The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased demand for renewable energy is likely to promote innovation in photovoltaic manufacturing, propelling the market during the forecast period.

The global photovoltaic market is expected to grow from $82.75 billion in 2022 to $91.06 billion in 2023 at a compound annual growth rate (CAGR) of 10%. The global photovoltaic market size is expected to reach $127.80 billion in 2027 at a CAGR of 8.8%.

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Global Photovoltaic Market Segments Include:

• By Component: Modules, Inverters, Balance Of Systems (BOS)
• By Cell Type: Full-Cell PV Modules, Half-Cell PV Modules
• By Installation Type: Ground-Mounted, Building-Integrated Photovoltaics (BIPV), Floating PV
• By Technology: Thin Film, Mono-Si, Multi-Si
• By Application: Residential, Commercial And Industrial, Utilities
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global photovoltaic market in 2021.

Major Market Players in the photovoltaic market include JinkoSolar, JA Solar Technology Co. Ltd., Trina Solar Co. Ltd., LONGi Green Energy Technology Co. Ltd., Canadian Solar Inc., First Solar Inc., Hanwha Qcells, Wuxi Suntech Power Co. Ltd.

Technological developments are a major trend that is gaining traction in the photovoltaic market. To maintain their market position, major players in the photovoltaic sector are embracing innovative technology. For example, in September 2021, PZL Sedziszow, a Poland-based car parts producer, launched contemporary photovoltaic panels with silicon-monocrystalline technology for the Avia Solar brand. These silicon-based panels have an efficiency range of 17 to 22% and are distinguished by high efficiency and low temperature loss of efficiency.

The Photovoltaic Global Market Report 2023  provides a photovoltaic market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The photovoltaic market forecast analyzes photovoltaic market size, photovoltaic market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The direct conversion of light into electrical power using semiconducting materials such as silicon is referred to as photovoltaic. Photovoltaic technology is an important part of the transition to a more sustainable, renewable energy future. It is used to directly convert solar energy into electrical power without the usage of nonrenewable carbon fuels such as coal, oil, or natural gas.

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