出版：MarketsandMarkets（マーケッツアンドマーケッツ） 出版年月：2023年1月
太陽光発電市場 : コンポーネント (モジュール、インバーター、BOS)、材料 (シリコン、コンパウンド)、設置タイプ (地上設置、BIPV、浮体式PV)、用途 (住宅、商業＆産業、公益事業)、セル タイプ、地域別 – 2028年までの世界予測
Photovoltaic Market by Component (Modules, Inverters, BOS), Material (Silicon, Compounds), Installation Type (Ground Mounted, BIPV, Floating PV), Application (Residential, Commercial & Industrial, Utilities), Cell Type and Region – Global Forecast to 2028
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| 種別 | 英文調査報告書 |
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The photovoltaic market is projected to grow from USD 96.5 billion in 2023 and is projected to reach USD 155.5 billion by 2028; it is expected to grow at a CAGR of 10.0 % from 2023 to 2028.
The rising number of solar installations attributed to government-led incentives and schemes, growth in the adoption of PV systems for residential applications, decreasing cost of PV systems and energy storage devices is expected to fuel the growth of the photovoltaic market. However, issues related to land acquisition for deployment of solar projects is a prominent factor limiting the growth of the photovoltaic market.
“Ground-mounted PV systems to hold largest share of photovoltaic market during the forecast period.”
The PV market for ground-mounted systems held the largest market share in 2022 and is expected to retain its dominant position throughout the forecast period. With an increasing number of utility-scale projects worldwide, the ground-mounted PV systems market is expected to witness significant growth during the forecast period. The ground-mounted segment dominates the solar photovoltaic market more than the rooftop segment due to higher capacity installations in the ground-mounted segment worldwide. The higher demand for utility-scale is expected to continue during the forecast period, with strong demand from China and many emerging markets around the world installing notable amounts that are mostly ground-mounted.
“Market for half-cell PV module segment is expected to witness higher growth during the forecast period”
The half-cell PV module segment is expected to witness significant growth in the photovoltaic market during the forecast period. Half-cut solar cells have a higher power generating capacity than normal solar cells. As a result of the increased power output, the number of solar cells required for installation is reduced, conserving space. For residential, commercial, and industrial locations with limited space, half-cut solar cell technology has proven to be a viable option. The half-cell modules have outstanding durability and long-life performance. Hence, half-cell type panels are more durable and less prone to cracking over long periods. Additionally, the half-cut solar panels have high shade tolerance, unlike the conventional models. These factors are likely to result in higher adoption of half-cell PV modules during the forecast period.
“Market for residential application to hold a significant share during the forecast period ”
Residential application held the second-largest share of the said market in 2022 and is expected to retain its second dominant position throughout the forecast period. This can be attributed to the declining cost of PV systems in the past few years. Similarly, governments across various countries such as India, China, and the US offer incentives and tax rebate to residential users to install PV systems, which is expected to fuel the growth of the market for PV systems in residential applications during the forecast period.
“Europe to hold a significant share of the photovoltaic market during the forecast period”
Europe is expected to hold a significantly large share for photovoltaic market during the forecast period. The countries that constitute a major portion of the photovoltaic market in Europe include the Germany, France, Italy. The countries of the European Union have also started working toward compliance with the Clean Energy Package of the Commission that sets a 32% renewable energy target by 2030. As such, governments of a number of countries in Europe are increasingly making efforts to generate low-cost solar energy to meet their energy targets. This is expected to propel the growth of the PV market in Europe during the forecast period.
The report profiles key players in the photovoltaic market with their respective market ranking analysis. Prominent players profiled in this report are include are JinkoSolar (China), JA Solar (China), Trina Solar (China), LONGi (China), Canadian Solar (Canada), First Solar (US), Hanwha Q CELLS (South Korea), Wuxi Suntech Power (China), Sharp (Japan), Mitsubishi Electric (Japan), Array Technologies (US), Chint Solar (China), GCL System Integration Technology (China), Huawei (China), LG Electronics (South Korea), NEXTracker (US), Risen Energy (China), SMA Solar Technology (Germany), Sungrow Power Supply (China), Tongwei Solar (China), Eaton Corp. (Ireland), ABB (Switzerland), Power Electronics (Spain), Fimer (Italy), AllEarth Renewables (US), Emmvee Photovoltaic Power Private Limited (India), ShunFeng International Clean Energy (China), Waaree Energies Ltd. (India) and Yingli Solar (China).
Research Coverage:
This research report categorizes the photovoltaic market on the basis of component, material, cell type, installation type, application, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the photovoltaic market and forecasts the same till 2028. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the photovoltaic cosystem.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the photovoltaic market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
4. The analysis of the top 31 companies, based on the market rank as well as the product footprint will help stakeholders visualize the market positioning of these key players.
5. Patent analysis, trade data, and technological trends that will shape the market in the coming years has also been covered in this report.
