Photovoltaic (PV) technology converts energy from solar radiation directly into electricity using semiconductor materials. It has no mechanical moving parts thus, it has a prolonged service life, requiring minimal maintenance. Photovoltaic technology is used in renewable energy systems range from small-scale systems for lighting and pumping to large-scale systems for whole buildings and utility-scale photovoltaic farms.
Photovoltaic Market by Technology, System, and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026, the global photovoltaic market size is projected to reach $333,725.1 million by 2026, growing at a CAGR of 25.1% from 2019 to 2026.
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Supportive government initiatives and regulations for usage of photovoltaic technology and rise in demand for PV technology in residential applications drive the growth in the market. However, low efficiency of PV modules and high cost of storage, installation, and power conversion devices restrain the market growth. On the other hand, increase in demand for renewable energy and surge in prices of fossil fuels present new opportunities.
Based on technology, the thin film segment accounted for the largest market share in 2018, contributing nearly half of the total revenue, and is expected to continue its dominant status during the forecast period. This is due to generation of power at low cost per watt, consistent generation of power on overcast days & low sun angles, and reduction in usage of fossil fuels & emission of ozone-depleting gases. Contrarily, the multi si segment is estimated to grow at the highest CAGR of 25.5% from 2019 to 2026, owing to its wide usage in calculators & smartwatches, and standalone PV systems along with supportive government initiatives for PV technology. The research also discusses the mono si segment.
Based on application, the industrial segment accounted for more than two-fifths of the total market share in 2018 and is estimated to maintain its leadership position throughout the forecast period. Moreover, this segment would grow at the highest CAGR of 25.4% from 2019 to 2026. This is a lucrative segment, owing to stringent government regulations related to pollution and emphasis of governments on the usage of green energy has led to increase in demand of solar cars and buses, in which, photovoltaic cells are used. Moreover, usage in development & production of satellites for military and civil applications supplement the growth. The report also analyzes residential and commercial applications.
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Based on geography, Asia-Pacific accounted for the highest market share in 2018, accounting for more than two-fifths of the total market share. This region is expected to remain dominant throughout the forecast period. Moreover, this region is expected to register the largest CAGR of 26.9% from 2019 to 2026. This is due to surge in demand for commercial and industrial applications along with increase in production of solar energy. The report also analyzes Europe, North America, and LAMEA.
Market Segments:
By Technology
- Thin Film
- Cadmium Telluride
- Copper Indium Gallium Diselenide
- Amorphous Thin-film Silicon
- Mono Si
- Multi Si
By System
- High Concentrated PV (HCPV)
- Low Concentrated PV (LCPV)
By Application
- Industrial
- Residential
- Commercial
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA