Photovoltaic Market worth USD 48.6 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Photovoltaic Market By Technology (Thin Film, Mono-Si, Multi-Si), By System (High Concentrated PV, Low Concentrated PV), By Application (Industrial, Residential, Commercial) and Region - Global Trends, Market Share, and Forecast to 2027". The global photovoltaic market is estimated to grow from USD 24,329.6 million in 2020 to USD 95,059.9 million by 2027, at a CAGR of 25.5% from 2021 to 2027. Photovoltaic energy is the energy produced by the sun's radiation, which is transformed into electricity in photovoltaic cells.

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The rise in awareness of climate changes, increase in energy needs, and the emergence of new & innovative business models are the prime factors that supplement the market growth. An increase in demand for installing rooftop photovoltaic power stations across the U.S., UK, Germany, Italy, China, and France is witnessed among residential applications, owing to the benefit to the installer. The installer has the right to feed solar electricity into the public grid and hence receive a reasonable premium tariff per generated kWh, reflecting the benefits of solar electricity to compensate for the current extra costs of PV electricity. This factor is anticipated to propel market growth.

Global Photovoltaic Market Segmentation
The overall photovoltaic market has been segmented into the mode of technology, system, application, and region.

By Technology (Thin Film, Mono-Si, Multi-Si)
By System (High Concentrated PV, Low Concentrated PV)
By Application (Industrial, Residential, Commercial)
By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Low Concentrated PV, by system type, is estimated to hold the largest market share during the forecast period

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Based on the system type, the global photovoltaic market has been segmented into High Concentrated PV and Low Concentrated PV. In 2020, Low concentrated PV accounted for the largest market share of 72.05% in the global photovoltaic market and was anticipated to maintain its dominance throughout the forecast period.

LCPV is widely used in standalone or off-grid systems, which are not connected to the electrical grid and operate on batteries. Moreover, LCPV is used to charge batteries using electricity generated using energy from sunlight. In addition, it is used in the agriculture sector to generate low-cost electricity using solar panels to operate water pumps. An increase in infrastructure development activities such as constructing highways across Europe, the U.S., Mexico, China, and India have fueled the demand for solar street lights. In addition, the development of the agricultural sector due to an increase in demand & production of agriculture products across countries of Asia-Pacific regions such as India, China, and Thailand coupled with the surge in population has propelled the demand for LCPV systems, thus driving the market growth.

The Asia Pacific accounts for the largest market share during the forecast period in the photovoltaic market

Based on the regions, the global photovoltaic market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific is accounted for the highest market revenue share of 49.29% in the global photovoltaic market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe with a market revenue share of 34.62%.

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The increase in solar energy production in Asia-Pacific is attributed to the rise in usage of solar energy in standalone systems such as solar street lamps and telecommunication &signaling towers. Rapid industrialization and urbanization across countries of the Asia-Pacific region such as India, China, and Thailand have led to an increase in infrastructure development activities, including the construction of highways and new residential complexes, which are expected to fuel the demand for standalone systems. In addition, an increase in government initiatives, such as Akshay Urja, which includes electrification of rural areas, is expected to increase the demand for PV energy, as the government will distribute solar lighting systems in rural areas. In addition, photovoltaic panels are used in satellites to generate electricity for the smooth functioning of satellites in space. Thus, an increase in government investment in the R&D of satellite technology for civil and military uses is expected to propel the demand for PV energy. Furthermore, photovoltaic panels generate electricity to power batteries of telecommunication towers to transmit the signal long-range. Thus, the development and usage of mobile technologies such as 4G and 5G is expected to drive the growth of the Asia-Pacific PV market

The photovoltaic market is consolidated in nature with few players such as Abengoa SE, Acciona S.A., First Solar Inc., JA Solar Co., Ltd., Sharp Corporation, Tata Power Solar Systems Co. Ltd., Canadian Solar, Inc., Trina Solar, and Renesola, garnering a significant share of the market. These players have been adopting various strategies to gain higher shares or retain leading positions in the market.

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