Photovoltaic Market with COVID-19 Impact, by Component (Modules, Inverters), Material (Silicon, Compounds), Installation Type (Ground Mounted, BIPV), Application (Residential, Commercial & Industrial, Utilities) and Region - Global Forecast to 2025
[223 Pages Report] The global photovoltaic market is expected to grow from USD 76.6 billion in 2020 to USD 113.1 billion by 2025, at a CAGR of 8.1%.
Supportive government policies and initiatives are the primary factors driving the market growth. Moreover, increasing demand for PV systems for residential applications will drive the demand for these products in the near future.
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COVID-19 Impact on the Global Photovoltaic Market
The photovoltaic market is expected to decline in 2020, mainly due to the impact of COVID-19. Governments of several major economies have enforced lockdowns to curb the spread of COVID-19. With lockdown in place, manufacturing activities have been affected significantly. For instance, in January 2020, the Chinese government announced a lockdown of more than 30 days to tackle COVID-19. As the majority of the PV modules are manufactured in China, the production and supply chain has taken a significant hit. For instance, India imports ~80% of its solar value chain supplies from China. The lockdown had drastically affected the manufacturing capacity of China, as all major ship container companies had also stopped functioning out of Chinese ports and transporting goods from China to other countries. This resulted in supply chain disruptions in March and April 2020. Also, lockdown implemented in other countries caused supply chain disruptions and labor shortages in the PV industry. Companies were not able to source the required labor for their operations due to travel restrictions. Though the market is expected to be impacted in 2020, recovery is expected to commence in 2021, with full recovery by 2022.
Photovoltaic Market Dynamics
Driver: Supportive government policies and initiatives
Governments in various regions are constantly working towards formulating policies to provide photovoltaic projects with grid connection convenience. Countries such as China, Canada, the US, and France are aggressively promoting the use of solar energy. For instance, the Government of Canada launched the Climate Action Incentive Fund (CAIF) in July 2019, a C$150 million (~USD 111 million) incentive program to help fight climate change. Under this program, businesses planning to build renewable energy projects, including solar, are eligible to receive up to 25% of project-related costs, with funding ranging from C$20,000 (~USD 14,672) to C$250,000 (~USD 183,400). Such initiatives and supportive government policies are expected to propel the photovoltaic market growth during the forecast period.
Restraint: Lack of skilled workforce for PV installation and maintenance
Photovoltaic installation requires a spectrum of skilled workers, ranging from Ph.D. level scholars in R&D to technicians requiring specialized training and certification to a wide variety of other professionals for supporting all aspects of the photovoltaic market. The industry does not have enough trained installers to handle the implementation of this technology. The availability of appropriately skilled manpower has been one of the most prominent challenges in the PV arena. On the other hand, end-users of the technology demand acknowledged standards, quality assurance, and skills certification during the entire development phase of a PV installation.
Opportunity: Technological advancements in solar cell manufacturing
The solar industry has witnessed various fast-paced technological developments in the past few years. Perovskite is the newest solar material whose crystal structure is good for solar absorption. Perovskite cells also work better than silicon at lower lighting intensities, on cloudy days or for indoors, thus enabling higher conversion efficiency. The main benefit of making solar cells from perovskite is that the material is cheap and abundant and could produce low-cost solar power. Perovskite solar cells can also be produced in very thin layer architectures with high degrees of transparency, which lends them to a variety of novel applications, including building integrated photovoltaic (BIPV) projects and flexible panel designs.
Challenge: Lack of operational land
Solar or PV systems for utilities applications require large areas of land. Some estimates show that the land requirements for utility-scale PV systems are in the range of 5 acres per megawatt (depending upon the technology and availability of sunlight), which indicates a hike in the requirement for serviceable land in the coming years. This might evoke concerns regarding land degradation and habitat loss in some locations. Unlike wind power, there is a minimal possibility for solar projects to share land for agricultural uses. Acquisition of operational land is a major challenge, especially in developing countries like India and Chinamajor markets for PV.
Inverters expected to witness the highest photovoltaic market growth during the forecast period
The market for inverters is expected to grow at the highest CAGR during the forecast period. The growth of the PV inverters market can be attributed to their increasing adoption in residential and utilities applications. Solar inverters are used to convert DC power into AC power, which is then used for domestic utilization. In the last few years, inverter technologies have significantly advanced such that in addition to converting DC to AC, they offer a number of other capabilities and services to ensure that the inverter can operate at an optimal performance level. This includes controlling and monitoring the entire system. With the increasing adoption of rooftop solar systems across the world, the demand for inverters is also rising, which, in turn, is expected to drive the inverters market.
Residential application is expected to witness the largest photovoltaic market growth during the forecast period
The market for the residential application is expected to grow at the highest CAGR during the forecast period. This can be attributed to the declining cost of PV systems in the past few years. In residential applications, PV systems are installed on the rooftop or where adequate sunlight is available to fulfill the home electricity needs. Governments across various countries such as India, China, and the US offer incentives and tax rebate to residential users to install PV systems, which is expected to fuel the growth of the market for PV systems in residential applications during the forecast period.
Asia Pacific is the leading photovoltaic market, globally, by value, in 2019
APAC is projected to lead the PV market from 2020 to 2025. The market growth can be attributed to the presence of key players such as JinkoSolar (China), JA Solar (China), Trina Solar (China), and LONGi (China) in APAC. The growing adoption of PV modules in countries such as China, Japan, and India is fueling the growth of the market. These countries are among the top 5 players in the photovoltaic market in APAC with a cumulative installed photovoltaic capacity of ~300 GW as of 2019. Moreover, the region is the largest producer and consumer of PV modules and related PV components. Various initiatives and favorable policies launched by governments of different countries in APAC to promote the use of solar energy are expected to propel the demand for PV systems in the region during the forecast period.
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The photovoltaic market is dominated by players such as JinkoSolar (China), JA Solar (China), Trina Solar (China), LONGi (China), and Canadian Solar (Canada).
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Scope of the Report
|
Report Metric |
Details |
|
Market size available for years |
2017-2025 |
|
Base year considered |
2019 |
|
Forecast period |
2020-2025 |
|
Forecast units |
Value (USD Million), Volume (Gigawatts) |
|
Segments covered |
By Component, By Material, By Cell Type, By Installation Type, By Application |
|
Geographies covered |
North America, Europe, APAC, Rest of the World |
|
Companies covered |
The major market players include JinkoSolar (China), JA Solar (China), Trina Solar (China), LONGi (China), and Canadian Solar (Canada) (Total 25 companies) |
The study categorizes the photovoltaic market based on component, material, cell type, installation type, and application at the regional and global levels.
Photovoltaic Market By Type
- Modules
- Inverters
- Balance of System (BOS)
Photovoltaic Market By Material
- Silicon
- Compounds
By Cell Type
- Full Cell PV Modules
- Half Cell PV modules
Photovoltaic Market By Installation Type
- Ground Mounted
- Building-Integrated Photovoltaics (BIPV)
- Floating PV
Photovoltaic Market By Application
- Residential
- Commercial & Industrial
- Utilities
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- APAC
- China
- Japan
- India
- South Korea
- Rest of APAC
- Rest of the World
- Middle East & Africa
- South America
Recent Developments
- In April 2020, LONGi entered into an agreement with Swedish distributor Senergia for the supply of 9.2 MW of its Hi-MO4 modules. The agreement includes around 25,000 PV modules of various power23,400 pieces of 370 W and 1,320 pieces of 440 W.
