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In-Depth Analysis of the Photovoltaic Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Photovoltaic Global Market Share
The photovoltaic market's growth is predicted to be driven by an increased demand for renewable energy. Renewable energy is described as energy that is derived from natural resources and is regenerated more quickly than it is used. Photovoltaic systems, which consist of solar panels commonly made from silicon-based materials, and an inverter that transforms the solar panels' direct current electricity into alternating current electricity for use in homes and businesses, contribute to this. Hence, the increase in demand for renewable energy escalates the demand for the photovoltaic market. For example, as per the European Environment Agency, a governmental agency based in Denmark, it was reported that renewable sources constituted 23% of the EU's energy consumption in 2022, a rise from 21.9% in 2021. This surge was mainly due to substantial growth in solar energy. Consequently, the burgeoning demand for renewable energy is stimulating the expansion of the photovoltaic market.
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What Is the projected market size and growth rate for the photovoltaic market?
In recent times, we have observed considerable expansion in the photovoltaic market. Its projected growth is from $98.32 billion in 2024 to a significant $106.88 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.7%. Factors fostering this growth throughout the historical timeframe include environmental consciousness, energy assurance, seamless grid assimilation, economic feasibility, and the ongoing transition in global energy.
The solar power sector is set to witness significant expansion in the near future, with its valuation predicted to reach $148.83 billion by 2029, growing at a compound annual growth rate of 8.6%. Various contributing factors to this growth during the prediction period include the incorporation of energy storage, government-established climate goals, decentralized energy production, integration with electric vehicles, and company-driven sustainability efforts. Key trends observed during this period would include technological enhancements in solar energy, incorporation of energy storage, floating solar structures, digitization and monitoring processes, as well as green financing and investing.
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What new trends are reshaping the photovoltaic market and its opportunities?
Key players in the photovoltaic industry are striving to create innovative products like solar panels to enhance energy efficiency and lower costs for end-users. Solar panels are devices engineered to transform sunlight into electrical power, offering a sustainable energy solution for residential and commercial sectors. For instance, Silfab Solar, a solar cell and module production company based in Canada, introduced 640 W utility-scale solar panels in September 2024. This new bifacial module, geared towards large-scale photovoltaic (PV) projects, exhibits advanced N-type solar cell technology to boost efficiency and performance.
What major market segments define the scope and growth of the photovoltaic market?
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
Subsegments:
1) By Modules: Monocrystalline Solar Modules, Polycrystalline Solar Modules, Thin-Film Solar Modules, Bifacial Solar Modules, Building-Integrated Photovoltaics (BIPV)
2) By Inverters: String Inverters, Central Inverters, Microinverters, Power Optimizers, Hybrid Inverters
3) By Balance of Systems (BOS): Mounting Structures, Electrical Components, Monitoring Systems, Energy Storage Systems, Safety And Protection Equipment
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Which region dominates the photovoltaic market?
Asia-Pacific was the largest region in the Photovoltaic market in 2024. The regions covered in the photovoltaic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which key market leaders are driving the photovoltaic industry growth?
Major companies operating in the photovoltaic market include 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
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What Is Covered In The Photovoltaic Global Market Report?
• Market Size Forecast: Examine the photovoltaic market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the photovoltaic market for a structured understanding.
• Key Players Overview: Analyze major players in the photovoltaic market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the photovoltaic market.
• Segment Contributions: Evaluate how different segments drive overall growth in the photovoltaic market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the photovoltaic market.
• Industry Challenges: Identify potential risks and obstacles affecting the photovoltaic market.
• Competitive Landscape: Review strategic developments in the photovoltaic market, including expansions, agreements, and new product launches.
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