaic market. Moreover, the organic components segment is projected to grow at a faster pace during the forecast period. The organic photovoltaic technology is useful to transform solar energy to fully redefined electric energy. This technology has the potential to supply electricity at a lower cost. The organic components are used in certain electronic gadgets and wearable devices, where the product is designed to operate on solar energy. Additionally, the rising concern regarding greenhouse gas emissions and carbon footprint have also influenced the market of organic components. The growing trend of building green structures in developed countries including the US, Canada, Australia, China, Germany, and France, among others, is expected to favor the growth of the photovoltaic market during the forecast period.

Supportive government policies is driving the growth of the photovoltaic market. Several government policies have been initiated to promote and support the use of solar energy and 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 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. To boost the consumption of solar PV technologies, governments-initiated policies related to consumption subsidies, FiTs, tax credits, renewable portfolio standards, and others. Therefore, the growth of the photovoltaic market is strongly supported by government policies.

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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
11. Company Profiles

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