Photovoltaic Market by Components (Balance of System, Inverters, Modules), Material (Silicon Photovoltaic Cells, Thin Film Photovoltaic (PV) Cells), Cell Type, Installation, Application - Global Forecast 2024-2030

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[183 Pages Report] The Photovoltaic Market size was estimated at USD 9.00 billion in 2023 and expected to reach USD 9.92 billion in 2024, at a CAGR 10.64% to reach USD 18.28 billion by 2030.

Photovoltaic Market
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Photovoltaic (PV) is a technology that transforms sunlight into electricity and utilizes the photovoltaic effect to generate electrical power from sunlight. Photovoltaic technology is a key component of solar power systems, which are increasingly used for generating clean and renewable energy. Solar energy is harnessed in various applications, ranging from small-scale residential installations to large-scale solar farms. Adopting photovoltaic technology plays a significant role in the change to more sustainable and environmentally friendly sources of electricity. The rising government initiatives and investment in renewable energy projects and increasing viability of battery storage solutions fuel the market growth. A growing understanding of environmental issues and the desire to reduce carbon footprints have increased interest in clean and sustainable energy sources. However, high costs associated with photovoltaic manufacturing and installations and certain environmental issues hamper the market growth. Moreover, innovations in PV technologies, financial mechanisms, and environmental policies continue to shape the market landscape. Growing technological advancement and strategic activities among market players to support the development of photovoltaics provide opportunity factors in the market.

Regional Insights

The Americas has a substantial photovoltaic market landscape owing to leading the way in terms of installation capacity and technological development. Despite policy uncertainties, there is a steady transition toward renewable energy supported by state-level initiatives and the decreasing cost of solar PV. Government initiatives and auction systems have effectively driven down costs and incentivized private investments. With high irradiation levels and increasing demand for electricity, the region presents a promising outlook for the PV industry. The European photovoltaic market represents significant growth owing to several government initiatives aiming to reduce carbon emissions by implementing diverse policies to promote PV adoption. Supportive government policies, favorable climatic conditions, and the growing competitiveness of solar power further fuel the market growth in the region. The Middle East has pivoted towards renewable energy with significant investments, particularly in the Gulf countries, which present numerous opportunities for the market in the region. The Asia-Pacific region is significant in the global photovoltaic market, mainly attributable to rapid industrialization, urbanization, and the increasing need for sustainable energy solutions. Countries in the region continuously focus on producing and installing photovoltaic systems, further enhancing the market landscape. The government's substantial investment in solar power, aiming to expand its PV capacity, contributes significantly to shifts towards renewable sources.

Market Dynamics

The market dynamics represent an ever-changing landscape of the Photovoltaic Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Surge in usage of photovoltaic energy in industrial applications
    • Favorable government policies and initiatives to promote solar PV installation
    • Rising activities of solar installations across the globe
  • Market Restraints
    • High costs associated with photovoltaic manufacturing and installations
  • Market Opportunities
    • Growing technological advancement in solar photovoltaic cells
    • Strategic activities among market players to support the development of photovoltaic
  • Market Challenges
    • Issue associated with environmental impacts and land acquisitions for the deployment of solar PV
Market Segmentation Analysis
  • Components: Balance of system provides efficient and safe operation of PV systems

    In photovoltaic (PV) systems, the balance of the system (BOS) encompasses all components other than the photovoltaic panels themselves. BOS is crucial for the efficient and safe operation of PV systems. The following brief outlines the key BOS components. Energy storage devices store solar power when the PV system is not generating electricity, such as during nights or overcast days. Connections & cables are the durable electrical conductors responsible for connecting photovoltaic panels and other BOS components, ensuring the secure transfer of electricity. Junction boxes are protective enclosures that house electrical connections, providing safety and reliability by preventing exposure to the environment and ensuring easy maintenance access. Monitoring systems are vital for the real-time tracking of a PV system's performance, including energy production and consumption, system health, and environmental conditions. Inverters transform the direct electricity induced by solar panels into alternating current (AC), the standard form of electricity used in most homes and businesses. Photovoltaic modules, or solar panels, are the primary components that capture sunlight and convert it into electricity through the photovoltaic effect.

  • Cell Type: Quarter cell PV modules advanced the technology to boost efficiency and performance

    Full-cell photovoltaic (PV) modules are the traditional design of solar panels, where each module contains a series of solar cells connected. These cells are typically made from crystalline silicon and convert sunlight directly into electricity. Full-cell modules are valued for their simplicity and have been widely used due to their proven reliability and performance over time. Half-cut cell PV modules consist of solar cells cut in half, improving their performance and durability. By halving the size of the cells, these modules reduce the electrical current, which minimizes resistive losses and leads to a slight increase in efficiency. Quarter-cell PV modules push cell segmentation further by dividing the cells into four smaller quarters. This advanced technology aims to boost efficiency and performance even more by further reducing resistive power loss and enhancing the module's ability to handle partial shading.

