NEW YORK, June 13, 2023 /PRNewswire/ -- As per Facts and Factors study, The global photovoltaics market size was nearly $89.25 billion in 2022 and is set to increase to about $177 billion by 2030 along with securing the highest CAGR of 7.90% from 2023 to 2030.
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Photovoltaics Market: Overview
Photovoltaics is referred to as converting light into electricity by using semiconducting materials exhibiting photovoltaic effects. Reportedly, a photovoltaic effect is commercially utilized for power generation as well as in photosensors. Apart from this, the photovoltaic system makes use of solar modules, each consisting of a number of solar cells producing electric power.
In addition to this, photovoltaic deployments can be rooftop-mounted, ground-mounted, floated, and wall-mounted. For the record, photovoltaic technology assists in reducing climatic changes as it emits less carbon in comparison to fossil fuels.
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Key Insights:
- As per the analysis shared by our research analyst, the global photovoltaics market is projected to expand annually at the annual growth rate of around 7.90% over the forecast timespan (2023-2030)
- In terms of revenue, the global photovoltaics market size was evaluated at nearly $89.2589.25 billion in 2022 and is expected to reach $177 billion by 2030.
- The global photovoltaics market is anticipated to record massive growth over the forecast period owing to a surge in the demand for seamless power supply with a rising global population and need for sustainable energy sources.
- Based on the component, the BOS segment is predicted to contribute majorly towards the global market share over the forecast timeline.
- In terms of material, the silicon segment is projected to account for a major share of the global market in 2023-2030.
- On the basis of application, the residential segment is set to register the fastest CAGR over the period from 2023 to 2030.
- Based on the installation type, the BIPV segment is projected to account for a major share of the global market in 2023-2030.
- Region-wise, the Asia-Pacific photovoltaics market is projected to register the highest CAGR during the assessment period.
Facts and Factors published the latest report titled "Photovoltaics Market Size, Share, Growth Analysis Report By Component (Modules, BOS, and Inverters), By Material (Silicon and Compounds), By Installation Type (Ground Mounted, Floating Photovoltaic, and BIPV), By Application (Residential, Utilities, and Commercial & Industrial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 - 2030" into their research database.
Industry Dynamics:
Global Photovoltaics Market: Growth Drivers
- Need for an incessant supply of electricity for the rising population to boost the global market trends.
A surge in the demand for seamless power supply with a rising global population and need for sustainable energy sources will help in charting a profitable growth curve for the global photovoltaics market. Demand for reducing carbon footprints and low costs sources of generating electricity will embellish the growth of the market across the globe.
In addition to this, immense demand for renewable energy sources such as solar energy has translated into large-scale use of solar panels for generating photovoltaic energy, thereby steering the global market demand.
In addition to this, the humungous use of electricity generated from photovoltaic energy for operating water pumps will expand the scope of growth of the global photovoltaics market. In addition to this, photovoltaics finds a plethora of applications in the defense & aerospace sector and various other sectors.
Escalating demand for sustainable energy sources including solar energy has prompted the growth of the market globally. Government laws favoring the use of renewable & green energy will further stimulate the market space across the globe.
Global Photovoltaics Market: Restraints
- Rising deployment costs to impede the global industry surge over 2023-2030.
High installation charges and the need for huge storage capacity can retard the growth of the global photovoltaics industry in the coming years. Moreover, the massive need for power conversion equipment can further create impediments to global industry expansion. Safety risks related to high DC voltages can also decimate global industry expansion.
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Photovoltaics Market: Opportunities
- Increase in investments for producing sustainable energy to open new growth opportunities for the global market.
A rise in the allocation of funds for generating renewable energy will open new vistas of growth for the global photovoltaics market in the upcoming years. Governments across the globe are focusing on reducing greenhouse effects and this will contribute majorly towards the scaling up of the market across the globe.
Photovoltaics Market: Challenges
- Difficulty to acquire land for deploying photovoltaics is a big challenge for the global industry surge.
Issues related to the acquisition of land for installing solar panels along with huge installation costs have posed a big threat to the photovoltaics industry. Moreover, difficulty in land acquisitor will further put a big challenge for the global industry expansion.
Global Photovoltaics Market: Segmentation
- The global photovoltaics market is sectored into component, material, installation type, application, and region.
In terms of component, the global photovoltaics industry is sectored into modulators, BOS, and inverters. Furthermore, the BOS segment, which accounted for the largest share of the global market in 2022, is set to hold its segmental dominance in the forecast timespan. The segmental growth in the ensuing eight years can be a result of BOS being a key component of photovoltaic systems.