目次
1 INTRODUCTION 24
1.1 STUDY OBJECTIVES 24
1.2 MARKET DEFINITION 24
1.3 INCLUSIONS AND EXCLUSIONS 25
1.4 STUDY SCOPE 25
1.4.1 MARKETS COVERED 25
FIGURE 1 PHOTOVOLTAIC MARKET: SEGMENT 25
1.4.2 REGIONAL SCOPE 26
1.4.3 YEARS CONSIDERED 26
1.5 CURRENCY CONSIDERED 26
1.6 STAKEHOLDERS 27
1.7 UNIT CONSIDERED 27
1.8 SUMMARY OF CHANGES 27
2 RESEARCH METHODOLOGY 29
2.1 RESEARCH DATA 29
FIGURE 2 PHOTOVOLTAIC MARKET: RESEARCH DESIGN 29
2.1.1 SECONDARY DATA 30
2.1.1.1 List of key secondary sources 30
2.1.1.2 Key data from secondary sources 31
2.1.2 PRIMARY DATA 31
2.1.2.1 Primary interviews with experts 32
2.1.2.2 Breakdown of primaries 32
2.1.3 SECONDARY AND PRIMARY RESEARCH 33
2.1.3.1 Key industry insights 33
2.2 MARKET SIZE ESTIMATION 34
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: REVENUE OF MARKET PLAYERS FOR PHOTOVOLTAIC MODULE MARKET 34
2.2.1 BOTTOM-UP APPROACH 35
2.2.1.1 Approach to capture market size by bottom-up analysis (demand side) 35
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 35
2.2.1.2 Major upcoming solar projects in various regions worldwide 36
TABLE 1 MAJOR SOLAR PROJECTS ACROSS VARIOUS REGIONS 36
2.2.2 TOP-DOWN APPROACH 37
2.2.2.1 Approach to capture market size by top-down analysis (supply side) 37
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 37
2.3 DATA TRIANGULATION 38
FIGURE 6 DATA TRIANGULATION 38
2.4 RESEARCH ASSUMPTIONS 39
FIGURE 7 ASSUMPTIONS FOR RESEARCH STUDY 39
2.4.1 LIMITATIONS 39
3 EXECUTIVE SUMMARY 40
3.1 GROWTH RATE ASSUMPTIONS/GROWTH FORECAST 40
FIGURE 8 MARKET FOR INVERTERS TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 41
FIGURE 9 SILICON SEGMENT TO EXHIBIT HIGHER CAGR DURING FORECAST PERIOD 42
FIGURE 10 COMMERCIAL & INDUSTRIAL APPLICATIONS TO WITNESS HIGHEST CAGR IN PHOTOVOLTAIC MARKET DURING FORECAST PERIOD 42
FIGURE 11 PHOTOVOLTAIC MARKET IN ASIA PACIFIC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD 43
4 PREMIUM INSIGHTS 45
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN PHOTOVOLTAIC MARKET 45
FIGURE 12 DECREASING COST OF PV SYSTEMS TO BOOST MARKET GROWTH 45
4.2 PHOTOVOLTAIC MARKET, BY CELL TYPE 45
FIGURE 13 HALF-CELL TYPE TO WITNESS HIGHER CAGR DURING FORECAST PERIOD 45
4.3 PHOTOVOLTAIC MARKET, BY INSTALLATION TYPE 46
FIGURE 14 FLOATING PV SEGMENT TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 46
4.4 PHOTOVOLTAIC MARKET, BY APPLICATION 46
FIGURE 15 UTILITIES TO DOMINATE PV MARKET DURING FORECAST PERIOD 46
4.5 PHOTOVOLTAIC MARKET, BY REGION 47
FIGURE 16 ASIA PACIFIC TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 47
4.6 PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY COUNTRY AND APPLICATION 47
FIGURE 17 CHINA AND UTILITIES WERE LARGEST SHAREHOLDERS OF PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY COUNTRY AND APPLICATION, RESPECTIVELY, IN 2022 47
4.7 PHOTOVOLTAIC MARKET, BY COUNTRY 48
FIGURE 18 CHINA TO RECORD HIGHEST CAGR IN PHOTOVOLTAIC MARKET DURING FORECAST PERIOD 48
5 MARKET OVERVIEW 49
5.1 INTRODUCTION 49
5.2 MARKET DYNAMICS 49
FIGURE 19 PHOTOVOLTAIC MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 49
5.2.1 DRIVERS 50
5.2.1.1 Rising number of solar installations attributed to government-led incentives and schemes 50
5.2.1.2 Growing adoption of PV systems in residential applications 50
FIGURE 20 RESIDENTIAL SOLAR PV SYSTEM PRICING 51
5.2.1.3 Decreasing cost of PV systems and energy storage devices 52
FIGURE 21 SOLAR PV PRICING TRENDS AND DEPLOYMENT GROWTH 52
FIGURE 22 DRIVERS 52
5.2.2 RESTRAINTS 53
5.2.2.1 Lack of skilled workforce for PV installation and maintenance 53
5.2.2.2 Safety risks associated with high DC voltages 53
FIGURE 23 RESTRAINTS 53
5.2.3 OPPORTUNITIES 54
5.2.3.1 Increasing investments in renewable energy 54
FIGURE 24 RENEWABLE POWER INVESTMENTS, 2019–2021 (USD BILLION) 54
5.2.3.2 Ongoing technological developments in solar cell manufacturing 55
FIGURE 25 OPPORTUNITIES 56
5.2.4 CHALLENGES 56
5.2.4.1 Issues related to land acquisition for deployment of solar projects 56
FIGURE 26 CHALLENGES 56
5.3 SUPPLY CHAIN ANALYSIS 57
FIGURE 27 SUPPLY CHAIN OF PHOTOVOLTAIC MARKET 57
5.4 ECOSYSTEM/MARKET MAP 58
TABLE 2 PLAYERS AND THEIR ROLE IN ECOSYSTEM 59
5.5 PORTER’S FIVE FORCES ANALYSIS 60
TABLE 3 PHOTOVOLTAIC MARKET: PORTER’S FIVE FORCES ANALYSIS 61
5.5.1 THREAT OF NEW ENTRANTS 61
5.5.2 THREAT OF SUBSTITUTES 61
5.5.3 BARGAINING POWER OF SUPPLIERS 62
5.5.4 BARGAINING POWER OF BUYERS 62
5.5.5 INTENSITY OF COMPETITIVE RIVALRY 62
5.6 KEY STAKEHOLDERS AND BUYING CRITERIA 63
5.6.1 KEY STAKEHOLDERS IN BUYING PROCESS 63
