Photovoltaic (PV) devices generate electricity directly from sunlight through an electronic process that occurs naturally in certain types of material, called semiconductors. On a commercial scale, photovoltaic technology is used in solar lamps, parking meters, emergency telephones, temporary traffic signs, charging stations, and remote guard posts and signals. Also, it is used in the solar panel of solar buses and cars to provide electricity to run the vehicle motor. Moreover, in the agricultural sector, it is extensively used in solar drying to dry crops faster, Additionally, in the industrial sector, photovoltaic energy is used in the aerospace & defense sector to generate electricity for the smooth working of satellites in space. All these above mention factors are estimated to boost the demand for photovoltaic energy. Ultimately, It escalating the growth of the global Photovoltaic market.
There is a rapid increase in population across the world, hence, there is an increasing need for sustainable energy resources. The government of all the countries established favorable regulations that focusing on the reduced dependency on fossil fuels and help control environmental pollution. This key factor rises the demand for renewable energy sources such as solar energy and escalates the demand for photovoltaic energy. Eventually, it boosts the growth of the global Photovoltaic market. Additionally, reduction of the carbon footprint and low-cost energy generation is anticipated to intensify photovoltaic demand and are expected to drive the growth of the photovoltaic market.
On the downside, factors such as the high cost of installation, storage, and power conversion devices and low efficiency of PV modules are anticipated to restrain the growth of this market. Besides this, the rise in demand for renewable energy and increase in prices of fossil fuels are estimated to provide profitable opportunities for market development in the forecast period.
Covid-19 Impact on Photovoltaic Market
As around one-third of the global population is staying indoors owing to nationwide lockdown, stay-at-home orders, and restrictions on movement, the energy demand has sharply dipped. By the end of 2020, approximately, a decline in 5% of the energy demand was been recorded. Also, waning in corresponding gas and oil demands of 4% and 9%, respectively were registered in 2020. Currently, the energy market is at a historic low with surplus supplies. However, the situation is expected to ease up with a lift in lockdown restrictions and end-use industries start operating with great efficiencies.
Photovoltaic Market Segment Overview
Based on Technology, the Thin Film segment held the largest share of the global Photovoltaic Market. Thin-film photovoltaic modules are manufactured using silicon, cadmium, and copper as raw materials and are incorporated in solar panels to produce electricity. The rise in demand for solar panels for the production of electricity to be used for a residential application like rooftop photovoltaic power station in countries such as U.S., UK, Germany, Italy, China, and France are anticipated to upsurge the demand for thin-film technology and is projected to boost the growth of the photovoltaic market. According to System, the Low Concentrated PV (LCPV) segment accounted for the major market share due to the increase in the use of LCPV systems in solar panels to produce electricity to be used for residential, commercial, and industrial purposes.
Photovoltaic Market, By Technology
- Thin Film
- Cadmium telluride
- Copper indium gallium diselenide
- Amorphous thin-film silicon
- Mono-Si
- Multi-Si
· High Concentrated PV (HCPV)
· Low Concentrated PV (LCPV)
Photovoltaic Market, By Application
· Residential
· Commercial & Industrial
· Utilities
Photovoltaic Regional Overview
In terms of region, Asia-Pacific accounted for the maximum share in the global photovoltaic market. This is due to the increase in usage of photovoltaic energy over conventional fuels owing to its low electricity generation cost and zero carbon emission. Rapid industrialization and urbanization across the countries of the Asia-Pacific region like India and China have led to a rise in demand for electricity. Additionally, strict government regulations over carbon emission and reduction in conventional energy sources such as crude oil and coal lead to an increase in demand for photovoltaic technology for the production of electricity. All these factors are estimated to upsurge the demand for photovoltaic technology across the Asia-Pacific region and are expected to intensify the growth of the photovoltaic market.
Photovoltaic Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Photovoltaic Market Competitor overview
Some key developments and strategies adopted by manufacturers in Photovoltaic are highlighted below.
· In April 2020, LONGi entered into an agreement with Swedish distributor Senergia for the supply of 9.2 MW of its high efficiency Hi-MO4 modules. The agreement includes around 25,000 PV modules of various power—23,400 pieces of 370 W and 1,320 pieces of 440 W.
· In October 2019, JA Solar has reached agreement with Shin-Etsu Chemical of Japan to license its intellectual properties of using Ga-doped silicon wafers for solar cell applications. Shin-Etsu Chemical holds a number of patents on doping Ga in silicon crystals and using the Ga-doped p-type crystalline silicon wafers for making solar cells.
Photovoltaic Market, Key Players
· Abengoa, S.A.
· Acciona, S.A.
· Canadian Solar, Inc.
· First Solar, Inc.
· JA Solar Holdings Co. Ltd.
· Renesola Ltd.
