Photovoltaic Market by Components, Material, Cell Type, Installation, Application

List of Tables

The Photovoltaic Market was valued at USD 9.00 billion in 2023, expected to reach USD 9.92 billion in 2024, and is projected to grow at a CAGR of 10.64%, to USD 18.28 billion by 2030.

The photovoltaic (PV) market entails the production and application of technology that converts sunlight into electricity using semiconductors. Its scope encompasses varied applications from small-scale, residential solar panels to large-scale, industrial solar farms, which cater to the increasing global demand for renewable energy sources. This necessity arises from the global shift towards sustainable energy solutions due to environmental concerns, the depletion of fossil fuels, and the need for reducing greenhouse gas emissions. The end-use scope includes residential, commercial, industrial, and utility-scale projects. Key factors influencing market growth include government incentives, decreasing costs of PV technology, and innovations in efficiency and storage solutions. Recent advances in bifacial solar panels and perovskite solar cells present lucrative opportunities for enhanced energy conversion and cost efficiency. To capitalize on these, companies should focus on strategic investments in R&D, collaborate with technological innovators, and expand market reach through partnerships in emerging economies where solar energy is increasingly viable due to geographic and climatic conditions.

KEY MARKET STATISTICS
Base Year [2023]	USD 9.00 billion
Estimated Year [2024]	USD 9.92 billion
Forecast Year [2030]	USD 18.28 billion
CAGR (%)	10.64%

However, market growth is hindered by challenges such as high initial installation costs, the intermittent nature of solar energy, and regulatory hurdles in various regions. Additionally, environmental concerns related to end-of-life management of panels pose sustainability challenges. Innovations in recycling technology, improving energy storage systems like batteries, and enhancing grid integration can mitigate these limitations. The market is competitive with key players striving for technological advancement and market share through mergers and acquisitions. For sustained business growth, companies need to foster innovation in materials like tandem solar cells and floating solar farms, optimize supply chains, and engage in policy advocacy to streamline regulatory processes. By maintaining a forward-thinking approach, businesses can successfully navigate the complex and dynamic nature of the PV market.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Photovoltaic Market

The Photovoltaic Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Surge in usage of photovoltaic energy in industrial applications
- Favorable government policies and initiatives to promote solar PV installation
- Rising activities of solar installations across the globe
Market Restraints
- High costs associated with photovoltaic manufacturing and installations
Market Opportunities
- Growing technological advancement in solar photovoltaic cells
- Strategic activities among market players to support the development of photovoltaic
Market Challenges
- Issue associated with environmental impacts and land acquisitions for the deployment of solar PV

Porter's Five Forces: A Strategic Tool for Navigating the Photovoltaic Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Photovoltaic Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Photovoltaic Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Photovoltaic Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Photovoltaic Market

A detailed market share analysis in the Photovoltaic Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Photovoltaic Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Photovoltaic Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Photovoltaic Market

A strategic analysis of the Photovoltaic Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Photovoltaic Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Abengoa SA, Acciona, S.A., Adani Group, AllEarth Renewables, Inc., Array Technologies, Inc., Astronergy by CHINT Group Corporation, BrightSource Energy, Canadian Solar Inc., Chint Solar (Zhejiang) Co., Ltd., Eaton Corporation PLC, Emmvee Photovoltaic Power Pvt. Ltd., FIMER S.p.a., First Solar, Inc., GCL Integration Technology Co., Ltd., Huawei Technologies Co., Ltd., Icomm Tele Limited, JA Solar Technology Co., Ltd., Jakson Group, Kaneka Corporation, Kyocera Corporation, Loom Solar Pvt. Ltd., MICROTEK, Mission Solar Energy LLC, Mitsubishi Electric Corporation, Moser Baer, Panasonic Holdings Corporation, Photon Energy Systems Limited, Q Cells by Hanwha Group, Sharp Corporation, Shunfeng International Clean Energy Co., Ltd., Silfab Solar Inc., SMA Solar Technology AG, Solar Frontier Europe GmbH, SolarEdge Technologies Inc., Sungrow Power Supply Co., Ltd., SunPower Corporation by TotalEnergies SE, TATA Power Solar Systems Limited, The Solaria Corporation, Tongwei Solar, Trina Solar Co., Ltd., Vikram Solar Ltd., Waaree Energies Ltd., and Yingli Solar.

