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The Global Photovoltaic Market is Forecast to Grow from USD 76.6 Billion in 2020 to USD 113.1 Billion by 2025, at a CAGR of 8.1%

Research and Markets
·5-min read

Dublin, Nov. 02, 2020 (GLOBE NEWSWIRE) -- The "Photovoltaic Market with COVID-19 Impact, by Component (Modules, Inverters), Material (Silicon, Compounds), Installation Type (Ground Mounted, BIPV), Application (Residential, Commercial & Industrial, Utilities) and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The photovoltaic market was valued at USD 97.8 billion in 2019 and is expected to register a CAGR of 8.1% from 2020 to 2025 to reach USD 113.1 billion by 2025.

The photovoltaic market has a promising growth potential due to several factors, including supportive government policies and initiatives, increasing demand for PV systems for residential applications, and decreasing cost of PV systems and energy storage devices.

The major factor restraining the growth of the photovoltaic market is the lack of a skilled workforce for PV installation and maintenance. PV installation requires a spectrum of skilled workers, ranging from PhD level scholars in R&D to technicians requiring specialized training and certification to a wide variety of other professionals for supporting all aspects of the PV industry. The industry does not have enough trained installers to handle the implementation of this technology, and the availability of appropriately skilled manpower has been one of the most prominent challenges in the PV arena. This is expected to impact the photovoltaic market negatively in the coming years.

The market is expected to decline in 2020, mainly due to the impact of COVID-19. The photovoltaic supply chain was disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in the PV industry due to travel restrictions, which would affect the photovoltaic market. Though the market is expected to be impacted in 2020, it is expected to start to recover by 2021 and will fully recover by 2022.

Silicon-based PV systems: The fastest-growing segment of the photovoltaic market, by material

Silicon-based PV systems are the fastest-growing segment of the photovoltaic market by material. Silicon-based photovoltaic solar panels are cost-effective. Ongoing advancements in silicon solar cell technology is the primary factor boosting the growth of the photovoltaic market. The increasing focus of players on manufacturing advanced silicon modules is also fostering market growth. Many players are making efforts to manufacture advanced silicon modules with greater efficiency. These developments are expected to propel the demand for silicon-based PV systems during the forecast period.

Ground-mounted: The largest segment of the photovoltaic market, by installation type

The photovoltaic market for the ground-mounted type is expected to hold the largest market share from 2019 to 2025. With an increasing number of utility-scale projects worldwide, the market for ground-mounted PV systems is expected to witness significant growth during the forecast period. According to the Solar Energy Industries Association (SEIA), there are more than 37,000 MW utility-scale solar projects currently operating in the US, with another 112,000 MW under development. The majority of these projects have ground-mounted installations of PV modules. This is expected to propel the market for ground-mounted type.

Asia Pacific: The fastest-growing region in the photovoltaic market

The APAC region is expected to dominate the photovoltaic market and is projected to grow at the highest CAGR during the forecast period. APAC is home to most top players in the photovoltaic market, including JinkoSolar, JA Solar, Trina Solar, and LONGi. Also, the region has countries like China and India that are at the forefront in terms of the adoption of PV systems. Moreover, the region is the largest producer and consumer of PV modules and related components. These factors are expected to propel the photovoltaic market in APAC.


Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Supportive Government Policies and Initiatives
5.2.1.2 Increasing Demand for PV Systems for Residential Applications
5.2.1.3 Decreasing Cost of PV Systems and Energy Storage Devices
5.2.2 Restraints
5.2.2.1 Lack of Skilled Workforce for PV Installation and Maintenance
5.2.3 Opportunities
5.2.3.1 Upsurge in Demand for Renewable Energy
5.2.3.2 Technological Advancements in Solar Cell Manufacturing
5.2.4 Challenges
5.2.4.1 Lack of Operational Land
5.3 Value Chain Analysis
5.4 Technology Analysis
5.5 Average Selling Price Trend
5.6 Case Study Analysis
5.7 Ecosystem
5.8 Patent Analysis
5.9 Regulations in Various Regions Pertaining to Photovoltaic Market

6 Photovoltaic Market, by Component

7 Photovoltaic Market, by Material

8 Photovoltaic Market, by Cell Type

9 Photovoltaic Market, by Installation Type

10 Photovoltaic Market, by Application

11 Photovoltaic Concentration Systems

12 Photovoltaic System, by Power Capacity

13 Geographic Analysis

14 Competitive Landscape

15 Company Profiles

  • Array Technologies

  • Canadian Solar

  • Chint Solar (Astronergy)

  • First Solar

  • GCL System Integration Technology

  • Hanwha Q Cells

  • Huawei

  • JA Solar

  • Jinkosolar

  • LG Electronics

  • Longi

  • Mitsubishi Electric

  • Nextracker

  • Risen Energy

  • Sharp

  • SMA Solar Technology

  • Sungrow Power Supply

  • Tongwei Solar

  • Trina Solar

  • Wuxi Suntech Power

  • Yingli Solar

For more information about this report visit https://www.researchandmarkets.com/r/9oq3cp

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