Photovoltaic Market worth $18.28 billion by 2030, growing at a CAGR of 10.64% - Exclusive Report by 360iResearch

The "Photovoltaic Market by Components (Balance of System, Inverters, Modules), Material (Silicon Photovoltaic Cells, Thin Film Photovoltaic (PV) Cells), Cell Type, Installation, Application - Global Forecast 2024-2030" report has been added to 360iResearch.com's offering.

The Global Photovoltaic Market to grow from USD 9.00 billion in 2023 to USD 18.28 billion by 2030, at a CAGR of 10.64%.

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Photovoltaic (PV) is a technology that transforms sunlight into electricity and utilizes the photovoltaic effect to generate electrical power from sunlight. Photovoltaic technology is a key component of solar power systems, which are increasingly used for generating clean and renewable energy. Solar energy is harnessed in various applications, ranging from small-scale residential installations to large-scale solar farms. Adopting photovoltaic technology plays a significant role in the change to more sustainable and environmentally friendly sources of electricity. The rising government initiatives and investment in renewable energy projects and increasing viability of battery storage solutions fuel the market growth. A growing understanding of environmental issues and the desire to reduce carbon footprints have increased interest in clean and sustainable energy sources. However, high costs associated with photovoltaic manufacturing and installations and certain environmental issues hamper the market growth. Moreover, innovations in PV technologies, financial mechanisms, and environmental policies continue to shape the market landscape. Growing technological advancement and strategic activities among market players to support the development of photovoltaics provide opportunity factors in the market.

The Americas has a substantial photovoltaic market landscape owing to leading the way in terms of installation capacity and technological development. Despite policy uncertainties, there is a steady transition toward renewable energy supported by state-level initiatives and the decreasing cost of solar PV. Government initiatives and auction systems have effectively driven down costs and incentivized private investments. With high irradiation levels and increasing demand for electricity, the region presents a promising outlook for the PV industry. The European photovoltaic market represents significant growth owing to several government initiatives aiming to reduce carbon emissions by implementing diverse policies to promote PV adoption. Supportive government policies, favorable climatic conditions, and the growing competitiveness of solar power further fuel the market growth in the region. The Middle East has pivoted towards renewable energy with significant investments, particularly in the Gulf countries, which present numerous opportunities for the market in the region. The Asia-Pacific region is significant in the global photovoltaic market, mainly attributable to rapid industrialization, urbanization, and the increasing need for sustainable energy solutions. Countries in the region continuously focus on producing and installing photovoltaic systems, further enhancing the market landscape. The government's substantial investment in solar power, aiming to expand its PV capacity, contributes significantly to shifts towards renewable sources.

Market Segmentation & Coverage:

This research report categorizes the Photovoltaic Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Components, market is studied across Balance of System, Inverters, and Modules. The Balance of System is further studied across Batteries, Connections & Cables, Junction Boxes, Monitoring Systems, Safety Equipment, and Trackers. The Modules is projected to witness significant market share during forecast period.

Based on Material, market is studied across Silicon Photovoltaic Cells and Thin Film Photovoltaic (PV) Cells. The Silicon Photovoltaic Cells is further studied across Monocrystalline, Nanocrystalline, and Polycrystalline. The Thin Film Photovoltaic (PV) Cells is further studied across Cadmium Telluride and Copper Indium Deselenide. The Thin Film Photovoltaic (PV) Cells is projected to witness significant market share during forecast period.

Based on Cell Type, market is studied across Full Cell PV Modules, Half-Cut Cells PV Modules, and Quarter Cells PV Modules. The Full Cell PV Modules is projected to witness significant market share during forecast period.

Based on Installation, market is studied across Building-Integrated PV, Floating PV, and Ground-Mounted. The Floating PV is projected to witness significant market share during forecast period.

Based on Application, market is studied across Commercial & Industrial, Residential, and Utilities. The Utilities is projected to witness significant market share during forecast period.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Asia-Pacific commanded largest market share of 36.02% in 2023, followed by Europe, Middle East & Africa.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Photovoltaic Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Photovoltaic Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Photovoltaic Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Abengoa SA, Acciona, S.A., Adani Group, AllEarth Renewables, Inc., Array Technologies, Inc., Astronergy by CHINT Group Corporation, BrightSource Energy, Canadian Solar Inc., Chint Solar (Zhejiang) Co., Ltd., Eaton Corporation PLC, Emmvee Photovoltaic Power Pvt. Ltd., FIMER S.p.a., First Solar, Inc., GCL Integration Technology Co., Ltd., Huawei Technologies Co., Ltd., Icomm Tele Limited, JA Solar Technology Co., Ltd., Jakson Group, Kaneka Corporation, Kyocera Corporation, Loom Solar Pvt. Ltd., MICROTEK, Mission Solar Energy LLC, Mitsubishi Electric Corporation, Moser Baer, Panasonic Holdings Corporation, Photon Energy Systems Limited, Q Cells by Hanwha Group, Sharp Corporation, Shunfeng International Clean Energy Co., Ltd., Silfab Solar Inc., SMA Solar Technology AG, Solar Frontier Europe GmbH, SolarEdge Technologies Inc., Sungrow Power Supply Co., Ltd., SunPower Corporation by TotalEnergies SE, TATA Power Solar Systems Limited, The Solaria Corporation, Tongwei Solar, Trina Solar Co., Ltd., Vikram Solar Ltd., Waaree Energies Ltd., and Yingli Solar.

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Photovoltaic Market, by Components
7. Photovoltaic Market, by Material
8. Photovoltaic Market, by Cell Type
9. Photovoltaic Market, by Installation
10. Photovoltaic Market, by Application
11. Americas Photovoltaic Market
12. Asia-Pacific Photovoltaic Market
13. Europe, Middle East & Africa Photovoltaic Market
14. Competitive Landscape
15. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Photovoltaic Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Photovoltaic Market?
3. What is the competitive strategic window for opportunities in the Photovoltaic Market?
4. What are the technology trends and regulatory frameworks in the Photovoltaic Market?
5. What is the market share of the leading vendors in the Photovoltaic Market?
6. What modes and strategic moves are considered suitable for entering the Photovoltaic Market?

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