- In March 2020, JA Solar introduced new Ga-doped wafer-based PV modules. The Ga-doped silicon wafer technology is expected to improve performance in power generation and stability.
- In February 2020, Canadian Solar announced the commencement of the construction of 2 solar PV power projects in Japan. These two projects are expected to have capacities of 13.6 MWp and 13.0 MWp and are located in Ibaraki Prefecture and Fukuoka Prefecture, respectively. These projects are expected to be operational by mid-2021.
Frequently Asked Questions (FAQ):
What is the current size of the global photovoltaic market?
The global photovoltaic market is estimated to be USD 76.6 billion in 2020 and projected to reach USD 113.1 billion by 2025, at a CAGR of 8.1%.
What are the major driving factors and opportunities in the photovoltaic market?
Supportive government policies and initiatives, increasing demand for PV systems for residential applications, and decreasing cost of PV systems and energy storage devices are the key drivers for the market. Also, the upsurge in demand for renewable energy and technological advancement in solar cell manufacturing are the major opportunities for the market players.
Who are the star players in the global photovoltaic market?
Companies such as JinkoSolar, JA Solar, Trina Solar, LONGi, and Canadian Solar fall under the star category. These companies cater to the requirements of their customers by providing customized products. Moreover, these companies have effective supply chain strategies. Such advantages give these companies an edge over other companies in the market.
Which companies are the leaders in terms of having the maximum number of patents in the photovoltaic market?
Companies having a large number of patents in the photovoltaic market include JinkoSolar, JA Solar, Hanwha Q CELLS, Trina Solar, Canadian Solar, LONGi, and First Solar.
In the value chain analysis of the photovoltaic ecosystem, what are the major phases?
The major phases in the photovoltaic value chain are planning and revising fund, research and development, manufacturing & system integration, distribution, and post-sales services. .
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TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 31)
1.1 STUDY OBJECTIVES
1.2 DEFINITION
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
1.3.2 GEOGRAPHIC SCOPE
1.4 INCLUSIONS AND EXCLUSIONS
1.5 YEARS CONSIDERED
1.6 CURRENCY
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 35)
2.1 RESEARCH DATA
FIGURE 1 PHOTOVOLTAIC MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key industry insights
2.1.2.2 Breakdown of primaries
2.1.2.3 Key data from primary sources
2.2 MARKET SIZE ESTIMATION
FIGURE 2 RESEARCH FLOW OF MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach for capturing market size by bottom-up analysis (demand side)
2.2.1.2 Major upcoming solar projects in various regions across the world
TABLE 1 MAJOR SOLAR PROJECTS ACROSS VARIOUS REGIONS
2.2.2 TOP-DOWN APPROACH
2.2.2.1 Approach for capturing market size by top-down analysis (supply side)
FIGURE 3 TOP-DOWN APPROACH TO ARRIVE AT MARKET SIZE
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 4 DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
FIGURE 5 ASSUMPTIONS FOR RESEARCH STUDY
3 EXECUTIVE SUMMARY (Page No. - 45)
FIGURE 6 MARKET FOR INVERTERS TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 7 SILICON SEGMENT TO EXHIBIT HIGHER CAGR DURING FORECAST PERIOD
FIGURE 8 RESIDENTIAL APPLICATION TO GROW AT HIGHEST CAGR IN MARKET DURING FORECAST PERIOD
FIGURE 9 PHOTOVOLTAIC MARKET IN APAC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
4 PREMIUM INSIGHTS (Page No. - 49)
4.1 ATTRACTIVE OPPORTUNITIES IN MARKET
FIGURE 10 INCREASING DEMAND FOR PV SYSTEMS FOR RESIDENTIAL APPLICATIONS TO BOOST GROWTH OF THE MARKET
4.2 PHOTOVOLTAIC MARKET, BY CELL TYPE
FIGURE 11 HALF CELL TYPE TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
4.3 MARKET, BY INSTALLATION TYPE
FIGURE 12 FLOATING PV SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
4.4 MARKET IN APAC, BY COUNTRY AND APPLICATION
FIGURE 13 CHINA AND UTILITIES HELD LARGEST MARKET SHARES OF MARKET IN APAC, BY COUNTRY AND APPLICATION, RESPECTIVELY, IN 2019
4.5 COUNTRY-WISE MARKET GROWTH RATE
FIGURE 14 CHINA TO RECORD HIGHEST CAGR IN MARKET DURING FORECAST PERIOD
5 MARKET OVERVIEW (Page No. - 52)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 15 IMPACT ANALYSIS OF DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN THE PHOTOVOLTAIC MARKET
5.2.1 DRIVERS
5.2.1.1 Supportive government policies and initiatives
5.2.1.2 Increasing demand for PV systems for residential applications
5.2.1.3 Decreasing cost of PV systems and energy storage devices
5.2.2 RESTRAINTS
5.2.2.1 Lack of skilled workforce for PV installation and maintenance
5.2.3 OPPORTUNITIES
5.2.3.1 Upsurge in demand for renewable energy
FIGURE 16 GLOBAL TOTAL RENEWABLE ENERGY CAPACITY, 20102019 (GW)
5.2.3.2 Technological advancements in solar cell manufacturing
5.2.4 CHALLENGES
5.2.4.1 Lack of operational land
5.2.4.2 Manufacturing and supply chain constraints due to COVID-19 pandemic
5.3 VALUE CHAIN ANALYSIS
FIGURE 17 PHOTOVOLTAICS VALUE CHAIN ANALYSIS
