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Photovoltaic Market by Technology, System and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026

  • ID: 4845544
  • Report
  • August 2019
  • Region: Global
  • 342 pages
  • Allied Analytics LLP

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FEATURED COMPANIES

  • Abengoa
  • Acciona
  • Canadian Solar
  • First Solar
  • JA Solar Co. Ltd.
  • Renesola
  • MORE
The global photovoltaic market was valued at $53,916.0 million in 2018, and is projected to reach $333,725.1 million by 2026, growing at a CAGR of 25.1% from 2019 to 2026.

Photovoltaic energy is the energy produced by the sun’s radiation, which is transformed into electricity in photovoltaic cells. The electricity is then fed into the electricity network for can then be used in electrical equipment. Photovoltaic energy technology is widely used in rooftop solar installations to provide stored energy for residential buildings at a low cost. In addition, on a commercial scale, photovoltaic technology is used in solar lamps, parking meters, emergency telephones, trash compactors, temporary traffic signs, charging stations, and remote guard posts & signals. Moreover, it is used in solar buses and cars to provide electricity to run the vehicle motor. Furthermore, in the agricultural sector, photovoltaic technology is widely in solar drying to dry crops faster. It is further used in photovoltaic panels, which generate electricity to run water pumps, and serves as an economical option as compared to new electric lines to provide power to remote locations. Moreover, photovoltaic technology is used in aerospace & defense sector for manufacturing of solar panels to be used in satellite to generate electricity for smooth working of satellite in space. In addition, in telecommunication industry, it is widely used in PV modules consisting of silicon solar cells connected in series or parallel that provide the required charging current for batteries, thus enabling maintenance-free operation and reduced storage costs for the entire system.

The growth of the global photovoltaic market is majorly driven by increase in energy demand due to rising population, In addition, surge in need for sustainable energy resources has been witnessed across the globe, coupled with favorable government regulations. These regulations focus on the reduced dependency on fossil fuels and help in controlling environmental pollution. This in turn is favoring the demand for renewable energy sources such as solar energy, and is the key factor that fuels the demand for photovoltaic energy. In addition, reduction of carbon footprint and upsurge in need for low-cost energy generation are expected to propel the growth of the photovoltaic market.

However, factors such as high cost of installation, storage, and power conversion devices and low efficiency of PV module are expected to hinder the growth of this market. On the contrary, decrease in cost of solar systems and energy storage devices is expected to offer lucrative opportunity for market growth. In addition, increase in prices of fossil fuels is anticipated to provide remunerative opportunities for market expansion, as rise in prices of fossil fuels, such as coal, will boost the cost of electricity generation, which in turn will result in increase in usage of photovoltaic energy.

The global photovoltaic market is segmented based on technology, system, application, and region. Depending on technology, the market is classified into thin film (cadmium telluride, copper indium gallium diselenide, and amorphous thin-film silicon), mono-Si and multi-Si. The systems covered in the study include high concentrated PV (HCPV) and low concentrated PV (LCPV). On the basis of application, the market is classified into industrial, residential, and commercial. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Thailand, Australia, and rest of Asia-Pacific), and LAMEA (Chile, South Africa, Turkey, and rest of LAMEA).

The major key players operating in the photovoltaic industry include Abengoa, Acciona, Canadian Solar, First Solar, JA Solar Co., Ltd., Renesola, Sharp Corporation, Tata Power Solar Systems Ltd., Trina Solar, and Wuxi Suntech Power Co., Ltd.

KEY BENEFITS FOR STAKEHOLDERS
  • Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • It outlines the current trends and future scenario of the market from 2019 to 2026 to understand the prevailing opportunities and potential investment pockets.
  • Major countries in the region have been mapped according to their individual revenue contribution to the regional market.
  • The key drivers, restraints, and opportunities and their detailed impact analysis are elucidated in the study.
  • The profiles of key players along with their key strategic developments are enlisted in the report.
KEY MARKET SEGMENTS

By Technology
o Thin Film
o Cadmium Telluride
o Copper Indium Gallium Diselenide
o Amorphous Thin-film Silicon
o Mono Si
o Multi Si

By System
o High Concentrated PV (HCPV)
o Low Concentrated PV (LCPV)

