Photovoltaic Market to Grow at 10.1% CAGR by 2030
Surging demand of energy due to rapid urbanisation, especially from developing economies coupled with favourable government regulations to reduce carbon emission are the key factors driving the growth of photovoltaic market.
The Photovoltaic Market is expected to grow at a CAGR of 10.1% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Photovoltaics (PV) is the technology to produce energy from the radiation of sun, which is transformed into electricity with the help of photovoltaic cells. Photovoltaic cells are used to power various electric devices such as solar lamps, parking meters, solar dryers and solar cars. It produces less green house gases as compared to other energy sources and thereby, widely used in various commercial, industrial and residential sectors. Increasing pollution, which is resulting into greater energy consumption and government initiatives to reduce the use of fossil fuel-based energy have increased the demand for renewable energy sources, which in turn fuels the growth of photovoltaic market. However, factors such as high cost of installation, and low efficiency of PV module are expected to hamper the growth of this market.
Based on technology, the photovoltaic market share has been categorized into thin film, mono-si and multi-si. The thin film segment is also sub segmented into cadmium telluride, copper indium gallium diselenide, amorphous thin-film silicon. Based on system, the market is classified into high concentrated PV (HCPV) and low concentrated PV (LCPV). Based on application, the market is divided into industrial, residential and commercial. Based on geography the market is broke into North America, Europe, Asia-Pacific, and RoW.
Geographically, Asia Pacific holds the lion share of the photovoltaic market. This is attributed to factors such as rapid industrialization, increasing demand for electricity and rising urbanization across the countries such as China, India and Thailand.
However, North America is expected to witness steady market growth during the forecast period due to the increasing demand of PV in commercial and residential sectors, on account of growing awareness of consumers regarding environmental protection coupled with subsidized module cost.
According to the report, the key players of photovoltaic market are 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., Kaneka Corporation, Kyocera Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, and Jinko Solar.
Browse key industry insights from the report, “Photovoltaic Market by Technology (Thin Film, Mono Si and Multi Si), by System (High Concentration Photovoltaic (HCPV) and Low Concentration Photovoltaic (LCPV)), and by Application (Industrial, Commercial and Residential) - Global Opportunity Analysis and Industry Forecast 2020-2030.”
Key Insights from the Photovoltaic Market Report:
- Current emerging trends and opportunities are extensively analysed in the photovoltaic market report.
- The forecast of the photovoltaic market comes along with additional information associated with opportunities, restrains and key drivers in the market.
The report photovoltaic market- segmented by technology, system, application and geography.
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About Next Move Strategy Consulting
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