Market Overview:
The global solar photovoltaic (PV) market size reached 883.4 TWh in 2021. Looking forward, IMARC Group expects the market to reach 2,434.93 TWh by 2027, exhibiting a growth rate (CAGR) of 17.70% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A solar photovoltaic (PV) system comprises solar panels with an inverter and other electrical and mechanical hardware that convert sunlight into electrical energy. It relies on mounting structures that point panels toward the sun for converting direct current (DC) into alternating current (AC). It is used to generate clean and green energy and reduce air pollution as well as greenhouse gas emissions. It is highly cost-effective, versatile, easy to install and noise-free with low maintenance costs compared to other renewable energy systems. As a result, solar PV system finds extensive applications in residential and commercial sectors across the globe.
Solar Photovoltaic (PV) Market Trends:
At present, the rising awareness among the masses to use low carbon-intensive technologies for reducing carbon footprint worldwide represents one of the key factors driving the market. Besides this, the growing utilization of solar PV systems to power spacecraft and orbiting satellites is positively influencing the market. In addition, governments of several countries are promoting the use of solar PV systems to reduce the dependency on fossil fuels. They are also offering several incentives to encourage the employment of solar energy around the world. Moreover, the increasing application of solar PV systems in the residential sector for grid-connected electricity generation is offering lucrative growth opportunities to industry investors. Apart from this, there is a rise in the demand for sustainable and continuous electric supply among the masses across the globe. This, along with the burgeoning electrical industry, is propelling the growth of the market. Additionally, increasing investments by key market players to introduce enhanced solar energy generation technologies are projected to bolster the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global solar photovoltaic (PV) market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, grid type, deployment and end user.
Breakup by Type:
- Thin Film
- Multi-Si
- Mono-Si
Breakup by Grid Type:
Breakup by Deployment:
- Ground-mounted
- Rooftop Solar
Breakup by End User:
- Residential
- Commercial
- Utility
Breakup by Region:
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Acciona S.A., Canadian Solar Inc., First Solar Inc., JA Solar Technology Co, JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., Sharp Corporation, Solar Frontier K.K, SunPower Corporation, Suntech Power Co. Ltd. (Shunfeng Int'l), Tata Power Solar Systems Limited (Tata Power Company Limited) and Trina Solar Co. Ltd.
Report Coverage:
| Report Features |
Details |
|---|
| Base Year of the Analysis |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| Units |
US$ Billion, TWh |
| Segment Coverage |
Type, Grid Type, Deployment, End User, Region |
| Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered |
Acciona S.A., Canadian Solar Inc., First Solar Inc., JA Solar Technology Co, JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., Sharp Corporation, Solar Frontier K.K, SunPower Corporation, Suntech Power Co. Ltd. (Shunfeng Int'l), Tata Power Solar Systems Limited (Tata Power Company Limited) and Trina Solar Co. Ltd. |
| Customization Scope |
10% Free Customization |
| Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
| Post-Sale Analyst Support |
10-12 Weeks |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the global solar photovoltaic (PV) market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global solar photovoltaic (PV) market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the grid type?
- What is the breakup of the market based on the deployment?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global solar photovoltaic (PV) market and who are the key players?
- What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Solar Photovoltaic (PV) Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Thin Film
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Multi-Si
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Mono-Si
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Grid Type
7.1 On-Grid
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Off-Grid
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Deployment
8.1 Ground-mounted
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Rooftop Solar
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by End User
9.1 Residential
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Commercial
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Utility
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Acciona S.A.
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.2 Canadian Solar Inc.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 First Solar Inc.
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 JA Solar Technology Co
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.5 JinkoSolar Holding Co. Ltd.
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.6 LONGi Green Energy Technology Co. Ltd.
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.7 Sharp Corporation
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.7.4 SWOT Analysis
15.3.8 Solar Frontier K.K
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.9 SunPower Corporation
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.9.4 SWOT Analysis
15.3.10 Suntech Power Co. Ltd. (Shunfeng Int'l)
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.11 Tata Power Solar Systems Limited (Tata Power Company Limited)
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.12 Trina Solar Co. Ltd.
