The global photovoltaic market size was US$ 29,329.6 million in 2021. The global photovoltaic market is forecast to grow to US$ 151,059 million by 2030 by registering a compound annual growth rate (CAGR) of 21.5% during the forecast period from 2022 to 2030.

Photovoltaic energy is produced through the suns radiation. The energy is transformed into electricity which is transferred into the electricity network.

Factors Influencing the Market

The wide applications of photovoltaic energy technology in rooftop solar installations to supply energy at a low cost will fuel the growth of the market. Furthermore, photovoltaic energy finds its wide applications in commercial use. The technology is used in solar lamps, parking meters, trash compactors, temporary traffic signs, emergency telephones, charging stations, and remote guard posts & signals. Thus, all of these applications will escalate the growth of the photovoltaic market during the study period.

Favorable policies by government bodies will benefit the global photovoltaic market. The U.S. government has introduced favorable laws like net metering and community solar, which aim to promote the use of photovoltaic technology.

Rising awareness among consumers related to the benefits of green energy will contribute to the growth of the market.

Growing industrialization and rising energy needs will benefit the global photovoltaic market throughout the forecast period.

The increasing number of partnerships and projects related to photovoltaic energy technology will escalate the market growth. For instance, Trina Solar Science & Technology Co. Ltd. inked a partnership agreement with Guangzhou Great Power Energy & Technology Co. Ltd. in April 2019. In addition, Sharp presented its 8K products at CEATEC Japan in 2018.

On the contrary, the high cost of installation may limit the market growth during the forecast period.

Regional Analysis

The Asia-Pacific photovoltaic energy is forecast to grow at the fastest growth rate. It is owing to the growth of the telecommunication and aerospace & defense industry. Furthermore, favorable policies by government bodies will escalate the growth of the regional market during the study period. For instance, the Government of India unveiled the Rooftop Subsidy program and Golden Sun Demonstration (GSD) program. Moreover, the Indian government aims to deploy 100 GW installed solar electricity capacity by 2022 under its Solar Mission.

China holds the largest market share and is forecast to grow at the same pace. According to a study by China Photovoltaic Industry Association, China's photovoltaic (PV) energy capacity rose by 34% in 2018.

COVID-19 Impact Analysis

The global photovoltaic market witnessed innumerable challenges due to the wake of the COVID-19 pandemic. The pandemic forced industry players to cancel or postpone the research activities, which caused significant delays. In addition, the demand for photovoltaic energy-based technology decreased drastically. Thus, the pandemic negatively impacted the global photovoltaic market.

Competitors in the Market

Abengoa SE
Acciona S.A.
Canadian Solar, Inc.
First Solar Inc.
JA Solar Co., Ltd.
Sharp Corporation
Tata Power Solar Systems Co. Ltd.
Trina Solar
Renesola
Other Prominent Players
Market Segmentation

The global photovoltaic market segmentation focuses on Technology, systems, Application, and Region.

By Technology Outlook

Thin Film
Cadmium Telluride
Copper Indium Gallium Diselenide
Amorphous Thin-film Silicon
Mono-Si
Multi-Si
By System Outlook

High Concentrated PV (HCPV)
Low Concentrated PV (LCPV)
By Application Outlook

Industrial
Residential
Commercial
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America