5.4 TECHNOLOGY ANALYSIS
5.5 AVERAGE SELLING PRICE TREND
FIGURE 18 AVERAGE SELLING PRICE TREND FOR PV SYSTEM, 20172025
5.6 CASE STUDY ANALYSIS
5.6.1 GROUND MOUNTED
5.6.2 BUILDING INTEGRATED PHOTOVOLTAICS (BIPV)
5.6.3 FLOATING PV
5.7 ECOSYSTEM
5.8 PATENT ANALYSIS
5.9 REGULATIONS IN VARIOUS REGIONS PERTAINING TO MARKET
6 PHOTOVOLTAIC MARKET, BY COMPONENT (Page No. - 65)
6.1 INTRODUCTION
FIGURE 19 MARKET FOR INVERTER TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 2 MARKET, BY COMPONENT, 20172019 (USD BILLION)
TABLE 3 MARKET, BY COMPONENT, 20202025 (USD BILLION)
TABLE 4 MARKET, BY ANNUAL CAPACITY, 2017-2025 (GW)
6.2 MODULES
6.2.1 SOLAR PV MODULES ARE USED FOR BOOSTING POWER OUTPUTS OF PV CELLS
6.2.2 PV MODULE TYPES
6.2.2.1 Organic Photovoltaic (OPV)
6.2.2.2 Inorganic Photovoltaic (IPV)
6.2.2.3 Hybrid photovoltaic
6.2.3 BY CELL TYPE
6.2.3.1 60 cells
6.2.3.2 72 cells
6.2.3.3 96 cells
FIGURE 20 UTILITIES APPLICATION TO CONTINUE TO HOLD LARGEST SIZE OF PV MODULE MARKET DURING FORECAST PERIOD
TABLE 5 PHOTOVOLTAIC MARKET FOR MODULES, BY APPLICATION, 20172019 (USD BILLION)
TABLE 6 MARKET FOR MODULES, BY APPLICATION, 20202025 (USD BILLION)
TABLE 7 MARKET FOR MODULES FOR RESIDENTIAL APPLICATION, BY REGION, 20172019 (USD MILLION)
TABLE 8 MARKET FOR MODULES FOR RESIDENTIAL APPLICATION, BY REGION, 20202025 (USD MILLION)
TABLE 9 MARKET FOR MODULES FOR COMMERCIAL & INDUSTRIAL APPLICATION, BY REGION, 20172019 (USD MILLION)
TABLE 10 MARKET FOR MODULES FOR COMMERCIAL & INDUSTRIAL APPLICATION, BY REGION, 20202025 (USD MILLION)
TABLE 11 MARKET FOR MODULES FOR UTILITIES APPLICATION, BY REGION, 20172019 (USD BILLION)
TABLE 12 MARKET FOR MODULES FOR UTILITIES APPLICATION, BY REGION, 20202015 (USD BILLION)
TABLE 13 MARKET FOR MODULES, BY REGION, 20172019 (USD BILLION)
TABLE 14 MARKET FOR MODULES, BY REGION, 20202025 (USD BILLION)
6.3 INVERTERS
6.3.1 PV INVERTERS CONVERT DIRECT CURRENT (DC) OF PV MODULES INTO GRID-COMPLIANT ALTERNATING CURRENT (AC)
FIGURE 21 RESIDENTIAL APPLICATION TO GROW AT HIGHEST CAGR IN INVERTERS MARKET DURING FORECAST PERIOD
TABLE 15 MARKET FOR INVERTERS, BY APPLICATION, 20172019 (USD BILLION)
TABLE 16 MARKET FOR INVERTERS, BY APPLICATION, 20202025 (USD BILLION)
TABLE 17 MARKET FOR INVERTERS FOR RESIDENTIAL APPLICATION, BY REGION, 20172019 (USD MILLION)
TABLE 18 MARKET FOR INVERTERS FOR RESIDENTIAL APPLICATION, BY REGION, 20202025 (USD MILLION)
TABLE 19 MARKET FOR INVERTERS FOR COMMERCIAL & INDUSTRIAL APPLICATION, BY REGION, 20172019 (USD MILLION)
TABLE 20 MARKET FOR INVERTERS FOR COMMERCIAL & INDUSTRIAL APPLICATION, BY REGION, 20202025 (USD MILLION)
TABLE 21 MARKET FOR INVERTERS FOR UTILITIES APPLICATION, BY REGION, 20172019 (USD MILLION)
TABLE 22 MARKET FOR INVERTERS FOR UTILITIES APPLICATION, BY REGION, 20202025 (USD MILLION)
TABLE 23 MARKET FOR INVERTERS, BY REGION, 20172019 (USD MILLION)
TABLE 24 MARKET FOR INVERTERS, BY REGION, 20202025 (USD MILLION)
6.4 BALANCE OF SYSTEM (BOS)
6.4.1 BOS HELP TO INCREASE THE EFFICIENCY OF SOLAR SYSTEMS
FIGURE 22 UTILITIES APPLICATION TO CONTINUE TO HOLD LARGEST SIZE OF BOS MARKET DURING FORECAST PERIOD
TABLE 25 MARKET FOR BOS, BY APPLICATION, 20172019 (USD BILLION)
TABLE 26 MARKET FOR BOS, BY APPLICATION, 20202025 (USD BILLION)
TABLE 27 MARKET FOR BOS FOR RESIDENTIAL APPLICATION, BY REGION, 20172019 (USD MILLION)
TABLE 28 MARKET FOR BOS FOR RESIDENTIAL APPLICATION, BY REGION, 20202025 (USD MILLION)
TABLE 29 MARKET FOR BOS FOR COMMERCIAL & INDUSTRIAL APPLICATION, BY REGION, 20172019 (USD MILLION)
TABLE 30 MARKET FOR BOS FOR COMMERCIAL & INDUSTRIAL APPLICATION, BY REGION, 20202025 (USD MILLION)
TABLE 31 MARKET FOR BOS FOR UTILITIES APPLICATION, BY REGION, 20172019 (USD BILLION)
TABLE 32 MARKET FOR BOS FOR UTILITIES APPLICATION, BY REGION, 20202025 (USD BILLION)
TABLE 33 MARKET FOR BOS, BY REGION, 20172019 (USD BILLION)
TABLE 34 MARKET FOR BOS, BY REGION, 20202025 (USD BILLION)
6.5 IMPACT OF COVID-19 ON VARIOUS COMPONENTS
7 PHOTOVOLTAIC MARKET, BY MATERIAL (Page No. - 83)
7.1 INTRODUCTION
FIGURE 23 SILICON-BASED PHOTOVOLTAIC SYSTEMS TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD
TABLE 35 PHOTOVOLTAIC MARKET, BY MATERIAL, 20172019 (USD BILLION)
TABLE 36 MARKET, BY MATERIAL, 20202025 (USD BILLION)
7.2 SILICON
TABLE 37 MARKET FOR SILICON, BY TYPE, 20172019 (USD MILLION)
TABLE 38 MARKET FOR SILICON, BY TYPE, 20202025 (USD MILLION)
TABLE 39 MARKET FOR SILICON, BY REGION, 20172019 (USD BILLION)
TABLE 40 MARKET FOR SILICON, BY REGION, 20202025 (USD BILLION)
7.2.1 CRYSTALLINE SILICON (C-SI)
FIGURE 24 MONOCRYSTALLINE PHOTOVOLTAIC SYSTEMS TO WITNESS AT HIGHER CAGR DURING FORECAST PERIOD
TABLE 41 MARKET FOR CRYSTALLINE SILICON, BY TYPE, 20172019 (USD BILLION)
TABLE 42 MARKET FOR CRYSTALLINE SILICON, BY TYPE, 20202025 (USD BILLION)
FIGURE 25 MARKET IN APAC FOR CRYSTALLINE SILICON TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 43 MARKET FOR CRYSTALLINE SILICON, BY REGION, 20172019 (USD BILLION)
TABLE 44 MARKET FOR CRYSTALLINE SILICON, BY REGION, 20202025 (USD BILLION)
7.2.1.1 Crystalline silicon types
7.2.1.1.1 Monocrystalline
7.2.1.1.1.1 Higher efficiency and minimum space requirements drive market growth
TABLE 45 PHOTOVOLTAIC MARKET FOR MONOCRYSTALLINE SILICON, BY REGION, 20172019 (USD BILLION)
