The photovoltaic market is projected to grow from USD 96.5 billion in 2023 to reach USD 155.5 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of the Photovoltaic market is driven by the rising number of solar installations attributed to government-led incentives and schemes, growth in the adoption of PV systems for residential applications and decreasing cost of PV systems.
By application, utilities application is projected to hold the largest share of the photovoltaic market during the forecast period.
The market for utilities applications is expected to hold the largest share of the photovoltaic market 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 is 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 countries such as the US, China, Germany, India, Japan, Italy, Canada, and Thailand. Thus, the increasing installation of photovoltaic plants in which PV modules are used fosters the growth of the market for PV modules.
By component, modules are projected to hold the second-largest share of the photovoltaic market during the forecast period.
By Component, modules held the second-largest share of the market in 2022 and are expected to retain their second-dominant position throughout the forecast period. Solar PV modules are used to boost the power outputs of PV cells by connecting them. Numerous technological developments are taking place in solar modules in order to enhance their functionality. For example, recently, JinkoSolar (China) announced the official launch of its 2020 flagship Tiger Pro module series. The module series can generate maximum power output of up to 580Wp, which is 40% higher than current mainstream products installed in utility projects. Such factors are expected to contribute to market growth in the near future.
Asia Pacific is expected to hold the highest share in the market by 2028.
The Asia Pacific region is expected to hold the largest share of the photovoltaic market during the forecast period. The growth of the market in this region can be attributed to the presence of key players such as JinkoSolar (China), JA Solar (China), Trina Solar (China), and LONGi (China) in Asia Pacific. The growing adoption of PV modules in countries such as China, Japan, and India is fueling the growth of the market. Moreover, the region is the largest producer and consumer of PV modules and related PV components. Various initiatives and favorable policies launched by governments of different countries in Asia Pacific to promote the use of solar energy are expected to propel the demand for PV systems in the region during the forecast period.
Key players in the photovoltaic market include 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), Mitsubishi Electric (Japan), ABB (Switzerland), Huawei (China), SMA Solar Technology (Germany), Sungrow Power Supply (China). Array Technologies (US), Chint Solar (China), GCL System Integration Technology (China), NEXTracker (US), Risen Energy (China), Tongwei Solar (China), Eaton Corp. (Ireland), LG Electronics (South Korea), Power Electronics (Spain), Fimer (Italy), AllEarth Renewables (US), Emmvee Photovoltaic Power Private Limited (India), ShunFeng International Clean Energy (China), Waaree Energies Ltd. (India) and Yingli Solar (China) are among a few emerging companies in the photovoltaic market.