[187 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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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.
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 PV market growth during the forecast period.
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 PV industry. 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.
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.
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.
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.
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.
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).
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.
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. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 24)
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. - 28)
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. - 38)
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 MARKET IN APAC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
4 PREMIUM INSIGHTS (Page No. - 42)
4.1 ATTRACTIVE OPPORTUNITIES IN PHOTOVOLTAIC 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 PHOTOVOLTAIC MARKET GROWTH RATE
FIGURE 14 CHINA TO RECORD HIGHEST CAGR IN MARKET DURING FORECAST PERIOD
5 MARKET OVERVIEW (Page No. - 45)
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 PHOTOVOLTAIC MARKET
6 PHOTOVOLTAIC MARKET, BY COMPONENT (Page No. - 58)
6.1 INTRODUCTION
FIGURE 19 PHOTOVOLTAIC MARKET FOR INVERTER TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 2 MARKET, BY COMPONENT, 20172025 (USD BILLION)
TABLE 3 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 4 PHOTOVOLTAIC MARKET FOR MODULES, BY APPLICATION, 20172025 (USD BILLION)
TABLE 5 MARKET FOR MODULES FOR RESIDENTIAL APPLICATION, BY REGION, 20172025 (USD MILLION)
TABLE 6 MARKET FOR MODULES FOR COMMERCIAL & INDUSTRIAL APPLICATION, BY REGION, 20172025 (USD MILLION)
TABLE 7 MARKET FOR MODULES FOR UTILITIES APPLICATION, BY REGION, 20172025 (USD BILLION)
TABLE 8 MARKET FOR MODULES, BY REGION, 20172025 (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 9 PHOTOVOLTAIC MARKET FOR INVERTERS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 10 MARKET FOR INVERTERS FOR RESIDENTIAL APPLICATION, BY REGION, 20172025 (USD MILLION)
TABLE 11 MARKET FOR INVERTERS FOR COMMERCIAL & INDUSTRIAL APPLICATION, BY REGION, 20172025 (USD MILLION)
TABLE 12 MARKET FOR INVERTERS FOR UTILITIES APPLICATION, BY REGION, 20172025 (USD MILLION)
TABLE 13 MARKET FOR INVERTERS, BY REGION, 20172025 (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 14 PHOTOVOLTAIC MARKET FOR BOS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 15 MARKET FOR BOS FOR RESIDENTIAL APPLICATION, BY REGION, 20172025 (USD MILLION)
TABLE 16 MARKET FOR BOS FOR COMMERCIAL & INDUSTRIAL APPLICATION, BY REGION, 20172025 (USD MILLION)
TABLE 17 MARKET FOR BOS FOR UTILITIES APPLICATION, BY REGION, 20172025 (USD BILLION)
TABLE 18 MARKET FOR BOS, BY REGION, 20172025 (USD BILLION)
6.5 IMPACT OF COVID-19 ON VARIOUS COMPONENTS
7 PHOTOVOLTAIC MARKET, BY MATERIAL (Page No. - 71)
7.1 INTRODUCTION
FIGURE 23 SILICON-BASED PHOTOVOLTAIC SYSTEMS TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD
TABLE 19 PHOTOVOLTAIC MARKET, BY MATERIAL, 20172025 (USD BILLION)
7.2 SILICON
TABLE 20 MARKET FOR SILICON, BY TYPE, 20172025 (USD MILLION)
TABLE 21 MARKET FOR SILICON, BY REGION, 20172025 (USD BILLION)
7.2.1 CRYSTALLINE SILICON (C-SI)
FIGURE 24 MONOCRYSTALLINE PHOTOVOLTAIC SYSTEMS TO WITNESS AT HIGHER CAGR DURING FORECAST PERIOD
