Photovoltaic Global Market Report 2024

The photovoltaic market has grown strongly in recent years. It will grow from $91.06 billion in 2023 to $99.97 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. During the historic period, growth can be primarily attributed to several key factors, including heightened environmental consciousness, the pursuit of energy security, efforts towards grid integration, economic feasibility, and the overarching global shift towards renewable energy sources. These factors collectively drove advancements and expansions within the relevant sectors.

The photovoltaic market is expected to see strong growth in the next few years. It will grow to $139.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period is expected to be propelled by various factors such as the integration of energy storage, government objectives focused on climate, the rise of decentralized energy production, incorporation of electric vehicles into the energy ecosystem, and corporate endeavors towards sustainability. Additionally, notable trends during this period will encompass advancements in solar technology, increased integration of energy storage solutions, the emergence of floating solar installations, the integration of digitalization for monitoring purposes, and the surge in green financing and investments within the renewable energy sector. These trends collectively indicate the trajectory towards a more sustainable and technologically driven energy landscape.

The upsurge in demand for renewable energy is expected to drive the growth of the photovoltaic market. Renewable energy, sourced from natural elements replenished at a rapid pace, encompasses photovoltaic systems composed of silicon-based solar panels and inverters converting direct current into alternating current for residential and commercial use. Notably, in September 2022, according to the International Energy Agency, wind and solar PV technologies were pivotal, contributing around 90% to the increased renewable electricity output in 2021, marking a substantial rise of 522 TWh. Consequently, global renewable energy's share in electrical generation grew to 28.7%, marking a 0.4% increase in 2021.

The escalation in demand for electric power is anticipated to propel the photovoltaic market's expansion. Electric power, denoting the rate of electrical energy generation, transmission, distribution, or usage, sees an increased need. Photovoltaic (PV) technology plays a significant role in meeting this demand by converting sunlight directly into electricity. For instance, a report from the Energy Institute in June 2023 highlighted a 2.3% global increase in electricity generation during 2022. Particularly, non-OECD countries witnessed a substantial 20.5 EJ surge in primary energy consumption compared to pre-COVID levels, with China's growth accounting for 72% of this rise.

Technological advancements stand as a prominent trend in the photovoltaic market. Key industry players are embracing new technologies to solidify their market presence. For instance, in September 2021, PZL Sedziszow introduced modern silicon-monocrystalline technology-based photovoltaic panels under the Avia Solar brand, boasting an efficiency range of 17 to 22% and minimal efficiency loss concerning temperature variations.

Major companies within the photovoltaic market are strategically focusing on deploying innovative photovoltaic products, such as solar photovoltaic systems, in their production facilities to boost market profitability. These systems, harnessing sunlight through photovoltaic cells to generate clean and renewable energy, play a pivotal role in various applications. For instance, in March 2023, HAECO Group, a Hong Kong-based aircraft engineering company, installed cutting-edge solar photovoltaic systems at its Jinjiang composite services facility and Xiamen landing gear services facility. The operational solar PV power system, boasting advanced photovoltaic cells, is estimated to annually produce around 1.6 million kilowatt-hours (kWh) of clean electricity at HAECO Composite Services, contributing significantly to reducing carbon emissions by approximately 1,032 metric tons per year. Similarly, at HAECO Landing Gear Services, the system is expected to yield approximately 0.69 million kilowatt-hours (kWh) of renewable energy, resulting in an annual reduction of around 426 metric tons of carbon emissions.

In September 2022, Enverus, a U.S.-based company focusing on energy-related software-as-a-service offerings, completed the acquisition of RatedPower for an undisclosed amount. This strategic move enhances and diversifies Enverus's portfolio, augmenting its value proposition and expanding its array of solar industry solutions, alongside extending its global geographic footprint. RatedPower, headquartered in Spain, operates within the solar energy sector, contributing to the photovoltaic market.

Major companies operating in the photovoltaic market report are JinkoSolar Holding Co. Ltd., JA Solar Technology Co. Ltd., Trina Solar Co. Ltd., LONGi Green Energy Technology Co. Ltd., Canadian Solar Inc., First Solar Inc., Hanwha Qcells, Wuxi Suntech Power Co. Ltd., Sharp Corporation, Mitsubishi Electric Corporation, GCL System Integration Technology Co. Ltd., Risen Energy Co. Ltd., Shunfeng International Clean Energy Ltd., Acciona S.A., SunPower Corporation, Waaree Energies Ltd., Suntech Power Holding Co. Ltd., QCELLS Co. Ltd., NextEra Energy Inc., Sunrun Inc., Maxeon Solar Technologies Ltd., SolarEdge Technologies Inc., Emmvee Photovoltaic Power Private Limited, ABB Ltd., SL Power Electronics Corp., Fimer SpA, Sunnova Energy International Inc., Yingli Green Energy Holding Company Limited, LG Corp., REC Solar Holdings AS.

Asia-Pacific was the largest region in the Photovoltaic market in 2023. The regions covered in the photovoltaic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the photovoltaic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components of photovoltaic systems encompass modules, inverters, and the balance of systems (BOS). Modules serve as individual units that combine to form larger structures. They come in various cell types, including full-cell PV modules and half-cell PV modules. Installation methods vary, comprising ground-mounted setups, building-integrated photovoltaics (BIPV), and floating PV, employing diverse techniques such as thin film, mono-si, and multi-si. These applications find usage across residential, commercial, industrial, and utility sectors, showcasing the versatile nature of photovoltaic systems.

The photovoltaic market research report provides photovoltaic market statistics, including photovoltaic industry global market size, regional shares, competitors with a photovoltaic market share, detailed photovoltaic market segments, market trends, and opportunities, and any further data you may need to thrive in the photovoltaic industry. This photovoltaic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The photovoltaic market consists of sales of perovskite solar cells, flexible photovoltaics, and tandem. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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