Photovoltaics Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[212+ Page Report] According to the report published by Facts & Factors, the global photovoltaics market size was evaluated at $89.25 billion in 2022 and is slated to hit $177 billion by the end of 2030 with a CAGR of nearly 7.90% between 2023 and 2030. The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace. The photovoltaics industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the photovoltaics market report explores the investor and stakeholder space to help companies make data-driven decisions.

Market Overview

Photovoltaics is referred to as converting light into electricity by using semiconducting materials exhibiting photovoltaic effects. Reportedly, a photovoltaic effect is commercially utilized for power generation as well as in photosensors. Apart from this, the photovoltaic system makes use of solar modules, each consisting of a number of solar cells producing electric power.

In addition to this, photovoltaic deployments can be rooftop-mounted, ground-mounted, floated, and wall-mounted. For the record, photovoltaic technology assists in reducing climatic changes as it emits less carbon in comparison to fossil fuels.

Key Insights

• As per the analysis shared by our research analyst, the global photovoltaics market is projected to expand annually at the annual growth rate of around 7.90% over the forecast timespan (2023-2030)
• In terms of revenue, the global photovoltaics market size was evaluated at nearly $89.2589.25 billion in 2022 and is expected to reach $177 billion by 2030.
• The global photovoltaics market is anticipated to record massive growth over the forecast period owing to a surge in the demand for seamless power supply with a rising global population and need for sustainable energy sources.
• Based on the component, the BOS segment is predicted to contribute majorly towards the global market share over the forecast timeline.
• In terms of material, the silicon segment is projected to account for a major share of the global market in 2023-2030.
• On the basis of application, the residential segment is set to register the fastest CAGR over the period from 2023 to 2030.
• Based on the installation type, the BIPV segment is projected to account for a major share of the global market in 2023-2030.
• Region-wise, the Asia-Pacific photovoltaics market is projected to register the highest CAGR during the assessment period.

Industry Growth Factors

• Need for an incessant supply of electricity for the rising population to boost the global market trends

A surge in the demand for seamless power supply with a rising global population and need for sustainable energy sources will help in charting a profitable growth curve for the global photovoltaics market. Demand for reducing carbon footprints and low costs sources of generating electricity will embellish the growth of the market across the globe.

In addition to this, immense demand for renewable energy sources such as solar energy has translated into large-scale use of solar panels for generating photovoltaic energy, thereby steering the global market demand.

In addition to this, the humungous use of electricity generated from photovoltaic energy for operating water pumps will expand the scope of growth of the global photovoltaics market. In addition to this, photovoltaics finds a plethora of applications in the defense & aerospace sector and various other sectors.

Escalating demand for sustainable energy sources including solar energy has prompted the growth of the market globally. Government laws favoring the use of renewable & green energy will further stimulate the market space across the globe.

Restraints

• Rising deployment costs to impede the global industry surge over 2023-2030

High installation charges and the need for huge storage capacity can retard the growth of the global photovoltaics industry in the coming years. Moreover, the massive need for power conversion equipment can further create impediments to global industry expansion. Safety risks related to high DC voltages can also decimate global industry expansion.

Opportunities

• Increase in investments for producing sustainable energy to open new growth opportunities for the global market

A rise in the allocation of funds for generating renewable energy will open new vistas of growth for the global photovoltaics market in the upcoming years. Governments across the globe are focusing on reducing greenhouse effects and this will contribute majorly towards the scaling up of the market across the globe.

Challenges

• Difficulty to acquire land for deploying photovoltaics is a big challenge for the global industry surge

Issues related to the acquisition of land for installing solar panels along with huge installation costs have posed a big threat to the photovoltaics industry. Moreover, difficulty in land acquisitor will further put a big challenge for the global industry expansion.  

Segmentation Analysis

The global photovoltaics market is sectored into component, material, installation type, application, and region.   

In terms of component, the global photovoltaics industry is sectored into modulators, BOS, and inverters. Furthermore, the BOS segment, which accounted for the largest share of the global market in 2022, is set to hold its segmental dominance in the forecast timespan. The segmental growth in the ensuing eight years can be a result of BOS being a key component of photovoltaic systems.

