Photovoltaic Market Analysis Forecasts

Photovoltaic Market Insights:

The Photovoltaic Market is anticipated to witness a lucrative growth over the forecast period. This growth is attributed to the increased demand for energy along with favourable government regulations.

Photovoltaic systems play an integral role in the energy industry due to its diverse applications in telecommunication towers and residential areas. Consumers have shifted their preference towards solar photovoltaic electricity as it requires least system maintenance. Factors such as low operating & maintenance costs are further anticipated to stimulate the growth.

The growing significance of renewable and eco-friendly energy sources such as solar PV technology is likely to drive the demand for PV systems. The photovoltaic market is anticipated to register a significant revenue share over the coming years due to its continuous advancements in the manufacturing techniques of photovoltaic components.

Photovoltaic Market - Type Insights

Based on type, the Photovoltaic market is segmented into Organic photovoltaic and Inorganic photovoltaic. Organic Photovoltaic devices are used for converting solar energy to electrical energy. Organic PV segment is estimated to grow rapidly over the forecast period due to its higher band gap than traditional inorganic photovoltaic such as silicon or CIGS.

Photovoltaic Market - Component Insights

On the basis of components, Photovoltaic market is divided into cells, thin film PV cells, optics, and trackers. The photovoltaic technology is mainly used in the conversion of solar energy into direct current electricity. Thin film photovoltaic cell market is expected to register the largest revenue share in the global market over the forecast period. Ideal government administration policies along with technological development in the industry are projected to drive Photovoltaic market over the coming years.

Photovoltaic Market - Application Insights

On the basis of application, the Photovoltaic market has been segmented into Residential Applications, Non-Residential Applications, and Utility Applications. Residential Application is anticipated to be the fastest growing application segment due to the rising power demand from household particularly in developing countries such as China, India, South Korea, and Vietnam.

Photovoltaic Market - Regional Insights

Asia Pacific is anticipated to witness a rapid growth rate over the forecast period followed by Europe & North America. China is projected to be one of the major consumers of PV market over the coming years. Monetary incentives, reduced cost, and government sustainable targets are few of the major factors that are likely to drive the PV adoption in this region. Europe held the second position in the global Photovoltaic market in 2016 due to various factors including EU crisis, which in turn led to reduced funding activities by the government.

Photovoltaic Market: End-Use Landscape

The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from global photovoltaic market. The major consumers of the product are Marcus and Millichap, Eastdil Secured, and CBRE Group.

Photovoltaic Market - Competitive landscape

Key players operating in the global photovoltaic market are Mitsubishi Electric Corporation (Japan), Kaneka Corporation (Japan), Kyocera Corporation (Japan), Sharp Corporation (Japan), JA Solar Co. Ltd (China), Panasonic Corporation (Japan), Jinko Solar (China), ReneSola Co. Ltd (China), Suntech Power Holdings Co. Ltd (China), Trina Solar (China), Yingli Green (China), and Canadian Solar (Canada) among others.

Please note: This is not an exhaustive list of companies profiled in the report.

In Aug 2014, Mitsubishi Electric Corporation reported the development of their new product, SVC-DiamondTM, which is helpful in strengthening the power network.