By Application
o Industrial
o Residential
o Commercial

By Region
  • North America
o U.S.
o Canada
o Mexico
  • Europe
o Germany
o France
o Spain
o Italy
o UK
o Rest of Europe
  • Asia-Pacific
o China
o Japan
o India
o South Korea
o Thailand
o Australia
o Rest of Asia-Pacific
  • LAMEA
o Chile
o South Africa
o Turkey
o Rest of LAMEA
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Abengoa
  • Acciona
  • Canadian Solar
  • First Solar
  • JA Solar Co. Ltd.
  • Renesola
  • MORE
Chapter 1: Introduction
1.1. Report Description
1.2. Key Benefits For Stakeholders
1.3. Key Market Segments
1.4. Research Methodology
1.4.1. Primary Research
1.4.2. Secondary Research
1.4.3. Analyst Tools And Models

Chapter 2: Executive Summary
2.1. Key Findings of The Study
2.2. Key Findings
2.2.1. Top Investment Pockets
2.3. Cxo Perspective

Chapter 3: Market Overview
3.1. Market Definition And Scope
3.2. Key Forces Shaping Global Photovoltaic Market
3.3. Pricing Analysis
3.3.1. Pricing Analysis, By Technology, 2018-2026
3.3.2. Pricing Analysis, By System, 2018-2026
3.3.3. Pricing Analysis, By Application, 2018-2026
3.3.4. Pricing Analysis, By Region, 2018-2026
3.4. Value Chain Analysis
3.5. Impact of Government Regulations On Global Photovoltaic Market
3.6. Patent Analysis
3.6.1. By Region, 2012–2018
3.7. Market Dynamics
3.7.1. Drivers
3.7.1.1. Supportive Government Policies And Initiatives Toward Usage of Photovoltaic Technology
3.7.1.2. Increase In Demand For Pv Technology In Residential Applications
3.7.2. Restraints
3.7.2.1. High Cost of Installation, Storage, And Power Conversion Devices
3.7.2.2. Low Efficiency of Pv Modules
3.7.3. Opportunities
3.7.3.1. Upsurge In Demand For Renewable Energy
3.7.3.2. Rise In Prices of Fossil Fuels
3.7.4. Parent Market Overview

Chapter 4: Photovoltaic Market, By Technology
4.1. Overview
4.1.1. Market Size And Forecast
4.2. Thin Film
4.2.1. Key Market Trends, Growth Factors, And Opportunities
4.2.2. Market Size And Forecast, By Region
4.2.2.1. Market Size And Forecast, By Type
4.2.2.2. Cadmium Telluride
4.2.2.3. Copper Indium Gallium Diselenide
4.2.2.4. Amorphous Thin-Film Silicon
4.2.3. Market Share Analysis, By Country
4.3. Mono-Si
4.3.1. Key Market Trends, Growth Factors, And Opportunities
4.3.2. Market Size And Forecast, By Region
4.3.3. Market Share Analysis, By Country
4.4. Multi-Si
4.4.1. Key Market Trends, Growth Factors, And Opportunities
4.4.2. Market Size And Forecast, By Region
4.4.3. Market Share Analysis, By Country

Chapter 5: Photovoltaic Market, By System
5.1. Overview
5.1.1. Market Size And Forecast
5.2. High Concentrated Pv (Hcpv)
5.2.1. Key Market Trends, Growth Factors, And Opportunities
5.2.2. Market Size And Forecast, By Region
5.2.3. Market Share Analysis, By Country
5.3. Low Concentrated Pv (Lcpv)
5.3.1. Key Market Trends, Growth Factors, And Opportunities
5.3.2. Market Size And Forecast, By Region
5.3.3. Market Share Analysis, By Country

Chapter 6: Photovoltaic Market, By Application
6.1. Overview
6.1.1. Market Size And Forecast
6.2. Industrial
6.2.1. Key Market Trends, Growth Factors, And Opportunities
6.2.2. Market Size And Forecast, By Region
6.2.3. Market Share Analysis, By Country
6.3. Residential
6.3.1. Key Market Trends, Growth Factors, And Opportunities
6.3.2. Market Size And Forecast, By Region
6.3.3. Market Share Analysis, By Country
6.4. Commercial
6.4.1. Key Market Trends, Growth Factors, And Opportunities
6.4.2. Market Size And Forecast, By Region
6.4.3. Market Share Analysis, By Country

Chapter 7: Photovoltaic Market, By Region
7.1. Overview
7.1.1. Market Size And Forecast
7.2. North America
7.2.1. Key Market Trends, Growth Factors, And Opportunities
7.2.2. Market Size And Forecast, By Technology
7.2.3. Market Size And Forecast, By System
7.2.4. Market Size And Forecast, By Application
7.2.5. Market Share Analysis, By Country
7.2.6. U.S.
7.2.6.1. Market Size And Forecast, By Technology
7.2.6.2. Market Size And Forecast, By System
7.2.6.3. Market Size And Forecast, By Application
7.2.7. Canada
7.2.7.1. Market Size And Forecast, By Technology
7.2.7.2. Market Size And Forecast, By System
7.2.7.3. Market Size And Forecast, By Application
7.2.8. Mexico
7.2.8.1. Market Size And Forecast, By Technology
7.2.8.2. Market Size And Forecast, By System
7.2.8.3. Market Size And Forecast, By Application
7.3. Europe
7.3.1. Key Market Trends, Growth Factors, And Opportunities
7.3.2. Market Size And Forecast, By Technology
7.3.3. Market Size And Forecast, By System
7.3.4. Market Size And Forecast, By Application
7.3.5. Market Share Analysis, By Country
7.3.6. Germany
7.3.6.1. Market Size And Forecast, By Technology
7.3.6.2. Market Size And Forecast, By System
7.3.6.3. Market Size And Forecast, By Application
7.3.7. France
7.3.7.1. Market Size And Forecast, By Technology
7.3.7.2. Market Size And Forecast, By System
7.3.7.3. Market Size And Forecast, By Application
7.3.8. Italy
7.3.8.1. Market Size And Forecast, By Technology
7.3.8.2. Market Size And Forecast, By System
7.3.8.3. Market Size And Forecast, By Application
7.3.9. Spain
7.3.9.1. Market Size And Forecast, By Technology
7.3.9.2. Market Size And Forecast, By System
7.3.9.3. Market Size And Forecast, By Application
7.3.10. UK
7.3.10.1. Market Size And Forecast, By Technology
7.3.10.2. Market Size And Forecast, By System
7.3.10.3. Market Size And Forecast, By Application
7.3.11. Rest of Europe
7.3.11.1. Market Size And Forecast, By Technology
7.3.11.2. Market Size And Forecast, By System
7.3.11.3. Market Size And Forecast, By Application
7.4. Asia-Pacific
7.4.1. Key Market Trends, Growth Factors, And Opportunities
7.4.2. Market Size And Forecast, By Technology
7.4.3. Market Size And Forecast, By System
7.4.4. Market Size And Forecast, By Application
7.4.5. Market Share Analysis, By Country
7.4.6. China
7.4.6.1. Market Size And Forecast, By Technology
7.4.6.2. Market Size And Forecast, By System
7.4.6.3. Market Size And Forecast, By Application
7.4.7. Japan
7.4.7.1. Market Size And Forecast, By Technology
7.4.7.2. Market Size And Forecast, By System
7.4.7.3. Market Size And Forecast, By Application
7.4.8. South Korea
7.4.8.1. Market Size And Forecast, By Technology
7.4.8.2. Market Size And Forecast, By System
7.4.8.3. Market Size And Forecast, By Application
7.4.9. India
7.4.9.1. Market Size And Forecast, By Technology
7.4.9.2. Market Size And Forecast, By System
7.4.9.3. Market Size And Forecast, By Application
7.4.10. Thailand
7.4.10.1. Market Size And Forecast, By Technology
7.4.10.2. Market Size And Forecast, By System
7.4.10.3. Market Size And Forecast, By Application
7.4.11. Australia
7.4.11.1. Market Size And Forecast, By Technology
7.4.11.2. Market Size And Forecast, By System
7.4.11.3. Market Size And Forecast, By Application
7.4.12. Rest of Asia-Pacific
7.4.12.1. Market Size And Forecast, By Technology
7.4.12.2. Market Size And Forecast, By System
7.4.12.3. Market Size And Forecast, By Application
7.5. LAMEA
7.5.1. Key Market Trends, Growth Factors, And Opportunities
7.5.2. Market Size And Forecast, By Technology
7.5.3. Market Size And Forecast, By System
7.5.4. Market Size And Forecast, By Application
7.5.5. Market Share Analysis, By Country
7.5.6. Chile
7.5.6.1. Market Size And Forecast, By Technology
7.5.6.2. Market Size And Forecast, By System
7.5.6.3. Market Size And Forecast, By Application
7.5.7. South Africa
7.5.7.1. Market Size And Forecast, By Technology
7.5.7.2. Market Size And Forecast, By System
7.5.7.3. Market Size And Forecast, By Application
7.5.8. Turkey
7.5.8.1. Market Size And Forecast, By Technology
7.5.8.2. Market Size And Forecast, By System
7.5.8.3. Market Size And Forecast, By Application
7.5.9. Rest of LAMEA
7.5.9.1. Market Size And Forecast, By Technology
7.5.9.2. Market Size And Forecast, By System
7.5.9.3. Market Size And Forecast, By Application

