Photovoltaic Market is predicted to reach USD 769.45 billion by 2030 with a CAGR of 24.8%

The Global Photovoltaic Market was estimated to be valued at USD 87.24 billion in 2020 and projected to reach USD 251.41 billion by 2030, at a CAGR of 10.1%.

Photovoltaic refers to a renewable energy harvesting technology that converts radiation of sun into electricity by using photovoltaic cells. These photovoltaic cells are made up of monocrystalline silicon, polycrystalline silicon or other thin film semiconductor materials and are commonly used in solar lamps, parking meters, trash compactors, charging stations and remote guard signals. They are also widely used in agriculture industry to generate electricity for water pumps and in solar dryers to dry crops.

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Top Companies: Abengoa, Acciona, Canadian Solar, First Solar, JA Solar Co., Ltd., Renesola, Sharp Corporation, Tata Power Solar Systems Ltd., Trina Solar and Wuxi Suntech Power Co., Ltd.

Market Dynamics and Trends:

The rising demand for sustainable energy resources, coupled with favorable government regulations has led to the growth of photovoltaic market. These regulations majorly focus on lowering the dependency on fossil fuels and thereby reducing environmental pollution. Therefore, such regulations increases the demand for renewable energy sources such as solar energy which in turn acts as the key driving factor for the photovoltaic market growth.

However, factors such as high cost of installation, storage, and low efficiency of PV modules are expected to hamper the growth of this market. On the contrary, increasing price of fossil fuel and technological advancements in manufacturing solar cells are expected to provide lucrative growth opportunities for the market during the forecast period.

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Market Segmentations and Scope of the Study:

The global photovoltaic market is segmented on the basis of technology, application, system and geography. On the basis of technology, the market is categorized into thin film, mono-si and multi-si. The thin film segment is also sub segmented into cadmium telluride, copper indium gallium diselenide, amorphous thin-film silicon. On the basis of system, the market is divided into high concentrated PV (HCPV) and low concentrated PV (LCPV). On the basis of application, the market is classified into industrial, residential and commercial. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

Asia Pacific holds the lion share of the photovoltaic market. This is attributed to factors such as rapid industrialization, increasing demand for electricity and rising urbanization across the countries such as China, India and Thailand. Also, depleting conventional energy sources and government initiatives to reduce carbon emission boost the market growth in this region. For instance, in August 8, 2020, Chinese government had announced a program to control the carbon emission and deployment of renewable energy generation.

However, North America is expected to witness steady market growth during the forecast period due to the increasing demand of PV in commercial and residential segments, on account of growing awareness of consumers regarding environmental protection coupled with subsidized module cost. Also, lower maintenance cost as compared to other power generating units is driving the photovoltaic market growth in this region.

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