The photovoltaic systems are used to convert sunlight into electricity. It is eco-friendly and can produce energy without a higher carbon footprint from a renewable source. This system is proven to offer lower operating costs than traditional systems. As the electricity demand increases day by day, the demand for solar panels is also accelerating at a higher pace. The demand for alternative energy sources and the rise in concern of climate change are major drivers of the Photovoltaic (PV) Market.
During the COVID breakdown, the market has lost its growth rate, but the industrial player's immense developments have helped the market growth. Moreover, the photovoltaics industry offers diverse applications in different industrial firms.
The rise in opportunities of the market is rising at higher rates. Energy utilization is highly essential in the industrial sector, setting new growth opportunities for the market.
The photovoltaic market shows the industries' need to store energy for multiplying the power supply when there is a requirement for more energy. More energy is needed to make the machines work more efficiently to enhance industry productivity.
In 2020, the PV market value was dropped due to worldwide lockdown. In the first half of 2020, the market slowed down due to the lack of workforce, restrictions and unavailability of sources. The construction of the solar PV power plant was also halted due to the COVID-19 pandemic. Furthermore, the global market experienced disruption in the supply chain for several reasons. The pandemic has shown a negative impact on the global market. But in the present situation, the global market is accelerating at a higher speed.
In 2017, the Photovoltaic (PV) Market had reached a valuation of USD 225.6 Billion. Further, the market is estimated to reach a value of USD 547.15 Billion by 2023 and a compound annual growth rate of 8.2 % during the forecast period.
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Risen Energy Co. Ltd (China), Shunfeng International Clean Energy Limited (China), Mitsubishi Electric Corporation (Japan), GCL System Integration (Hong Kong), JA Solar Holdings (China), Kaneka Corporation (Japan), Sharp Corporation (Japan), Suntech Power Co., Trina Solar Limited (China), Canadian Solar Inc. (Canada), Jinko Solar Holding Co., Ltd. (China), Hanwha Q CELLS Co., Ltd. (South Korea)
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The Photovoltaic (PV) Market is segmented into types, components, and applications.
The type segment is divided into organic PV and inorganic PV. The companies and consumers are adapting these products for diverse needs. The component segment is classified into modules, cells, and optics. Hence, the distribution services efficiency prefers these components based on their requirement. The application fragment of the market is categorized into various applications like residential applications and non-residential applications.
According to the geographical status, the Photovoltaic (PV) Market shows its massive growth in regions such as North America, Europe, Asia Pacific, Europe, and the rest of the world. Among all the regions, the Asia-Pacific is highly dominating the PV market in terms of share due to the presence of vendors and various industrial players in this region. The North American region is estimated to generate the second highest market share due to the support of government and industrial players.