The global photovoltaic market size is projected to grow from USD 76.6 billion in 2020 to USD 113.1 billion by 2025, at a CAGR of 8.1%. The market is expected to decline in 2020, mainly due to the impact of COVID-19. The supply chain disruption caused by the pandemic is expected to affect the market significantly. Also, due to lockdown restrictions, companies were not able to source the required labor for their operations due to travel restrictions.
Moreover, as numerous businesses were temporarily closed for some months, they are focusing on reducing capital expenditure, resulting in lower demand for PV systems. Though the market is expected to be impacted in 2020, it is expected to start to recover by 2021 and will fully recover by 2022. Supportive government policies and initiatives are the key factors driving the growth of the photovoltaic market. Also, the decreasing cost of PV systems and energy storage devices is likely to boost the market growth.
To know about the assumptions considered for the study download the pdf brochure
JinkoSolar (China), JA Solar (China), Trina Solar (China), LONGi (China), Canadian Solar (Canada), Hanwha Q CELLS (South Korea), First Solar (US), Wuxi Suntech Power (China), Mitsubishi Electric (Japan), Sharp (Japan), Chint Solar (China), Tongwei Solar (China), Huawei (China), Sungrow Power Supply (China), SMA Solar Technology (Germany), NEXTracker (US), Array Technologies (US), GCL System Integration Technology (China), Risen Energy (China), Yingli Solar (China), and LG Electronics (South Korea) are the key players in the photovoltaic market.
The photovoltaic market is competitive, owing to the presence of several players. Key strategies adopted by these players to expand their product portfolio, increase their market share, and expand their presence in the market are partnerships and product launches. Many market players adopted product launch as their primary business strategy. For instance, in January 2020, Sharp announced the launch of its new half-cut cell module portfolio, including three new monocrystalline silicon PV panels to the NU product family—NU-JC 330, NU-BA385, and NU-JB395. These new PERC modules are expected to offer a higher efficiency of ~2–3% and find applications in residential projects, large-scale commercial installations, and free-field power plants. Apart from this, players have also adopted a partnership strategy to expand their businesses. For instance, in June 2020, JA Solar collaborated with six other companies, namely Canadian Solar, Jiangsu Runyang Yueda PV Technology, Jiangsu Zhongyu PV Technology, Jinko Solar, LONGi, and Lu’an Solar Technology, to establish the new M10 silicon wafer standard size (182 mm x 182 mm).
JinkoSolar has maintained its top spot in the PV market for the past three years. In 2019, the company recorded an annual PV module shipment of ~14.2 GW, up 25% from 11.4 GW in 2018. The company is engaged in various organic and inorganic growth strategies to stay ahead in the competition. It has undertaken four agreements/partnerships in the last eight months. This has helped the company to increase its market presence in South America and APAC and plans to focus on the US and European markets while maintaining a strong foothold in the APAC market. Moreover, such partnerships and agreements provide incremental revenue growth and long-term cost synergies. JinkoSolar announced manufacturing capacity expansions in 2019 that would take module assembly capacity above 20 GW, which is expected to aid the company in reaching its targets. The company is one of the early adopters of PERC technology. In June 2019, the company supplied Trung Nam Group with 258 MW of monocrystalline PERC double glass modules, which were installed at one of the largest solar-wind hybrid projects in Vietnam. In October 2019, the company launched a new high-efficiency Tiger module using 9-busbar Mono PERC and TR technology. With a module efficiency of 20.78%, the new Tiger module can generate up to 460 Wp of peak power output, which makes it suitable for both utility and rooftop installations. Such developments are expected to help JinkoSolar maintain its top spot in the PV market.
JA Solar is a prominent leader in providing half-cell PERC modules and has achieved a strong position in the market. In 2019, the company recorded an annual PV module shipment of ~10.3 GW, up 17% from ~8.8 GW in 2018. The company is expected to focus on PERC PV modules to a large extent, to conquer the opportunities in the residential and utility applications. The company has a widespread presence worldwide with engineering and manufacturing facilities located in North America, Europe, and Asia Pacific. It also has global sales and a strong engineering support network to serve its customers efficiently. With incremental shipment growth Y-o-Y, JA Solar is poised to maintain its top position in the PV market for the next few years.
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
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.SEND ME A FREE SAMPLE