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Global Photovoltaic Market to reach USD 132.1 billion by 2027

Global Photovoltaic Market Size study, by Type (Modules, Inverters and Balance of System (BOS)), by Material (Silicon and Compounds), by Cell Type (Full Cell PV Modules and Half Cell PV modules), by Installation Type (Ground Mounted, Building-Integrated Photovoltaics (BIPV) and Floating PV), by Application (Residential, Commercial & Industrial and Utilities) and Regional Forecasts 2020-2027

Product Code: EAPRE_61713045
Publish Date: 12-06-2020
Page: 200

Global Photovoltaic Market is valued approximately at USD 70.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.1% over the forecast period 2020-2027. The photovoltaic system is used to convert sunlight into electricity without increasing the carbon footprint. It further stores energy for future use and has low operating cost as compared to the traditional systems. It is used in wide range of applications including residential, commercial & industrial and utilities. The rising adoption of renewables in electronics, supportive government policies and initiatives for renewable energy sources and rising demand for PV systems for residential applications are the factors responsible for the growth of Photovoltaic Market over the forecast period 2020-2027. For instance, according to International Renewable Energy Agency (IRENA), the renewable share of total generation capacity rose from 33.3% in 2018 to 34.7% in 2019. Also, renewables made up 26.2 percent of global electricity generation in 2018 and is expected to rise to 45 percent in 2040, due to rising consumption from renewable energy (solar, wind and hydropower), stated by Center for Climate and Energy Solutions (C2ES). Accroding to Hawaii State energy office, Hawaii renewable portfolio standards (HRS 269-92) mandates 100 percent renewable energy in the electricity sector by 2045, whereas, in 2017, the renewable portfolio standards stood at 27.6 percent, more than 12 percent ahead of the interim statutory 2015 target of 15 percent. Such a rise in government mandates for renewable power consumption and increasing share of renewable power generation, is expected to boost the solar energy consumption which would propel the growth of the global Photovoltaic market. However, lack of skilled workforce for PV installation and maintenance is the major factor restraining the growth of global Photovoltaic market during the forecast period.

The regional analysis of global Photovoltaic Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world in terms of market share owing to the rising investment by government and key players in the region to increase the power generation without increasing the carbon footprint that leads to the market growth.

Major market player included in this report are:
JinkoSolar Holding Co., Ltd.
JA Solar Holdings
Trina Solar Co., Ltd.
Xi’an Longi Silicon Materials Corporation
Canadian Solar Inc.
First Solar, Inc.
Hanwha Q Cells Co., Ltd.
Mitsubishi Electric Corporation
Sharp Corporation
Suntech Power Holdings Co., Ltd.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Balance of System (BOS)


By Cell Type:
Full Cell PV Modules
Half Cell PV modules

By Installation Type:
Ground Mounted
Building-Integrated Photovoltaics (BIPV)
Floating PV

