Press release
Photovoltaic Market: Latest Advancements and Business Opportunities by 2026
Photovoltaic Market by Technology, System, and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026, the 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.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.
Supportive government initiatives and regulations for usage of photovoltaic technology and rise in demand for PV technology in residential applications drive the growth in the market. However, low efficiency of PV modules and high cost of storage, installation, and power conversion devices restrain the market growth. On the other hand, increase in demand for renewable energy and surge in prices of fossil fuels present new opportunities.
Download Sample PDF @ https://www.alliedmarketresearch.com/request-sample/159
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.
For Purchase Enquiry @ https://www.alliedmarketresearch.com/purchase-enquiry/159
Asia-Pacific 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 market players have adopted collaboration, partnership, product launch, joint venture, agreement and acquisition as their key strategies to gain competitive advantage in this market. The key players operating in the photovoltaic industry include 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.
Key Market Segments
• By Technology
o Thin Film
o Mono-Si
o Multi-Si
• By System
o High Concentrated PV (HCPV)
o Low Concentrated PV (LCPV)
• By Application
o Industrial
o Residential
o Commercial
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Follow us on: https://www.linkedin.com/company/allied-market-research
About us:
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Photovoltaic Market: Latest Advancements and Business Opportunities by 2026 here
News-ID: 2601152 • Views: …
More Releases from Allied Analytics LLP
Heat Meters Market Set to Grow with Rising Demand for Energy Efficiency
According to a new report published by Allied Market Research, the heat meters market size was valued at $1.6 billion in 2022, and is estimated to reach $2.7 billion by 2032, growing at a CAGR of 5.4% from 2023 to 2032.
A heat meter is a device used to measure and quantify the amount of thermal energy (heat) transferred from a heat source to a system or consumer. It accurately measures…
Heat Pump Market Set for Strong Growth Through 2032
According to a new report published by Allied Market Research, the heat pump market size was valued at $71.2 billion in 2022, and is estimated to reach $201.5 billion by 2032, growing at a CAGR of 11.1% from 2023 to 2032.
A heat pump is a versatile and efficient device that transfers heat from one location to another using a refrigeration cycle. It operates by absorbing heat from a low-temperature source…
Energy Efficient Lighting Market Shines Bright with Strong Growth Outlook
According to a new report published by Allied Market Research, the global energy efficient lighting market was valued at $46.2 billion in 2021 and is projected to reach $93.3 billion by 2030, growing at a robust CAGR of 8.1% from 2022 to 2030. This surge reflects a powerful global movement toward greener, smarter, and more cost-effective lighting technologies.
Energy efficient lighting refers to lighting systems and products that use less electricity…
The Future of Energy: How Fuel Cells Are Reshaping Power Generation
According to a new report published by Allied Market Research, titled, "Fuel Cell Market," The fuel cell market size was valued at $3.6 billion in 2020, and is estimated to reach $32.0 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030.
The fuel cell market has emerged as a transformative force in the global energy landscape, offering a clean, efficient, and sustainable alternative to conventional energy sources.…
More Releases for Solar
Biohybrid Solar Cell Market Professional Survey Report 2022 - Jinko Solar, JA SO …
The Biohybrid Solar Cell Market Report 2022 provides a comprehensive analysis of observable trends and projections. This research shows how to attract a large number of customers. Our certified crew of economists, researchers, and advisers has made further attempts in projecting the global industry by utilising accredited global Biohybrid Solar Cell market information tools as well as various instruments and ways to successfully review and get information. The research argues…
Home Solar Power System Market Size, Share, Trends, Growth - Tesla, Panasonic So …
The Global Home Solar Power System Market study includes new innovations, market dynamics, strategic profiling in terms of the future market strategies and shares for the subsectors of the industry. This research consists of details related to the size of the industries, the major players, markets, sales volume and value. This study offers a detail data on the historical data pointers as well as forecasts by region/country for the sectors…
Solar PV Module Market Outlook To 2024 - Trina Solar, Canadian Solar Inc., JA So …
Solar PV module market from utility sector has witnessed a substantial growth globally in recent years. In the first quarter of the year, Vietnam's Ministry of Industry and Trade have talked about their FiT scheme related to utility-based solar power projects. Ongoing electrification programs and incentives benefit pertaining to grid connected power generation is surging the demand for on-grid solar PV modules. On-grid connection represented 55% of the overall solar…
Solar Simulator Market Distribution Channel 2019: Spire Solar, Solar Energy Inte …
Solar Simulator Market report aims to examine the developments of market including its market improvements, developments, positions and others.
This report on the Solar Simulator market offers explanatory knowledge on the market parts like dominating players, drivers and restraints, production, revenue, consumption, import and export, and the most effective development within the organization size, deployment type, inside, segmentation comprised throughout this analysis, also major the players have used various strategies such…
Solar PV Module Market By Key Vendors: Trina Solar, Canadian Solar Inc., JA Sola …
UK solar PV module market is set to expand owing to government initiatives towards sustainable energy integration. The export tariff introduced by the UK government facilitates USD 0.06 per unit for the surplus electricity injected back to the grid by the generator. Favorable government reforms with ambitious plan towards carbon footprint reduction will further boost the business outlook.
Request for a sample of this research report @
https://www.gminsights.com/request-sample/detail/1563
Solar PV Module Market size…
Global Solar Thermal Market 2016 Abengoa Solar, SUPCON Solar, Solar Euromed
Global Solar Thermal Market Research Report
The MRS Research Group Solar Thermal report by QY Research represents an inclusive evaluation of the Solar Thermal Market and comprises considerable insights, historical data, facts,and statistical and industry-validated data of the global market.Additionally,it consists of estimated data that is evaluated with the help of suitable set of methodologies and assumptions.The MRS Research Group report research highlights informative data and in-depth analysis of Solar Thermal…
