Photovoltaic Market 2024 - By Trends, Share Analysis, Growth Factors, Industry Consumption, and Global Forecast until 2033

The photovoltaic market size has grown strongly in recent years. It will grow from $91.06 billion in 2023 to $99.97 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to environmental awareness, energy security, grid integration, economic viability, global energy transition.

The photovoltaic market size is expected to see strong growth in the next few years. It will grow to $139.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to energy storage integration, government climate targets, decentralized energy generation, electric vehicle integration, corporate sustainability initiatives. Major trends in the forecast period include advancements in solar technology, energy storage integration, floating solar installations, digitalization and monitoring, green financing and investment.

Market Overview -
Photovoltaic refer to direct conversion of light into electrical power using semiconducting materials, such as silicon. Photovoltaic technology is a key component of the transition to a more sustainable and renewable energy future. It is used to convert solar energy directly into electrical power without burning non-renewable carbon fuels like coal, oil, or natural gas.

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The Impact Of Rising Renewable Energy Demand On The Photovoltaic Market
The rise in demand for renewable energy is expected to propel the growth of the photovoltaic market going forward. Renewable energy is defined as energy produced from natural sources that are regenerated at a faster rate than it is consumed. Photovoltaic systems are made up of solar panels, which are commonly built of silicon-based materials, and an inverter, which converts the direct current electricity produced by the solar panels into alternating current electricity that may be utilized to power homes and businesses, as a result, rise in demand for renewable energy increases the demand for photovoltaic market. For instance, in September 2022, according to the International Energy Agency, a France -based intergovernmental organization, Wind and solar PV technologies together accounted for about 90% of the increase in renewable electricity output in 2021, a record 522 TWh increase. And, with a 0.4% point growth in 2021, the proportion of renewable energy in the world's electrical generation increased to 28.7%. Therefore, the rise in demand for renewable energy is driving the growth of the photovoltaic market.

Competitive Landscape -
Major companies operating in the photovoltaic market report are JinkoSolar Holding Co. Ltd., JA Solar Technology Co. Ltd., Trina Solar Co. Ltd., LONGi Green Energy Technology Co. Ltd., Canadian Solar Inc., First Solar Inc., Hanwha Qcells, Wuxi Suntech Power Co. Ltd., Sharp Corporation, Mitsubishi Electric Corporation, GCL System Integration Technology Co. Ltd., Risen Energy Co. Ltd., Shunfeng International Clean Energy Ltd., Acciona S.A., SunPower Corporation, Waaree Energies Ltd., Suntech Power Holding Co. Ltd., QCELLS Co. Ltd., NextEra Energy Inc., Sunrun Inc., Maxeon Solar Technologies Ltd., SolarEdge Technologies Inc., Emmvee Photovoltaic Power Private Limited, ABB Ltd., SL Power Electronics Corp., Fimer SpA, Sunnova Energy International Inc., Yingli Green Energy Holding Company Limited, LG Corp., REC Solar Holdings AS

The Technological Wave Transforming The Photovoltaic Market
Technological advancements are a key trend gaining popularity in the photovoltaic market. Major companies operating in the photovoltaic market are adopting new technologies to sustain their position in the market. For instance, in September 2021, PZL Sedziszow, a Poland-based auto parts manufacturer launched modern photovoltaic panels for the Avia Solar brand with silicon-monocrystalline technology. These panels produced are made of silicon with an efficiency ranging from 17 to 22% and are characterized by high efficiency and low loss of efficiency in relation to temperature.

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Key Segments -
The photovoltaic market covered in this report is segmented -
1) By Component: Modules, Inverters, Balance Of Systems (BOS)
2) By Cell Type: Full-Cell PV Modules, Half-Cell PV Modules
3) By Installation Type: Ground-Mounted, Building-Integrated Photovoltaics (BIPV), Floating PV
4) By Technology: Thin Film, Mono-Si, Multi-Si
5) By Application: Residential, Commercial And Industrial, Utilities

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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