  • Installation: Building-integrated photovoltaics installation provides significant savings on materials and electricity

    Building-integrated photovoltaics (BIPV) replace conventional building materials within the building envelope. BIPV technology offers dual functionality since it not only generates electricity but also contributes to the aesthetic appeal and structural integrity of a building. This integration results in significant savings on materials and electricity, reducing the use of fossil fuels and the emission of ozone-depleting gases. Floating photovoltaic systems are installed on bodies of water, such as reservoirs, lakes, or water treatment plants. The advantage of FPVs lies in their efficient use of unutilized water surfaces, avoiding land-use conflicts while often benefiting from a cooling effect that can enhance electricity yield compared to land-based systems. These systems are particularly advantageous in densely populated areas where land availability is scarce or in agricultural regions where land preservation is prioritized. Ground-mounted photovoltaic systems are the most common large-scale solar installations seen across the globe. They are placed on open land and are typically used for utility-scale solar projects or in commercial and residential settings where roof space is inadequate or unsuitable.

  • Application: Significant adoption of photovoltaic in commercial & industrial applications

    Adapting photovoltaic technology in the commercial & industrial sectors is characterized by installing solar panels on the roofs of warehouses, factories, and office buildings and on unused land within industrial areas. In residential applications of photovoltaic technology, homeowners increasingly adopt solar energy systems to power their homes. Residential photovoltaic systems typically consist of rooftop installations or community solar gardens, where individuals can buy solar energy without installing panels on their property. Photovoltaic (PV) technology is commonly used in utility-scale applications for large-scale electricity generation. PV systems are easily scalable, allowing for the deployment of many solar panels across expansive areas. This scalability results in high energy output, making photovoltaic systems capable of generating significant amounts of electricity, which is crucial for utility-scale applications where large power capacity is required.

Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Photovoltaic Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Photovoltaic Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Photovoltaic Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Photovoltaic Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Photovoltaic Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Photovoltaic Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Photovoltaic Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Photovoltaic Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Photovoltaic Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Photovoltaic Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Photovoltaic Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Photovoltaic Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • LONGi's Expansion in Overseas Photovoltaic Production Continues as Serendah Module Factory in Selangor Officially Starts Operations

    Longi announced plans to expand its presence by opening a state-of-the-art module factory in Selangor, Malaysia. With this strategic move, Longi aims to meet the growing demand for high-quality photovoltaic products while ensuring long-term sustainability and customer satisfaction. [Published On: 2023-11-22]

  • Sonnedix Completes Acquisition of 416MWp Chilean Solar PV Portfolio from Enel Chile

    Sonnedix acquired a 416MWp Chilean Solar PV Portfolio from Enel Chile. This portfolio comprises eight projects strategically situated in six regions across the country. This acquisition reinforces Sonnedix's position in the Latin American market, with eight plants now amounting to 604MWp. [Published On: 2023-10-25]

  • NLC India Secures 810 MW Solar Photovoltaic Project in Rajasthan

    NLC India has successfully secured an 810 MW Solar Photovoltaic Project in Rajasthan. This project holds the distinction of being the largest capacity thermal power plant built in India. As part of the National Solar Mission, the project is set to be developed over three years. [Published On: 2023-10-09]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Photovoltaic Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Photovoltaic Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Abengoa SA, Acciona, S.A., Adani Group, AllEarth Renewables, Inc., Array Technologies, Inc., Astronergy by CHINT Group Corporation, BrightSource Energy, Canadian Solar Inc., Chint Solar (Zhejiang) Co., Ltd., Eaton Corporation PLC, Emmvee Photovoltaic Power Pvt. Ltd., FIMER S.p.a., First Solar, Inc., GCL Integration Technology Co., Ltd., Huawei Technologies Co., Ltd., Icomm Tele Limited, JA Solar Technology Co., Ltd., Jakson Group, Kaneka Corporation, Kyocera Corporation, Loom Solar Pvt. Ltd., MICROTEK, Mission Solar Energy LLC, Mitsubishi Electric Corporation, Moser Baer, Panasonic Holdings Corporation, Photon Energy Systems Limited, Q Cells by Hanwha Group, Sharp Corporation, Shunfeng International Clean Energy Co., Ltd., Silfab Solar Inc., SMA Solar Technology AG, Solar Frontier Europe GmbH, SolarEdge Technologies Inc., Sungrow Power Supply Co., Ltd., SunPower Corporation by TotalEnergies SE, TATA Power Solar Systems Limited, The Solaria Corporation, Tongwei Solar, Trina Solar Co., Ltd., Vikram Solar Ltd., Waaree Energies Ltd., and Yingli Solar.