TABLE 22 MARKET FOR CRYSTALLINE SILICON, BY TYPE, 20172025 (USD BILLION)
FIGURE 25 MARKET IN APAC FOR CRYSTALLINE SILICON TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 23 MARKET FOR CRYSTALLINE SILICON, BY REGION, 20172025 (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 24 MARKET FOR MONOCRYSTALLINE SILICON, BY REGION, 20172025 (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 25 MARKET FOR MULTI-CRYSTALLINE SILICON, BY REGION, 20172025 (USD BILLION)
7.2.1.2 Crystalline silicon technologies
TABLE 26 MARKET FOR CRYSTALLINE SILICON, BY TECHNOLOGY, 20172025 (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 27 PHOTOVOLTAIC MARKET FOR THIN-FILM SILICON, BY REGION, 20172025 (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 28 MARKET FOR COMPOUNDS, BY TYPE, 20172025 (USD BILLION)
TABLE 29 MARKET FOR COMPOUNDS, BY REGION, 20172025 (USD MILLION)
7.3.1 COPPER INDIUM GALLIUM SELENIDE (CIGS)
TABLE 30 PHOTOVOLTAIC MARKET FOR CIGS, BY REGION, 20172025 (USD MILLION)
7.3.2 CADMIUM TELLURIDE (CDTE)
7.3.2.1 CdTe materials are most commonly used in thin-film modules
TABLE 31 PHOTOVOLTAIC MARKET FOR CDTE, BY REGION, 20172025 (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. - 83)
8.1 INTRODUCTION
FIGURE 27 HALF-CELL PV MODULES TO REGISTER HIGHER CAGR IN MARKET DURING FORECAST PERIOD
TABLE 32 PHOTOVOLTAIC MARKET, BY CELL TYPE, 20172025 (USD BILLION)
8.2 FULL-CELL PV MODULES
8.2.1 FULL-CELL PV MODULES HELD LARGER MARKET SHARE DURING FORECAST PERIOD
TABLE 33 MARKET FOR FULL-CELL PV MODULES, BY REGION, 20172025 (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 34 MARKET FOR HALF CELL, BY REGION, 20172025 (USD BILLION)
8.4 IMPACT OF COVID-19 ON DIFFERENT TYPES OF PV CELLS
9 PHOTOVOLTAIC MARKET, BY INSTALLATION TYPE (Page No. - 87)
9.1 INTRODUCTION
FIGURE 28 FLOATING PV SEGMENT OF MARKET TO GROW AT HIGHEST CAGR FROM 2020 TO 2025
TABLE 35 PHOTOVOLTAIC MARKET, BY INSTALLATION TYPE, 20172025 (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. - 92)
10.1 INTRODUCTION
FIGURE 29 RESIDENTIAL APPLICATION TO EXHIBIT HIGHEST CAGR IN PV MARKET DURING FORECAST PERIOD
TABLE 36 PHOTOVOLTAIC MARKET, BY APPLICATION, 20172025 (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 PHOTOVOLTAIC MARKET FOR RESIDENTIAL APPLICATION FROM 2020 TO 2025
TABLE 37 MARKET FOR RESIDENTIAL APPLICATION, BY COMPONENT, 20172025 (USD BILLION)
TABLE 38 MARKET FOR RESIDENTIAL APPLICATION, BY REGION, 20172025 (USD BILLION)
TABLE 39 MARKET IN NORTH AMERICA FOR RESIDENTIAL APPLICATION, BY COUNTRY, 20172025 (USD MILLION)
TABLE 40 MARKET IN EUROPE FOR RESIDENTIAL APPLICATION, BY COUNTRY, 20172025 (USD MILLION)
TABLE 41 MARKET IN APAC FOR RESIDENTIAL APPLICATION, BY COUNTRY, 20172025 (USD MILLION)
TABLE 42 MARKET IN ROW FOR RESIDENTIAL APPLICATION, BY REGION, 20172025 (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 43 PHOTOVOLTAIC MARKET FOR COMMERCIAL AND INDUSTRIAL, BY COMPONENT, 20172025 (USD BILLION)
FIGURE 31 APAC TO HOLD LARGEST SHARE OF PHOTOVOLTAIC MARKET FOR COMMERCIAL AND INDUSTRIAL APPLICATION DURING 20202025
TABLE 44 MARKET FOR COMMERCIAL AND INDUSTRIAL APPLICATION, BY REGION, 20172025 (USD BILLION)
TABLE 45 MARKET IN NORTH AMERICA FOR COMMERCIAL AND INDUSTRIAL APPLICATION, BY COUNTRY, 20172025 (USD MILLION)
TABLE 46 MARKET IN EUROPE FOR COMMERCIAL AND INDUSTRIAL APPLICATION, BY COUNTRY, 20172025 (USD MILLION)
TABLE 47 MARKET IN APAC FOR COMMERCIAL AND INDUSTRIAL APPLICATION, BY COUNTRY, 20172025 (USD MILLION)