TABLE 4 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 VERTICALS (%) 63
5.6.2 BUYING CRITERIA 64
FIGURE 28 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS 64
TABLE 5 KEY BUYING CRITERIA FOR TOP 3 INDUSTRIES 64
5.7 TRENDS/DISRUPTIONS IMPACTING BUSINESS OF MARKET PLAYERS AND RAW MATERIAL SUPPLIERS 65
5.7.1 REVENUE SHIFT AND NEW REVENUE POCKETS FOR PHOTOVOLTAIC MARKET PLAYERS 65
FIGURE 29 REVENUE SHIFT IN PHOTOVOLTAIC MARKET 65
5.8 TECHNOLOGY ANALYSIS 66
TABLE 6 TECHNOLOGICAL ANALYSIS FOR PV MARKET 66
5.9 CASE STUDY ANALYSIS 67
5.9.1 TATA POWER SOLAR (INDIA) COMMISSIONED 3 MW SOLAR PV POWER PLANT IN IRON ORE MINE AT NOAMUNDI (INDIA) 67
5.9.2 HANWHA Q CELLS (SOUTH KOREA) HELPED COPENHAGEN ZOO IMPLEMENT C&I ROOFTOP SYSTEM TO MEET ITS SUSTAINABILITY GOALS 67
5.9.3 SHARP HELPED BIG C SUPERMARKET (THAILAND) INSTALL ROOFTOP SOLAR PANELS 68
5.9.4 HEWLETT PACKARD (HP) INSTALLED ROOFTOP SOLAR PANELS WITH THE HELP OF SHARP (JAPAN) 68
5.9.5 LONGI (CHINA) COMPLETED EXECUTION OF LARGE-SCALE PV POWER STATION AT GUIZHOU COMPLEX 68
5.10 TRADE ANALYSIS 69
5.10.1 IMPORT SCENARIO 69
5.10.1.1 Import scenario for photovoltaic components 69
TABLE 7 IMPORT DATA, BY COUNTRY, 2017–2021 (USD MILLION) 69
5.10.2 EXPORT SCENARIO 70
5.10.2.1 Export scenario for photovoltaic components 70
TABLE 8 EXPORT DATA, BY COUNTRY, 2017–2021 (USD MILLION) 70
5.11 PATENT ANALYSIS 71
TABLE 9 PATENT REGISTRATIONS RELATED TO PHOTOVOLTAIC MARKET 71
FIGURE 30 PHOTOVOLTAIC PATENTS PUBLISHED BETWEEN 2012 AND 2022 72
TABLE 10 NUMBER OF PATENTS REGISTERED IN PHOTOVOLTAIC MARKET FROM 2012 TO 2022 73
FIGURE 31 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS FROM 2012 TO 2022 74
5.12 TARIFF 74
5.13 REGULATORY STANDARDS 74
5.13.1 REGULATORY COMPLIANCE 74
5.13.1.1 Regulations 75
5.13.1.2 Standards 76
TABLE 11 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
TABLE 12 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 77
TABLE 13 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 78
TABLE 14 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 79
5.14 KEY CONFERENCES AND EVENTS, 2022–2023 79
TABLE 15 PHOTOVOLTAIC MARKET: DETAILED LIST OF CONFERENCES AND EVENTS 79
5.15 PRICING ANALYSIS 81
TABLE 16 AVERAGE SELLING PRICE OF PHOTOVOLTAIC MODULES AND INVERTERS 81
TABLE 17 AVERAGE SELLING PRICE OF BOV (BALANCE OF SYSTEM) COMPONENTS 81
TABLE 18 AVERAGE SELLING PRICE OF PV SYSTEMS, BY APPLICATION 82
5.15.1 AVERAGE SELLING PRICE OF PV MODULES , BY OFFERING (KEY PLAYERS) 83
FIGURE 32 AVERAGE SELLING PRICE OF PV MODULES OFFERED BY KEY PLAYERS, BY APPLICATION 83
TABLE 19 AVERAGE SELLING PRICE OF PV MODULES OFFERED BY KEY PLAYERS, BY APPLICATION (USD/WATT) 83
6 PHOTOVOLTAIC MARKET, BY COMPONENT 84
6.1 INTRODUCTION 85
FIGURE 33 PHOTOVOLTAIC MARKET FOR INVERTERS TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 85
TABLE 20 PHOTOVOLTAIC MARKET, BY COMPONENT, 2019–2022 (USD BILLION) 85
TABLE 21 PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION) 85
TABLE 22 PHOTOVOLTAIC MARKET, BY ANNUAL CAPACITY, 2019–2022 (GW) 86
TABLE 23 PHOTOVOLTAIC MARKET, BY ANNUAL CAPACITY, 2023–2028 (GW) 86
6.2 MODULES 86
6.2.1 PV MODULE TYPES 87
6.2.1.1 Organic photovoltaic modules 87
6.2.1.1.1 Organic PV modules produce energy at lower cost compared to traditional solar technologies 87
6.2.1.2 Inorganic photovoltaic modules 88
6.2.1.2.1 Inorganic PV modules have a longer lifespan and higher efficiency than OPVs 88
6.2.1.3 Hybrid photovoltaic modules 88
6.2.1.3.1 Hybrid photovoltaic modules contain both inorganic and organic materials 88
6.2.2 BY CELL TYPE 89
6.2.2.1 60 cells 89
TABLE 24 COMPANIES OFFERING 60-CELL PV MODULES 89
6.2.2.2 72 cells 90
TABLE 25 COMPANIES OFFERING 72-CELL PV MODULES 90
6.2.2.3 96 cells 91
TABLE 26 COMPANIES OFFERING 96-CELL PV MODULES 91
TABLE 27 MODULES: PHOTOVOLTAIC MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 91
TABLE 28 MODULES: PHOTOVOLTAIC MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 91
TABLE 29 RESIDENTIAL: PHOTOVOLTAIC MARKET FOR MODULES, BY REGION, 2019–2022 (USD MILLION) 92
TABLE 30 RESIDENTIAL: PHOTOVOLTAIC MARKET FOR MODULES, BY REGION, 2023–2028 (USD MILLION) 92
TABLE 31 COMMERCIAL & INDUSTRIAL: PHOTOVOLTAIC MARKET FOR MODULES, BY REGION, 2019–2022 (USD MILLION) 92
TABLE 32 COMMERCIAL & INDUSTRIAL: PHOTOVOLTAIC MARKET FOR MODULES, BY REGION, 2023–2028 (USD MILLION) 93
TABLE 33 UTILITIES: PHOTOVOLTAIC MARKET FOR MODULES, BY REGION, 2019–2022 (USD BILLION) 93
TABLE 34 UTILITIES: PHOTOVOLTAIC MARKET FOR MODULES, BY REGION, 2023–2028 (USD BILLION) 93
TABLE 35 MODULES: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 94
