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. According to NTPC, this floating solar project would generate power from over 3 lakh solar PV modules spread across a 480-acre reservoir. National Grid Renewables, a U.S based company and First Solar have collaborated on a number of projects, including recently operational 200 MW Prairie Wolf Solar Project in Illinois and 275 MW Noble Solar and 125 MWh Storage Project in Texas, which is now under development.
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Competitive Landscape:
The Global Photovoltaic Market report offers an elaborate analysis of the different elements of the industry, such as product development and technological advancements, product types, applications, and major expansion strategies undertaken by prominent companies. The assessment has been done based on primary and secondary research with a special focus on technological advancements, prominent industry players and suppliers, and distributors operating in the industry. The report is formulated to assist the readers better understand the overall market and make well-informed decisions.
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The major companies Covered 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
The latest research study endows the reader with a comprehensive analysis of the product types of the global Photovoltaic market, categorizing the relevant information into the market share, production growth rate, and profit valuation of each product type. The study focuses on the wide-ranging application landscape of the market, segmenting it into the market share, estimated growth rate, and the forecast product demand for each application type.
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
Geographical Overview:
The latest report broadly categorizes the global Photovoltaic market into several geographical terrains, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The study is inclusive of essential information relevant to each region in this broad industry segment, along with the key drivers of the regional market growth.
The report further estimates the revenue accumulated by these regions over the forecast period.
Competitive Hierarchy:
The latest research report studies the major market players, their regional presence, industry share, and production facilities.
The report offers significant data pertaining to these market competitors’ company profiles, product types, and application outlook.
Moreover, the pricing models and gross margins of these industry majors have also been mentioned in the report.
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Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2022–2030
Chapter 3. Key Insights
Chapter 4. Photovoltaic Market Segmentation & Impact Analysis
4.1. Industrial Outlook
4.1.1. Market indicators analysis
4.1.2. Market drivers’ analysis
4.1.2.1. Rising focus on development of sustainable and eco-friendly products
4.1.2.2. Increasing adoption of water based adhesives in packaging and footwear industries
4.1.2.3. Increasing usage of acrylic dispersion adhesives in the construction industry
4.1.3. Market restrains analysis
4.1.3.1. Low storage capability due to perishability
4.1.3.2. High competition from hot melt adhesives
4.2. Technological Insights
4.3. Regulatory Framework
4.4. Porter’s Five Forces Analysis
4.5. Competitive Metric Space Analysis
4.6. Price Trend Analysis
4.7. Covid-19 Impact Analysis
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About Emergen Research
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 analyze 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 trend’s existent in the market
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