Market Segmentation & Coverage

This research report categorizes the Photovoltaic Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Components, market is studied across Balance of System, Inverters, and Modules. The Balance of System is further studied across Batteries, Connections & Cables, Junction Boxes, Monitoring Systems, Safety Equipment, and Trackers.
Based on Material, market is studied across Silicon Photovoltaic Cells and Thin Film Photovoltaic (PV) Cells. The Silicon Photovoltaic Cells is further studied across Monocrystalline, Nanocrystalline, and Polycrystalline. The Thin Film Photovoltaic (PV) Cells is further studied across Cadmium Telluride and Copper Indium Deselenide.
Based on Cell Type, market is studied across Full Cell PV Modules, Half-Cut Cells PV Modules, and Quarter Cells PV Modules.
Based on Installation, market is studied across Building-Integrated PV, Floating PV, and Ground-Mounted.
Based on Application, market is studied across Commercial & Industrial, Residential, and Utilities.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-F611BFBC6683

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Surge in usage of photovoltaic energy in industrial applications
  - 5.1.1.2. Favorable government policies and initiatives to promote solar PV installation
  - 5.1.1.3. Rising activities of solar installations across the globe
- 5.1.2. Restraints
  - 5.1.2.1. High costs associated with photovoltaic manufacturing and installations
- 5.1.3. Opportunities
  - 5.1.3.1. Growing technological advancement in solar photovoltaic cells
  - 5.1.3.2. Strategic activities among market players to support the development of photovoltaic
- 5.1.4. Challenges
  - 5.1.4.1. Issue associated with environmental impacts and land acquisitions for the deployment of solar PV
5.2. Market Segmentation Analysis
- 5.2.1. Components: Balance of system provides efficient and safe operation of PV systems
- 5.2.2. Cell Type: Quarter cell PV modules advanced the technology to boost efficiency and performance
- 5.2.3. Installation: Building-integrated photovoltaics installation provides significant savings on materials and electricity
- 5.2.4. Application: Significant adoption of photovoltaic in commercial & industrial applications
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Photovoltaic Market, by Components

6.1. Introduction
6.2. Balance of System
- 6.2.1. Batteries
- 6.2.2. Connections & Cables
- 6.2.3. Junction Boxes
- 6.2.4. Monitoring Systems
- 6.2.5. Safety Equipment
- 6.2.6. Trackers
6.3. Inverters
6.4. Modules

7. Photovoltaic Market, by Material

7.1. Introduction
7.2. Silicon Photovoltaic Cells
- 7.2.1. Monocrystalline
- 7.2.2. Nanocrystalline
- 7.2.3. Polycrystalline
7.3. Thin Film Photovoltaic (PV) Cells
- 7.3.1. Cadmium Telluride
- 7.3.2. Copper Indium Deselenide

8. Photovoltaic Market, by Cell Type

8.1. Introduction
8.2. Full Cell PV Modules
8.3. Half-Cut Cells PV Modules
8.4. Quarter Cells PV Modules

9. Photovoltaic Market, by Installation

9.1. Introduction
9.2. Building-Integrated PV
9.3. Floating PV
9.4. Ground-Mounted

10. Photovoltaic Market, by Application

10.1. Introduction
10.2. Commercial & Industrial
10.3. Residential
10.4. Utilities

11. Americas Photovoltaic Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Photovoltaic Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Photovoltaic Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. LONGi's Expansion in Overseas Photovoltaic Production Continues as Serendah Module Factory in Selangor Officially Starts Operations
- 14.3.2. Sonnedix Completes Acquisition of 416MWp Chilean Solar PV Portfolio from Enel Chile
- 14.3.3. NLC India Secures 810 MW Solar Photovoltaic Project in Rajasthan
14.4. Strategy Analysis & Recommendation

Companies Mentioned

1. ABB Ltd.
2. Abengoa SA
3. Acciona, S.A.
4. Adani Group
5. AllEarth Renewables, Inc.
6. Array Technologies, Inc.
7. Astronergy by CHINT Group Corporation
8. BrightSource Energy
9. Canadian Solar Inc.
10. Chint Solar (Zhejiang) Co., Ltd.
11. Eaton Corporation PLC
12. Emmvee Photovoltaic Power Pvt. Ltd.
13. FIMER S.p.a.
14. First Solar, Inc.
15. GCL Integration Technology Co., Ltd.
16. Huawei Technologies Co., Ltd.
17. Icomm Tele Limited
18. JA Solar Technology Co., Ltd.
19. Jakson Group
20. Kaneka Corporation
21. Kyocera Corporation
22. Loom Solar Pvt. Ltd.
23. MICROTEK
24. Mission Solar Energy LLC
25. Mitsubishi Electric Corporation
26. Moser Baer
27. Panasonic Holdings Corporation
28. Photon Energy Systems Limited
29. Q Cells by Hanwha Group
30. Sharp Corporation
31. Shunfeng International Clean Energy Co., Ltd.
32. Silfab Solar Inc.
33. SMA Solar Technology AG
34. Solar Frontier Europe GmbH
35. SolarEdge Technologies Inc.
36. Sungrow Power Supply Co., Ltd.
37. SunPower Corporation by TotalEnergies SE
38. TATA Power Solar Systems Limited
39. The Solaria Corporation
40. Tongwei Solar
41. Trina Solar Co., Ltd.
42. Vikram Solar Ltd.
43. Waaree Energies Ltd.
44. Yingli Solar