Chapter 8: Competitive Landscape
8.1. Introduction
8.1.1. Market Player Positioning, 2018
8.2. Top Winning Strategies
8.2.1. Top Winning Strategies, By Year
8.2.2. Top Winning Strategies, By Development
8.2.3. Top Winning Strategies, By Company
8.3. Project Mapping of Top 10 Player
8.4. Key Developments
8.4.1. Partnership
8.4.2. Acquisitions
8.4.3. Joint Venture
8.4.4. Product Launch
8.4.5. Collaboration
8.4.6. Agreement
8.5. Other Key Players Profile
8.5.1. Key Player Snapshot

Chapter 9: Company Profiles
9.1. Abengoa Se
9.1.1. Company Overview
9.1.2. Company Snapshot
9.1.3. Operating Business Segments
9.1.4. Project/Plant Portfolio
9.1.5. Business Performance
9.1.6. Key Strategic Moves And Developments
9.2. Acciona S.A.
9.2.1. Company Overview
9.2.2. Company Snapshot
9.2.3. Operating Business Segments
9.2.4. Project/Plant Portfolio
9.2.5. Business Performance
9.2.6. Key Strategic Moves And Developments
9.3. Canadian Solar, Inc.
9.3.1. Company Overview
9.3.2. Company Snapshot
9.3.3. Operating Business Segments
9.3.4. Project/Plant Portfolio
9.3.5. Business Performance
9.3.6. Key Strategic Moves And Developments
9.4. First Solar, Inc.
9.4.1. Company Overview
9.4.2. Company Snapshot
9.4.3. Operating Business Segments
9.4.4. Project/Plant Portfolio
9.4.5. Business Performance
9.4.6. Key Strategic Moves And Developments
9.5. Ja Solar Holdings Co. Ltd.
9.5.1. Company Overview
9.5.2. Company Snapshot
9.5.3. Operating Business Segments
9.5.4. Project/Plant Portfolio
9.5.5. Business Performance
9.5.6. Key Strategic Moves And Developments
9.6. Renesola Ltd.
9.6.1. Company Overview
9.6.2. Company Snapshot
9.6.3. Operating Business Segments
9.6.4. Project/Plant Portfolio
9.6.5. Business Performance
9.7. Sharp Corporation
9.7.1. Company Overview
9.7.2. Company Snapshot
9.7.3. Operating Business Segments
9.7.4. Project/Plant Portfolio
9.7.5. Business Performance
9.7.6. Key Strategic Moves And Developments
9.8. Tata Power Solar Systems Limited.
9.8.1. Company Overview
9.8.2. Company Snapshot
9.8.3. Project/Plant Portfolio
9.8.4. Business Performance
9.9. Trina Solar Co., Ltd.
9.9.1. Company Overview
9.9.2. Company Snapshot
9.9.3. Operating Business Segments
9.9.4. Project/Plant Portfolio
9.9.5. Key Strategic Moves And Developments
9.10. Wuxi Suntech Power Co., Ltd.
9.10.1. Company Overview
9.10.2. Company Snapshot
9.10.3. Operating Business Segments
9.10.4. Project/Plant Portfolio
9.10.5. Key Strategic Moves And Developments
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Abengoa
  • Acciona
  • Canadian Solar
  • First Solar
  • JA Solar Co. Ltd.
  • Renesola
  • MORE
According to the report titled, 'Photovoltaic Market by Technology, System, and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026,' the global photovoltaic market size was valued at $53,916.0 million in 2018, and is projected to reach $333,725.1 million by 2026, growing at a CAGR of 25.1% from 2019 to 2026.

Photovoltaic (PV) technology converts energy from solar radiation directly into electricity using semiconductor materials. It has no mechanical moving parts, thus, it has a prolonged service life, requiring minimal maintenance. Photovoltaic technology is used in renewable energy systems range from small-scale systems for lighting and pumping to large-scale systems for whole buildings and utility-scale photovoltaic farms.

