Portland, Oct. 03, 2019 (GLOBE NEWSWIRE) -- According to the report, the global photovoltaic market was estimated at $53.91 billion in 2018 and is expected to hit $333.72 billion by 2026, growing at a CAGR of 25.1% from 2019–2026. The report offers an in-depth analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive scenario, and changing market trends.
Supportive government policies & initiatives toward the usage of photovoltaic technology, and increase in demand for PV technology in residential applications fuel the growth of the global photovoltaic market. On the other hand, the high cost of installation, storage, & power conversion devices, and low efficiency of PV modules restrain the growth to some extent. However, the surge in demand for renewable energy and the rise in prices of fossil fuels are expected to create an array of opportunities in the near future.
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The industrial segment to rule the roost-
Based on application, the industrial segment contributed to more than two-fifths of the total market share in 2018 and is expected to dominate throughout the forecast period. The same segment would also grow at the fastest CAGR of 25.4% by 2026.
The thin-film segment to lead the trail during the study period-
Based on technology, the thin film segment accounted for nearly half of the total market revenue in 2018 and is anticipated to retain its dominance through 2019–2026. The multi si segment, on the other hand, is projected to cite the fastest CAGR of 25.5% till 2026.
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Asia-Pacific to dominate in terms of revenue-
Based on geography, the Asia-Pacific region held the major share in 2018, generating more than two-fifths of the total market. The same segment would showcase the fastest CAGR of 26.9% during the estimated period.
Frontrunners in the industry-
The key players analyzed in the report include Wuxi Suntech Power Co., Ltd., Trina Solar, JA Solar Co., Ltd., Sharp Corporation, Acciona, First Solar, Renesola, Abengoa, Tata Power Solar Systems Ltd., and Canadian Solar. These players have incorporated different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to heighten their stand in the market.
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