TABLE 46 MARKET FOR MONOCRYSTALLINE SILICON, BY REGION, 20202025 (USD BILLION)
7.2.1.1.2 Multi-crystalline/polycrystalline
7.2.1.1.2.1 Low-cost production of multi-crystalline modules made it preferred choice for residential applications
TABLE 47 MARKET FOR MULTI-CRYSTALLINE SILICON, BY REGION, 20172019 (USD BILLION)
TABLE 48 MARKET FOR MULTI-CRYSTALLINE SILICON, BY REGION, 20202025 (USD BILLION)
7.2.1.2 Crystalline silicon technologies
TABLE 49 MARKET FOR CRYSTALLINE SILICON, BY TECHNOLOGY, 20172019 (USD BILLION)
TABLE 50 MARKET FOR CRYSTALLINE SILICON, BY TECHNOLOGY, 20202025 (USD BILLION)
7.2.1.2.1 BSF
7.2.1.2.1.1 AI BSF is most commonly used technology for fabricating photovoltaic cells
7.2.1.2.2 PERC
7.2.1.2.2.1 More efficiency and higher flexibility offered by PERC boost its demand in photovoltaic market
7.2.1.2.3 Others
7.2.2 THIN FILM
TABLE 51 MARKET FOR THIN-FILM SILICON, BY REGION, 20172019 (USD THOUSANDS)
TABLE 52 MARKET FOR THIN-FILM SILICON, BY REGION, 20202025 (USD THOUSANDS)
7.2.2.1 Amorphous
7.2.2.1.1 Amorphous solar modules can perform better even in low-light conditions
7.2.2.2 Nanocrystalline
7.2.2.2.1 Use of nanocrystals in solar cells may increase their efficiency by up to 60%
7.3 COMPOUNDS
FIGURE 26 CDTE PHOTOVOLTAICS TO COMMAND MARKET FOR COMPOUND MATERIAL DURING FORECAST PERIOD
TABLE 53 PHOTOVOLTAIC MARKET FOR COMPOUNDS, BY TYPE, 20172019 (USD BILLION)
TABLE 54 MARKET FOR COMPOUNDS, BY TYPE, 20202025 (USD BILLION)
TABLE 55 MARKET FOR COMPOUNDS, BY REGION, 20172019 (USD MILLION)
TABLE 56 MARKET FOR COMPOUNDS, BY REGION, 20202025 (USD MILLION)
7.3.1 COPPER INDIUM GALLIUM SELENIDE (CIGS)
TABLE 57 MARKET FOR CIGS, BY REGION, 20172019 (USD MILLION)
TABLE 58 MARKET FOR CIGS, BY REGION, 20202025 (USD MILLION)
7.3.2 CADMIUM TELLURIDE (CDTE)
7.3.2.1 CdTe materials are most commonly used in thin-film modules
TABLE 59 MARKET FOR CDTE, BY REGION, 20172019 (USD MILLION)
TABLE 60 MARKET FOR CDTE, BY REGION, 20202025 (USD MILLION)
7.3.3 GALLIUM ARSENIDE (GAAS) AND INDIUM PHOSPHIDE (INP)
7.3.3.1 GaAs and InP materials can be used to achieve high efficiency for solar cells
7.3.4 PEROVSKITE
7.3.4.1 Perovskite cells can absorb sunlight across entire visible spectrum
7.3.5 OTHERS
7.4 IMPACT OF COVID-19 ON MATERIALS
8 PHOTOVOLTAIC MARKET, BY CELL TYPE (Page No. - 98)
8.1 INTRODUCTION
FIGURE 27 HALF-CELL PV MODULES TO REGISTER HIGHER CAGR IN MARKET DURING FORECAST PERIOD
TABLE 61 MARKET, BY CELL TYPE, 20172019 (USD BILLION)
TABLE 62 MARKET, BY CELL TYPE, 20202025 (USD BILLION)
8.2 FULL-CELL PV MODULES
8.2.1 FULL-CELL PV MODULES HELD LARGER MARKET SHARE DURING FORECAST PERIOD
TABLE 63 MARKET FOR FULL-CELL PV MODULES, BY REGION, 20172025 (USD BILLION)
TABLE 64 MARKET FOR FULL-CELL PV MODULES, BY REGION, 20202025 (USD BILLION)
8.3 HALF-CELL PV MODULES
8.3.1 MARKET FOR HALF-CELL PV MODULES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
TABLE 65 MARKET FOR HALF CELL, BY REGION, 20172019 (USD BILLION)
TABLE 66 MARKET FOR HALF CELL, BY REGION, 20202025 (USD BILLION)
8.4 IMPACT OF COVID-19 ON DIFFERENT TYPES OF PV CELLS
9 PHOTOVOLTAIC MARKET, BY INSTALLATION TYPE (Page No. - 103)
9.1 INTRODUCTION
FIGURE 28 FLOATING PV SEGMENT OF MARKET TO GROW AT HIGHEST CAGR FROM 2020 TO 2025
TABLE 67 MARKET, BY INSTALLATION TYPE, 20172019 (USD BILLION)
TABLE 68 MARKET, BY INSTALLATION TYPE, 20202025 (USD BILLION)
9.2 GROUND MOUNTED
9.2.1 GROUND-MOUNTED SEGMENT TO HOLD LARGEST SHARE OF MARKET FROM 2020 TO 2025
9.3 BUILDING-INTEGRATED PHOTOVOLTAICS (BIPV)
9.3.1 ROOFTOPS
9.3.1.1 Increased rooftop installations of PV modules for residential and commercial applications
9.3.2 WINDOWS
9.3.2.1 Surged adoption of PV windows by business complexes in major cities across the world for substantial reduction in energy bills
9.4 FLOATING PV
9.4.1 FLOATING PV SEGMENT OF PHOTOVOLTAIC MARKET TO GROW AT HIGHEST CAGR FROM 2020 TO 2025
9.5 IMPACT OF COVID-19 ON VARIOUS TYPES OF PV INSTALLATIONS
10 PHOTOVOLTAIC MARKET, BY APPLICATION (Page No. - 108)
10.1 INTRODUCTION
FIGURE 29 RESIDENTIAL APPLICATION TO EXHIBIT HIGHEST CAGR IN PV MARKET DURING FORECAST PERIOD
TABLE 69 MARKET, BY APPLICATION, 20172019 (USD BILLION)
TABLE 70 MARKET, BY APPLICATION, 20202025 (USD BILLION)
10.2 RESIDENTIAL
10.2.1 MARKET FOR RESIDENTIAL APPLICATION TO GROW AT HIGHEST CAGR FROM 2020 TO 2025
FIGURE 30 MODULES TO REGISTER HIGHEST CAGR IN MARKET FOR RESIDENTIAL APPLICATION FROM 2020 TO 2025
TABLE 71 MARKET FOR RESIDENTIAL APPLICATION, BY COMPONENT, 20172019 (USD BILLION)
TABLE 72 MARKET FOR RESIDENTIAL APPLICATION, BY COMPONENT, 20202025 (USD BILLION)
TABLE 73 MARKET FOR RESIDENTIAL APPLICATION, BY REGION, 20172019 (USD BILLION)
TABLE 74 MARKET FOR RESIDENTIAL APPLICATION, BY REGION, 20202025 (USD BILLION)
TABLE 75 MARKET IN NORTH AMERICA FOR RESIDENTIAL APPLICATION, BY COUNTRY, 20172019 (USD MILLION)
TABLE 76 MARKET IN NORTH AMERICA FOR RESIDENTIAL APPLICATION, BY COUNTRY, 20202025 (USD MILLION)
TABLE 77 MARKET IN EUROPE FOR RESIDENTIAL APPLICATION, BY COUNTRY, 20172019 (USD MILLION)
TABLE 78 MARKET IN EUROPE FOR RESIDENTIAL APPLICATION, BY COUNTRY, 20202025 (USD MILLION)
TABLE 79 MARKET IN APAC FOR RESIDENTIAL APPLICATION, BY COUNTRY, 20172019 (USD MILLION)
