The market for photovoltaics was estimated to be worth US $76.60 billion in 2020, and by 2027, it is anticipated to have grown to US $132.13 billion, with a CAGR of 8.1%. The technique of turning light (Sunlight) into energy using specific types of materials, such as semiconductors, is known as photovoltaic (PV). The photovoltaic effect is visible in these semiconducting materials.
Although market projections through 2027 are based on the actual output, demand, and supply of 2020, projections for 2020 are also based on the actual data released by key participants and other significant players around the world. Market projections through 2027 are based on historical data from 2016 through 2019 and take into account the market’s influence from the worldwide lockdown in 2020 and 2021.
Photovoltaic Market Overview:
Global Photovoltaic market landscape has been examined, and all of the key suppliers and application development and delivery developers have been present. Customer-centric methods by businesses, as well as the necessity to handle massive volumes of material, may define the market’s future shape. During the projected period (2021-2027), there will be alliances with integration partners to achieve optimal technology, as well as webinars for future trends and insights.
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Expected Growth in Revenue:
Global Photovoltaic Market size was valued at US$ 76.60 Bn. in 2020 and the total revenue is expected to grow at a CAGR of 8.1% through 2021 to 2027, reaching nearly US$ 132.13 Bn.
Photovoltaic Market Scope:
Maximize Market Research report on Photovoltaic Market provides an investigative analysis with a cohesive grasp of the economy’s events as well as the consequences of the COVID-19 pandemic. It outlines drivers, challenges, opportunities, trends, and niches that industry leaders may leverage over the projected period (2021-2027).
Photovoltaic Market Segmentation:
The market is divided into Silicon and Compounds based on the Material. During the projection period, the silicon material segment is anticipated to expand quickly at a CAGR . The most prevalent semiconductor material and one of the main components of solar cells is silicon. The second most abundant element on earth (after oxygen) is silicon, which is also utilized in computer circuits. The primary driver of market expansion is also the rising demand for silicon materials for solar systems. These are the main advantages of silicon material that propel the expansion of the world market over the course of the projection.
The market is divided into Ground Mounted, Building-Integrated Photovoltaic (BIPV), and Floating PV segments based on the type of installation. During the projection period, the floating PV segment is anticipated to grow quickly at a CAGR of xx%. Numerous advantages come with floating PV installation, including the fact that it requires little in the way of civil engineering, lowers the cost of grid hookup, and minimizes shade. These are the main advantages that will fuel the expansion of the floating PV market in the coming years.
Photovoltaic Market Key Players:
The market research study analyses the market’s main stakeholders. Among the key firms highlighted in the study are:
• Suntech Power Holdings Co. Ltd • Canadian Solar • Mitsubishi Electric Corporation • ReneSola Co. Ltd • Yingli Green • LONGi • Hanwha Q CELLS Co., Ltd
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Regional Analysis:
The report offers a comprehensive overview of the sector, including both qualitative and quantitative data. It gives a global market analysis and prediction based on several segments. It also offers market size and forecast projections for five key regions, including North America, Europe, Asia-Pacific, the Middle East & Africa, and South America, from 2021 to 2027.
Geographically, Photovoltaic market report is segmented into several key regions are as follows,
Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
North America (the United States, Mexico, and Canada.)
South America (Brazil etc.)
The Middle East and Africa (GCC Countries and Egypt.)
COVID-19 Impact Analysis on Photovoltaic Market:
The COVID-19 pandemic has had an impact on markets and consumer behaviour. It has had a significant influence on economies and civilizations alike. The effects of COVID-19 are expected to shift consumer demand to online platforms. This might permanently alter customer behaviour because once individuals get into the habit of purchasing online, it becomes a pattern that is difficult to break, compelling businesses to increase their online presence. COVID-19 has an immediate and extensive influence on consumer behaviour across all industries.
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Key Questions answered in the Photovoltaic Market Report are:
- Which is the potential market for Photovoltaic in terms of the region?
- What are the opportunities for new market entrants?
- What is expected to drive the growth of the Photovoltaic market in the next seven years?
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