The Global Photovoltaic Market size is estimated to be USD 67.27 billion in 2019 and is predicted to reach USD 769.45 billion by 2030 with a CAGR of 24.8% from 2020-2030.
Photovoltaic energy is produces by the sun radiation and it is stored in the form of electricity by using photovoltaic cells. This stored energy can be used for various purposes and it can also be stored into battery for longer and later use. On commercial scale it is used for various applications, such as charging stations, solar lamps, traffic signals and others.
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Top Companies: Acciona, Abengoa, Canadian Solar, JA Solar Co., Ltd., First Solar, Renesola, Tata Power Solar Systems Ltd., Sharp Corporation, Wuxi Suntech Power Co., Ltd and others.
The global photovoltaic market share is analysed on the basis of technology, application, system and geography. On the basis of technology, the market is segmented into Thin Film, Mono Si, and Multi Si. The thin film is sub segmented into Cadmium Telluride, Copper Indium Gallium Diselenide, and Amorphous Thin-film Silicon. Based on system, the market is fragmented into High Concentrated PV (HCPV) and Low Concentrated PV (LCPV) On the basis of application, the market is divided into Industrial, Residential, and Commercial. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Asia-Pacific, Europe, and RoW.
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North America is expected to account for the major market share owing to the increased adoption of photovoltaic due to the increased demand of sustainable energy. Furthermore, increase in technological advancement coupled with presence of developed infrastructure and stringent government policies to control pollution are further expected to fuel the growth of photovoltaic market. Asia Pacific is expected to show tremendous growth with gradual increase in market share over the forecast period owing to the increased prices of fossil fuels. Furthermore, increased demand for the reduction of carbon footprint coupled with increased demand of renewable energy is expected to support the growth of photovoltaic market.
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