TABLE 80 MARKET IN APAC FOR RESIDENTIAL APPLICATION, BY COUNTRY, 20202025 (USD MILLION)
TABLE 81 MARKET IN ROW FOR RESIDENTIAL APPLICATION, BY REGION, 20172019 (USD MILLION)
TABLE 82 PHOTOVOLTAIC MARKET IN ROW FOR RESIDENTIAL APPLICATION, BY REGION, 20202025 (USD MILLION)
10.3 COMMERCIAL AND INDUSTRIAL
10.3.1 BANKS, EDUCATIONAL INSTITUTIONS, INSURANCE AND GOVERNMENT OFFICES, MANUFACTURING PLANTS, HOSPITALS, AND HOSPITALITY BUILDINGS ARE PART OF COMMERCIAL AND INDUSTRIAL PV SEGMENT
TABLE 83 MARKET FOR COMMERCIAL AND INDUSTRIAL, BY COMPONENT, 20172019 (USD BILLION)
TABLE 84 MARKET FOR COMMERCIAL AND INDUSTRIAL, BY COMPONENT, 20202025 (USD BILLION)
FIGURE 31 APAC TO HOLD LARGEST SHARE OF MARKET FOR COMMERCIAL AND INDUSTRIAL APPLICATION DURING 20202025
TABLE 85 MARKET FOR COMMERCIAL AND INDUSTRIAL APPLICATION, BY REGION, 20172019 (USD BILLION)
TABLE 86 MARKET FOR COMMERCIAL AND INDUSTRIAL APPLICATION, BY REGION, 20202025 (USD BILLION)
TABLE 87 MARKET IN NORTH AMERICA FOR COMMERCIAL AND INDUSTRIAL APPLICATION, BY COUNTRY, 20172019 (USD MILLION)
TABLE 88 MARKET IN NORTH AMERICA FOR COMMERCIAL AND INDUSTRIAL APPLICATION, BY COUNTRY, 20202025 (USD MILLION)
TABLE 89 MARKET IN EUROPE FOR COMMERCIAL AND INDUSTRIAL APPLICATION, BY COUNTRY, 20172019 (USD MILLION)
TABLE 90 MARKET IN EUROPE FOR COMMERCIAL AND INDUSTRIAL APPLICATION, BY COUNTRY, 20202025 (USD MILLION)
TABLE 91 MARKET IN APAC FOR COMMERCIAL AND INDUSTRIAL APPLICATION, BY COUNTRY, 20172019 (USD MILLION)
TABLE 92 MARKET IN APAC FOR COMMERCIAL AND INDUSTRIAL APPLICATION, BY COUNTRY, 20202025 (USD MILLION)
TABLE 93 MARKET IN ROW FOR COMMERCIAL AND INDUSTRIAL APPLICATION, , BY REGION, 20172019 (USD MILLION)
TABLE 94 PHOTOVOLTAIC MARKET IN ROW FOR COMMERCIAL AND INDUSTRIAL APPLICATION, , BY REGION, 20202025 (USD MILLION)
10.4 UTILITIES
10.4.1 UTILITIES APPLICATION TO ACCOUNT FOR LARGEST SHARE OF PV MARKET THROUGHOUT FORECAST PERIOD
FIGURE 32 BOS TO CAPTURE LARGEST SHARE OF MARKET FOR UTILITIES APPLICATION THROUGHOUT FORECAST PERIOD
TABLE 95 MARKET FOR UTILITIES APPLICATION, BY COMPONENT, 20172019 (USD BILLION)
TABLE 96 MARKET FOR UTILITIES APPLICATION, BY COMPONENT, 20202025 (USD BILLION)
TABLE 97 MARKET FOR UTILITIES APPLICATION, BY REGION, 20172019 (USD BILLION)
TABLE 98 MARKET FOR UTILITIES APPLICATION, BY REGION, 20202025 (USD BILLION)
TABLE 99 MARKET IN NORTH AMERICA FOR UTILITIES APPLICATION, BY COUNTRY, 20172019 (USD MILLION)
TABLE 100 MARKET IN NORTH AMERICA FOR UTILITIES APPLICATION, BY COUNTRY, 20202025 (USD MILLION)
TABLE 101 MARKET IN EUROPE FOR UTILITIES APPLICATION, BY COUNTRY, 20172019 (USD MILLION)
TABLE 102 MARKET IN EUROPE FOR UTILITIES APPLICATION, BY COUNTRY, 20202025 (USD MILLION)
TABLE 103 MARKET IN APAC FOR UTILITIES APPLICATION, BY COUNTRY, 20172019 (USD BILLION)
TABLE 104 MARKET IN APAC FOR UTILITIES APPLICATION, BY COUNTRY, 20172025 (USD BILLION)
TABLE 105 MARKET IN ROW FOR UTILITIES APPLICATIONS, BY REGION, 20172019 (USD MILLION)
TABLE 106 PHOTOVOLTAIC MARKET IN ROW FOR UTILITIES APPLICATIONS, BY REGION, 20202025 (USD MILLION)
10.5 IMPACT OF COVID-19 ON APPLICATIONS
11 PHOTOVOLTAIC CONCENTRATION SYSTEMS (Page No. - 125)
11.1 INTRODUCTION
11.2 HIGH CONCENTRATION PV
11.3 MEDIUM & LOW CONCENTRATION PV
12 PHOTOVOLTAIC SYSTEM, BY POWER CAPACITY (Page No. - 126)
12.1 INTRODUCTION
12.2 UP TO 100 WP
12.3 100.1 TO 300 WP
12.4 ABOVE 300 WP
13 GEOGRAPHIC ANALYSIS (Page No. - 129)
13.1 INTRODUCTION
TABLE 107 CUMULATIVE INSTALLED PHOTOVOLTAIC CAPACITY OF TOP 10 COUNTRIES, 2019
FIGURE 33 MARKET IN APAC TO GROW AT HIGHEST CAGR FROM 2020 TO 2025
TABLE 108 PHOTOVOLTAIC MARKET, BY REGION, 20172019 (USD BILLION)
TABLE 109 MARKET, BY REGION, 20202025 (USD BILLION)
13.2 NORTH AMERICA
FIGURE 34 SNAPSHOT: PHOTOVOLTAIC MARKET IN NORTH AMERICA
TABLE 110 MARKET IN NORTH AMERICA, BY COUNTRY, 20172019 (USD MILLION)
TABLE 111 MARKET IN NORTH AMERICA, BY COUNTRY, 20202025 (USD MILLION)
TABLE 112 MARKET IN NORTH AMERICA, BY COMPONENT, 20172019 (USD BILLION)
TABLE 113 MARKET IN NORTH AMERICA, BY COMPONENT, 20202025 (USD BILLION)
TABLE 114 MARKET IN NORTH AMERICA, BY MATERIAL, 20172019 (USD MILLION)
TABLE 115 MARKET IN NORTH AMERICA, BY MATERIAL, 20202025 (USD MILLION)
TABLE 116 MARKET IN NORTH AMERICA FOR SILICON, BY TYPE, 20172019 (USD MILLION)
TABLE 117 MARKET IN NORTH AMERICA FOR SILICON, BY TYPE, 20202025 (USD MILLION)
TABLE 118 MARKET IN NORTH AMERICA FOR CRYSTALLINE SILICON, BY TYPE, 20172019 (USD BILLION)
TABLE 119 MARKET IN NORTH AMERICA FOR CRYSTALLINE SILICON, BY TYPE, 20202025 (USD BILLION)
TABLE 120 MARKET IN NORTH AMERICA FOR COMPOUNDS, BY TYPE, 20172019 (USD MILLION)
TABLE 121 MARKET IN NORTH AMERICA FOR COMPOUNDS, BY TYPE, 20202025 (USD MILLION)
TABLE 122 MARKET IN NORTH AMERICA, BY CELL TYPE, 20172019 (USD MILLION)
TABLE 123 MARKET IN NORTH AMERICA, BY CELL TYPE, 20202025 (USD MILLION)
TABLE 124 MARKET IN NORTH AMERICA, BY APPLICATION, 20172019 (USD BILLION)
TABLE 125 MARKET IN NORTH AMERICA, BY APPLICATION, 20202025 (USD BILLION)
13.2.1 US
13.2.1.1 US to account for largest size of photovoltaic market in North America from 2020 to 2025
TABLE 126 PHOTOVOLTAIC MARKET IN US, BY APPLICATION, 20172019 (USD MILLION)
TABLE 127 MARKET IN US, BY APPLICATION, 20202025 (USD MILLION)
