Photovoltaic Market Synopsis

Photovoltaic Market Size is Valued at USD 96.5 Billion in 2023, and is Projected to Reach USD 228.29 Billion by 2032, Growing at a CAGR of 10.04% From 2024-2032.

The PV Market has shown spectacular growth in the past ten years due to the rising consciousness of renewable energy and with the global drive towards green energy. Utility scale photovoltaic technology specifically harnessing sunlight to generate electricity has come to the lime light as countries, companies env iron ments look to bring down their carbon footprints to conserve the atmosphere. There are factors such as reduced cost of PV systems, development of better solar cell technology and favorable government policies and programs that have borne witness to the growth of this market segment. Therefore, solar energy has become relatively preferable and affordable for the substitution of conventional fossil fuel resources in residential and commercial applications and utility-scale PV power plants.

• Over the past few years the photovoltaic market has been put in motion by several trends of paramount importance. A key of these presented trends is the focus on energy storage systems including battery systems which improve the stability and effectiveness of solar power systems. This integration enables users to harvest more light energy during the day to meet low energized nighttime or high power demand periods. Also, new techniques have been developed to install bifacial solar panels in which the cell has the capability of receiving of light on both its faces and due to this energy yield and production efficiency has got higher and this attracts the consumers and investors. The continued advancement of, and emphasis on, smart grid systems and the Internet of Things (IoT) are also helping to improve energy control and solar asset utilization.
• However, there are several obstacles that threaten the photovoltaic market such as the disruptions, or shortage in supply of raw materials and trade regulations that makes the costs and availability of photovoltaic to fluctuate. Furthermore, the market depends on subsidies and incentives which produce fluctuation, especially because governments change energy policies according to economic realities. Nonetheless, the long-term scenario of the photovoltaic market seems favorable, due to ongoing development of better and prospect technology and the tendency for steady investment in the infrastructure for renewable power sources. Solar energy is proving to be essential with elevated awareness of the environmental consequences and thus the photovoltaic market has a guarantee of being part of the future energy sector.

Photovoltaic Market Trend Analysis:

Rising Adoption of Bifacial Solar Panels

• Another growing trend, that has emerged in the Photovoltaic Market, is the tendency to incorporate bifacial solar panels that can capture sunlight on both, the topside and underside of a solar panel. This innovation facilitates an increment in energy production since these panels can harness light reflected on the surface or around them. Bifacial technology has recently proved more efficient in terms of power output ranging between 20% to 30% compared to typical monofacial panels making them suitable for installation in residential and commercial applications. Due to increased understanding of the advantages of bifacial panels, more and more manufacturers are including this technology in their products, and therefore more markets are adopting and applying this technology worldwide.
• The bifacial solar panels’ enhanced performance compared to conventional monofacial panels are also evident in modern large scale solar farms and utility scale projects. As developers strive to produce more power and make higher profits, Bifacial modules have emerged as a favorite in new project PV plants. Further, innovations done on the mounting systems and tracking mechanisms augur well with bifacial panels to enable the devices to absorb the right amount of sunlight throughout the day. This trend not only suggests improvements in new or advanced ideas related to the solar technology but also contributes positively towards the ever-growing focus of increasing renewable energy to powering the rising global energy requirements.

Growth of Integrated Solar Solutions

• Another important trend in the Photovoltaic Market is the expansion of the systems that are interconnected with battery energy storage and smart grid. More and more, consumers and businesses are seeking solutions in energy storage systems, especially Li-ion batteries, to enable them to store energy harvested from solar during the day for later use at other times when more energy is required or during evenings and nights when there is no sunlight. It improves the benefits derived from solar installations by offering security of energy and opportunities for energy independence and efficient use of the generated energy.
• This trend is well supported by the emergence of smart grid technologies that enhances organizational energy management and efficient utilization of solar energy in the overall power matrix. Consumers are able to observe the energy they produce and use, by employing smart meters and other advanced systems used in monitoring energy management. Furthermore, the constantly growing trend towards distributed solar generation and distribution also adds the pressure of desiring an integrated solar solution where communities and companies aim for energy self-sufficiency and security. This trend is indicative of a new era of solar photovoltaic application where efficiency and central control transforms the application of solar energy into a more sustainable energy source.