Photovoltaic Market - Global Forecast 2024-2030
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Market Segmentation & Coverage

This research report categorizes the Photovoltaic Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Components
    • Balance of System
      • Batteries
      • Connections & Cables
      • Junction Boxes
      • Monitoring Systems
      • Safety Equipment
      • Trackers
    • Inverters
    • Modules
  • Material
    • Silicon Photovoltaic Cells
      • Monocrystalline
      • Nanocrystalline
      • Polycrystalline
    • Thin Film Photovoltaic (PV) Cells
      • Cadmium Telluride
      • Copper Indium Deselenide
  • Cell Type
    • Full Cell PV Modules
    • Half-Cut Cells PV Modules
    • Quarter Cells PV Modules
  • Installation
    • Building-Integrated PV
    • Floating PV
    • Ground-Mounted
  • Application
    • Commercial & Industrial
    • Residential
    • Utilities

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Photovoltaic Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Photovoltaic Market, by Components
  7. Photovoltaic Market, by Material
  8. Photovoltaic Market, by Cell Type
  9. Photovoltaic Market, by Installation
  10. Photovoltaic Market, by Application
  11. Americas Photovoltaic Market
  12. Asia-Pacific Photovoltaic Market
  13. Europe, Middle East & Africa Photovoltaic Market
  14. Competitive Landscape
  15. Competitive Portfolio
  16. List of Figures [Total: 26]
  17. List of Tables [Total: 738]
  18. List of Companies Mentioned [Total: 44]
Favorable Government Policies: A Game-Changer for Photovoltaic Technology
June 18, 2023
Favorable Government Policies: A Game-Changer for Photovoltaic Technology
The world is increasingly shifting towards renewable energy, and solar PV is leading the transition to a sustainable future. Advancements in photovoltaic technology have made it one of the fastest-growing renewable energy sources worldwide. Favorable government policies and initiatives to promote solar PV installation are among the driving forces behind this growth.

Government support has played a crucial role in the growth of photovoltaic technology by providing incentives such as feed-in tariffs (FITs), net metering, tax credits, and subsidies. Feed-in tariffs, for instance, have successfully promoted solar PV deployment in many countries, such as Germany, Australia, and China. FITs offer long-term contracts to home and business owners who generate their electricity from solar PV systems, guaranteeing a fixed price for the electricity generated.

Net metering policies help to reduce the cost of installation of solar PV systems by allowing homeowners and businesses to sell excess electricity generated back to the grid. Several countries, such as the USA, Japan, and India, have implemented net metering policies as incentives for solar PV adoption. Tax credits and other financial incentives to make the cost of photovoltaic installations more affordable have also been implemented globally.

In addition to financial incentives, supportive regulatory frameworks and policies in areas such as planning and building codes play an essential role in promoting solar PV installation. These policies ensure that the installation of photovoltaic technology is streamlined, making it easier for homeowners and businesses to adopt the technology. Supportive regulatory frameworks have been instrumental in promoting the adoption of solar PV in countries such as Germany, which is the global leader in installed solar PV capacity.

Moreover, government-initiated programs that promote research and development in photovoltaic technology play a crucial role in driving the market's growth. For instance, programs such as the US Department of Energy's SunShot Initiative have driven down the manufacturing costs of solar modules by up to 80% since 2010. Research and development programs also facilitated the development of new and innovative photovoltaic technologies, leading to increased efficiency and reduced implementation costs.

Favorable government policies and initiatives have been the game-changer in the growth of photovoltaic technology. These policies have provided financial incentives, supportive regulatory and planning frameworks, and research and development programs aimed at promoting the adoption of solar PV. As the world continues to emphasize the need for renewable energy, the role of government policies in promoting photovoltaic technology cannot be overstated. Governments must continue to implement supportive policies that promote solar PV deployment, making it more accessible for households and businesses to adopt the technology. With supportive policies in place, photovoltaic technology is expected to hold a bright future in the forecast period.

Frequently Asked Questions
  1. How big is the Photovoltaic Market?
    Ans. The Global Photovoltaic Market size was estimated at USD 9.00 billion in 2023 and expected to reach USD 9.92 billion in 2024.
  2. What is the Photovoltaic Market growth?
    Ans. The Global Photovoltaic Market to grow USD 18.28 billion by 2030, at a CAGR of 10.64%
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