The global photovoltaic market size reached USD 87.51 Billion in 2021 and is expected to register a revenue CAGR of 24.7% during the forecast period, according to latest analysis by Emergen Research. Rising adoption of photovoltaic systems in residential applications is the key factor driving market revenue growth.
Solar experts are optimistic about residential solar sector revenue growth prospects in the future. Rising initiatives by government and increasing awareness toward renewable energy is driving demand for solar energy as well as photovoltaic systems across the globe. European Commission introduced solar rooftop initiative and mandates installation of solar panels on new public, commercial, and residential buildings by 2029. Solar rooftops will be required for all new public and commercial buildings by 2027 and for all new residential buildings by 2029.
According to Solar Energy Industries Association (SEIA), 2021 has seen a 21% year-over-year gain in residential solar as the industry hits 3.9 GW of installed capacity. SolarReviews, a U.S. based solar company presented its yearly review of the industry, noting a 130% rise in customer quotation requests. The solar market in the U.S. has now topped 3 million installations, majority of which are distributed residential PV systems.
Various solar PV projects are ongoing at present across the globe especially in China, India, and U.S, which is expected to drive revenue growth of the market. In June 2022, Indian Government-owned NTPC Limited announced that, with the installation of 92 MW floating solar power in Kerala, the company's installed renewable energy capacity surpassed 2 gigawatts.
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Some Key Highlights from the Report
The commercial segment revenue is expected to increase at a steady rate over the forecast period. The commercial solar sector, which includes on-site solar installations for governments, businesses, and non-profit organizations, has developed unevenly in recent years as the industry works to unlock finance mechanisms required to enable access to a diverse range of business types. In addition, continued adoption by large corporations with clean energy aspirations, such as Apple, Walmart, Target, and Amazon, is expected to drive revenue growth of this segment.
The monocrystalline silicon segment is expected to register a significantly fast revenue growth rate over the forecast period due to rising demand for monocrystalline silicon for manufacturing of solar panels. Pyramid arrangement of these cells in the panel allows for a bigger surface area to capture more energy from sunlight. In addition, the primary benefit of monocrystalline solar cells is greater efficiency of solar energy conversion into electric energy than thin-film and multicrystalline solar cells.
The Asia Pacific market accounted for largest revenue share in the global photovoltaic market in 2021. This is due to supporting initiatives by the governments and rising awareness of renewable energy in countries across the region, especially in China and India. China is leading the position for solar PV market in the region followed by India. In May 2022, China's National Energy Administration (NEA) reported that the country added about 23.71 GW of new PV installations in the first five months of the year, bringing total amount of PV electricity it had installed to 327.9 GW.
On 23 June 2022, Canadian Solar, a Canada-based renewable energy company Canadian Solar signed a contract for 320MW of solar projects in Italy with Green Power Europe. The portfolio, which includes four development projects in Sicily and Sardinia, is being sold to Canadian Solar after an international bidding procedure.
Competitive Terrain:
The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Photovoltaic market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
The leading market contenders listed in the report are:
Trina Solar Co., Ltd., Canadian Solar Inc., JA Solar Holdings, Acciona, S.A, First Solar, Inc., Tata Power Solar Systems Limited, Suntech Power Holdings Co., Ltd., Sharp Corporation, JinkoSolar Holding Co., Ltd., Risen Energy Co., Ltd., SunPower Corporation, and SolarEdge Technologies Inc
Emergen Research has segmented the global Photovoltaic market on the basis of type, application, end-use, and region:
Segments Covered in this report are:
Technology Outlook (Revenue, USD Billion; 2019-2030)
- Thin Film
- Multicrystalline Silicon
- Monocrystalline Silicon
Installation Outlook (Revenue, USD Billion; 2019-2030)
- Ground Mounted
- Roof Mounted
- Floating PV
- Building-Integrated Photovoltaics (BIPV)
- Others
Application Outlook (Revenue, USD Billion; 2019-2030)
- Industrial
- Residential
- Commercial
- Utilities
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Objectives of the Report:
- Analysis and estimation of the Photovoltaic Market size and share for the projected period of 2022-2030
- Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
- Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Photovoltaic Market
- Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
- Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
About Us:
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors
