Photovoltaic Market Impacts Higher Demand Due to Increasing Contribution

Posted by Jason Lee on March 20th, 2020

As per the current market trends and the promising nature of the photovoltaic market, it can be estimated that the future holds positive outcomes. The study discusses the prime market growth factors along with future projections expected to impact the photovoltaic market during the period between 2019 and 2026. In addition, a deep analysis of the competitive landscape, including prime market players is also enclosed in this report.

The global photovoltaic market was valued at ,916.0 million in 2018, and is projected to reach 3,725.1 million by 2026, growing at a CAGR of 25.1% from 2019 to 2026.

Photovoltaic energy is the energy produced by the sun’s radiation, which is transformed into electricity in photovoltaic cells. The electricity is then fed into the electricity network for can then be used in electrical equipment. Photovoltaic energy technology is widely used in rooftop solar installations to provide stored energy for residential buildings at a low cost. In addition, on a commercial scale, photovoltaic technology is used in solar lamps, parking meters, emergency telephones, trash compactors, temporary traffic signs, charging stations, and remote guard posts & signals.

Moreover, it is used in solar buses and cars to provide electricity to run the vehicle motor. Furthermore, in the agricultural sector, photovoltaic technology is widely in solar drying to dry crops faster. It is further used in photovoltaic panels, which generate electricity to run water pumps, and serves as an economical option as compared to new electric lines to provide power to remote locations. Moreover, photovoltaic technology is used in aerospace & defense sector for manufacturing of solar panels to be used in satellite to generate electricity for smooth working of satellite in space.

Read Detailed Index of full Research Study at

The global photovoltaic market is segmented based on technology, system, application, and region. Depending on technology, the market is classified into thin film (cadmium telluride, copper indium gallium diselenide, and amorphous thin-film silicon), mono-Si and multi-Si. The systems covered in the study include high concentrated PV (HCPV) and low concentrated PV (LCPV). On the basis of application, the market is classified into industrial, residential, and commercial. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Thailand, Australia, and rest of Asia-Pacific), and LAMEA (Chile, South Africa, Turkey, and rest of LAMEA).

The major key players operating in the photovoltaic industry include Abengoa, Acciona, Canadian Solar, First Solar, JA Solar Co., Ltd., Renesola, Sharp Corporation, Tata Power Solar Systems Ltd., Trina Solar, and Wuxi Suntech Power Co., Ltd.


  • By Technology

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

  • By System
    High Concentrated PV (HCPV)
    Low Concentrated PV (LCPV)
  • By Application
  •  By Region              
  •  North America
    o    U.S.
    o    Canada
    o    Mexico
    •    Europe
    o    Germany
    o    France
    o    Spain
    o    Italy
    o    UK
    o    Rest of Europe
    •    Asia-Pacific
    o    China
    o    Japan
    o    India
    o    South Korea
    o    Thailand
    o    Australia
    o    Rest of Asia-Pacific
    •    LAMEA
    o    Chile
    o    South Africa
    o    Turkey
    o    Rest of LAMEA

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Jason Lee

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Jason Lee
Joined: September 20th, 2019
Articles Posted: 305

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