13.2.2 CANADA
13.2.2.1 Canada with significant solar energy resources to witness large-space solar installations from 2020 to 2025
TABLE 128 MARKET IN CANADA, BY APPLICATION, 20172019 (USD MILLION)
TABLE 129 MARKET IN CANADA, BY APPLICATION, 20202025 (USD MILLION)
13.2.3 MEXICO
13.2.3.1 Photovoltaic market in Mexico is projected to grow at highest CAGR from 2020 to 2025
TABLE 130 MARKET IN MEXICO, BY APPLICATION, 20172019 (USD MILLION)
TABLE 131 MARKET IN MEXICO, BY APPLICATION, 20202025 (USD MILLION)
13.2.4 GOVERNMENT INITIATIVES TO SUPPORT GROWTH OF PHOTOVOLTAIC MARKET IN NORTH AMERICA
13.3 EUROPE
FIGURE 35 SNAPSHOT: PHOTOVOLTAIC MARKET IN EUROPE
TABLE 132 MARKET IN EUROPE, BY COUNTRY, 20172019 (USD MILLION)
TABLE 133 MARKET IN EUROPE, BY COUNTRY, 20202025 (USD MILLION)
TABLE 134 MARKET IN EUROPE, BY COMPONENT, 20172019 (USD BILLION)
TABLE 135 MARKET IN EUROPE, BY COMPONENT, 20202025 (USD BILLION)
TABLE 136 MARKET IN EUROPE, BY MATERIAL, 20172019 (USD MILLION)
TABLE 137 MARKET IN EUROPE, BY MATERIAL, 20202025 (USD MILLION)
TABLE 138 MARKET IN EUROPE FOR SILICON, BY TYPE, 20172019 (USD MILLION)
TABLE 139 MARKET IN EUROPE FOR SILICON, BY TYPE, 20202025 (USD MILLION)
TABLE 140 MARKET IN EUROPE FOR CRYSTALLINE SILICON, BY TYPE, 20172019 (USD BILLION)
TABLE 141 MARKET IN EUROPE FOR CRYSTALLINE SILICON, BY TYPE, 20202025 (USD BILLION)
TABLE 142 MARKET IN EUROPE FOR COMPOUNDS, BY TYPE, 20172019 (USD MILLION)
TABLE 143 MARKET IN EUROPE FOR COMPOUNDS, BY TYPE, 20202025 (USD MILLION)
TABLE 144 MARKET IN EUROPE, BY CELL TYPE, 20172019 (USD BILLION)
TABLE 145 MARKET IN EUROPE, BY CELL TYPE, 20202025 (USD BILLION)
TABLE 146 PHOTOVOLTAIC MARKET IN EUROPE, BY APPLICATION, 20172019 (USD BILLION)
TABLE 147 MARKET IN EUROPE, BY APPLICATION, 20202025 (USD BILLION)
13.3.1 UK
13.3.1.1 Efforts to install large-scale PV systems to harness solar resources expected to fuel growth of market in UK
TABLE 148 MARKET IN UK, BY APPLICATION, 20172019 (USD MILLION)
TABLE 149 MARKET IN UK, BY APPLICATION, 20202025 (USD MILLION)
13.3.2 GERMANY
13.3.2.1 Germany to account for largest size of market in Europe from 2020 to 2025
TABLE 150 PHOTOVOLTAIC MARKET IN GERMANY, BY APPLICATION, 20172019 (USD MILLION)
TABLE 151 MARKET IN GERMANY, BY APPLICATION, 20202025 (USD MILLION)
13.3.3 FRANCE
13.3.3.1 market in France to grow at highest CAGR from 2020 to 2025
TABLE 152 PHOTOVOLTAIC MARKET IN FRANCE, BY APPLICATION, 20172019 (USD MILLION)
TABLE 153 MARKET IN FRANCE, BY APPLICATION, 20202025 (USD MILLION)
13.3.4 ITALY
13.3.4.1 Italy held sixth position globally in terms of total installed PV capacity as of 2019
TABLE 154 PHOTOVOLTAIC MARKET IN ITALY, BY APPLICATION, 20172019 (USD MILLION)
TABLE 155 MARKET IN ITALY, BY APPLICATION, 20202025 (USD MILLION)
13.3.5 REST OF EUROPE
TABLE 156 PHOTOVOLTAIC MARKET IN REST OF EUROPE, BY APPLICATION, 20172019 (USD BILLION)
TABLE 157 MARKET IN REST OF EUROPE, BY APPLICATION, 20202025 (USD BILLION)
13.3.6 GOVERNMENT INITIATIVES TO SUPPORT GROWTH OF MARKET IN EUROPE
13.4 ASIA PACIFIC (APAC)
FIGURE 36 SNAPSHOT: PHOTOVOLTAIC MARKET IN APAC
TABLE 158 PHOTOVOLTAIC MARKET IN APAC, BY COUNTRY, 20172019 (USD BILLION)
TABLE 159 MARKET IN APAC, BY COUNTRY, 20202025 (USD BILLION)
TABLE 160 MARKET IN APAC, BY COMPONENT, 20172019 (USD BILLION)
TABLE 161 MARKET IN APAC, BY COMPONENT, 20202025 (USD BILLION)
TABLE 162 MARKET IN APAC, BY MATERIAL, 20172019 (USD BILLION)
TABLE 163 MARKET IN APAC, BY MATERIAL, 20202025 (USD BILLION)
TABLE 164 MARKET IN APAC FOR SILICON, BY TYPE, 20172019 (USD MILLION)
TABLE 165 MARKET IN APAC FOR SILICON, BY TYPE, 20202025 (USD MILLION)
TABLE 166 MARKET IN APAC FOR CRYSTALLINE SILICON, BY TYPE, 20172019 (USD BILLION)
TABLE 167 MARKET IN APAC FOR CRYSTALLINE SILICON, BY TYPE, 20202025 (USD BILLION)
TABLE 168 MARKET IN APAC FOR COMPOUNDS, BY TYPE, 20172019 (USD MILLION)
TABLE 169 MARKET IN APAC FOR COMPOUNDS, BY TYPE, 20202025 (USD MILLION)
TABLE 170 MARKET IN APAC, BY CELL TYPE, 20172019 (USD BILLION)
TABLE 171 MARKET IN APAC, BY CELL TYPE, 20202025 (USD BILLION)
TABLE 172 MARKET IN APAC, BY APPLICATION, 20172019 (USD BILLION)
TABLE 173 MARKET IN APAC, BY APPLICATION, 20202025 (USD BILLION)
13.4.1 CHINA
13.4.1.1 China to account for largest size of photovoltaic market from 2020 to 2025
TABLE 174 PHOTOVOLTAIC MARKET IN CHINA, BY APPLICATION, 20172019 (USD BILLION)
TABLE 175 MARKET IN CHINA, BY APPLICATION, 20202025 (USD BILLION)
13.4.2 JAPAN
13.4.2.1 Presence of 73 of worlds 100 largest floating PV plants in Japan to fuel market growth in country
TABLE 176 MARKET IN JAPAN, BY APPLICATION, 20172019 (USD MILLION)
TABLE 177 MARKET IN JAPAN, BY APPLICATION, 20202025 (USD MILLION)
13.4.3 INDIA
13.4.3.1 Target of Government of India to carry out 100 GW solar capacity additions by 2022 to fuel market growth in country
TABLE 178 PHOTOVOLTAIC MARKET IN INDIA, BY APPLICATION, 20172019 (USD BILLION)
TABLE 179 MARKET IN INDIA, BY APPLICATION, 20202025 (USD BILLION)
13.4.4 SOUTH KOREA
13.4.4.1 South Korea held tenth position globally in terms of total installed PV capacity as of 2019
TABLE 180 MARKET IN SOUTH KOREA, BY APPLICATION, 20172019 (USD MILLION)
TABLE 181 MARKET IN SOUTH KOREA, BY APPLICATION, 20202025 (USD MILLION)
