The report "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", size is expected to grow from USD 76.6 billion in 2020 to USD 113.1 billion by 2025, at a CAGR of 8.1%. The supportive government policies and initiatives are expected to fuel the demand for photovoltaic systems. The growing demand for PV system for residential applications is expected to play a vital role in the growth of the photovoltaic industry.
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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.
Balance of System (BOS) components expected to hold the largest market share during the forecast period
BOS components are estimated to have the largest market share by value and are expected to exhibit a similar growth trend during the forecast period. BOS is an essential component of PV systems. Other electrical and structural BOS include trackers, solar cables, batteries, mounting structures, monitoring, and metering systems. Solar trackers have been gaining popularity in the recent past, mainly due to the higher returns achieved by solar panel developers on their solar investments. These trackers follow the sun so that the panels mounted on the same can catch more rays, and thus, generate more electricity. In addition, incentives offered by governments in the form of solar rebates and feed-in-tariffs favor the adoption of solar trackers. Also, PV systems are increasingly using rechargeable batteries to store surplus energy generated. These factors are expected to propel the demand for BOS components.
Utilities application is estimated to be the largest market
The photovoltaic market for the utilities application is expected to hold the largest market share during the forecast period. This application includes solar power plants based on PV systems. These solar power plants are environmentally friendly; therefore, governments across many countries promote the installation of such plants. Thus, governments’ special schemes and financial support for the installation of solar power projects are expected to boost the demand for PV systems to be installed for utilities applications during the forecast period. Currently, many solar/PV power plants are functional in the US, China, Germany, India, Japan, Italy, Canada, and Thailand, among many others.
Asia Pacific likely to emerge as the largest photovoltaic market
The market in APAC is expected to hold the largest market share during 2020–2025. India and China mainly drive the growth of the PV market in APAC. These 2 countries are aggressively progressing in the PV market across the world. Favorable government policies are also contributing to the growth of the PV market in APAC. Governments of countries such as China, India, and Australia have taken various initiatives in the past few years to enable large-scale adoption of solar energy. This is expected to drive the photovoltaic market in APAC during the forecast period.
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Major players in the photovoltaic market include JinkoSolar (China), JA Solar (China), Trina Solar (China), LONGi (China), Canadian Solar (Canada), First Solar (US), Hanwha Q CELLS (South Korea), Wuxi Suntech Power (China), Sharp (Japan), and Mitsubishi Electric (Japan).