Photovoltaic Market Projected to Surge, Reaching $154.39 Billion by 2029

In a recent report, the Photovoltaic market demonstrated remarkable growth, reaching a valuation of US$ 89.50 billion in 2022 and is projected to soar at a robust CAGR of 8.1%, ultimately hitting nearly US$ 154.39 billion by 2029.

Photovoltaic technology, known for converting sunlight into electricity using semiconductors, has witnessed significant adoption across various sectors, including solar farms, rooftop and building integrated systems, power stations, rural electrification, and more. The market's upward trajectory is fueled by supportive government initiatives, increased demand for PV systems in commercial and residential applications, declining costs of energy storage devices, and continuous technological advancements in solar cell manufacturing.

Despite these positive trends, challenges such as the shortage of technically skilled personnel for PV installation and maintenance, along with additional installation costs, pose obstacles to the market's growth.

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Segment Analysis:

The Photovoltaic market is segmented based on Type, Material, Installation Type, and Application.

  1. Type Segment: The Inverters segment is expected to dominate the market by 2029, holding the largest market share. The rising adoption of PV inverters in utilities and residential applications, attributed to benefits like improved fire safety, low cost, and independent operation of each panel, is driving the segment's growth.

  2. Material Segment: Silicon, the most common semiconductor material, is projected to experience rapid growth at a CAGR during the forecast period. The increasing demand for silicon in photovoltaic systems is a key driver for market expansion.

  3. Installation Type Segment: Floating PV installation is anticipated to grow rapidly, offering advantages such as low civil works, reduced grid interconnection costs, and minimized shading.

  4. Application Segment: The residential application segment is expected to witness substantial growth, driven by the installation of PV systems on home or building rooftops to meet electricity needs.

Key Players:

The leading players in the Global Photovoltaic Market include Kyocera Corporation, Panasonic Corporation, Kaneka Corporation, JA solar Co. Ltd, and Sharp Corporation, among others. These companies play a pivotal role in shaping the industry landscape through product innovation, market leadership, and strategic growth initiatives.

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Regional Insights:

Asia Pacific is set to dominate the global market, holding the largest market share by 2029. Countries like China, Japan, India, Vietnam, Australia, and South Korea are significant contributors to this growth. The presence of leading market players and a surge in the adoption of PV modules contribute to the region's market dominance.

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