TABLE 48 MARKET IN ROW FOR COMMERCIAL AND INDUSTRIAL APPLICATION, , BY REGION, 20172025 (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 PHOTOVOLTAIC MARKET FOR UTILITIES APPLICATION THROUGHOUT FORECAST PERIOD
TABLE 49 MARKET FOR UTILITIES APPLICATION, BY COMPONENT, 20172025 (USD BILLION)
TABLE 50 MARKET FOR UTILITIES APPLICATION, BY REGION, 20172025 (USD BILLION)
TABLE 51 MARKET IN NORTH AMERICA FOR UTILITIES APPLICATION, BY COUNTRY, 20172025 (USD MILLION)
TABLE 52 MARKET IN EUROPE FOR UTILITIES APPLICATION, BY COUNTRY, 20172025 (USD MILLION)
TABLE 53 MARKET IN APAC FOR UTILITIES APPLICATION, BY COUNTRY, 20172025 (USD BILLION)
TABLE 54 MARKET IN ROW FOR UTILITIES APPLICATIONS, BY REGION, 20172025 (USD MILLION)
10.5 IMPACT OF COVID-19 ON APPLICATIONS
11 PHOTOVOLTAIC CONCENTRATION SYSTEMS (Page No. - 103)
11.1 INTRODUCTION
11.2 HIGH CONCENTRATION PV
11.3 MEDIUM & LOW CONCENTRATION PV
12 PHOTOVOLTAIC SYSTEM, BY POWER CAPACITY (Page No. - 104)
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. - 107)
13.1 INTRODUCTION
TABLE 55 CUMULATIVE INSTALLED PHOTOVOLTAIC CAPACITY OF TOP 10 COUNTRIES, 2019
FIGURE 33 PHOTOVOLTAIC MARKET IN APAC TO GROW AT HIGHEST CAGR FROM 2020 TO 2025
TABLE 56 PHOTOVOLTAIC MARKET, BY REGION, 20172025 (USD BILLION)
13.2 NORTH AMERICA
FIGURE 34 SNAPSHOT: PHOTOVOLTAIC MARKET IN NORTH AMERICA
TABLE 57 PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY COUNTRY, 20172025 (USD MILLION)
TABLE 58 MARKET IN NORTH AMERICA, BY COMPONENT, 20172025 (USD BILLION)
TABLE 59 MARKET IN NORTH AMERICA, BY MATERIAL, 20172025 (USD MILLION)
TABLE 60 MARKET IN NORTH AMERICA FOR SILICON, BY TYPE, 20172025 (USD MILLION)
TABLE 61 MARKET IN NORTH AMERICA FOR CRYSTALLINE SILICON, BY TYPE, 20172025 (USD BILLION)
TABLE 62 MARKET IN NORTH AMERICA FOR COMPOUNDS, BY TYPE, 20172025 (USD MILLION)
TABLE 63 MARKET IN NORTH AMERICA, BY CELL TYPE, 20172025 (USD MILLION)
TABLE 64 PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY APPLICATION, 20172025 (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 65 PHOTOVOLTAIC MARKET IN US, BY APPLICATION, 20172025 (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 66 PHOTOVOLTAIC MARKET IN CANADA, BY APPLICATION, 20172025 (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 67 PHOTOVOLTAIC MARKET IN MEXICO, BY APPLICATION, 20172025 (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 68 PHOTOVOLTAIC MARKET IN EUROPE, BY COUNTRY, 20172025 (USD MILLION)
TABLE 69 MARKET IN EUROPE, BY COMPONENT, 20172025 (USD BILLION)
TABLE 70 MARKET IN EUROPE, BY MATERIAL, 20172025 (USD MILLION)
TABLE 71 MARKET IN EUROPE FOR SILICON, BY TYPE, 20172025 (USD MILLION)
TABLE 72 MARKET IN EUROPE FOR CRYSTALLINE SILICON, BY TYPE, 20172025 (USD BILLION)
TABLE 73 MARKET IN EUROPE FOR COMPOUNDS, BY TYPE, 20172025 (USD MILLION)
TABLE 74 MARKET IN EUROPE, BY CELL TYPE, 20172025 (USD BILLION)
TABLE 75 MARKET IN EUROPE, BY APPLICATION, 20172025 (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 photovoltaic market in UK
TABLE 76 MARKET IN UK, BY APPLICATION, 20172025 (USD MILLION)
13.3.2 GERMANY
13.3.2.1 Germany to account for largest size of photovoltaic market in Europe from 2020 to 2025
TABLE 77 MARKET IN GERMANY, BY APPLICATION, 20172025 (USD MILLION)
13.3.3 FRANCE
13.3.3.1 Photovoltaic market in France to grow at highest CAGR from 2020 to 2025
TABLE 78 MARKET IN FRANCE, BY APPLICATION, 20172025 (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 79 PHOTOVOLTAIC MARKET IN ITALY, BY APPLICATION, 20172025 (USD MILLION)
13.3.5 REST OF EUROPE
TABLE 80 PHOTOVOLTAIC MARKET IN REST OF EUROPE, BY APPLICATION, 20172025 (USD BILLION)
