Solan Headlines

Photovoltaic Market worth $113.1 billion by 2025, at a CAGR of 8.1%

 Breaking News
  • No posts were found

Photovoltaic Market worth $113.1 billion by 2025, at a CAGR of 8.1%

October 20
23:57 2020
Photovoltaic Market worth $113.1 billion by 2025, at a CAGR of 8.1%

Photovoltaic Market
[187 Pages] Photovoltaic Market categrizes the Global market by Component (Modules, Inverters), Material (Silicon, Compounds), Installation Type (Ground Mounted, BIPV), Application (Residential, Commercial & Industrial, Utilities) and Region. COVID-19 Impact on Photovoltaic Industry.

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.

• Informational PDF Brochure :-

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).

Browse 107 market data Tables and 48 Figures spread through 187 Pages and in-depth TOC on “Photovoltaic Market with COVID-19 Impact and Region – Global Forecast to 2025”

Photovoltaics Market

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.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States

Related Articles