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
List of Figures
Figure 1: Global: Solar Photovoltaic Market: Major Drivers and Challenges
Figure 2: Global: Solar Photovoltaic Market: Volume Trends (in TWh), 2016-2021
Figure 3: Global: Solar Photovoltaic Market Forecast: Volume Trends (in TWh), 2022-2027
Figure 4: Global: Solar Photovoltaic Market: Value Trends (in Billion US$), 2016-2021
Figure 5: Global: Solar Photovoltaic Market Forecast: Value Trends (in Billion US$), 2022-2027
Figure 6: Global: Solar Photovoltaic Market: Breakup by Type (in %), 2021
Figure 7: Global: Solar Photovoltaic Market: Breakup by Grid Type (in %), 2021
Figure 8: Global: Solar Photovoltaic Market: Breakup by Deployment (in %), 2021
Figure 9: Global: Solar Photovoltaic Market: Breakup by End User (in %), 2021
Figure 10: Global: Solar Photovoltaic Market: Breakup by Region (in %), 2021
Figure 11: Global: Solar Photovoltaic (Thin Film) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Solar Photovoltaic (Thin Film) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Solar Photovoltaic (Multi-Si) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Solar Photovoltaic (Multi-Si) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Solar Photovoltaic (Mono-Si) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Solar Photovoltaic (Mono-Si) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Solar Photovoltaic (On-Grid) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Solar Photovoltaic (On-Grid) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Solar Photovoltaic (Off-Grid) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Solar Photovoltaic (Off-Grid) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: Solar Photovoltaic (Ground-mounted) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: Solar Photovoltaic (Ground-mounted) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: Solar Photovoltaic (Rooftop Solar) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Global: Solar Photovoltaic (Rooftop Solar) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Global: Solar Photovoltaic (Residential) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Global: Solar Photovoltaic (Residential) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Global: Solar Photovoltaic (Commercial) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Global: Solar Photovoltaic (Commercial) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: Global: Solar Photovoltaic (Utility) Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: Global: Solar Photovoltaic (Utility) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: North America: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: North America: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: United States: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: United States: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: Canada: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: Canada: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Asia-Pacific: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Asia-Pacific: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: China: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: China: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: Japan: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: Japan: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: India: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: India: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 45: South Korea: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: South Korea: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: Australia: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: Australia: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: Indonesia: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: Indonesia: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: Others: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: Others: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: Europe: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: Europe: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: Germany: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 56: Germany: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 57: France: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 58: France: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 59: United Kingdom: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 60: United Kingdom: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 61: Italy: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 62: Italy: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 63: Spain: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 64: Spain: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 65: Russia: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 66: Russia: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 67: Others: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 68: Others: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 69: Latin America: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 70: Latin America: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 71: Brazil: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 72: Brazil: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 73: Mexico: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 74: Mexico: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 75: Others: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 76: Others: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 77: Middle East and Africa: Solar Photovoltaic Market: Sales Value (in Million US$), 2016 & 2021
Figure 78: Middle East and Africa: Solar Photovoltaic Market: Breakup by Country (in %), 2021
Figure 79: Middle East and Africa: Solar Photovoltaic Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Global: Solar Photovoltaic Industry: SWOT Analysis
Figure 81: Global: Solar Photovoltaic Industry: Value Chain Analysis
Figure 82: Global: Solar Photovoltaic Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Solar Photovoltaic Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Solar Photovoltaic Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Solar Photovoltaic Market Forecast: Breakup by Grid Type (in Million US$), 2022-2027
Table 4: Global: Solar Photovoltaic Market Forecast: Breakup by Deployment (in Million US$), 2022-2027
Table 5: Global: Solar Photovoltaic Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 6: Global: Solar Photovoltaic Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Global: Solar Photovoltaic Market: Competitive Structure
Table 8: Global: Solar Photovoltaic Market: Key Players