Photovoltaic Market Segment Analysis:

Photovoltaic Market Segmented on the basis of By Type, By Component and By Application

By Type, Organic PV segment is expected to dominate the market during the forecast period

• Organic photovoltaic system (OPV) and inorganic photovoltaic system (IPV). O-Organic PV technology is a technology that involves the use of organic materials including carbon – based compounds to produce electricity from sunlight. These systems are light weight, easily customizable and can be made through low-cost fabrication techniques that are ideal for use in building integrated photovoltaics (BIPV) applications and other portable electronic applications. Nonetheless, for now, they are varied by the issues of efficiency and stability that surround organic PVs as opposed to inorganic versions.
• The market for PV systems is more dominated by what is known as the inorganic systems, mainly silicon based, by virtue of their efficiency and reliability that is already well recorded. These systems are; monocrystalline, polycrystalline, and thin film and come with different performances and costs. Inorganic PVs are well adapted to work in residential, commercial, and utility applications with the potential for economy of scale and serious R&D expenditures currently researching methods for improvement in the future while decreasing costs in the present.

By Application, Residential Applications segment held the largest share in 2024

• The Photovoltaic Market of both residential and non-residential applications has seen considerable growth over the last few years due to the customers’ focus on renewable energy sources. In residential structures, people are going for solar panels as they do not only save costs of electricity tariffs but also the dependence on the municipal power supply, as well as going green by helping in the conservation of the environment. Promises which encourage the use of photovoltaic systems in homes include tax credits and rebates to make solar energy even more affordable.
• In non-residential, commercial and industrial departments are using solar technology to run facilities, reduce expenses, and ensure corporate sustainable measures. Large scale installations in rooftops and unused areas have shown that businesses are increasingly using the solar energy to formulate their energy plans. New trends on corporate social responsibility and regulatory policies on slimming down the carbon footprints also creates needs for photovoltaic in various sectors across the two segments hence translates the market toward positive growth.

Photovoltaic Market Regional Insights:

European Photovoltaic (PV) market is expected to continue to grow in the coming years

• As has been observed, the European PV market will maintain a stable growth in the following years due to the interest shown by the region in reinvented energies together with climate change objectives. With Europe’s growing determination to cut down on greenhouse gas emissions and shift to use of renewable energy sources, solar energy has emerged as a key subsector strategy in the energy sector. Subsidies, supportive policies and increased investment in solar related technologies are leading to the increased use of photovoltaic systems in residential, commercial and distribution generation.
• Besides, improvements in the efficiency of solar systems as well as the availability of storage systems for st hobbyist electricity are making the systems more attractive. The application of smart grid is also helping to enhance the management of energy which is useful for the consumer to control their energy. By placing a high value on energy sovereignty and decarbonization, Europe remains poised for further growth in the deployment of PV systems and is poised to become an important portion of the continent’s energy structure and its efforts towards decarbonisation.

Active Key Players in the Photovoltaic Market

• Risen Energy Co. Ltd (China)
• Shunfeng International Clean Energy Limited (China)
• Mitsubishi Electric Corporation (Japan)
• GCL System Integration (China)
• JA Solar Holdings (China)
• Kaneka Corporation (Japan)
• Sharp Corporation (Japan)
• Suntech Power Co. (China)
• Trina Solar Limited (China)
• Canadian Solar Inc. (Canada)
• Jinko Solar Holding Co., Ltd (China)
• others

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Photovoltaic Market by Type
 4.1 Photovoltaic Market Snapshot and Growth Engine
 4.2 Photovoltaic Market Overview
 4.3 Organic PV
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Organic PV: Geographic Segmentation Analysis
 4.4 Inorganic PV
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Inorganic PV: Geographic Segmentation Analysis

Chapter 5: Photovoltaic Market by Component
 5.1 Photovoltaic Market Snapshot and Growth Engine
 5.2 Photovoltaic Market Overview
 5.3 Cells
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Cells: Geographic Segmentation Analysis
 5.4 Modules
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Modules: Geographic Segmentation Analysis
 5.5 Optics
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Optics: Geographic Segmentation Analysis

Chapter 6: Photovoltaic Market by Application
 6.1 Photovoltaic Market Snapshot and Growth Engine
 6.2 Photovoltaic Market Overview
 6.3 Residential Applications
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Residential Applications: Geographic Segmentation Analysis
 6.4 Non-Residential Applications
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Non-Residential Applications: Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Photovoltaic Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 RISEN ENERGY
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 SHUNFENG INTERNATIONAL CLEAN ENERGY
 7.4 MITSUBISHI ELECTRIC
 7.5 GCL SYSTEM INTEGRATION
 7.6 JA SOLAR HOLDINGS
 7.7 KANEKA
 7.8 SHARP
 7.9 SUNTECH POWER
 7.10 TRINA SOLAR
 7.11 CANADIAN SOLAR
 7.12 JINKO SOLAR
 7.13 OTHERS