13.4.5 REST OF APAC
TABLE 182 MARKET IN REST OF APAC, BY APPLICATION, 20172019 (USD MILLION)
TABLE 183 MARKET IN REST OF APAC, BY APPLICATION, 20202025 (USD MILLION)
13.4.6 GOVERNMENT INITIATIVES TO SUPPORT GROWTH OF PHOTOVOLTAIC MARKET IN APAC
13.5 REST OF THE WORLD (ROW)
FIGURE 37 PHOTOVOLTAIC MARKET IN SOUTH AMERICA FOR ROW TO GROW AT HIGH CAGR FROM 2020 TO 2025
TABLE 184 MARKET IN ROW, BY REGION, 20172019 (USD BILLION)
TABLE 185 MARKET IN ROW, BY REGION, 20202025 (USD BILLION)
TABLE 186 MARKET IN ROW, BY COMPONENT, 20172019 (USD MILLION)
TABLE 187 MARKET IN ROW, BY COMPONENT, 20202025 (USD MILLION)
TABLE 188 MARKET IN ROW, BY MATERIAL, 20172019 (USD MILLION)
TABLE 189 MARKET IN ROW, BY MATERIAL, 20202025 (USD MILLION)
TABLE 190 MARKET IN ROW FOR SILICON, BY TYPE, 20172019 (USD MILLION)
TABLE 191 MARKET IN ROW FOR SILICON, BY TYPE, 20202025 (USD MILLION)
TABLE 192 MARKET IN ROW FOR CRYSTALLINE SILICON, BY TYPE, 20172019 (USD MILLION)
TABLE 193 MARKET IN ROW FOR CRYSTALLINE SILICON, BY TYPE, 20202025 (USD MILLION)
TABLE 194 MARKET IN ROW FOR COMPOUNDS, BY TYPE, 20172019 (USD MILLION)
TABLE 195 MARKET IN ROW FOR COMPOUNDS, BY TYPE, 20202025 (USD MILLION)
TABLE 196 MARKET IN ROW, BY CELL TYPE, 20172019 (USD BILLION)
TABLE 197 MARKET IN ROW, BY CELL TYPE, 20202025 (USD BILLION)
TABLE 198 MARKET IN ROW, BY APPLICATION, 20172019 (USD BILLION)
TABLE 199 MARKET IN ROW, BY APPLICATION, 20202025 (USD BILLION)
13.5.1 SOUTH AMERICA
13.5.1.1 Photovoltaic market in South America to grow at high CAGR from 2020 to 2025
TABLE 200 MARKET IN SOUTH AMERICA, BY APPLICATION, 20172019 (USD MILLION)
TABLE 201 MARKET IN SOUTH AMERICA, BY APPLICATION, 20202025 (USD MILLION)
13.5.2 MIDDLE EAST AND AFRICA
13.5.2.1 Middle East and Africa to account for large size of photovoltaic market in RoW from 2020 to 2025
TABLE 202 PHOTOVOLTAIC MARKET IN MIDDLE EAST & AFRICA, BY APPLICATION, 20172019 (USD MILLION)
TABLE 203 MARKET IN MIDDLE EAST & AFRICA, BY APPLICATION, 20202025 (USD MILLION)
13.6 IMPACT OF COVID-19 ON PHOTOVOLTAIC MARKET IN VARIOUS REGIONS
14 COMPETITIVE LANDSCAPE (Page No. - 169)
14.1 OVERVIEW
14.2 COMPANY EVALUATION QUADRANT
14.2.1 STAR
14.2.2 EMERGING LEADER
14.2.3 PERVASIVE
14.2.4 PARTICIPANT
FIGURE 38 COMPANY EVALUATION MATRIX, 2019
14.3 PRODUCT FOOTPRINT ANALYSIS OF TOP PLAYERS
FIGURE 39 PRODUCT FOOTPRINT ANALYSIS OF TOP PLAYERS IN MARKET
14.4 MARKET RANKING ANALYSIS: PHOTOVOLTAIC MARKET, 2019
FIGURE 40 GLOBAL MARKET RANKING ANALYSIS, 2019
14.5 MARKET SHARE ANALYSIS: PHOTOVOLTAIC MARKET, 2019
FIGURE 41 SHARE OF TOP 5 PLAYERS OF PHOTOVOLTAIC MARKET (2019)
14.6 HISTORICAL REVENUE ANALYSIS OF MAJOR MARKET PLAYERS
FIGURE 42 HISTORICAL REVENUE ANALYSIS OF MAJOR MARKET PLAYERS
14.7 KEY MARKET DEVELOPMENTS
14.7.1 PRODUCT LAUNCHES
TABLE 204 PRODUCT LAUNCHES, 20192020
14.7.2 AGREEMENTS, COLLABORATIONS, PARTNERSHIPS, AND CONTRACTS
TABLE 205 AGREEMENTS, COLLABORATIONS, PARTNERSHIPS, AND CONTRACTS, 20192020
14.7.3 ACQUISITIONS
TABLE 206 ACQUISITIONS, 20182020
14.7.4 EXPANSIONS
TABLE 207 EXPANSIONS, 20182019
15 COMPANY PROFILES (Page No. - 179)
15.1 INTRODUCTION
15.2 KEY PLAYERS
(Business Overview, Products/Solutions/Services Offered, Recent Developments, COVID-19 Related Developments, SWOT Analysis, and MnM View)*
15.2.1 JINKOSOLAR
FIGURE 43 JINKOSOLAR: COMPANY SNAPSHOT
15.2.2 JA SOLAR
15.2.3 TRINA SOLAR
15.2.4 LONGI
FIGURE 44 LONGI: COMPANY SNAPSHOT
15.2.5 CANADIAN SOLAR
FIGURE 45 CANADIAN SOLAR: COMPANY SNAPSHOT
15.2.6 FIRST SOLAR
FIGURE 46 FIRST SOLAR: COMPANY SNAPSHOT
15.2.7 HANWHA Q CELLS
15.2.8 MITSUBISHI ELECTRIC
FIGURE 47 MITSUBISHI ELECTRIC: COMPANY SNAPSHOT
15.2.9 SHARP
FIGURE 48 SHARP: COMPANY SNAPSHOT
15.2.10 WUXI SUNTECH POWER
* Business Overview, Products/Solutions/Services Offered, Recent Developments, COVID-19 Related Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.
15.3 RIGHT TO WIN
15.4 OTHER KEY PLAYERS
15.4.1 ARRAY TECHNOLOGIES
15.4.2 CHINT SOLAR (ASTRONERGY)
15.4.3 GCL SYSTEM INTEGRATION TECHNOLOGY
15.4.4 HUAWEI
15.4.5 LG ELECTRONICS
15.4.6 NEXTRACKER
15.4.7 RISEN ENERGY
15.4.8 SMA SOLAR TECHNOLOGY
15.4.9 SUNGROW POWER SUPPLY
15.4.10 TONGWEI SOLAR
15.4.11 YINGLI SOLAR
16 APPENDIX (Page No. - 216)
16.1 DISCUSSION GUIDE
16.2 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL
16.3 AVAILABLE CUSTOMIZATIONS
16.4 RELATED REPORTS
16.5 AUTHOR DETAILS
The study involved four major activities in estimating the current size of the global photovoltaic market. Exhaustive secondary research has been done to collect information about the market, the peer market, and the parent market. Validating findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments.
Secondary Research
The secondary sources referred to for this research study include solar industry organizations such as the Solar Energy Industries Association (SEIA), American Solar Energy Society (ASES), International Electrotechnical Commission (IEC), Indian Solar Manufacturers Association (ISMA), and corporate filings (such as annual reports, investor presentations, and financial statements). Secondary data has been collected and analyzed to arrive at the overall market size, further validated by primary research.
Primary Research
