The photovoltaic market is projected to grow from USD 96.5 billion in 2023 and is projected to reach USD 155.5 billion by 2028; it is expected to grow at a CAGR of 10.0 % from 2023 to 2028.
The rising number of solar installations attributed to government-led incentives and schemes, growth in the adoption of PV systems for residential applications, decreasing cost of PV systems and energy storage devices is expected to fuel the growth of the photovoltaic market.
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Key strategies adopted by the players in the photovoltaic ecosystem to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and partnerships and acquisitions.
For instance, in April 2021, in July 2023, JinkoSolar (China) announced that it had launched its residential energy storage system “SUNTANK” for the Australian market, which will also act as a strong support in developing PV+ ESS solutions and providing more stable electricity to meet residential needs. The product has been designed to ensure fast and flexible installation.
In January 2022, TrinaTracker, a business unit of Trina Solar (China) launched Vanguard 1P single-row tracker at the World Future Energy Summit in Abu Dhabi. The new Vanguard 1P series, fully compatible with ultra-high-power modules ranging from 400W to 670W+, enables new application scenarios for TrinaTracker.
JinkoSolar has a strong presence in the PV market. In 2021, the company recorded an annual PV module shipment of ~22.2 GW. The company relies on a combination of internal marketing professionals, external marketing agencies, and a network of the ecosystem and channel partners to effectively communicate its value proposition and differentiation to generate qualified leads for channel partners. Moreover, for its business growth, the company focuses on R&D to improve and enhance its existing PV portfolio, as well as develop new products, features, and functionalities. JinkoSolar has adopted both organic and inorganic growth strategies, such as product launches, expansions, acquisitions, and contracts, to stay ahead of the competition in the market. It undertook several agreements/partnerships in 2021. This has helped the company to increase its market presence in South America and Asia Pacific and it plans to focus on the US and European markets while maintaining a strong foothold in the market in Asia Pacific. Moreover, such partnerships and agreements provide incremental revenue growth and long-term cost synergies. JinkoSolar, in 2022, announced the commencing of operations at the 20 GW N-type ingot manufacturing unit in Xining, Qinghai province, which happens to be the world’s largest N-type ingot factory till date. To strengthen its presence in the Australian market, JinkoSolar in 2022 launched its residential energy storage system SUNTANK for the Australian market, which will also act as a strong support in developing PV+ ESS solutions and providing more stable electricity to meet residential needs.
LONGi is among the top players in the PV market. By the end of 2021, LONGi’s production capacity of monocrystalline modules reached 60 GW. In 2021, LONGi shipped 38.52 GW of mono-crystalline modules, of which external sales accounted for 37.24 GW and internal use 1.28 GW. The company also makes substantial investments in R&D, which helps it to bring innovative products to the market. Such initiatives by the company are expected to help the company increase its market share and global footprint in the PV market. The company has established manufacturing facilities and sales networks in more than 150 countries and regions worldwide, employing 49,967 full-time corporate staff, with 9,827 employees outside China’s mainland accounting for 7.59% of the total. LONGi has been focusing on both organic and inorganic growth strategies, such as product launches, acquisitions, contracts, and expansions, to consolidate its position in the PV market. For example, in February 2022, LONGi, released a new module, the Hi-MO 5m 54c. With 54 cells, this new Hi-MO 5 m module is designed mainly for residential and C&I rooftop systems, produces a maximum power output of 415 W, and achieves an efficiency of 21.25%. The company is investing in expanding its manufacturing capacity to cater to the demand for PV offerings and increase its business revenue. As of the end of 2021, the companys production capacity for wafers, cells, and modules had reached 105 GW, 37G W, and 60 GW, respectively, with 2022 capacity targets increased to 150 GW, 60 GW, and 85 GW. The company has had numerous agreements/partnerships/contracts in the last two years worldwide.
Photovoltaic Market by Component (Modules, Inverters, BOS), Material (Silicon, Compounds), Installation Type (Ground Mounted, BIPV, Floating PV), Application (Residential, Commercial & Industrial, Utilities), Cell Type and Region - Global Forecast to 2028
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