Photovoltaic Market To Reach USD 126 Billion By 2030, At A CAGR Of 9% - Market Research Future (MRFR)

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New York, USA, May 25, 2023 (GLOBE NEWSWIRE) -- According to the market research report published by Market Research Future (MRFR), "photovoltaic (pv) market Information by Type, Component, Application, and Region - Forecast till 2030”, the Market of Photovoltaic (PV) could thrive at a rate of 9% between 2023 and 2030. The market size will be reaching around USD 126 Billion by the end of the year 2030

Photovoltaic (PV) Market Overview:

Photovoltaic (PV) is a technology that converts sunlight into electricity using solar cells. PV systems consist of solar panels that capture sunlight and convert it into direct current (DC) electricity, which is then converted into alternating current (AC) electricity for use in homes, businesses, and other applications. The PV technology has gained widespread acceptance due to its reliability, cost-effectiveness, and environmental benefits.

The uses and applications of photovoltaic (PV) systems are diverse, ranging from residential, commercial, and industrial to large-scale utility projects. PV systems are used to power homes, businesses, and other facilities in remote locations where grid electricity is not available or expensive. They are also used in a wide range of applications, including lighting, water pumping, and telecommunications. Moreover, PV systems are used in large-scale utility projects, where they provide a significant source of renewable energy to the grid.

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Photovoltaic (PV) Market Competitive Landscape:

The affluent companies in the Photovoltaic (PV) industry include

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

Photovoltaic (PV) Market Report Scope:

Report Metric Details
Revenue Forecast in 2030 USD 126 Billion
Growth Rate CAGR of 9% from 2023 to 2030
Base Year 2022
Study Period 2023-2030
Key Market Opportunities Governmental authorities are concentrating on solar energy-powered systems and investing more to produce energy through solar panels
Key Market Drivers The increasing requirement for alternative energy sources. Rising concerns regarding climate change.

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Market Update (April 2021):

Tesla announced its new solar inverter technology that can integrate solar energy into the grid more efficiently. The new technology uses a smaller, more compact design, which can reduce installation costs and increase energy efficiency.

Market USP Covered:

Market Drivers:

The Photovoltaic (PV) market is driven by several factors, including the growing demand for clean and renewable energy, government initiatives and subsidies, and declining costs of PV systems. The increasing focus on reducing carbon emissions and mitigating climate change has led to significant demand for clean energy sources. Governments worldwide are supporting the growth of the PV market by providing incentives such as tax credits and feed-in tariffs to encourage investment in renewable energy. Moreover, the costs of PV systems have decreased significantly in recent years, making them more affordable and accessible to a broader range of consumers.

Market Restraints:

The Photovoltaic (PV) market faces several restraints, including the intermittent nature of solar energy, the high initial cost of installation, and the lack of infrastructure to support grid integration. PV systems depend on sunlight, which can be intermittent and vary depending on weather conditions. This can make it challenging to rely solely on PV systems for consistent power supply. Additionally, the high initial cost of installing PV systems can be a barrier for some consumers. Furthermore, the lack of infrastructure to support grid integration of PV systems can limit their adoption in some regions.

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Photovoltaic (PV) Market COVID 19 Analysis:

The COVID-19 pandemic has disrupted the global economy, and the Photovoltaic (PV) market has not been spared. The pandemic caused supply chain disruptions, labor shortages, and delays in project timelines. The lockdown measures implemented by many countries to control the spread of the virus resulted in a decline in demand for PV systems in some regions.

Despite these challenges, the PV market has shown resilience. The market has adapted to the new normal, with companies implementing remote work and digital communication tools to maintain operations. Governments have also provided incentives and support to help the PV market weather the pandemic. For instance, several governments provided financial assistance and waived taxes to support businesses and industries affected by the pandemic, including the PV market.

Post-COVID, the PV market is expected to continue growing as businesses and governments prioritize clean energy sources to mitigate the effects of climate change. The pandemic has highlighted the need for resilience in the global economy and the importance of sustainable and renewable energy sources. As the world moves towards a low-carbon future, PV systems are expected to play a significant role in reducing carbon emissions and mitigating the effects of climate change.

Photovoltaic (PV) Market Segmentation:

  • By Type- The Type in the market includes Organic PV, Inorganic PV
  • By Component- The Component in the market includes Cells, Modules, and Optics
  • By Application- The Application in the market includes Residential Applications, Non-Residential Applications.

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Regional Insights:

The Asia Pacific region is the largest market for Photovoltaic (PV) systems, driven by government initiatives and policies promoting renewable energy. Europe and North America also have significant PV markets, with a focus on reducing carbon emissions and transitioning to clean energy sources. In the coming years, the PV market is expected to continue growing in these regions due to supportive policies and increasing demand for clean energy sources.

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