Chapter 8: Global Photovoltaic Market By Region
 8.1 Overview
 8.2. North America Photovoltaic Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Type
  8.2.4.1 Organic PV
  8.2.4.2 Inorganic PV
  8.2.5 Historic and Forecasted Market Size By Component
  8.2.5.1 Cells
  8.2.5.2 Modules
  8.2.5.3 Optics
  8.2.6 Historic and Forecasted Market Size By Application
  8.2.6.1 Residential Applications
  8.2.6.2 Non-Residential Applications
  8.2.7 Historic and Forecast Market Size by Country
  8.2.7.1 US
  8.2.7.2 Canada
  8.2.7.3 Mexico
 8.3. Eastern Europe Photovoltaic Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Type
  8.3.4.1 Organic PV
  8.3.4.2 Inorganic PV
  8.3.5 Historic and Forecasted Market Size By Component
  8.3.5.1 Cells
  8.3.5.2 Modules
  8.3.5.3 Optics
  8.3.6 Historic and Forecasted Market Size By Application
  8.3.6.1 Residential Applications
  8.3.6.2 Non-Residential Applications
  8.3.7 Historic and Forecast Market Size by Country
  8.3.7.1 Bulgaria
  8.3.7.2 The Czech Republic
  8.3.7.3 Hungary
  8.3.7.4 Poland
  8.3.7.5 Romania
  8.3.7.6 Rest of Eastern Europe
 8.4. Western Europe Photovoltaic Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Type
  8.4.4.1 Organic PV
  8.4.4.2 Inorganic PV
  8.4.5 Historic and Forecasted Market Size By Component
  8.4.5.1 Cells
  8.4.5.2 Modules
  8.4.5.3 Optics
  8.4.6 Historic and Forecasted Market Size By Application
  8.4.6.1 Residential Applications
  8.4.6.2 Non-Residential Applications
  8.4.7 Historic and Forecast Market Size by Country
  8.4.7.1 Germany
  8.4.7.2 UK
  8.4.7.3 France
  8.4.7.4 Netherlands
  8.4.7.5 Italy
  8.4.7.6 Russia
  8.4.7.7 Spain
  8.4.7.8 Rest of Western Europe
 8.5. Asia Pacific Photovoltaic Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Type
  8.5.4.1 Organic PV
  8.5.4.2 Inorganic PV
  8.5.5 Historic and Forecasted Market Size By Component
  8.5.5.1 Cells
  8.5.5.2 Modules
  8.5.5.3 Optics
  8.5.6 Historic and Forecasted Market Size By Application
  8.5.6.1 Residential Applications
  8.5.6.2 Non-Residential Applications
  8.5.7 Historic and Forecast Market Size by Country
  8.5.7.1 China
  8.5.7.2 India
  8.5.7.3 Japan
  8.5.7.4 South Korea
  8.5.7.5 Malaysia
  8.5.7.6 Thailand
  8.5.7.7 Vietnam
  8.5.7.8 The Philippines
  8.5.7.9 Australia
  8.5.7.10 New Zealand
  8.5.7.11 Rest of APAC
 8.6. Middle East & Africa Photovoltaic Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Type
  8.6.4.1 Organic PV
  8.6.4.2 Inorganic PV
  8.6.5 Historic and Forecasted Market Size By Component
  8.6.5.1 Cells
  8.6.5.2 Modules
  8.6.5.3 Optics
  8.6.6 Historic and Forecasted Market Size By Application
  8.6.6.1 Residential Applications
  8.6.6.2 Non-Residential Applications
  8.6.7 Historic and Forecast Market Size by Country
  8.6.7.1 Turkey
  8.6.7.2 Bahrain
  8.6.7.3 Kuwait
  8.6.7.4 Saudi Arabia
  8.6.7.5 Qatar
  8.6.7.6 UAE
  8.6.7.7 Israel
  8.6.7.8 South Africa
 8.7. South America Photovoltaic Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Type
  8.7.4.1 Organic PV
  8.7.4.2 Inorganic PV
  8.7.5 Historic and Forecasted Market Size By Component
  8.7.5.1 Cells
  8.7.5.2 Modules
  8.7.5.3 Optics
  8.7.6 Historic and Forecasted Market Size By Application
  8.7.6.1 Residential Applications
  8.7.6.2 Non-Residential Applications
  8.7.7 Historic and Forecast Market Size by Country
  8.7.7.1 Brazil
  8.7.7.2 Argentina
  8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research