Market Synopsis

Globally, photovoltaic market is expected to grow from USD 225.6 billion in 2017 to USD 547.15 billion by 2023, at a CAGR of 16.7% during the forecast period. The photovoltaic systems are used to convert sunlight into electricity. These systems can produce energy from a renewable source without increasing the carbon footprint. They also offer low operating cost as compared to the traditional systems. With the increase in population, the requirement of electricity is increasing, which results in the high demand of solar panels for power generation. Factors that contribute to the growth of photovoltaics market include the growing concerns regarding climate change and growing requirement for alternative energy sources. Globally, various governments and local authorities are investing in solar energy powered systems and produce energy through solar panels.The government is also taking initiatives to increase awareness among individuals related to solar energy and its benefits. To increase the utilization of solar power in India, the Indian government is providing a subsidy to individuals. Moreover, the cost of power generation using fossil fuels such as petrol, diesel, and coal on a regular basis is higher as compared to the cost incurred using solar energy. However, high technical complexity and varying weather conditions are expected to hamper the growth of photovoltaics market during the forecast period.

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Key Players

Some of the major players in Global Photovoltaic Market include Panasonic Corporation, Mitsubishi electric corporation (Japan), Trina Solar (China), Canadian Solar (Canada), Jinko Solar (China), JA Solar (China), Hanwha Q CELLS (South Korea), First Solar (U.S.), Yingli Green (China), ReneSola (China), Kiira Motors Corporation (Uganda), Tesla (U.S.), Solar city (U.S.) and Sun Power Corp (U.S.) amongothers.

Global Photovoltaic Market Segmentation:

Globally, the market for photovoltaics can be segmented on the basis of technology, material, application, type, component and region.

The market can be segmented into Multi-Si, Mono-Si, Single Crystal & Polycrystalline, Thin-Film, and others based on technology.

By application, the market can be segmented into residential, non-residential and government. The residential segment is estimated to progress at a steady pace over the forecast period. The popularity of PV systems has been increasing due to its employment in electricity generation, for providing heat for residential buildings at low cost.

Based on materials, the market can be segmented into Poly dimethyl siloxane, Thermoplastic polyurethane, Polyolefin, Ionomer, Ethylene vinyl acetate, Polyvinyl butyral, and others.

Drivers and Restraints:

With the growing population, the demand for reliable and effective electric supply has increased which has resulted in increasing solar panel installations. Also, strict government regulations are driving the photovoltaic market globally. Also, the rising need for energy resources along with government rules to reduce depending on fossil fuels is a major driver for the global photovoltaic market growth. The increasing installation of photovoltaic plants and power stations is also expected to drive the market growth during the forecast period.

Meanwhile, high technological cost and varying weather conditions are some of the major factors hindering the growth of the market.

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Regional Analysis:

Owing to the installation and growing production of photovoltaics in regions like Japan, China and Rest of Asia where China being one of the leading countries in PV module production, Asia Pacific is expected to dominate the global market with its largest market share. Europe is expected to show a significant growth rate by the end of 2027. Also, North America market for photovoltaics is sure to grow during the forecasted period (2016-2027). The U.S. government has imposed a multi-layer extension on tax credits for renewable energy plants which is expected to benefit the market growth. The U.S. Department of Energy (DoE) has also laid down safety guidelines and put forward codes, regulations, and standards which govern commissioning, installation, construction, design and operation of these systems to protect public safety, welfare and health.

Industrial Developments:

In May 2016, Kiira Motors Corporation had announced about Africa’s first solar-powered bus which is going to be displayed in United Nations Environmental Assembly this year.

Hanwha Q CELLS Korea Corporation had recently signed a project to set up solar panels across all gas stations in South Korea regions. This project is intended to expand the market demand and increase the development of solar power energy.

Competitive Analysis:

Some of the major players of the global photovoltaic market include Canadian Solar (Canada), Trina Solar (China), Panasonic Corporation, Mitsubishi electric corporation (Japan), Jinko Solar (China), and others. Canadian Solar has announced the global launch of the next generation solar modules at Intersolar Europe in June. These modules are highly efficient dual cell bifacial modules.

TABLE OF CONTENTS

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.2.1 Research Objectives

2.2.2 Assumptions & Limitations

2.3 Markets Structure

3 Market Research Methodology

3.1 Research Process

3.2 Secondary Research

3.3 Primary Research

3.4 Forecast Model

4 Market Landscape

4.1 Porter’s Five Forces Analysis

4.1.1 Threat Of New Entrants

4.1.2 Bargaining Power Of Buyers

4.1.3 Threat Of Substitutes

4.1.4 Segment Rivalry

4.1.5 Bargaining Power Of Suppliers

4.2 Value Chain/Supply Chain Of Photovoltaic Market

5 Industry Overview Of Global Photovoltaic Market

5.1 Introduction

5.2 Growth Drivers

5.3 Impact Analysis

5.4 Market Challenges

LIST OF TABLES

Table 1 Global Photovoltaic Market, By Region, 2018–2023

Table 2 North America: Photovoltaic Market, By Country, 2018–2023

Table 3 Europe: Photovoltaic Market, By Country, 2018–2023

Table 4 Asia-Pacific: Photovoltaic Market, By Country, 2018–2023

Table 5 Middle East & Africa: Photovoltaic Market, By Country, 2018–2023

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LIST OF FIGURES

FIGURE 1 Global Photovoltaic Market Segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Porter’s Five Forces Analysis Of Global Photovoltaic Market

FIGURE 4 Value Chain Of Global Photovoltaic Market

FIGURE 5 Share Of Global Photovoltaic Market In 2017, By Country (In %)

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