Press release
Competitive Analysis: Key Market Leaders and New Entrants in the Photovoltaic Industry
Photovoltaic
Photovoltaic Market Size and Growth Expectations Through 2029
The photovoltaic market is poised for robust expansion over the coming years. By 2029, its value is projected to reach $143.27 billion, growing at a compound annual growth rate (CAGR) of 8.1%. This growth is fueled by factors such as the integration of energy storage systems, ambitious governmental climate objectives, the rise of decentralized power generation, the incorporation of electric vehicles, and corporate initiatives focused on sustainability. Key trends influencing this growth include continued advancements in solar technology, adoption of floating solar installations, enhanced digital monitoring capabilities, and increased investments through green financing.
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Emerging and Leading Companies in the Photovoltaic Space
A diverse group of influential companies is actively shaping the photovoltaic market, including 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., and REC Solar Holdings AS.
A notable development occurred in September 2022, when US-based energy software company Enverus acquired Spain-based RatedPower. This acquisition enhances Enverus's portfolio by adding new solar industry solutions and expanding its international footprint, particularly in the photovoltaic market.
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Innovations and Trends Driving the Photovoltaic Industry Forward
Industry leaders are dedicating efforts to creating innovative photovoltaic products aimed at increasing energy efficiency and lowering costs for consumers. Solar panels, which convert sunlight into electricity and provide a renewable energy source, remain a central focus. For example, in September 2024, Canadian manufacturer Silfab Solar introduced 640 W utility-scale solar panels. These bifacial modules utilize advanced N-type solar cell technology designed for large-scale PV projects, improving overall performance and efficiency.
Key Photovoltaic Market Segments Explored
The photovoltaic market is analyzed through several core segments:
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
Further breakdowns include:
- Modules: Monocrystalline Solar Modules, Polycrystalline Solar Modules, Thin-Film Solar Modules, Bifacial Solar Modules, Building-Integrated Photovoltaics (BIPV)
- Inverters: String Inverters, Central Inverters, Microinverters, Power Optimizers, Hybrid Inverters
- Balance of Systems (BOS): Mounting Structures, Electrical Components, Monitoring Systems, Energy Storage Systems, Safety and Protection Equipment
This segmentation highlights the broad scope and complexity of the photovoltaic market, reflecting the variety of technologies and applications driving growth and innovation.
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