TABLE 36 MODULES: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 94
6.3 INVERTERS 94
6.3.1 PV INVERTERS CONVERT DIRECT CURRENT OF PV MODULES INTO GRID-COMPLIANT ALTERNATING CURRENT 94
TABLE 37 INVERTERS: PHOTOVOLTAIC MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 96
TABLE 38 INVERTERS: PHOTOVOLTAIC MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 96
TABLE 39 RESIDENTIAL: PHOTOVOLTAIC MARKET FOR INVERTERS, BY REGION, 2019–2022 (USD MILLION) 96
TABLE 40 RESIDENTIAL: PHOTOVOLTAIC MARKET FOR INVERTERS, BY REGION, 2023–2028 (USD MILLION) 97
TABLE 41 COMMERCIAL & INDUSTRIAL: PHOTOVOLTAIC MARKET FOR INVERTERS, BY REGION, 2019–2022 (USD MILLION) 97
TABLE 42 COMMERCIAL & INDUSTRIAL: PHOTOVOLTAIC MARKET FOR INVERTERS, BY REGION, 2023–2028 (USD MILLION) 97
TABLE 43 UTILITIES: PHOTOVOLTAIC MARKET FOR INVERTERS, BY REGION, 2019–2022 (USD MILLION) 98
TABLE 44 UTILITIES: PHOTOVOLTAIC MARKET FOR INVERTERS, BY REGION, 2023–2028 (USD MILLION) 98
TABLE 45 INVERTERS: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 98
TABLE 46 INVERTERS: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 99
6.4 BALANCE OF SYSTEM 99
6.4.1 CONNECTIONS AND CABLES 100
6.4.1.1 BOS market for cables & connectors to hold largest share during forecast period 100
6.4.2 JUNCTION BOXES 100
6.4.2.1 Junction box is enclosure on module where PV strings are electrically connected 100
6.4.3 SAFETY EQUIPMENT 101
6.4.3.1 Safety equipment essential to ensure safety of PV systems from harsh weather conditions 101
6.4.4 TRACKERS 101
6.4.4.1 Movement of solar trackers increases solar energy output by up to 40% compared with standard panels 101
6.4.5 BATTERIES 102
6.4.5.1 BOS market for batteries to exhibit highest growth during forecast period 102
6.4.6 MONITORING SYSTEMS 103
6.4.6.1 Ensure reliable functioning and maximum yield of any solar electric system 103
6.4.7 OTHERS 103
TABLE 47 BOS: PHOTOVOLTAIC MARKET, BY TYPE, 2019–2022 (USD BILLION) 104
TABLE 48 BOS: PHOTOVOLTAIC MARKET, BY TYPE, 2023–2028 (USD BILLION) 105
TABLE 49 BOS: PHOTOVOLTAIC MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 105
TABLE 50 BOS: PHOTOVOLTAIC MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 105
TABLE 51 RESIDENTIAL: PHOTOVOLTAIC MARKET FOR BOS, BY REGION, 2019–2022 (USD MILLION) 106
TABLE 52 RESIDENTIAL: PHOTOVOLTAIC MARKET FOR BOS, BY REGION, 2023–2028 (USD MILLION) 106
TABLE 53 COMMERCIAL & INDUSTRIAL: PHOTOVOLTAIC MARKET FOR BOS, BY REGION, 2019–2022 (USD MILLION) 106
TABLE 54 COMMERCIAL & INDUSTRIAL: PHOTOVOLTAIC MARKET FOR BOS, BY REGION, 2023–2028 (USD MILLION) 107
TABLE 55 UTILITIES: PHOTOVOLTAIC MARKET FOR BOS, BY REGION, 2019–2022 (USD BILLION) 107
TABLE 56 UTILITIES: PHOTOVOLTAIC MARKET FOR BOS, BY REGION, 2023–2028 (USD BILLION) 107
TABLE 57 BOS: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 108
TABLE 58 BOS: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 108
7 PHOTOVOLTAIC MARKET, BY MATERIAL 109
7.1 INTRODUCTION 110
FIGURE 34 SILICON-BASED PHOTOVOLTAIC SYSTEMS TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD 110
TABLE 59 PHOTOVOLTAIC MARKET, BY MATERIAL, 2019–2022 (USD BILLION) 110
TABLE 60 PHOTOVOLTAIC MARKET, BY MATERIAL, 2023–2028 (USD BILLION) 111
7.2 SILICON 111
TABLE 61 SILICON: PHOTOVOLTAIC MARKET, BY TYPE, 2019–2022 (USD MILLION) 111
TABLE 62 SILICON: PHOTOVOLTAIC MARKET, BY TYPE, 2023–2028 (USD MILLION) 112
TABLE 63 SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 112
TABLE 64 SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 112
7.2.1 CRYSTALLINE SILICON 112
TABLE 65 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY TYPE, 2019–2022 (USD BILLION) 113
TABLE 66 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY TYPE, 2023–2028 (USD BILLION) 113
TABLE 67 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 113
TABLE 68 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 114
7.2.1.1 Crystalline silicon types 114
7.2.1.1.1 Monocrystalline 114
7.2.1.1.1.1 High efficiency and minimum space requirements to drive market growth 114
TABLE 69 MONOCRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 115
TABLE 70 MONOCRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 115
7.2.1.1.2 Multicrystalline/polycrystalline 115
7.2.1.1.2.1 Low-cost production makes them preferred choice for residential applications 115
TABLE 71 MULTICRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 116
TABLE 72 MULTICRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 116
7.2.1.2 Crystalline silicon technologies 117
TABLE 73 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY TECHNOLOGY, 2019–2022 (USD BILLION) 117
TABLE 74 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET, BY TECHNOLOGY, 2023–2028 (USD BILLION) 117
7.2.1.2.1 BSF 117
7.2.1.2.1.1 AI BSF most used technology for fabricating photovoltaic cells 117
7.2.1.2.2 PERC 118
7.2.1.2.2.1 Efficiency and high flexibility offered by PERC to boost demand 118
7.2.1.2.3 Others 119
7.2.2 THIN FILM 119
TABLE 75 THIN-FILM SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD MILLION) 120
TABLE 76 THIN-FILM SILICON: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD MILLION) 120
7.2.2.1 Amorphous 120
7.2.2.1.1 Amorphous solar modules perform better even in low-light conditions 120
7.2.2.2 Nanocrystalline 121
7.2.2.2.1 Use of nanocrystals in solar cells increase their efficiency by up to 60% 121
TABLE 77 COMPOUNDS: PHOTOVOLTAIC MARKET, BY TYPE, 2019–2022 (USD BILLION) 121
TABLE 78 COMPOUNDS: PHOTOVOLTAIC MARKET, BY TYPE, 2023–2028 (USD BILLION) 121
TABLE 79 COMPOUNDS: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD MILLION) 122
TABLE 80 COMPOUNDS: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD MILLION) 122
7.2.3 COPPER INDIUM GALLIUM SELENIDE 122
7.2.3.1 CIGS solar cells among most efficient thin-film PV technologies 122
TABLE 81 CIGS: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD MILLION) 123
TABLE 82 CIGS: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD MILLION) 123
7.2.4 CADMIUM TELLURIDE 123
7.2.4.1 CdTe materials most commonly used in thin-film modules 123
TABLE 83 CDTE: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD MILLION) 124
TABLE 84 CDTE: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD MILLION) 124
7.2.5 GALLIUM ARSENIDE AND INDIUM PHOSPHIDE 124
7.2.5.1 GaAs and InP materials used to achieve high efficiency in solar cells 124
7.2.6 PEROVSKITE 125
7.2.6.1 Perovskite cells absorb sunlight across entire visible spectrum 125
7.2.7 OTHERS 126
8 PHOTOVOLTAIC MARKET, BY CELL TYPE 127
8.1 INTRODUCTION 128
FIGURE 35 HALF-CELL PV MODULES TO REGISTER HIGHER CAGR IN PHOTOVOLTAIC MARKET DURING FORECAST PERIOD 128
TABLE 85 PHOTOVOLTAIC MARKET, BY CELL TYPE, 2019–2022 (USD BILLION) 128
TABLE 86 PHOTOVOLTAIC MARKET, BY CELL TYPE, 2023–2028 (USD BILLION) 129
8.2 FULL-CELL PV MODULES 129
8.2.1 FULL-CELL PV MODULES TO HOLD LARGER MARKET SHARE DURING FORECAST PERIOD 129
TABLE 87 FULL-CELL PV MODULES: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 130
TABLE 88 FULL-CELL PV MODULES: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 130
8.3 HALF-CELL PV MODULES 130
8.3.1 MARKET FOR HALF-CELL PV MODULES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD 130
TABLE 89 HALF-CELL PV MODULES: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 131
TABLE 90 HALF-CELL PV MODULES: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 132
9 PHOTOVOLTAIC MARKET, BY INSTALLATION TYPE 133
9.1 INTRODUCTION 134
FIGURE 36 FLOATING PV SEGMENT OF PHOTOVOLTAIC MARKET TO WITNESS HIGHEST CAGR FROM 2023 TO 2028 134
TABLE 91 PHOTOVOLTAIC MARKET, BY INSTALLATION TYPE, 2019–2022 (USD BILLION) 134
TABLE 92 PHOTOVOLTAIC MARKET, BY INSTALLATION TYPE, 2023–2028 (USD BILLION) 135
9.2 GROUND MOUNTED 135
9.2.1 GROUND-MOUNTED SEGMENT TO HOLD LARGEST SHARE OF PHOTOVOLTAIC MARKET IN 2028 135
9.3 BUILDING-INTEGRATED PHOTOVOLTAICS 136
9.3.1 ROOFTOPS 137
9.3.1.1 Increasing rooftop installations of PV modules for residential and commercial applications to drive market 137
9.3.2 WINDOWS 137
9.3.2.1 Surging adoption of PV windows by business complexes in major cities worldwide to drive market 137
9.4 FLOATING PV 138
9.4.1 FLOATING PV SEGMENT TO WITNESS HIGHEST CAGR FROM 2022 TO 2027 138
10 PHOTOVOLTAIC MARKET, BY APPLICATION 140
10.1 INTRODUCTION 141
FIGURE 37 UTILITIES TO CONTINUE TO DOMINATE PV MARKET IN TERMS OF SIZE DURING FORECAST PERIOD 141
TABLE 93 PHOTOVOLTAIC MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 141
TABLE 94 PHOTOVOLTAIC MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 141
10.2 RESIDENTIAL 142
10.2.1 MARKET FOR RESIDENTIAL APPLICATION TO GROW AT SIGNIFICANT CAGR FROM 2023 TO 2028 142
FIGURE 38 INVERTERS TO REGISTER HIGHEST CAGR IN PHOTOVOLTAIC MARKET FOR RESIDENTIAL APPLICATION FROM 2023 TO 2028 143
TABLE 95 RESIDENTIAL: PHOTOVOLTAIC MARKET, BY COMPONENT, 2019–2022 (USD BILLION) 143
TABLE 96 RESIDENTIAL: PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION) 144
TABLE 97 RESIDENTIAL: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 144
TABLE 98 RESIDENTIAL: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 144