· Sharp Corporation
· Tata Power Solar Systems Limited.
· Trina Solar Co., Ltd.
· Wuxi Suntech Power Co., Ltd.
· JinkoSolar
· LONGi
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Photovoltaic Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Technology
- 5.2.1. Thin Film
- 5.2.1.1. Cadmium telluride
- 5.2.1.2. Copper indium gallium diselenide
- 5.2.1.3. Amorphous thin-film silicon
- 5.2.2. Mono-Si
- 5.2.3. Multi-Si
- 5.2.1. Thin Film
- 5.3. Market Analysis, Insights and Forecast – By System
- 5.3.1. High Concentrated PV (HCPV)
- 5.3.2. Low Concentrated PV (LCPV)
- 5.4. Market Analysis, Insights and Forecast – By Application
- 5.4.1. Residential
- 5.4.2. Commercial & Industrial
- 5.4.3. Utilities
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America, Middle East and Africa
6. North America Photovoltaic Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Technology
- 6.2.1. Thin Film
- 6.2.1.1. Cadmium telluride
- 6.2.1.2. Copper indium gallium diselenide
- 6.2.1.3. Amorphous thin-film silicon
- 6.2.2. Mono-Si
- 6.2.3. Multi-Si
- 6.2.1. Thin Film
- 6.3. Market Analysis, Insights and Forecast – By System
- 6.3.1. High Concentrated PV (HCPV)
- 6.3.2. Low Concentrated PV (LCPV)
- 6.4. Market Analysis, Insights and Forecast – By Application
- 6.4.1. Residential
- 6.4.2. Commercial & Industrial
- 6.4.3. Utilities
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
7. Europe Photovoltaic Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Technology
- 7.2.1. Thin Film
- 7.2.1.1. Cadmium telluride
- 7.2.1.2. Copper indium gallium diselenide
- 7.2.1.3. Amorphous thin-film silicon
- 7.2.2. Mono-Si
- 7.2.3. Multi-Si
- 7.2.1. Thin Film
- 7.3. Market Analysis, Insights and Forecast – By System
- 7.3.1. High Concentrated PV (HCPV)
- 7.3.2. Low Concentrated PV (LCPV)
- 7.4. Market Analysis, Insights and Forecast – By Application
- 7.4.1. Residential
- 7.4.2. Commercial & Industrial
- 7.4.3. Utilities
- 7.5. Market Analysis, Insights and Forecast – By Country
- 7.5.1. UK
- 7.5.2. Germany
- 7.5.3. France
- 7.5.4. Italy
- 7.5.5. Spain
- 7.5.6. Russia
- 7.5.7. Rest of Europe
8. Asia Pacific Photovoltaic Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Technology
- 8.2.1. Thin Film
- 8.2.1.1. Cadmium telluride
- 8.2.1.2. Copper indium gallium diselenide
- 8.2.1.3. Amorphous thin-film silicon
- 8.2.2. Mono-Si
- 8.2.3. Multi-Si
- 8.2.1. Thin Film
- 8.3. Market Analysis, Insights and Forecast – By System
- 8.3.1. High Concentrated PV (HCPV)
- 8.3.2. Low Concentrated PV (LCPV)
- 8.4. Market Analysis, Insights and Forecast – By Application
- 8.4.1. Residential
- 8.4.2. Commercial & Industrial
- 8.4.3. Utilities
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. China
- 8.5.2. India
- 8.5.3. Japan
- 8.5.4. Australia
- 8.5.5. South East Asia
- 8.5.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Photovoltaic Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Technology
- 9.2.1. Thin Film
- 9.2.1.1. Cadmium telluride
- 9.2.1.2. Copper indium gallium diselenide
- 9.2.1.3. Amorphous thin-film silicon
- 9.2.2. Mono-Si
- 9.2.3. Multi-Si
- 9.2.1. Thin Film
- 9.3. Market Analysis, Insights and Forecast – By System
- 9.3.1. High Concentrated PV (HCPV)
- 9.3.2. Low Concentrated PV (LCPV)
- 9.4. Market Analysis, Insights and Forecast – By Application
- 9.4.1. Residential
- 9.4.2. Commercial & Industrial
- 9.4.3. Utilities
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. Brazil
- 9.5.2. Saudi Arabia
- 9.5.3. UAE
- 9.5.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. Abengoa, S.A.
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. Acciona, S.A.
- 10.6. Canadian Solar, Inc.
- 10.7. First Solar, Inc.
- 10.8. JA Solar Holdings Co. Ltd.
- 10.9. Renesola Ltd.
- 10.10. Sharp Corporation
- 10.11. Tata Power Solar Systems Limited.
- 10.12. Trina Solar Co., Ltd.
- 10.13. Wuxi Suntech Power Co., Ltd.
- 10.14. JinkoSolar
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
