Analyzing the Compound Annual Growth Rate 9.01%: Photovoltaic Market Research Report

As per the report published by The Brainy Insights, the global photovoltaic market is expected to grow from USD 89.30 billion in 2022 to USD 178.07 billion by 2030, at a CAGR of 9.01% during the forecast period 2022-2030. Asia Pacific emerged as the largest global photovoltaic market, with a 39.41% market revenue share in 2022. The increased demand for more power generation capacity and the establishment of capacity quota targets propel the market's growth in this region. Furthermore, the increasing adoption of photovoltaic modules in countries like India, China, and Japan is helping to drive market growth in this region. In addition, the North American region is expected to show the fastest CAGR growth over the projection period due to supportive government policies and increasing demand for renewable energy.

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Photovoltaic Market Size by Type (Balance of System (BOS), Modules, and Inverters), Installation Type (Rooftop, Ground Mounted, and Others), System ((High Concentration Photovoltaic (HCPV) and Low Concentration Photovoltaic (LCPV)), Technology (Thin Film, Polycrystalline Silicon, Monocrystalline Silicon, and Others), Application (Utility, Residential, and Commercial), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include Canadian Solar Inc., Nextera Energy Sources LLC, Tata Power Solar Systems Ltd., Wuxi Suntech Power Co. Ltd, Vivaan Solar, Trina Solar, SunPower Corporation, Jinko Solar, BrightSource Energy Inc., Waaree Group, and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

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The type segment is divided into the balance of system (BOS), modules, and inverters. The inverters segment led the market with a market share of 41.15% in 2022. This growth is attributed to the increasing adoption of residential and utility applications. Further, a growing number of solar installations is also helping to boost the segment's market growth. The installation type segment is divided into the rooftop, ground mounted, and others. The ground mounted segment led the market with a market share of 42.09% in 2022. This growth is attributed to the integration of advanced technology in the new products. The system segment is divided into high concentration photovoltaic (HCPV) and low concentration photovoltaic (LCPV). The low concentration photovoltaic (LCPV) segment led the market with a market share of 56.11% in 2022. This growth is attributed to the increased usage of photovoltaic modules. The technology segment is divided into a thin film, polycrystalline silicon, monocrystalline silicon, and others. The thin film segment led the market with a market share of 40.21% in 2022. This growth is attributed to several factors like high electricity demand. The application segment is divided into utility, residential, and commercial. The residential segment led the market with a market share of 43.05% in 2022. This growth is attributed to the declining cost of PV systems in the past few years.

The rising demand for effective fossil fuels, the increasing demand for photovoltaic systems for various commercial and residential applications, and the rising projects related to renewable energy sources propel the photovoltaic market's growth. Further, the increasing demand for sustainable carbon-free solar energy and strict regulations about climate change prevention is helping to stimulate the photovoltaic market growth during the forecast period.

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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

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