Photovoltaic Market Size, Share, Growth, Trend 2027 | Canadian Solar, Hanwha Q CELLS, Trina Solar Limited, Jinko Solar Holding

Global Photovoltaic Market was valued at US$ 76.6 Billion in 2020 and is anticipated to reach US$ 222.5 Billion by 2027 displaying an elevated CAGR of 17.2% over the forecast period (2021-2027). A comprehensive overview of the global photovoltaic market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the photovoltaic market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global photovoltaic market at regional and country levels.

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Market Overview
In 2008, U.S. has 0.34 GW capacity of photovoltaic which has increased to estimated 97.2 GW in 2020. U.S is also planning to install rooftop photovoltaic panel in more than one in seven U.S. homes by 2030. The market of photovoltaic is maturing is mainly due to economical electricity bills coupled with surging solar technician jobs that eases the installation and maintenance process. Therefore, photovoltaic market share is expected to accelerate in the forecasted period as well. In addition, increasing population in countries such as China and India escalated the need for power generation coupled with surging need to reduce carbon emission by decreasing the use conventional method such as crude oil and coal are fueling the demand for photovoltaic technology in Asia-Pacific. Moreover, Asia-Pacific region has various manufactures and consumers of PV modules and its components that are positively influencing its market demand. Furthermore, government launching various policies and initiatives in the favor of photovoltaic technology is driving its market growth.

COVID-19 Impact
During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. The lockdown imposed in various regions led to complete shutdown of manufacturing facilities to reduce the spread of Covid-19 that had severely disrupted the supply chain. This has also impacted the manufacturing of photovoltaic in china which has a direct impact on global photovoltaic market demand. However, market share for photovoltaic is expected to revive post 2020. It is mainly due to the increasing adoption of renewable power owing to growing concern to protect the environment from hazardous emission. Further, favorable government policies is propelling the growth of the market.
Global photovoltaic market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

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By Type, the market is primarily segmented into:
• Module
• Inverter
• Balance of System (BOS)

Currently inverters segment dominates the market. As solar inverter can convert DC power to AC power which then is effective to use for residential application. Moreover, the increasing advancement in solar inverter technology helps in improving its performance level and with surging adoption of rooftop photovoltaic, solar inverter demand is also rising which in turn would accelerate the inverter market share in the forecasted period as well.

By Material, the market is mainly segmented into:
• Silicon
• Compounds

In 2020, silicon segment dominates the market. The silicon photovoltaic material is expected to witness rapid growth owing to the benefits crystalline silicon solar cells that increase efficiency and reduce cost of final installation of photovoltaic as few solar cells needs to be installed for desired output.

By Cell Type, the market is mainly segmented into:
• Full Cell PV Module
• Half Cell PV Module

Currently, -- segment dominates the market, however -- segment is expected to witness high demand during the forecast period.

By Installation Type, the market is mainly segmented into:
• Residential
• Commercial & Industrial
• Utilities

In 2020, Residential segment holds significant share whereas utilities expected have considerable presence in the forecasted period.

By Deployment Type, the market is mainly segmented into:
• Rooftop- Solar
• Ground Mounted

Currently, rooftop-solar segment dominated the market. In residential application photovoltaic panel are deployed on rooftop where adequate amount of sunlight is available. However, the ground-mounted deployment also captures significant share in utilities and industrial segment.

By Technology, the market is mainly segmented into:
• Thin Film
o Cadmium telluride
o Copper Indium Gallium Diselenide
o Amorphous Thin-film Silicon
• Mono Si
• Multi Si

Based on technology type the market is segmented into thin film (cadmium telluride, copper indium gallium diselenide, amorphous thin-film silicon), Mono Si and Multi Si. Currently, -- segment dominated the market. However, -- segment expected to grow in the forecasted period.

Global photovoltaic market Geographical Segmentation Includes:
• North America (United States, Canada, Rest of North America)
• Europe (Germany, UK, France, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
• Rest of World

Based on the estimation, Asia-Pacific dominated the market in 2020. Asia-Pacific with countries such as China, Japan, South Korea, India, Australia among others is expected to witness high demand for photovoltaic owing to the need to adopt renewable energy resources to reduce carbon footprints and growing electricity demand in the region.

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The major players targeting the market includes:
• Canadian Solar
• Hanwha Q CELLS
• Trina Solar Limited
• Jinko Solar Holding
• GCL System Integration
• JA Solar Holdings
• Shunfeng International Clean Energy Limited
• Sharp Corporation
• Risen Energy
• Mitsubishi Electric Corporation
• Suntech Power

Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts’ sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global photovoltaic market. The major players have been analyzed by using research methodologies for getting insight views on market competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the global photovoltaic market?
• Which factors are influencing the global photovoltaic market over the forecast period?
• What are the global challenges, threats, and risks in the global photovoltaic market?
• Which factors are propelling and restraining the global photovoltaic market?
• What are the demanding global regions of the global photovoltaic market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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