Growth opportunities in the Photovoltaic Market look promising over the next six years. This is mainly due to the government programs to persuade the adoption of solar power and the increasing preference for natural photovoltaic.
Photovoltaic Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The accelerating penetration of solar energy across several countries, which include Saudi Arabia, and the augmenting demand for these systems across residential and commercial areas are two prime drivers stimulating the growth of the global photovoltaic market. Also, government across several nations is involved in encouraging the acquisition of solar energy through strategic measures and allowances. The National Renewable Energy Program is a prudent scheme that resides under the Saudi Vision 2030 and the King Salman Renewable Energy Initiative. This program mainly emphasizes escalating renewable energy capability in Saudi Arabia and promotes the expansion in the renewable sector.
Additionally, the reducing prices of solar systems along with the rising preference towards the implementation of natural photovoltaic are strengthening the market size. In accordance with the IEA, the solar PV capacity throughout the world is projected to touch approximately 107 GW in 2020, showing steady growth from 2019. However, the lack of experienced professionals for the perpetuation and deployment of photovoltaic may hinder the market growth.
Application Segment Drivers
On the basis of the application, the residential segment is expected to expand at a faster CAGR over the forecast period. This is primarily attributed to the growing acceptance of these systems in the residential areas led by their ability to impart electricity at an economical price. In addition to this, the provision of subsidies by the government in several countries is likely to supplement the market growth. For instance, both the State Nodal Agencies and the Central Government offer endowment schemes to the people to utilize the rooftop PV systems. As per the Ministry of New and Renewable Energy, the Central Government disburses 30% of the installation cost for the rooftop PV systems
Photovoltaic Market’s leading Manufacturers:
- Sharp Corporation
- Hanwha Q CELLS
- Canadian Solar
- Trina Solar
- Jinko Solar & ADVIGA
- Wuxi Suntech Power Co., Ltd.
- Mitsubishi Electric Corporation
- First Solar
- LONGi Solar
- JA SOLAR Technology Co., Ltd.
Photovoltaic Market Segmentation:
Segmentation by Component
- Inverters
- Modules
- Balance of System
Segmentation by Material
- Compounds
- Silicon
Segmentation by Cell Type
- Half-Cell PV Modules
- Full-Cell PV Modules
Segmentation by Installation Type
- Building-Integrated Photovoltaics
- Ground Mounted
- Floating PV
Segmentation by Application
- Commercial & Industrial
- Residential
- Utilities
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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