Extensive primary research has been conducted after acquiring an understanding of the photovoltaic market scenario through secondary research. Several primary interviews have been conducted with market experts from both the demand-and supply-side players across four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (the Middle East & Africa and South America). Approximately 30% and 70% of primary interviews have been conducted from the demand and supply side, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in our report.
After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts opinions, has led us to the findings as described in the remainder of this report.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the overall size of the photovoltaic market. These methods have also been used extensively to estimate the size of various market subsegments.
The research methodology used to estimate the market size by top-down approach includes the following:
- Focusing initially on top-line investments and expenditures made in the PV market ecosystem
- Calculating the market size considering photovoltaic shipments in each region i.e North America, Europe, APAC, and RoW and multiplying it by their respective ASPs. Estimating 2020 values by considering COVID-19 impact across the value chain of the PV market. Analyzing recovery scenarios across the globe to further forecast values
- Conducting multiple on-field discussions with key opinion leaders across major companies involved in the development of photovoltaics to understand the pre-COVID-19 and post-COVID-19 scenarios
- Estimating the geographic split using secondary sources based on various factors such as the demand in a specific country and region, role of major players in the market for the development of innovative products, and adoption and penetration rates in particular countries for various end-user applications
The research methodology used to estimate the market size by bottom-up approach includes the following:
- Identifying key participants in the PV market that influence the entire market, along with the related component players
- Analyzing major manufacturers of PV devices and material providers, studying their portfolios, and understanding different components and products. Analyzing developments undertaken by key players in the pre-COVID-19 period as well as studying the measures/steps undertaken by them to deal with the COVID-19 pandemic
- Analyzing the anticipated change in demand in the post-COVID-19 scenario
- Analyzing trends pertaining to the use of PV devices for different kinds of applications
- Tracking the ongoing and upcoming developments in the market, such as investments, R&D activities, product launches, collaborations, and partnerships, and forecasting the market based on these developments and other critical parameters
- Carrying out multiple discussions with key opinion leaders to understand different types of PV components and applications and recent trends in the market, thereby analyzing the breakup of the scope of work carried out by major companies
- Arriving at the market estimates by analyzing revenues of companies generated and then combining the same to get the market estimate
- Segmenting the overall market into various other market segments
- Verifying and cross-checking the estimate at every level from the discussion with key opinion leaders such as CXOs, directors, and operations managers, and finally with the domain experts in MarketsandMarkets
- Studying various paid and unpaid sources of information such as annual reports, press releases, white papers, and databases
Data Triangulation
After arriving at the overall market sizeusing the market size estimation processes as explained abovethe market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides, for residential, commercial and industrial, and utility applications.
Report Objectives
- To describe and forecast the photovoltaic (PV) market, by component, material, cell type, installation type, and application, in terms of value
- To describe and forecast the market size for regions, namely, North America, Europe,
Asia Pacific (APAC), and Rest of the World (RoW), in terms of value - To provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
- To provide a detailed overview of the value chain pertaining to the photovoltaic ecosystem, along with the average selling price trends
- To strategically analyze the ecosystem, patent landscape, and various case studies pertaining to the PV market
- To strategically analyze micromarkets1 with regard to individual growth trends, prospects,
and contributions to the total market - To strategically profile key players and comprehensively analyze their market position
in terms of ranking and core competencies2, and provide details about the competitive landscape of the market - To analyze strategic approaches such as product launches, acquisitions, agreements, and partnerships in the PV market
- Available Customizations
MarketsandMarkets offers the following customizations for this market report:
- Detailed analysis and profiling of additional market players
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
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