Photovoltaic Market to Grow at a CAGR of 19.8% to reach US$ 768.1 Bn Million from 2019 to 2027 | The Insight Partners

Supportive government policies is projected to escalate the photovoltaic market at a CAGR of 19.8%

Photovoltaic is defined as the conversion of sunlight into energy by incorporating semiconducting materials, which exhibits the photovoltaic effect. This system includes solar panels, solar cells, and others that are used to generate electrical power. These power generation systems are considered as renewable and environment-friendly forms of resources that help generate low-cost energy with less impact on the environment. The solar photovoltaic (PV) industry is strongly correlated with government policies. Several government policies have been initiated to promote and support the use of solar energy and the 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 the 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.

Photovoltaic Market: Key Insights

The latest market study on “Global Photovoltaic Market to 2027 - Analysis and Forecasts by Application (Residential Applications, Commercial Application, Utility Applications); Type (Organic Components, Inorganic Components); Component (Cells, Optics, Trackers), and Geography”, The global photovoltaic market is accounted to 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$ 768.09 Bn by 2027. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.

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Photovoltaic Market: Competitive Landscape and Key Developments

The market for global photovoltaic is concentrated with some very well-established players. Some of the key players in the 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 Co., Ltd.

2019:
Panasonic has announced that it has reached a collaboration and acquisition agreement with GS-Solar (China) Company Limited, a thin-film solar manufacturer, to sell a 90% stake of its solar manufacturing subsidiary, Panasonic Energy Malaysia.

2017:
Kaneka Corporation has built a solar cell with a photoconversion rate of 26.3 percent, breaking the previous record of 25.6 percent. Although it’s just a 2.7 percent increase in efficiency, improvements in commercially viable solar cell technology are increasingly hard-won.

2018:
Kyocera Corporation and Tokyo Century Corporation announced that Kyocera TCL Solar LLC (herein “Kyocera TCL Solar”) has completed construction of a 28 megawatt (MW) utility-scale solar power plant in the town of Taiwan, Kurokawa District, Miyagi Prefecture, Japan.

The report segments the global Photovoltaic Market as follows:

Photovoltaic Market – by Application
1. Residential Applications
2. Commercial Applications
3. Utility Applications

Photovoltaic Market – by Type
1. Organic Components
2. Inorganic Components

Photovoltaic Market – by Component
1. Cells
2. Optics
3. Trackers

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