Wilmington, Delaware, United States, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Photovoltaics Market is projected to expand at a CAGR of 11.1% from 2022 to 2031, as per the market forecast presented in a study by Transparency Market Research (TMR).
Key Findings
- Government authorities of developed and developing countries across the globe are promoting the usage of solar energy. They are offering incentives, subsidies, and tax deductions for installation of rooftop solar photovoltaics. This factor is expected to boost the market during the forecast period. As per the Photovoltaics Market outlook presented by TMR, increase in adoption of solar energy by major companies from various industry verticals is expected to lead to rise in share of photovoltaics in energy generation.
- Regulatory bodies of several countries have introduced policies that promote cleaner sources of energy instead of fossil fuels in order to decrease carbon emissions. Cost of renewable energy solutions have been reduced significantly owing to various government initiatives. As per International Renewable Energy Agency, around 77% reduction was observed in the cost of electricity consumption from solar photovoltaic (PV) projects.
- Rise in usage of fossil energy sources, such as coal, natural gas, and oil, have affected non-renewable energy reserves. It also leads to increase in release of carbon dioxide emissions, which is responsible for rise in sea water levels and disturbance in the global climate system. Increase in awareness about environmental concerns has resulted in surge in demand for renewable sources of energy across the globe. Moreover, adoption of solar photovoltaic has risen in the last few years owing to its key role in energy security. Silicon is a key raw material utilized in the production of photovoltaics owing to its advantages such as cost-effectiveness, durability, and dependability. Hence, leading OEMs are focusing on the development of next-generation solar components using technological advancements.
- International Renewable Energy Agency states that the average processing cost of carbon dioxide and fuel for commissioned coal gas plants was over five times the lifetime cost of wind and solar energy systems. Thus, rise in investments in renewable sources of energy is likely to boost market demand in the near future.
Request to Sample PDF of this Strategic Report (Use Corporate Mail ID for Top Priority): https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=469
Growth Drivers
- Increase in demand for clean sources of energy is likely to boost market growth during the forecast period
- Rise in initiatives by governments to upgrade power generation systems is propelling growth in the global industry
Regional Analysis
- As per market outlook presented in the TMR report, Asia Pacific held 59.0% share of the global industry in 2021. This can be ascribed to increase in applications of photovoltaics in the region. China represents one of the leading countries in the world for photovoltaic generation.
- Players are likely to gain significant business opportunities in Europe owing to rise in efforts to spread awareness regarding solar energy usage and increase in technological developments. Furthermore, implementation of stringent policies by the European Union (EU) for various industrial manufacturers to decrease carbon emissions is propelling the regional market.
Buy this Premium Research Report | Immediate Delivery Available -
https://www.transparencymarketresearch.com/checkout.php?rep_id=469<ype=S
Photovoltaics Market: Competition Landscape
- Market players are incorporating advanced technologies in their production processes
- Companies are increasing investments in R&D activities in order to develop next-generation products
- Enterprises are focusing on the expansion of their businesses in newer regions
Photovoltaics Market: Key Players
- Trina Solar
- JA SOLAR Technology Co., Ltd.
- Canadian Solar
- LONGi
- Suntech Power Holding Co. Ltd
- Sharp Corporation
- Acciona SA
- Hanwha Q Cells Co. Ltd
- JinkoSolar Holding Co. Ltd
- First Solar Inc.
- Sun Power Systems.
Request for Customization – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=469
Photovoltaics Market Segmentation
- Material
- Silicon Photovoltaic Cells
- Nanocrystalline
- Monocrystalline
- Polycrystalline
- Others
- Thin Film Photovoltaic (PV) Cells
- Copper Indium Deselenide
- Cadmium Telluride
- Others
- Silicon Photovoltaic Cells
- Technology
- Half-cut Cells
- Quarter Cells
- Full Cells
- Half-cut Cells
- Application
- Power Generation
- Rooftop
- Ground
- Floating
- Power Generation
- Energy Storage
- Electronic Devices
- Traffic Signal
- Cold Storage
- Others
- Connectivity
- On Grid
- OFF Grid
- Hybrid
- End-use
- Residential
- Commercial
- Industrial
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
For More Research Insights on Leading Industries, Visit our YouTube channel - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ
Contact Us:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
