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Rising adoption of photovoltaic systems in residential applications is a key factor driving photovoltaic market revenue growth

VANCOUVER, BC, CANADA, November 15, 2022 /EINPresswire.com/ -- The global photovoltaic market size reached USD 87.51 Billion in 2021 and is expected to register a revenue CAGR of 24.7% during the forecast period, according to latest analysis by Emergen Research. Rising adoption of photovoltaic systems in residential applications is the key factor driving market revenue growth. Solar experts are optimistic about residential solar sector revenue growth prospects in the future. Rising initiatives by government and increasing awareness toward renewable energy is driving demand for solar energy as well as photovoltaic systems across the globe. European Commission introduced solar rooftop initiative and mandates installation of solar panels on new public, commercial, and residential buildings by 2029.

Solar rooftops will be required for all new public and commercial buildings by 2027 and for all new residential buildings by 2029. According to Solar Energy Industries Association (SEIA), 2021 has seen a 21% year-over-year gain in residential solar as the industry hits 3.9 GW of installed capacity. SolarReviews, a U.S. based solar company presented its yearly review of the industry, noting a 130% rise in customer quotation requests. The solar market in the U.S. has now topped 3 million installations, majority of which are distributed residential PV systems.

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Also, the market share of each industry over the forecast period is discussed. This market report also provides information on industry dynamics, market share, growth prospects, and challenges. It also conducts market research to determine the growth models, approaches, and techniques used by key players. The most important statistics in the industry trends report provide the ideal reference for companies. Besides company profile, capacity, production rate, value, and product specifications, the report covers some other important parameters.

Key Players Mentioned in the Photovoltaic Market Research Report:

Trina Solar Co., Ltd., Canadian Solar Inc., JA Solar Holdings, Acciona, S.A, First Solar, Inc., Tata Power Solar Systems Limited, Suntech Power Holdings Co., Ltd., Sharp Corporation, JinkoSolar Holding Co., Ltd., Risen Energy Co., Ltd., SunPower Corporation, and SolarEdge Technologies Inc.

Some of the features of Photovoltaic Market Report:

The commercial segment revenue is expected to increase at a steady rate over the forecast period. The commercial solar sector, which includes on-site solar installations for governments, businesses, and non-profit organizations, has developed unevenly in recent years as the industry works to unlock finance mechanisms required to enable access to a diverse range of business types. In addition, continued adoption by large corporations with clean energy aspirations, such as Apple, Walmart, Target, and Amazon, is expected to drive revenue growth of this segment.

The monocrystalline silicon segment is expected to register a significantly fast revenue growth rate over the forecast period due to rising demand for monocrystalline silicon for manufacturing of solar panels. Pyramid arrangement of these cells in the panel allows for a bigger surface area to capture more energy from sunlight. In addition, the primary benefit of monocrystalline solar cells is greater efficiency of solar energy conversion into electric energy than thin-film and multicrystalline solar cells.

The Asia Pacific market accounted for largest revenue share in the global photovoltaic market in 2021. This is due to supporting initiatives by the governments and rising awareness of renewable energy in countries across the region, especially in China and India. China is leading the position for solar PV market in the region followed by India. In May 2022, China's National Energy Administration (NEA) reported that the country added about 23.71 GW of new PV installations in the first five months of the year, bringing total amount of PV electricity it had installed to 327.9 GW.

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Emergen Research has segmented the global photovoltaic market based on technology, installation, application, material, system, and region:

Technology Outlook (Revenue, USD Billion; 2019-2030)

Thin Film

Multicrystalline Silicon

Monocrystalline Silicon

Installation Outlook (Revenue, USD Billion; 2019-2030)

Ground Mounted

Roof Mounted

Floating PV

Building-Integrated Photovoltaics (BIPV)

Others

Application Outlook (Revenue, USD Billion; 2019-2030)

Industrial

Residential

Commercial

Utilities

Material Outlook (Revenue, USD Billion; 2019-2030)

Silicon

Compounds

System Outlook (Revenue, USD Billion; 2019-2030)

High Concentrated PV (HCPV)

Low Concentrated PV (LCPV)

The study segments the Photovoltaic industry in light of major classification such as product type, potential markets, application, and end-user. This industry assessment for the forecast period, 2022 – 2030 incorporates projections pertaining to the investment feasibility, gross margin, profits, consumption volume, production capability and major market vendors. Likewise, statistics associated with the competitive landscape, shifting consumer behaviour and spending power is showcased and well-explained with the help of treasured resources such as charts, graphs and graphic images, which can be easily incorporated in the business or corporate presentations.

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Key questions answered in the report:

1. Which are the five top players of the Photovoltaic market?

2. How will the Photovoltaic market change in the next five years?

3. Which product and application will take a lion’s share of the Photovoltaic market?

4. What are the drivers and restraints of the Photovoltaic market?

5. Which regional market will show the highest growth?

6. What will be the CAGR and size of the Photovoltaic market throughout the forecast period?

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