10.3 COMMERCIAL AND INDUSTRIAL 145
10.3.1 COMMERCIAL & INDUSTRIAL APPLICATION TO EXHIBIT HIGHEST GROWTH FROM 2023 TO 2028 145
TABLE 99 COMMERCIAL AND INDUSTRIAL: PHOTOVOLTAIC MARKET, BY COMPONENT, 2019–2022 (USD BILLION) 146
TABLE 100 COMMERCIAL AND INDUSTRIAL: PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION) 147
TABLE 101 COMMERCIAL AND INDUSTRIAL: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 147
TABLE 102 COMMERCIAL AND INDUSTRIAL: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 147
10.4 UTILITIES 148
10.4.1 UTILITIES TO ACCOUNT FOR LARGEST SHARE OF PHOTOVOLTAIC MARKET THROUGHOUT FORECAST PERIOD 148
TABLE 103 UTILITIES: PHOTOVOLTAIC MARKET, BY COMPONENT, 2019–2022 (USD BILLION) 149
TABLE 104 UTILITIES: PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION) 149
TABLE 105 UTILITIES: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 149
TABLE 106 UTILITIES: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 150
11 PHOTOVOLTAIC CONCENTRATION SYSTEMS 151
11.1 INTRODUCTION 151
11.2 HIGH-CONCENTRATION PV 151
11.3 MEDIUM- AND LOW-CONCENTRATION PV 151
TABLE 107 DIFFERENT CLASSES OF CPV SYSTEMS AND THEIR REQUIREMENTS 151
12 POWER CAPACITY RANGES OF PHOTOVOLTAIC SYSTEMS 152
12.1 INTRODUCTION 152
12.2 UP TO 100 WP 152
TABLE 108 COMPANIES OFFERING PV MODULES UP TO 100 WP 152
12.3 100.1 TO 300 WP 153
TABLE 109 COMPANIES OFFERING PV MODULES FROM 100.1 TO 300 WP 153
12.4 ABOVE 300 WP 154
TABLE 110 COMPANIES OFFERING PV MODULES ABOVE 300 WP 154
13 PHOTOVOLTAIC MARKET, BY REGION 155
13.1 INTRODUCTION 156
FIGURE 39 REGIONAL SPLIT OF PHOTOVOLTAIC MARKET 156
FIGURE 40 PHOTOVOLTAIC MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR FROM 2023 TO 2028 156
TABLE 111 PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 156
TABLE 112 PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 157
13.2 NORTH AMERICA 157
FIGURE 41 SNAPSHOT: PHOTOVOLTAIC MARKET IN NORTH AMERICA 158
TABLE 113 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 158
TABLE 114 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 159
TABLE 115 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY COMPONENT, 2019–2022 (USD BILLION) 159
TABLE 116 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION) 159
TABLE 117 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY MATERIAL, 2019–2022 (USD MILLION) 159
TABLE 118 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY MATERIAL, 2023–2028 (USD MILLION) 160
TABLE 119 SILICON: PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY TYPE, 2019–2022 (USD MILLION) 160
TABLE 120 SILICON: PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY TYPE, 2023–2028 (USD MILLION) 160
TABLE 121 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY TYPE, 2019–2022 (USD BILLION) 160
TABLE 122 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY TYPE, 2023–2028 (USD BILLION) 161
TABLE 123 COMPOUNDS: PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY TYPE, 2019–2022 (USD MILLION) 161
TABLE 124 COMPOUNDS: PHOTOVOLTAIC MARKET IN NORTH AMERICA, BY TYPE, 2023–2028 (USD MILLION) 161
TABLE 125 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2019–2022 (USD BILLION) 161
TABLE 126 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2023–2028 (USD BILLION) 162
TABLE 127 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 162
TABLE 128 NORTH AMERICA: PHOTOVOLTAIC MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 162
13.2.1 US 162
13.2.1.1 US to account for largest size of North American market from 2022 to 2028 162
13.2.2 CANADA 163
13.2.2.1 Canada to witness large-space solar installations during forecast period 163
13.2.3 MEXICO 164
13.2.3.1 Mexico projected to witness highest CAGR from 2023 to 2028 164
13.3 EUROPE 166
FIGURE 42 SNAPSHOT: PHOTOVOLTAIC MARKET IN EUROPE 167
TABLE 129 EUROPE: PHOTOVOLTAIC MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 168
TABLE 130 EUROPE: PHOTOVOLTAIC MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 168
TABLE 131 EUROPE: PHOTOVOLTAIC MARKET, BY COMPONENT, 2019–2022 (USD BILLION) 168
TABLE 132 EUROPE: PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION) 169
TABLE 133 EUROPE: PHOTOVOLTAIC MARKET, BY MATERIAL, 2019–2022 (USD MILLION) 169
TABLE 134 EUROPE: PHOTOVOLTAIC MARKET, BY MATERIAL, 2023–2028 (USD MILLION) 169
TABLE 135 SILICON: PHOTOVOLTAIC MARKET IN EUROPE, BY TYPE, 2019–2022 (USD MILLION) 169
TABLE 136 SILICON: PHOTOVOLTAIC MARKET IN EUROPE, BY TYPE, 2023–2028 (USD MILLION) 170
TABLE 137 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN EUROPE, BY TYPE, 2019–2022 (USD BILLION) 170
