Photovoltaic Market - Overview
In 2017, the Photovoltaic (PV) Market had reached a valuation of USD 225.6 Billion. Further, the market is estimated to reach a value of USD 547.15 Billion by 2023 and a compound annual growth rate of 8.2 % during the forecast period.
The growth opportunities of the market are increasing at higher rates. The need for energy is highly essential within the industrial sector and other sectors too. The work operations that are being conducted with advanced machinery require high energy input for streamlined operations. The photovoltaic market Analysis report explains the industries need to store energy to multiply the power supply aspects when there is a need for more energy. This is because more energy is required to make the machines work efficiently to enhance industry productivity.
The rise in opportunities of the market is rising at higher rates. Energy utilization is highly essential in the industrial sector, setting new growth opportunities for the market.
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The photovoltaic market shows the industries' need to store energy for multiplying the power supply when there is a requirement for more energy. More energy is needed to make the machines work more efficiently to enhance industry productivity.
In 2020, the PV market value was dropped due to worldwide lockdown. In the first half of 2020, the market slowed down due to the lack of workforce, restrictions and unavailability of sources. The construction of the solar PV power plant was also halted due to the COVID-19 pandemic. Furthermore, the global market experienced disruption in the supply chain for several reasons. The pandemic has shown a negative impact on the global market. But in the present situation, the global market is accelerating at a higher speed.
Segmental Analysis
The segmental overview of the photovoltaic market is carried out on the basis of application, region, type, and component.
Based on the type, the photovoltaic market is divided into inorganic PV and organic PV. The component basis of segmenting the photovoltaic market is segmented into modules, cells, and optics.
Based on the application, the photovoltaic market is bifurcated into non-residential applications and residential applications.
Based on the region, the photovoltaic market is segmented into Europe, Asia-Pacific, North America, and the rest of the regions in the world.
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Regional Analysis
The regional investigation of the photovoltaic market is conducted for regions of Europe, Asia-Pacific, North America, and the rest of the regions in the world.
The Asia-Pacific regional market is anticipated to control the photovoltaic market owing to the attendance of a variety of key players and sellers in the region. China is controlling the photovoltaic market in both the utilization and manufacturing with a market segment of more than 35% in the worldwide photovoltaic market.
Moreover, the government of India is taking steps by offering a subsidy to the factories and manufacturing amenities using solar panels for power creation. The North American region is anticipated to be the second biggest region due to the existence of a mixture of industries and strategic players in the region, along with diverse initiatives taken by the governments. The European region is expected to develop at a moderate rate due to reduced investment endeavors by the European Union in the region for expanding solar energy.
Competitive Analysis
The well-known companies in the photovoltaic market are Canadian Solar Inc. (Canada), Hanwha Q CELLS Co., Ltd. (South Korea), Trina Solar Limited (China), Jinko Solar Holding Co., Ltd. (China), GCL System Integration (Hong Kong), JA Solar Holdings (China), Shunfeng International Clean Energy Limited (China), Sharp Corporation (Japan), Risen Energy Co. Ltd (China), Mitsubishi Electric Corporation (Japan), Suntech Power Co. among others.
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