Photovoltaic Market is expected to reach US$ 768.1 billion by 2027

 According to The Insight Partners latest market study on “Photovoltaic Market Forecast to 2027 – Global Analysis – by Application, Type, and Component,” the market is expected to grow from US$ 153.9 billion in 2018 to US$ 768.1 billion by 2027 at a CAGR of 19.8% between 2019 and 2027.

Renewable energy is regarded as a clean form of energy obtained from natural sources, which can be continuously replenished. Energy derived from renewable sources such as sunlight, wind, tides, and geothermal heat are sustainable and cost-effective. With the increase in population coupled with a rise in industrialization and economic development, the energy requirements have grown consistently, which is posing a burden upon natural resources and thus driving the photovoltaic market growth. The solar power is considered to be carbon-free and generates small or negligible amount of pollutants during the manufacturing process, thereby safeguarding the quality of the environment. The rise in the supply of renewable energy would enable an adequate replacement to carbon-intensive energy sources and considerable reduction in global warming emissions. This is expected to positively impact the growth of the photovoltaic market share. Also, renewable form of energy provides electricity at an affordable rate across the world, which can help stabilize energy prices in the future.

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In the wake of technological development and focus toward a growing trend of solar PV technology, the German and Spanish governments have established robust policy frameworks such as clear national targets, attractive incentives to promote consumption, and integrated plans to boost technological development and PV technology adoption in solar energy and drives the photovoltaic market growth. In APAC, several initiatives have been taken by governments to minimize the cost of the overall set-up to maximize the far-reaching benefits of an off-grid option in rural electrification, along with uplifting the focus toward sustainable environmental conditions. Moreover, several countries, such as China, have established policies to enhance the production level of photovoltaic solar power energy. Thus, above-mentioned factors are contributing toward the growth of the photovoltaic market.

Photovoltaic (PV) energy is growing at a rapid pace by contributing a significant part in the energy balance of the economy’s power systems. These systems have established to be a mature technology utilized for mainstream electricity generation and drive the photovoltaic market growth. However, solar-powered PV systems generate electricity in excess. Power providers across the world provide net metering, which is defined as an arrangement where the excess electricity produced by grid-connected renewable energy systems returns to the electricity meter. This avoids wastage and improves energy distribution as and when needed. PV systems using grid technology account for about 99% of the installed capacity in comparison with standalone systems, which require batteries. Battery-less grid-connected PV is considered to be a cost-effective solution and needs less maintenance which increases the adoption of PV-based products and thus drives the photovoltaic market share.

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Note – The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on ‘Photovoltaic Market’ provides the analysis on impact on Covid-19 on business segments and country markets. The reports also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation.

Moreover, the increasing focus of major photovoltaic market players toward the various development strategies is contributing toward the photovoltaic market growth. For instance, in 2019, Panasonic unveiled its new residential energy storage system, EverVolt, and other solar portfolio announcements at Solar Power International 2019. EverVolt features a modular design and is available in AC and DC-coupled versions, offering a flexible solution optimized for homeowners' energy needs and budgets. The home energy storage system enhances Panasonic's full suite of home energy solutions, including its signature photovoltaic high-performance HIT portfolio. In addition, the advancements in technology, focus on the reduction of installation costs, and rapid utilization of photovoltaic technology in residential applications are among the factors that are redefining the use of photovoltaic technology. In the era of increased usage of solar energy, the introduction of solar paints has become a remarkable achievement. The installation of solar panels is perceived to be a quite expensive and tedious task and requires heavy capital investment. Further, the maintenance of solar panels is another factor motivating customers to opt for photovoltaic paints technology. Also, conventional photovoltaic machinery comprising traditional silicone panels fail to acknowledge the issues related to efficiency and is limited in scope concerning practical application.

North America holds the top rank with a remarkable photovoltaic market share, in terms of photovoltaic R&D, network design/deployment, and presence of key market participants. APAC is expected to lead the photovoltaic market with the largest market share during the forecast period.

Mitsubishi Electric Corporation, Panasonic Corporation, Kaneka Corporation, Kyocera Corporation, Sharp Corporation, JA Solar Co. Ltd, Renesola Co. Ltd, Trina Solar, Jinko Solar, and Shunfeng International Clean Energy Limited are a few major companies operating in the photovoltaic market.

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