Global Photovoltaic Market was valued at USD 144.34 Billion in the year 2019. The global Photovoltaic market is further estimated to grow at a CAGR of 19.92% from 2019 to 2025 to reach USD 429.36 Billion. Asia Pacific region holds the highest market share in 2019 and North America market is considered as the fastest growing market in the forecasted period. At a country level China, Japan, and Germany hold the highest market share in 2019 and it is projected to grow at a strongly in the coming years.
Robert Bosch GmbH (Germany), Sharp Corporation (Japan), Mitsubishi Electric Corporation (Japan), Panasonic Corporation. (Japan), China Sunergy (China), Canadian Solar Inc. (Canada), Morgan Solar Inc. (Canada), JA SOLAR Co, Ltd. (China), are some of the key players in the Global Photovoltaic market with Robert Bosch GmbH holding the substantial market share. Rising research and development expenses to cater changing demand of end users, similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
Low Operation and maintenance cost
Availability of government incentives and loans for growth and expansion
Dependency on climate
The Belt and Road Forum
The availability of solar radiation can differ depending on location
The major share of the market comes from Utility sector in Global Photovoltaic Market. As Utility sector contains military, space and power plants which can invest more in the utilization of energy.
On the other hand, Organic PV type for this market is expected to grow at the highest CAGR during the year 2019-2025. Whereas Inorganic PV holds the notable market share because of its large availability across regions.
Key Benefits for Stakeholders
Photovoltaic Manufacturers, Distributors and Retailers
Research and Consulting organization
Technology Standards Organizations, Forums, Alliances and Associations
Regulatory bodies, policy actors, and consumers.
By End User
Key Market Players
Robert Bosch GmbH (Germany)
Panasonic Corporation (Japan)
Sharp Corporation (Japan)
Mitsubishi Electric Corporation (Japan),
Morgan Solar Inc. (Canada)
JA SOLAR Co, Ltd. (China)
Canadian Solar Inc. (Canada)
China Sunergy (China)
(A brief overview of another 13 companies is also provided)
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