The global photovoltaic market is estimated to grow with a CAGR of xx% in terms of revenue. The market is anticipated to grow to $xx million by 2027. The base year considered for the study is 2018 and the estimated period is between 2019 and 2027.

There is a growing awareness among the masses about climate change. Even global regulatory bodies are taking cognizance of the deterioration of the environment. They are looking for ways to incentivize renewable sources of energy. One of the major renewable sources gaining traction is solar energy. As photovoltaic systems are the main component that converts solar energy to electricity, the rise in the adoption of solar equipment will help ensure the rise of the market for photovoltaics. Various companies and institutions are carrying out research to reduce the prices of solar products which, will give further impetus to the market growth.

The industrial segment is one of the largest applications of the photovoltaic market. This is due to its wide applications in various industries, such as in agriculture, automotive, electronics, telecommunication and aerospace & defense. In the industrial sector, photovoltaic technology is widely used to produce electricity, as it serves as an economical source of electricity and helps curb the carbon footprint produced due to industrial activities. Industries are also provided with incentives by climate change bodies to reduce their carbon footprint.

However, the growth of the market is restrained by various factors. The high cost of manufacturing PV cells being one of them. Another factor that affects growth is the need for storing energy, as solar cells can generate energy on non-cloudy days. The batteries required for making solar cells are very expensive. In addition, there are installation costs.

The report on the global photovoltaic market includes segmentation based on technology, system, application and region.

Market by Technology

• Thin Film
• Mono-Si
• Multi-Si

Market by System

• High Concentrated PV
• Low Concentrated PV

Market by Application

• Industrial
• Residential
• Commercial

Geographically, the global photovoltaic market has been segmented on the basis of four major regions, which include:

• North America: United States & Canada
• Europe: United Kingdom, Germany, France, Spain, Italy and Rest of Europe
• Asia-Pacific: China, India, Japan, Australia, South Korea & Rest of Asia-Pacific
• Rest of World: Latin America, Middle East & Africa

The Asia-Pacific region is a major market for photovoltaics. Solar energy generation in the APAC is rising. The solar energy share in total electricity production of the Asia-Pacific for 2018 was XX%. The increase in the production of solar energy in the Asia-Pacific can be attributed to the rise in the usage of solar energy in stand-alone systems, such as solar street lamps and telecommunication & signaling towers.

The major market players in the global photovoltaics market include:

• Abengoa
• First Solar
• Sharp Corporation
• Tata Power Solar Systems Ltd.
• Wuxi Suntech Power Co., Ltd.
• Others

Company profiles cover the analysis of important players in the market. These companies are using organic and inorganic strategies for growth. For instance, in March 2019, Suntech and Krannich collaborated for market development of PV installations. In March 2019, Trina Solar launched four new series of PV modules to meet the diversified needs of the market. In March 2018, Sharp developed a six-inch mono-crystalline silicon solar cell, which is a fusion of back-contact and thin-film technology, having an efficiency of 25.09%.