Apart from this, the use of solar trackers is gaining momentum owing to high returns on investments for solar panel developers. Furthermore, BOS offers high efficiency and improved module capacity to the end-users.
Based on material, the photovoltaics industry across the globe is divided into silicon and compound segments. Moreover, the silicon segment, which garnered nearly half of the global industry share in 2022, is slated to dominate the global industry expansion even in the forecasting years. The growth of the segment in the coming years can be due to the large-scale use of silicon material in producing photovoltaic cells and solar panels.
Based on the installation type, the photovoltaics market globally is sectored into ground mounted, floating photovoltaic, and BIPV. Furthermore, the BIPV segment, which garnered nearly half of the global industry share in 2022, is projected to lead the global market expansion even in the forecast period. The growth of the segment can be attributed to several factors such as BIPV increasing building's energy efficiency by reducing building's energy usage by providing insulation and shade to buildings.
Apart from this, it generates clean & renewable energy from the sun and hence helps in reducing carbon footprints. It helps in reducing the proportion of heat entering the building, thereby minimizing the need for installing air-conditioners and other cooling systems such as air-coolers.
On the basis of application, the global photovoltaics market is divided into residential, utilities, and commercial & industrial segments. Moreover, the residential segment, which accounted for a major share of nearly 51% of the global market in 2022, is predicted to register the fastest CAGR in the ensuing years. The segmental expansion over the forecast timespan can be subject to a reduction in the cost of photovoltaic systems in the last few years.
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List of Key Players in Photovoltaics Market:
- Abengoa
- Trina Solar
- Acciona
- Canadian Solar
- Renesola
- First Solar
- JA Solar Co. Ltd.
- Tata Power Solar Systems Ltd.
- Sharp Corporation
- Wuxi Suntech Power Co. Ltd.
- Mitsubishi Electric Corporation
- Kaneka Corporation
- Panasonic Corporation
- Kyocera Corporation
- Jinko Solar
- Others
Key questions answered in this report:
- What are the growth rate forecast and market size for Photovoltaics Market?
- What are the key driving factors propelling the Photovoltaics Market forward?
- What are the most important companies in the Photovoltaics Market Industry?
- What segments does the Photovoltaics Market cover?
- How can I receive a free copy of the Photovoltaics Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2022 | USD 89.25 Billion |
Revenue forecast in 2030 | USD 177 Billion |
Growth Rate | CAGR of almost 7.9% 2023-2030 |
Base Year | 2022 |
Historic Years | 2016 - 2021 |
Forecast Years | 2023-2030 |
Segments Covered | By Product Type, Material, Installation Type, Application and Region |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Abengoa, Trina Solar, Acciona, Canadian Solar, Renesola, First Solar, JA Solar Co. Ltd., Tata Power Solar Systems Ltd., Sharp Corporation, Wuxi Suntech Power Co. Ltd., Mitsubishi Electric Corporation, Kaneka Corporation, Panasonic Corporation, Kyocera Corporation, Jinko Solar., and others. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail of customized purchase options to meet your exact research needs. https://www.fnfresearch.com/customization/photovoltaics-market |
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Regional Dominance:
- Asia-Pacific Photovoltaics market to register the highest CAGR over the forecast period.
Asia-Pacific, which accounted lucratively towards the global photovoltaics market revenue in 2022, is anticipated to record the highest CAGR of 6.1% during the assessment timeline. The regional market expansion over 2023-2030 can be due to the presence of giant manufacturers such as JA Solar, JinkoSolar, and LONGI in the region.
Apart from this, the rise in penetration of photovoltaics modules in China, India, and Japan will add to the growth of the regional market in the coming decade. In addition to this, the region is the highest producer and consumer of photovoltaic modules as well as PV components.
Furthermore, the North American photovoltaics industry, which contributed nearly more than 70% of the global industry share in 2022, is set to witness a notable expansion in the forecast timeline. The factors that are projected to measure the growth of the regional market include humungous demand for solar panels in residential and commercial sectors in the countries such as Canada and the U.S. Favorable government schemes promoting the use of renewable energy sources in the U.S. and Canada will proliferate the size of the regional market in the upcoming years.
Global Photovoltaics Market is segmented as follows:
Photovoltaics Market: By Product Type Outlook (2023-2030)
- Modules
- BOS
- Inverters
Photovoltaics Market: By Material Outlook (2023-2030)
- Silicon
- Compounds
Photovoltaics Market: By Installation Outlook (2023-2030)
- Ground Mounted
- Floating Photovoltaic
- BIPV
Photovoltaics Market: By Application Outlook (2023-2030)
- Residential
- Utilities
- Commercial & Industrial
Photovoltaics Market: By Region Outlook (2023-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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