By Application:
Commercial & Industrial

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Photovoltaic Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Photovoltaic Market, by Region, 2018-2027 (USD Billion)
1.2.2. Photovoltaic Market, by Type, 2018-2027 (USD Billion)
1.2.3. Photovoltaic Market, by Material, 2018-2027 (USD Billion)
1.2.4. Photovoltaic Market, by Cell Type, 2018-2027 (USD Billion)
1.2.5. Photovoltaic Market, by Installation Type, 2018-2027 (USD Billion)
1.2.6. Photovoltaic Market, by Application, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Photovoltaic Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Photovoltaic Market Dynamics
3.1. Photovoltaic Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Photovoltaic Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Photovoltaic Market, by Type
5.1. Market Snapshot
5.2. Global Photovoltaic Market by Type, Performance – Potential Analysis
5.3. Global Photovoltaic Market Estimates & Forecasts by Type 2017-2027 (USD Billion)
5.4. Photovoltaic Market, Sub Segment Analysis
5.4.1. Modules
5.4.2. Inverters
5.4.3. Balance of System (BOS)
Chapter 6. Global Photovoltaic Market, by Material
6.1. Market Snapshot
6.2. Global Photovoltaic Market by Material, Performance – Potential Analysis
6.3. Global Photovoltaic Market Estimates & Forecasts by Material 2017-2027 (USD Billion)
6.4. Photovoltaic Market, Sub Segment Analysis
6.4.1. Silicon
6.4.2. Compounds
Chapter 7. Global Photovoltaic Market, by Cell Type
7.1. Market Snapshot
7.2. Global Photovoltaic Market by Cell Type, Performance – Potential Analysis
7.3. Global Photovoltaic Market Estimates & Forecasts by Cell Type 2017-2027 (USD Billion)
7.4. Photovoltaic Market, Sub Segment Analysis
7.4.1. Full Cell PV Modules
7.4.2. Half Cell PV modules
Chapter 8. Global Photovoltaic Market, by Installation Type
8.1. Market Snapshot
8.2. Global Photovoltaic Market by Installation Type, Performance – Potential Analysis
8.3. Global Photovoltaic Market Estimates & Forecasts by Installation Type 2017-2027 (USD Billion)
8.4. Photovoltaic Market, Sub Segment Analysis
8.4.1. Ground Mounted
8.4.2. Building-Integrated Photovoltaics (BIPV)
8.4.3. Floating PV
Chapter 9. Global Photovoltaic Market, by Application
9.1. Market Snapshot
9.2. Global Photovoltaic Market by Application, Performance – Potential Analysis
9.3. Global Photovoltaic Market Estimates & Forecasts by Application 2017-2027 (USD Billion)
9.4. Photovoltaic Market, Sub Segment Analysis
9.4.1. Residential
9.4.2. Commercial & Industrial
9.4.3. Utilities
Chapter 10. Global Photovoltaic Market, Regional Analysis
10.1. Photovoltaic Market, Regional Market Snapshot
10.2. North America Photovoltaic Market
10.2.1. U.S. Photovoltaic Market Type breakdown estimates & forecasts, 2017-2027 Material breakdown estimates & forecasts, 2017-2027 Cell Type breakdown estimates & forecasts, 2017-2027 Installation Type breakdown estimates & forecasts, 2017-2027 Application breakdown estimates & forecasts, 2017-2027
10.2.2. Canada Photovoltaic Market
10.3. Europe Photovoltaic Market Snapshot
10.3.1. U.K. Photovoltaic Market
10.3.2. Germany Photovoltaic Market
10.3.3. France Photovoltaic Market
10.3.4. Spain Photovoltaic Market
10.3.5. Italy Photovoltaic Market
10.3.6. Rest of Europe Photovoltaic Market
10.4. Asia-Pacific Photovoltaic Market Snapshot
10.4.1. China Photovoltaic Market
10.4.2. India Photovoltaic Market
10.4.3. Japan Photovoltaic Market
10.4.4. Australia Photovoltaic Market
10.4.5. South Korea Photovoltaic Market
10.4.6. Rest of Asia Pacific Photovoltaic Market
10.5. Latin America Photovoltaic Market Snapshot
10.5.1. Brazil Photovoltaic Market
10.5.2. Mexico Photovoltaic Market
10.6. Rest of The World Photovoltaic Market

Chapter 11. Competitive Intelligence
11.1. Top Market Strategies
11.2. Company Profiles
11.2.1. JinkoSolar Holding Co., Ltd. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
11.2.2. JA Solar Holdings
11.2.3. Trina Solar Co., Ltd.
11.2.4. Xi’an Longi Silicon Materials Corporation
11.2.5. Canadian Solar Inc.
11.2.6. First Solar, Inc.
11.2.7. Hanwha Q Cells Co., Ltd.
11.2.8. Mitsubishi Electric Corporation
11.2.9. Sharp Corporation
11.2.10. Suntech Power Holdings Co., Ltd.
Chapter 12. Research Process
12.1. Research Process
12.1.1. Data Mining
12.1.2. Analysis
12.1.3. Market Estimation
12.1.4. Validation
12.1.5. Publishing
12.2. Research Attributes
12.3. Research Assumption

The study of the market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geographies to provide a better regional outlook. In the report, country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. Our analysts contact company executives, managers, key opinion leaders, and industry experts. This enables our analyst to derive the closest possible figures without any major deviations in the actual number.

Primary Research Sources:

  • Interview conducted with raw material suppliers & manufacturers.
  • Interview conducted with manufacturers, suppliers & distributors, researchers, & representatives of regulatory bodies.
  • Interview conducted with market players, industry experts, & independent consultants.
  • Secondary Research Sources:
  • Purchased Database: D&B Hoovers, Bloomberg, Inc., Business Information Industry Association, NAICS Association.
  • Internal Database: White papers, Certified Publications, Articles by Recognized Authors and Regulatory Bodies.
  • Government Databases: Food and Agriculture Organization (FAO), European Industrial Hemp Association (EIHA), World Health Organization (WHO), Food and Drug Administration (FDA), International Telecommunication Union (ITU), United States Department of Agriculture (USDA), International organization of Motor Vehicle Manufacturers (OICA).

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