Description: Global Photovoltaic Market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 8.2% during the forecast period.Global Photovoltaic MarketTo know about the Research Methodology :- Request Free Sample ReportThe report study has analyzed the revenue... more Global Photovoltaic Market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 8.2% during the forecast period.Global Photovoltaic MarketTo know about the Research Methodology :- Request Free Sample ReportThe report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.Global Photovoltaic Market DefinitionPhotovoltaic (PV) is the technology or a process of converting light (Sunlight) into electricity by using certain types of material such as semiconductors. These semiconducting materials exhibit the photovoltaic effect.Global Photovoltaic Market DynamicsThe global photovoltaic market has been seeing ample growth from past decade. The growth of photovoltaic is primarily driven by its high adoption in applications such as solar farms, rooftop and building integrated systems, power stations, rural electrification and many others. Increasing supportive government initiatives and policies, rising demand for PV systems for various commercial and residential applications, declining cost of energy storage devices and PV systems, growing projects related with renewable energy sources, continuous technological advancements in solar cell manufacturing and constantly increasing number of PV installations across the globe are expected to improve growth of the market during the forecast period.However, lack of technically skilled personnel for PV installation and maintenance and additional cost associated with installation of PV systems are the major restraining factors that could hinder the growth of the market.Global Photovoltaic Market: Segmentation AnalysisBy type, inverter segment dominated the market in 2019 and is projected to witness fast growth at a CAGR of XX% during the forecast period. A rising adoption of PV inverters in utilities and residential application is accredited to the growth of the market. PV inverters are used to convert the variable DC power of a PV solar panel into AC power and are widely used in commercial electrical grid and for domestic use. PV inverters provide some benefits such as independent operation of each panel, improved fire safety and installation and low cost are making them more demandable in photovoltaic market, which is likely to drive growth of the market during the forecast period.By application, residential segment dominated the market in 2019 and is expected to keep its dominance at a CAGR of XX% during the forecast period. A rising installation of PV systems on home or building rooftop to fulfil the needs of home electricity is attributed to the market growth. In addition, growing incorporation of building-integrated photovoltaic (BIPV) on the walls or roof of new industrial and domestic buildings as an ancillary or principal source of electrical power is expected to propel growth of the market in the coming years.Global Photovoltaic Market: Regional AnalysisRegion-wise, Asia Pacific held the largest market share in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. The economies such as China, Japan, India, Vietnam, Australia, and South Korea are the major key contributors behind the growth of the market. The growth is attributed to the massive presence of various leading market players such as LONGi (China), JinkoSolar (China), Trina Solar (China) and JA Solar (China) across the region.A surge in the adoption of PV modules, presence of largest consumer and producer of PV components and PV modules, rising initiatives and investments by the government to save energy and to promote solar energy and growing installed photovoltaic capacity across the APAC region are driving the growth of the market in the region.According to MMR study, in 2019, China, India, South Korea, Japan and Australia are among top ten countries in the world in terms of cumulative solar PV capacity. China with 204,700 MW solar PV capacities, Japan with 63,000 MW, India with 42,800 MW, Australia with 14,600 MW and South Korea with 11,200 MW of solar PV capacity are dominating the market in 2019. Thus, increasing installations of PV modules and rising solar PV capacity are further likely to expand market growth during the forecast period.The objective of the report is to present a comprehensive analysis of the Global Photovoltaic Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors... less