Apart from this, the use of solar trackers is gaining momentum owing to high returns on investments for solar panel developers. Furthermore, BOS offers high efficiency and improved module capacity to the end-users.  

Based on material, the photovoltaics industry across the globe is divided into silicon and compound segments. Moreover, the silicon segment, which garnered nearly half of the global industry share in 2022, is slated to dominate the global industry expansion even in the forecasting years. The growth of the segment in the coming years can be due to the large-scale use of silicon material in producing photovoltaic cells and solar panels.

Based on the installation type, the photovoltaics market globally is sectored into ground mounted, floating photovoltaic, and BIPV. Furthermore, the BIPV segment, which garnered nearly half of the global industry share in 2022, is projected to lead the global market expansion even in the forecast period. The growth of the segment can be attributed to several factors such as BIPV increasing building’s energy efficiency by reducing building’s energy usage by providing insulation and shade to buildings.

Apart from this, it generates clean & renewable energy from the sun and hence helps in reducing carbon footprints. It helps in reducing the proportion of heat entering the building, thereby minimizing the need for installing air-conditioners and other cooling systems such as air-coolers.

On the basis of application, the global photovoltaics market is divided into residential, utilities, and commercial & industrial segments. Moreover, the residential segment, which accounted for a major share of nearly 51% of the global market in 2022, is predicted to register the fastest CAGR in the ensuing years. The segmental expansion over the forecast timespan can be subject to a reduction in the cost of photovoltaic systems in the last few years.

Recent Breakthroughs:

• In the first quarter of 2022, Canadian Solar declared that it commenced mass manufacturing of a new kind of 188mm solar cells for commercial, residential, and industrial rooftop solar panels. The move will boost the expansion of the photovoltaics market in Canada as well as across the North American sub-continent.  
• In the first half of 2022, LONGI declared that it launched a new Hi-MO 5m 54c module that is made for commercial, industrial, and residential rooftops and outputs high power of nearly 415W along with acquiring power efficiency of nearly 22%.  
• In the first quarter of 2022, TrinaTracker, a key division of Trina Solar, launched Vanguard 1P single-row tracker at World Energy Summit held in Abu Dhabi. The strategic move will contribute remarkably towards the expansion of the photovoltaics industry in Asia and across the globe.

Report Scope

Regional Insights 

• Asia-Pacific Photovoltaics market to register the highest CAGR over the forecast period

Asia-Pacific, which accounted lucratively towards the global photovoltaics market revenue in 2022, is anticipated to record the highest CAGR of 6.1% during the assessment timeline. The regional market expansion over 2023-2030 can be due to the presence of giant manufacturers such as JA Solar, JinkoSolar, and LONGI in the region.

Apart from this, the rise in penetration of photovoltaics modules in China, India, and Japan will add to the growth of the regional market in the coming decade. In addition to this, the region is the highest producer and consumer of photovoltaic modules as well as PV components.

Furthermore, the North American photovoltaics industry, which contributed nearly more than 70% of the global industry share in 2022, is set to witness a notable expansion in the forecast timeline. The factors that are projected to measure the growth of the regional market include humungous demand for solar panels in residential and commercial sectors in the countries such as Canada and the U.S. Favorable government schemes promoting the use of renewable energy sources in the U.S. and Canada will proliferate the size of the regional market in the upcoming years.

Competitive Space

• Abengoa 
• Trina Solar 
• Acciona 
• Canadian Solar 
• Renesola 
• First Solar 
• JA Solar Co. Ltd. 
• Tata Power Solar Systems Ltd. 
• Sharp Corporation 
• Wuxi Suntech Power Co. Ltd. 
• Mitsubishi Electric Corporation 
• Kaneka Corporation 
• Panasonic Corporation 
• Kyocera Corporation 
• Jinko Solar

The global photovoltaics market is segmented as follows:

By Product Type

• Modules
• BOS
• Inverters

By Material 

• Silicon
• Compounds

By Installation Type

• Ground Mounted
• Floating Photovoltaic
•  BIPV

By Application

• Residential
• Utilities
• Commercial & Industrial

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America