Nov 11, 2020, 02:49 EST
Shibuya-ku, Tokyo, Japan, Japan, Nov 11, 2020, 02:49 /Comserve / -- Global Photovoltaic Market is valued approximately at USD 70.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.1% over the forecast period 2020-2027.
Global Photovoltaic Market is valued approximately at USD 70.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.1% over the forecast period 2020-2027. The photovoltaic system is used to convert sunlight into electricity without increasing the carbon footprint. It further stores energy for future use and has low operating cost as compared to the traditional systems. It is used in wide range of applications including residential, commercial & industrial and utilities. The rising adoption of renewables in electronics, supportive government policies and initiatives for renewable energy sources and rising demand for PV systems for residential applications are the factors responsible for the growth of Photovoltaic Market over the forecast period 2020-2027. For instance, according to International Renewable Energy Agency (IRENA), the renewable share of total generation capacity rose from 33.3% in 2018 to 34.7% in 2019. Also, renewables made up 26.2 percent of global electricity generation in 2018 and is expected to rise to 45 percent in 2040, due to rising consumption from renewable energy (solar, wind and hydropower), stated by Center for Climate and Energy Solutions (C2ES).
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Accroding to Hawaii State energy office, Hawaii renewable portfolio standards (HRS 269-92) mandates 100 percent renewable energy in the electricity sector by 2045, whereas, in 2017, the renewable portfolio standards stood at 27.6 percent, more than 12 percent ahead of the interim statutory 2015 target of 15 percent. Such a rise in government mandates for renewable power consumption and increasing share of renewable power generation, is expected to boost the solar energy consumption which would propel the growth of the global Photovoltaic market. However, lack of skilled workforce for PV installation and maintenance is the major factor restraining the growth of global Photovoltaic market during the forecast period.
The regional analysis of global Photovoltaic Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world in terms of market share owing to the rising investment by government and key players in the region to increase the power generation without increasing the carbon footprint that leads to the market growth.
Major market player included in this report are:
JinkoSolar Holding Co., Ltd.
JA Solar Holdings
Trina Solar Co., Ltd.
Xi'an Longi Silicon Materials Corporation
Canadian Solar Inc.
First Solar, Inc.
Hanwha Q Cells Co., Ltd.
Mitsubishi Electric Corporation
Suntech Power Holdings Co., Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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Balance of System (BOS)
By Cell Type:
Full Cell PV Modules
Half Cell PV modules
By Installation Type:
Building-Integrated Photovoltaics (BIPV)
Commercial & Industrial
Rest of the World
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