TABLE 138 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN EUROPE, BY TYPE, 2023–2028 (USD BILLION) 170
TABLE 139 COMPOUNDS: PHOTOVOLTAIC MARKET IN EUROPE, BY TYPE, 2019–2022 (USD MILLION) 170
TABLE 140 COMPOUNDS: PHOTOVOLTAIC MARKET IN EUROPE, BY TYPE, 2023–2028 (USD MILLION) 171
TABLE 141 EUROPE: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2019–2022 (USD BILLION) 171
TABLE 142 EUROPE: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2023–2028 (USD BILLION) 171
TABLE 143 EUROPE: PHOTOVOLTAIC MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 171
TABLE 144 EUROPE: PHOTOVOLTAIC MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 172
13.3.1 UK 172
13.3.1.1 Efforts to install large-scale PV systems to harness solar resources 172
13.3.2 GERMANY 174
13.3.2.1 Germany to account for largest size of European photovoltaic market from 2023 to 2028 174
13.3.3 FRANCE 175
13.3.3.1 France to witness highest CAGR from 2023 to 2028 175
13.3.4 ITALY 176
13.3.4.1 Rising establishment of large-scale PV plants 176
13.3.5 REST OF EUROPE 177
13.4 ASIA PACIFIC 178
FIGURE 43 SNAPSHOT: PHOTOVOLTAIC MARKET IN ASIA PACIFIC 179
TABLE 145 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 180
TABLE 146 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 180
TABLE 147 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY COMPONENT, 2019–2022 (USD BILLION) 180
TABLE 148 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION) 181
TABLE 149 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY MATERIAL, 2019–2022 (USD BILLION) 181
TABLE 150 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY MATERIAL, 2023–2028 (USD BILLION) 181
TABLE 151 SILICON: PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY TYPE, 2019–2022 (USD MILLION) 181
TABLE 152 SILICON: PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY TYPE, 2023–2028 (USD MILLION) 182
TABLE 153 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY TYPE, 2019–2022 (USD BILLION) 182
TABLE 154 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY TYPE, 2023–2028 (USD BILLION) 182
TABLE 155 COMPOUNDS: PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY TYPE, 2019–2022 (USD MILLION) 182
TABLE 156 COMPOUNDS: PHOTOVOLTAIC MARKET IN ASIA PACIFIC, BY TYPE, 2023–2028 (USD MILLION) 183
TABLE 157 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2019–2022 (USD BILLION) 183
TABLE 158 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2023–2028 (USD BILLION) 183
TABLE 159 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 183
TABLE 160 ASIA PACIFIC: PHOTOVOLTAIC MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 184
13.4.1 CHINA 184
13.4.1.1 China to account for largest size of market from 2023 to 2028 184
13.4.2 JAPAN 185
13.4.2.1 Increasing investments in residential and PV utility-scale sectors to drive market growth 185
13.4.3 INDIA 186
13.4.3.1 Rising rooftop installations and increasing power shortage to boost PV demand 186
13.4.4 SOUTH KOREA 187
13.4.4.1 Increasing government efforts for adoption of PV systems to enhance market growth 187
13.4.5 REST OF ASIA PACIFIC 188
13.5 ROW 189
FIGURE 44 SNAPSHOT: PHOTOVOLTAIC MARKET IN ROW 189
TABLE 161 ROW: PHOTOVOLTAIC MARKET, BY REGION, 2019–2022 (USD BILLION) 190
TABLE 162 ROW: PHOTOVOLTAIC MARKET, BY REGION, 2023–2028 (USD BILLION) 190
TABLE 163 ROW: PHOTOVOLTAIC MARKET, BY COMPONENT, 2019–2022 (USD BILLION) 190
TABLE 164 ROW: PHOTOVOLTAIC MARKET, BY COMPONENT, 2023–2028 (USD BILLION) 190
TABLE 165 ROW: PHOTOVOLTAIC MARKET, BY MATERIAL, 2019–2022 (USD MILLION) 191
TABLE 166 ROW: PHOTOVOLTAIC MARKET, BY MATERIAL, 2023–2028 (USD MILLION) 191
TABLE 167 SILICON: PHOTOVOLTAIC MARKET IN ROW, BY TYPE, 2019–2022 (USD MILLION) 191
TABLE 168 SILICON: PHOTOVOLTAIC MARKET IN ROW, BY TYPE, 2023–2028 (USD MILLION) 191
TABLE 169 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN ROW, BY TYPE, 2019–2022 (USD MILLION) 192
TABLE 170 CRYSTALLINE SILICON: PHOTOVOLTAIC MARKET IN ROW, BY TYPE, 2023–2028 (USD MILLION) 192
TABLE 171 COMPOUNDS: PHOTOVOLTAIC MARKET IN ROW, BY TYPE, 2019–2022 (USD MILLION) 192
TABLE 172 COMPOUNDS: PHOTOVOLTAIC MARKET IN ROW, BY TYPE, 2023–2028 (USD MILLION) 192
TABLE 173 ROW: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2019–2022 (USD BILLION) 193
TABLE 174 ROW: PHOTOVOLTAIC MARKET, BY CELL TYPE, 2023–2028 (USD BILLION) 193
TABLE 175 ROW: PHOTOVOLTAIC MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 193
TABLE 176 ROW: PHOTOVOLTAIC MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 193
13.5.1 SOUTH AMERICA 194
