Global Photovoltaic Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers
26 Jun, 2023
The global photovoltaic market size is expected to grow from $82.75 billion in 2022 to $91.06 billion in 2023 at a compound annual growth rate (CAGR) of 10%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global photovoltaic market size is expected to reach $127.80 billion in 2027 at a CAGR of 8.8%.
Global Photovoltaic Market Key Driver
The growing need for renewable energy is likely to move the photovoltaic market ahead. Renewable energy is defined as energy derived from natural sources that regenerates quicker than it is consumed. Photovoltaic systems are made up of solar panels, which are commonly made of silicon-based materials, and an inverter, which converts the direct current electricity produced by the solar panels into alternating current electricity that can be used to power homes and businesses. As a result, the demand for photovoltaic systems rises as the demand for renewable energy rises.
Get a sample of the global photovoltaic market reportGlobal Photovoltaic Market Segments
The global photovoltaic market is segmented:
1) By Component: Modules, Inverters, Balance Of Systems (BOS)
2) By Cell Type: Full-Cell PV Modules, Half-Cell PV Modules
3) By Installation Type: Ground-Mounted, Building-Integrated Photovoltaics (BIPV), Floating PV
4) By Technology: Thin Film, Mono-Si, Multi-Si
5) By Application: Residential, Commercial And Industrial, Utilities
6) By Geography: The regions covered in the photovoltaic market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global photovoltaic market.
Major Photovoltaic Industry Players
JinkoSolar, JA Solar Technology Co. Ltd., Trina Solar Co. Ltd., LONGi Green Energy Technology Co. Ltd., Canadian Solar Inc., First Solar Inc., Hanwha Qcells, Wuxi Suntech Power Co. Ltd., Sharp Corporation, Mitsubishi Electric Corporation, GCL System Integration Technology Co. Ltd., Risen Energy Co. LTD., Shunfeng International Clean Energy Ltd, Acciona S.A., SunPower Corporation., Waaree Energies Ltd
Get the full global photovoltaic market report
Photovoltaic Market Overview
Photovoltaic refer to direct conversion of light into electrical power using semiconducting materials, such as silicon. Photovoltaic technology is a key component of the transition to a more sustainable and renewable energy future. It is used to convert solar energy directly into electrical power without burning non-renewable carbon fuels like coal, oil, or natural gas.
Photovoltaic Global Market Report 2023 provides data on the global photovoltaic market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The photovoltaic market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.