Global Photovoltaics Market Trends, Applications, Analysis, Growth, and Forecast to 2027

MarketResearch.Biz delivers in-depth insights on the global photovoltaics market in its upcoming report titled, “Global Photovoltaics Market Trends, Applications, Analysis, Growth, and Forecast to 2027”. The global photovoltaics market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the global photovoltaics market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the global market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global photovoltaics market report has been segmented on the basis of type, component, application, and region.

Photovoltaic (PV) are systems used to convert sunlight into electricity form. The primary benefit of solar energy is that it is a pollutant-free and is one of the cleanest sources of energy, and it is also a renewable source. Installation of a system is easy and requires low maintenance. Photovoltaic devices generate electricity directly from sunlight via an electronic process that occurs naturally in certain types of material called semiconductors. Electrons in these materials are freed by solar energy and can be induced to travel through an electrical circuit, powering electrical devices, or sending electricity to the grid.

Cost volatility of crude oil is not the primary factor driving increasing adoption and installation of solar or windmill farms across the globe to generate electricity. Political instability, civil war, and terrorism in middle eastern countries has been contributing significantly to reduced output from oil fields. Also, sanctions on some of these countries is a major factor impacting availability of this much sought-after energy resource. In addition, the above-mentioned factors are creating a very unstable market due to price instability, which is also resulting in the need to increase energy costs to end-users.

The ultimate amount of oil is finite and cannot be replenished once it is extracted and burned, and hence cannot be considered a renewable resource. Consumption of non-renewable sources such as oil, gas, and coal has been increasing at an alarming rate. Currently, the race is on to explore other renewable sources of energy such as solar, wind, and geothermal energy. Although many countries have started utilizing solar energy extensively, much needs to be done to exploit this resource sufficiently to fulfill the daily global demand for energy.

The only limitation is that it cannot be used at night and the amount of sunlight striking a system or solar panel depends on location, time of day, time of year, and weather conditions. These factors may hamper growth of the global photovoltaics market.

Asia Pacific market dominates the global photovoltaics market owing to presence of major market players in this region, and increasing government initiatives and funding for extensive R&D activities undertaken by major market players in countries in the region.

Global Photovoltaics Market Segmentation:

Global photovoltaics market segmentation by type:

• Organic photovoltaic
• Inorganic photovoltaic

Global photovoltaics market segmentation by component:

• Crystalline silicon PV cells
• Thin film PV cells
• Modules
• Tracker
• Optics

Global photovoltaics market segmentation by application:

• Residential
• Non-Residential
• Utility

Global photovoltaics market segmentation by region:

• North America
• Europe
• Latin America
• Asia Pacific
• Middle East & Africa