Photovoltaic (PV) Market Size & Estimations, Statics and Opportunity Forecast Report 2026

Photovoltaic (PV) technology converts energy from solar radiation directly into electricity using semiconductor materials. It has no mechanical moving parts thus, it has a prolonged service life, requiring minimal maintenance. Photovoltaic technology is used in renewable energy systems range from small-scale systems for lighting and pumping to large-scale systems for whole buildings and utility-scale photovoltaic farms.

Global photovoltaic market size is projected to reach $333,725.1 million by 2026, growing at a CAGR of 25.1% from 2019 to 2026. The report offers an in-depth analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive scenario, and changing market trends.

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Supportive government policies & initiatives toward the usage of photovoltaic technology, and increase in demand for PV technology in residential applications fuel the growth of the global photovoltaic market. On the other hand, the high cost of installation, storage, & power conversion devices, and low efficiency of PV modules restrain the growth to some extent. However, the surge in demand for renewable energy and the rise in prices of fossil fuels are expected to create an array of opportunities in the near future.

Based on technology, the thin film segment accounted for the largest market share in 2018, contributing nearly half of the total revenue, and is expected to continue its dominant status during the forecast period. This is due to generation of power at low cost per watt, consistent generation of power on overcast days & low sun angles, and reduction in usage of fossil fuels & emission of ozone-depleting gases. Contrarily, the multi si segment is estimated to grow at the highest CAGR of 25.5% from 2019 to 2026, owing to its wide usage in calculators & smartwatches, and standalone PV systems along with supportive government initiatives for PV technology. The research also discusses the mono si segment.

Based on application, the industrial segment accounted for more than two-fifths of the total market share in 2018 and is estimated to maintain its leadership position throughout the forecast period. Moreover, this segment would grow at the highest CAGR of 25.4% from 2019 to 2026. This is a lucrative segment, owing to stringent government regulations related to pollution and emphasis of governments on the usage of green energy has led to increase in demand of solar cars and buses, in which, photovoltaic cells are used. Moreover, usage in development & production of satellites for military and civil applications supplement the growth. The report also analyzes residential and commercial applications.

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Based on geography, the Asia-Pacific region held the major share in 2018, generating more than two-fifths of the total market. The same segment would showcase the fastest CAGR of 26.9% during the estimated period. Moreover, this region is expected to register the largest CAGR of 26.9% from 2019 to 2026. This is due to surge in demand for commercial and industrial applications along with increase in production of solar energy. The report also analyzes Europe, North America, and LAMEA.

The key players analyzed in the report include Wuxi Suntech Power Co., Ltd., Trina Solar, JA Solar Co., Ltd., Sharp Corporation, Acciona, First Solar, Renesola, Abengoa, Tata Power Solar Systems Ltd., and Canadian Solar. These players have incorporated different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to heighten their stand in the market.

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Key Findings of the Photovoltaic Market:
• The Asia-Pacific photovoltaic market is predicted to hold a share of over 48.93% by 2026.
• The thin film photovoltaic technology segment is expected to dominate the market, garnering a share 48.52% during the projected period.
• The low concentration PV segment is projected to hold a share of over 39.00% by 2026.
• The industrial application segment is estimated to account for 45.52% of the share by 2026.
• The Europe photovoltaic market is predicted to hold a share of over 38.98% by 2026.

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