12-Jun-2023 | Facts and Factors
According to the Facts & Factors report, the global photovoltaics market size was nearly $89.25 billion in 2022 and is set to increase to about $177 billion by 2030 along with securing the highest CAGR of 7.90% from 2023 to 2030.
Photovoltaics helps in converting light into electricity by using semiconductor materials exhibiting photovoltaic effect. A photovoltaic system makes use of solar modules which comprises a large number of solar cells producing electric power. Moreover, photovoltaic deployments can be installed through various modes such as floating, ground-mounted, wall-mounted, and rooftop-mounted. The PV technology assists in reducing climatic changes owing to its ability in emitting less carbon as compared to that emitted by fossil fuels such as coal.
Browse the full report “Photovoltaics Market Size, Share, Growth Analysis Report By Component (Modules, BOS, and Inverters), By Material (Silicon and Compounds), By Installation Type (Ground Mounted, Floating Photovoltaic, and BIPV), By Application (Residential, Utilities, and Commercial & Industrial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” at https://www.fnfresearch.com/photovoltaics-market
A surge in the number of solar deployments due to favorable government policies and the growing acceptance of PV technologies in residential and commercial sectors will drive the global photovoltaics market trends.
With PV systems being less expensive, the market across the globe is likely to gain traction in the years ahead. Favorable government initiatives towards renewable & sustainable energy and huge investments in manufacturing photovoltaics will contribute majorly towards the global market proceeds.
Nevertheless, problems faced in land acquisition for PV projects are a key factor hindering the growth of the global photovoltaics industry. However, large-scale use of energy created from photovoltaic cells for generating electricity for running water pumps will offer new growth opportunities for the global industry.
The global photovoltaics market is divided into component, material, installation type, application, and region.
The component segment of the photovoltaics market is sub-segmented into modulators, BOS, and inverters segments. Furthermore, the BOS segment, which contributed over 50% of the global market share in 2022, is set to establish its segmental dominance in the coming years. The growth of the segment in the next eight years can be subject to massive demand for solar panels for renewable energy generation along with growing operational efficiency offered by BOS.
In terms of material, the photovoltaics industry across the globe is segmented into silicon and compound segments. Moreover, the silicon segment, which dominated the segmental growth in 2022, is anticipated to record the highest CAGR in the forthcoming years. The segmental growth over the forecast timeline can be due to the growing demand for silicon in the production of photovoltaic cells for solar energy generation.
On the basis of installation type, the photovoltaics market globally is bifurcated into ground-mounted, floating photovoltaic, and BIPV segments. Moreover, the BIPV segment, which accounted for about 50% of the global market share in 2022, is predicted to establish its dominant status even in the upcoming years. The segmental surge can be credited to growing sustainable energy trends witnessed across the globe.
Based on the application, the photovoltaics market globally is sectored into residential, utilities, and commercial & industrial segments. Moreover, the residential segment, which accounted for a major share of the global market in 2022, is predicted to maintain its segmental dominance even in the foreseeable future. The segmental surge can be credited to the low cost of PV technologies in the past few years.
Furthermore, the North American photovoltaics industry, which contributed nearly more than 70% of the global industry share in 2022, is predicted to witness noteworthy growth in the forecast timespan. The factors that are anticipated to measure the growth of the regional market include the huge demand for solar panels in residential and commercial sectors in the region. Supportive government regulations encouraging the use of renewable energy in the countries such as the U.S. and Canada will exponentiate the regional market growth in the forecast timespan.
Market Size in 2022
USD 89.25 Billion
Projected Market Size in 2030
USD 177 Billion
CAGR Growth Rate
Key Market Players
Abengoa, Trina Solar, Acciona, Canadian Solar, Renesola, First Solar, JA Solar Co. Ltd., Tata Power Solar Systems Ltd., Sharp Corporation, Wuxi Suntech Power Co. Ltd., Mitsubishi Electric Corporation, Kaneka Corporation, Panasonic Corporation, Kyocera Corporation, Jinko Solar., and others.
By Product Type, Material, Installation Type, Application and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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Key players in the global photovoltaics market include Abengoa, Trina Solar, Acciona, Canadian Solar, Renesola, First Solar, JA Solar Co., Ltd., Tata Power Solar Systems Ltd., Sharp Corporation, and Wuxi Suntech Power Co., Ltd. Other participants in the global market include Mitsubishi Electric Corporation, Kaneka Corporation, Panasonic Corporation, Kyocera Corporation, and Jinko Solar.
- In the first quarter of 2022, Canadian Solar Inc., a battery manufacturing firm based in Canada, announced that it started mass manufacturing a new kind of 188mm solar cells for commercial, residential, and industrial rooftop solar panels. The strategic initiative is predicted to boost the expansion of the photovoltaics market in Canada as well as across the North American region.
- In the first half of 2022, LONGi Green Energy Technology Co. Ltd., a silicon material firm based in China, declared the launching of a new Hi-MO 5m 54c module that is made for commercial, industrial, and residential rooftops and outputs high power of nearly 415W along with acquiring power efficiency of nearly 22%.
- In the first quarter of 2022, TrinaTracker, a key division of Trina Solar, launched Vanguard 1P single-row tracker at World Energy Summit held in Abu Dhabi. The strategic move will contribute remarkably towards the expansion of the photovoltaics industry size in Asia and globally.
The global photovoltaics market is segmented as follows:
By Product Type
By Installation Type
- Ground Mounted
- Floating Photovoltaic
- Commercial & Industrial
- North America
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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