13.5.1.1 Photovoltaic market in South America to grow at higher CAGR from 2023 to 2028 194
13.5.2 MIDDLE EAST AND AFRICA 195
13.5.2.1 Middle East and Africa to account for larger size of market in 2023 195
14 COMPETITIVE LANDSCAPE 197
14.1 OVERVIEW 197
TABLE 177 PHOTOVOLTAIC MARKET: KEY GROWTH STRATEGIES ADOPTED BY COMPANIES FROM 2019 TO 2022 197
14.2 3-YEAR COMPANY REVENUE ANALYSIS 199
FIGURE 45 3-YEAR REVENUE ANALYSIS OF TOP 5 PLAYERS IN PHOTOVOLTAIC MODULE MARKET 199
FIGURE 46 3-YEAR REVENUE ANALYSIS OF TOP 3 PLAYERS IN PHOTOVOLTAIC INVERTER MARKET 199
FIGURE 47 3-YEAR REVENUE ANALYSIS OF TOP 3 PLAYERS IN BOS MARKET 200
14.3 MARKET SHARE ANALYSIS, 2021 200
TABLE 178 MODULE MARKET: DEGREE OF COMPETITION 200
TABLE 179 PV INVERTER MARKET: DEGREE OF COMPETITION 202
TABLE 180 BOS MARKET: DEGREE OF COMPETITION 204
14.4 COMPANY EVALUATION QUADRANT 205
14.4.1 STARS 205
14.4.2 EMERGING LEADERS 205
14.4.3 PERVASIVE PLAYERS 205
14.4.4 PARTICIPANTS 206
FIGURE 48 PHOTOVOLTAIC MARKET: COMPANY EVALUATION QUADRANT, 2021 206
14.5 START-UP/SME EVALUATION MATRIX 206
TABLE 181 START-UP/SMES IN PHOTOVOLTAIC MARKET 207
14.5.1 PROGRESSIVE COMPANIES 208
14.5.2 RESPONSIVE COMPANIES 208
14.5.3 DYNAMIC COMPANIES 209
14.5.4 STARTING BLOCKS 209
FIGURE 49 PHOTOVOLTAIC MARKET, START-UP/SME EVALUATION MATRIX, 2021 209
TABLE 182 START-UP MATRIX: DETAILED LIST OF KEY START-UP/SME PLAYERS 210
14.5.5 COMPETITIVE BENCHMARKING 211
TABLE 183 PHOTOVOLTAIC MARKET: COMPETITIVE BENCHMARKING OF KEY START-UP/SME PLAYERS 211
14.6 COMPANY FOOTPRINT 212
TABLE 184 COMPANY FOOTPRINT 212
TABLE 185 COMPANY PHOTOVOLTAIC COMPONENT FOOTPRINT 213
TABLE 186 COMPANY APPLICATION FOOTPRINT 214
TABLE 187 COMPANY REGION FOOTPRINT 216
14.7 COMPETITIVE SITUATIONS AND TRENDS 217
14.8 KEY MARKET DEVELOPMENTS 217
14.8.1 PRODUCT LAUNCHES 217
TABLE 188 PRODUCT LAUNCHES, 2019–2022 217
14.8.2 DEALS 218
TABLE 189 DEALS, 2019–2022 218
14.8.3 OTHERS 220
TABLE 190 INVESTMENTS AND EXPANSIONS, 2019–2022 220
15 COMPANY PROFILES 221
15.1 INTRODUCTION 221
15.2 KEY PLAYERS 221
(Business Overview, Solutions, Products & Services, Recent Developments, MnM View)*
15.2.1 JINKOSOLAR 221
TABLE 191 JINKO SOLAR: BUSINESS OVERVIEW 221
FIGURE 50 JINKOSOLAR: COMPANY SNAPSHOT 222
15.2.2 JA SOLAR 233
TABLE 192 JA SOLAR: BUSINESS OVERVIEW 233
15.2.3 TRINA SOLAR 237
TABLE 193 TRINA SOLAR: BUSINESS OVERVIEW 237
15.2.4 LONGI 241
TABLE 194 LONGI: BUSINESS OVERVIEW 241
FIGURE 51 LONGI: COMPANY SNAPSHOT 242
15.2.5 CANADIAN SOLAR 252
TABLE 195 CANADIAN SOLAR: BUSINESS OVERVIEW 252
FIGURE 52 CANADIAN SOLAR: COMPANY SNAPSHOT 253
15.2.6 FIRST SOLAR 261
TABLE 196 FIRST SOLAR: BUSINESS OVERVIEW 261
FIGURE 53 FIRST SOLAR: COMPANY SNAPSHOT 262
15.2.7 HANWHA Q CELLS 266
TABLE 197 HANWHA Q CELLS: BUSINESS OVERVIEW 266
15.2.8 MITSUBISHI ELECTRIC 270
TABLE 198 MITSUBISHI ELECTRIC: BUSINESS OVERVIEW 270
FIGURE 54 MITSUBISHI ELECTRIC: COMPANY SNAPSHOT 271
15.2.9 SHARP 273
TABLE 199 SHARP: BUSINESS OVERVIEW 273
FIGURE 55 SHARP: COMPANY SNAPSHOT 274
15.2.10 WUXI SUNTECH POWER 277
TABLE 200 WUXI SUNTECH POWER: BUSINESS OVERVIEW 277
15.2.11 HUAWEI 280
TABLE 201 HUAWEI: BUSINESS OVERVIEW 280
FIGURE 56 HUAWEI: COMPANY SNAPSHOT 281
15.2.12 SUNGROW POWER SUPPLY 284
TABLE 202 SUNGROW POWER SUPPLY: BUSINESS OVERVIEW 284
FIGURE 57 SUNGROW POWER SUPPLY: COMPANY SNAPSHOT 284
15.2.13 SMA SOLAR TECHNOLOGY 287
TABLE 203 SMA SOLAR TECHNOLOGY: BUSINESS OVERVIEW 287
FIGURE 58 SMA SOLAR TECHNOLOGY: COMPANY SNAPSHOT 288
15.2.14 SOLAREDGE 291
TABLE 204 SOLAREDGE: BUSINESS OVERVIEW 291
FIGURE 59 SOLAREDGE: COMPANY SNAPSHOT 292
15.2.15 ABB 294
TABLE 205 ABB: BUSINESS OVERVIEW 294
FIGURE 60 ABB: COMPANY SNAPSHOT 295
15.3 OTHER KEY PLAYERS 298
15.3.1 ARRAY TECHNOLOGIES 298
15.3.2 CHINT SOLAR (ASTRONERGY) 298
15.3.3 GCL SYSTEM INTEGRATION TECHNOLOGY 299
15.3.4 LG ELECTRONICS 300
15.3.5 NEXTRACKER 301
15.3.6 RISEN ENERGY 302
15.3.7 TONGWEI SOLAR 303
15.3.8 YINGLI SOLAR 304
15.3.9 ACCIONA S.A 305
15.3.10 ABENGOA, S.A 306
15.3.11 TATA POWER SOLAR SYSTEMS 307
15.3.12 WAAREE ENERGIES LTD 308
15.3.13 SHUNFENG INTERNATIONAL CLEAN ENERGY LIMITED 309
15.3.14 EMMVEE PHOTOVOLTAIC POWER PRIVATE LIMITED 310
15.3.15 ALLEARTH RENEWABLES 311
15.3.16 EATON CORP. 312
15.3.17 POWER ELECTRONICS 313
15.3.18 FIMER 314
*Details on Business Overview, Products, Solutions & Services offered, Recent Developments, MnM View might not be captured in case of unlisted companies.
16 APPENDIX 315
16.1 DISCUSSION GUIDE 315
16.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 319
16.3 CUSTOMIZATION OPTIONS 321
16.4 RELATED REPORTS 321
16.5 AUTHOR DETAILS 322