13.3.6 GOVERNMENT INITIATIVES TO SUPPORT GROWTH OF PHOTOVOLTAIC MARKET IN EUROPE
13.4 ASIA PACIFIC (APAC)
FIGURE 36 SNAPSHOT: PHOTOVOLTAIC MARKET IN APAC
TABLE 81 PHOTOVOLTAIC MARKET IN APAC, BY COUNTRY, 20172025 (USD BILLION)
TABLE 82 MARKET IN APAC, BY COMPONENT, 20172025 (USD BILLION)
TABLE 83 MARKET IN APAC, BY MATERIAL, 20172025 (USD BILLION)
TABLE 84 MARKET IN APAC FOR SILICON, BY TYPE, 20172025 (USD MILLION)
TABLE 85 MARKET IN APAC FOR CRYSTALLINE SILICON, BY TYPE, 20172025 (USD BILLION)
TABLE 86 MARKET IN APAC FOR COMPOUNDS, BY TYPE, 20172025 (USD MILLION)
TABLE 87 MARKET IN APAC, BY CELL TYPE, 20172025 (USD BILLION)
TABLE 88 PHOTOVOLTAIC MARKET IN APAC, BY APPLICATION, 20172025 (USD BILLION)
13.4.1 CHINA
13.4.1.1 China to account for largest size of photovoltaic market from 2020 to 2025
TABLE 89 MARKET IN CHINA, BY APPLICATION, 20172025 (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 90 MARKET IN JAPAN, BY APPLICATION, 20172025 (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 91 MARKET IN INDIA, BY APPLICATION, 20172025 (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 92 PHOTOVOLTAIC MARKET IN SOUTH KOREA, BY APPLICATION, 20172025 (USD MILLION)
13.4.5 REST OF APAC
TABLE 93 PHOTOVOLTAIC MARKET IN REST OF APAC, BY APPLICATION, 20172025 (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 94 PHOTOVOLTAIC MARKET IN ROW, BY REGION, 20172025 (USD BILLION)
TABLE 95 MARKET IN ROW, BY COMPONENT, 20172025 (USD MILLION)
TABLE 96 MARKET IN ROW, BY MATERIAL, 20172025 (USD MILLION)
TABLE 97 MARKET IN ROW FOR SILICON, BY TYPE, 20172025 (USD MILLION)
TABLE 98 MARKET IN ROW FOR CRYSTALLINE SILICON, BY TYPE, 20172025 (USD MILLION)
TABLE 99 MARKET IN ROW FOR COMPOUNDS, BY TYPE, 20172025 (USD MILLION)
TABLE 100 MARKET IN ROW, BY CELL TYPE, 20172025 (USD BILLION)
TABLE 101 PHOTOVOLTAIC MARKET IN ROW, BY APPLICATION, 20172025 (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 102 PHOTOVOLTAIC MARKET IN SOUTH AMERICA, BY APPLICATION, 20172025 (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 103 PHOTOVOLTAIC MARKET IN MIDDLE EAST & AFRICA, BY APPLICATION, 20172025 (USD MILLION)
13.6 IMPACT OF COVID-19 ON PHOTOVOLTAIC MARKET IN VARIOUS REGIONS
14 COMPETITIVE LANDSCAPE (Page No. - 134)
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 PHOTOVOLTAIC MARKET
14.4 MARKET RANKING ANALYSIS: PHOTOVOLTAIC MARKET, 2019
FIGURE 40 GLOBAL PHOTOVOLTAIC 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 104 PRODUCT LAUNCHES, 20192020
14.7.2 AGREEMENTS, COLLABORATIONS, PARTNERSHIPS, AND CONTRACTS
TABLE 105 AGREEMENTS, COLLABORATIONS, PARTNERSHIPS, AND CONTRACTS, 20192020
14.7.3 ACQUISITIONS
TABLE 106 ACQUISITIONS, 20182020
14.7.4 EXPANSIONS
TABLE 107 EXPANSIONS, 20182019
15 COMPANY PROFILES (Page No. - 144)
15.1 INTRODUCTION
15.2 KEY PLAYERS
(Business overview, Products offered, Recent Developments, SWOT analysis, 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
*Details on Business overview, Products offered, Recent Developments, SWOT analysis, 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. - 180)
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.
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.
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
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.
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.
Benchmarking the rapid strategy shifts of the Top 100 companies in the Photovoltaic Market
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Growth opportunities and latent adjacency in Photovoltaic Market
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