Photovoltaic Market Insights, Forecast to 2028

Photovoltaic Market Statistics -2028

Due to the COVID-19 pandemic, the global Photovoltaic market size is estimated to be worth USD 62970 million in 2022 and is forecast to a readjusted size of US$ 188980 million by 2028 with a CAGR of 20.1% during the forecast period.

Key drivers of the photovoltaic market include the rising prominence of renewable sources of energy. Technological developments in solar cell manufacturing will drive the photovoltaic market growth during the forecast period. Favorable government initiatives will boost the growth of the market in the coming years.

Trends Influencing Photovoltaic Market

Increasing focus on renewable energy sources

Due to the rising costs of fossil fuels and stringent regulations for curbing greenhouse gas emissions clean energy consumption is increasing rapidly. The cost of solar PV systems has declined consistently. Large-scale solar projects are in the pipeline for aiding in the ambitious decarbonization plans of government authorities. Furthermore, newer business models are being explored with solar plus storage buildouts. Sharing storage with solar energy reduces upfront capital storage costs. Grid-scale solar with storage allows residential customers to avail the benefits of shared solar power. Floating solar photovoltaics are emerging. It is being built on ponds and reservoirs. These ongoing developments will fuel the growth of the photovoltaic market during the forecast period.  

Technological innovations

Solar cells or photovoltaic cells are the primary tools for converting sunlight into electricity. Several technologies are in development. Transparent solar cells are compact and offer better transparency. Organic solar cells made from plastic and carbon materials are easier to handle, lightweight, and flexible. Moreover, researchers have developed genetically engineered cells that operate at low radiation levels and give higher solar output. Silicon-based high efficient crystalline PVs with bifacial technology harvest energy from both sides of the panel thereby leading to increasing levels of power generation. Additionally, second-generation thin-film solar cells are emerging. They are made with copper-indium-galium-selenide. Thin-film sheets offer excellent flexibility and ease of installation. It absorbs light faster than standard PV owing to its narrow design. Reverse solar panels or thermoradiative PV devices generate electricity at night by using the heat radiated from panels to the optically coupled space which acts as a heat sink. Also, hybrid metal halide perovskite solar cells are garnering attention in recent years due to their thin design, low-temperature processing, and excellent light absorption capacity. These cells are fully transparent and have high throughput manufacturing which can be scaled easily. These breakthrough technologies are still in their nascent stage. However, these continuous developments provide huge scope for the growth of the photovoltaic market in the forthcoming years. 

Supportive government regulations

Several government authorities around the world have formulated policies to enable the smooth installation of photovoltaic projects. Countries are aggressively promoting the shift to solar energy. For instance, the Indian government has set up a generation-based incentive scheme for enabling monetary benefits for each unit of electricity fed into the grid for the first 10 years of operations. There is a mandate for compulsory purchase of renewable energy by distribution licensees thereby leading to wider adoption. Furthermore, large-scale solar photovoltaic plants are being installed in countries like Malaysia with an energy capacity of 100 MW. Thus strong government backing will fuel the growth of the photovoltaic market in the coming years. 

Lack of skilled workforce 

Photovoltaic installations are complex and require highly specialized knowledge. There is a lack of efficient workers with appropriate training, R&D expertise, and certification. Installers are unable to handle all the aspects of the implementation. The intermittency and unpredictability make them unreliable. It is not continuously available during cloudy or rainy seasons. Moreover, PV cells require additional costs in the form of inverters and storage batteries. Solar PV cells are fragile and get damaged easily. Additionally, they require large areas of land for proper installation. There are several backlog projects hanging due to clearance issues and land constraints. Such factors will boost the growth of the photovoltaic market during the forecast period. 

Photovoltaic (PV) systems are used to convert sunlight into electricity. They are safe, reliable, incur less operating costs, and are easy to install.

Photovoltaic Market Analysis and Insights

Based on type, the multi-silicon segment is expected to dominate in the photovoltaic market share due to widescale adoption in the industrial, commercial, and residential sectors. However, the mono silicon segment will grow the fastest due to large-scale solar PV installations owing to their durability, flexibility, design, and efficiency. 

Based on application, the commercial segment will grow the highest in the photovoltaic market share owing to the rapid commercialization and adoption of solar panels in several industry verticals.

Based on region,  Asia-Pacific will witness considerable growth in the photovoltaic market share due to favorable government policies, cheaper production costs, and ambitious decarbonization targets set by emerging economies like India, China, Japan, etc. 

Photovoltaic Market Scope and Segment

Photovoltaic market is segmented by Type and by Application. Players, stakeholders, and other participants in the global Photovoltaic market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on production capacity, revenue and Forecast by Type and by Application for the period 2017-2028.

Photovoltaic Market Segment By Type

• Thin Film
• Mono Si
• Multi Si

Photovoltaic Market Segment By Application

• Industrial
• Residential
• Commercial

By Company

• Kaneka
• Kyocera
• Mitsubishi Electric
• Panasonic
• Sharp
• Ja Solar
• Jinko Solar
• Renesola
• Suntech Power
• Trina Solar
• Yingli Solar
• Canadian Solar

Production By Region

• North America
• Europe
• China
• Japan

Consumption By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Asia-Pacific
• China
• Japan
• South Korea
• India
• Australia
• Taiwan
• Indonesia
• Thailand
• Malaysia
• Philippines
• Vietnam
• Latin America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• Turkey
• Saudi Arabia
• U.A.E

Scope of the Photovoltaic Market Report