The global photovoltaic market size reached USD 87.51 Billion in 2021 and is expected to register a revenue CAGR of 24.7% during the forecast period, according to latest analysis by Emergen Research. Rising adoption of photovoltaic systems in residential applications is the key factor driving market revenue growth.
Solar experts are optimistic about residential solar sector revenue growth prospects in the future. Rising initiatives by government and increasing awareness toward renewable energy is driving demand for solar energy as well as photovoltaic systems across the globe. European Commission introduced solar rooftop initiative and mandates installation of solar panels on new public, commercial, and residential buildings by 2029. Solar rooftops will be required for all new public and commercial buildings by 2027 and for all new residential buildings by 2029. According to Solar Energy Industries Association (SEIA), 2021 has seen a 21% year-over-year gain in residential solar as the industry hits 3.9 GW of installed capacity.
It also provides thorough coverage of various strategic alliances, including partnerships, joint ventures, product launches, brand promotions, and mergers and acquisitions. Key strategic alliances for product development and advancements is expected to add traction to market growth going ahead. The report also covers an in-depth analysis of the key competitors of the market along with their growth strategies and business expansion plans.
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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Photovoltaic market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
The leading market contenders listed in the report are:
Trina Solar Co., Ltd., Canadian Solar Inc., JA Solar Holdings, Acciona, S.A, First Solar, Inc., Tata Power Solar Systems Limited, Suntech Power Holdings Co., Ltd., Sharp Corporation, JinkoSolar Holding Co., Ltd., Risen Energy Co., Ltd., SunPower Corporation, and SolarEdge Technologies Inc
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Emergen Research has segmented the global Photovoltaic market on the basis of type, application, end-use, and region:
- Technology Outlook (Revenue, USD Billion; 2019-2030)
- Thin Film
- Multicrystalline Silicon
- Monocrystalline Silicon
- Installation Outlook (Revenue, USD Billion; 2019-2030)
- Ground Mounted
- Roof Mounted
- Floating PV
- Building-Integrated Photovoltaics (BIPV)
- Application Outlook (Revenue, USD Billion; 2019-2030)
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Objectives of the Report:
- Analysis and estimation of the Photovoltaic Market size and share for the projected period of 2022-2030
- Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
- Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Photovoltaic Market
- Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
- Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.