Continuous supply of energy and comparatively lower expenses of photovoltaic energy than conventional energy sources have made PV technology lucrative for application in industrial sectors such as telecommunication, aerospace & defense, agriculture, and automotive. This factor is expected to escalate the market growth during the forecast period. In addition, increase in popularity of photovoltaic technology owing to its employment in electricity generation, to provide electricity for residential buildings, at a low cost is expected to drive the growth of the global photovoltaic market. Furthermore, high concentrated PV (HCPV) is widely used in military and aerospace applications such as in manufacturing of solar panels for satellites. The growth in aerospace & defense sector across Asia-Pacific region and increase in indigenous development satellites have led to increase in demand for photovoltaic technology, and is thus positively affecting the market growth.

Based on technology, the market size is segmented into thin film, mono-Si, and multi-Si. Thin-film photovoltaic modules are manufactured using silicon, cadmium, and copper as raw materials, and are incorporated in solar panels to produce electricity. Thin-film photovoltaic technology is available in three different types, including cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and amorphous thin-film silicon (a-Si, TF-Si). Monocrystalline silicon (mono-Si) technology is a silicon-based discrete component that uses integrated circuits. This technology is used in modern electronic equipment. Multi-crystalline silicon (multi-Si) technology comprises high-purity, polycrystalline form of silicon and contains multiple layers of the same. This technology is mostly used in standalone systems.

Based on system, the market size is bifurcated into high concentrated PV (HCPV) and low concentrated PV (LCPV). The HCPV system is used to generate electricity by using lenses or curved mirrors to gather huge amount of sunlight on a small area with highly proficient multi-Junction (MJ) solar cells. This system concentrates sunlight to intensify it, equals to that of 1,000 suns or more. It is majorly used in industrial, telecom or mobile towers, rural electrification, and aerospace & defense sectors. LCPV cell converts the solar energy into direct current, which is used in semiconductor materials.

The initiative Akshay Urja taken by the Government of India, which includes installation of 300,000 solar streetlights and 2,500,000 numbers of solar study lamps is anticipated to provide lucrative opportunities in northeastern states. In addition, solar power plants of individual size up to 25 kWp will be promoted in remote areas where grid power has not reached. This factor is anticipated to increase the demand for photovoltaic energy, thereby accelerating the market growth.

Based on application, the market is categorized into industrial, residential, and commercial. In residential application, PV technology is widely used in rooftop solar installations for providing stored energy for residential buildings at low cost. Commercially, PV technology is used in solar buses and cars to provide electricity to run the vehicle motor. In addition, it finds application in agricultural sector and is used in solar drying equipment to dry crops faster and to generate electricity to run water pumps. Moreover, in the industrial sector, PV technology is used in aerospace & defense sector for manufacturing of solar panels to be used in satellite. In addition, in the telecommunication industry, it is widely used in PV modules, providing required charging current for batteries. The photovoltaic market trends in terms of usage are expected to grow across all application owing to increase in usage of photovoltaic technology to generate electricity and to reduce carbon footprint across the globe.

Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific has emerged as a global leader in the photovoltaic market, due to surge in energy demand in the developing economies such as India, China, and Thailand, owing to decrease in dependency on conventional energy sources, including coal & crude oil, and increase in urbanization. In addition, development of rural electrification activities in countries such as India, China, and Thailand and rise in government initiatives to promote the use of renewable energy are anticipated to boost the photovoltaic market growth from 2019 to 2026.

Key Findings of the Photovoltaic Market :

The Asia-Pacific photovoltaic market is predicted to hold a share of over 48.93% by 2026.
The thin film photovoltaic technology segment is expected to dominate the market, garnering a share 48.52% during the projected period.
The low concentration PV segment is projected to hold a share of over 39.00% by 2026.
The industrial application segment is estimated to account for 45.52% of the share by 2026.
The Europe photovoltaic market is predicted to hold a share of over 38.98% by 2026.
The market players have adopted collaboration, partnership, product launch, joint venture, agreement and acquisition as their key strategies to gain competitive advantage in this market. The key players operating in the photovoltaic industry include Abengoa, Acciona, Canadian Solar, First Solar, JA Solar Co., Ltd., Renesola, Sharp Corporation, Tata Power Solar Systems Ltd., Trina Solar and Wuxi Suntech Power Co., Ltd.
Note: Product cover images may vary from those shown
  • Abengoa
  • Acciona
  • Canadian Solar
  • First Solar
  • JA Solar Co. Ltd.
  • Renesola
  • Sharp Corporation
  • Tata Power Solar Systems Ltd.
  • Trina Solar Wuxi Suntech Power Co. Ltd.
Note: Product cover images may vary from those shown

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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