The Global Photovoltaic Market is Expected to Grow at a CAGR of 8% by 2026

According to a market report by Lucintel, the future of the photovoltaic market looks promising with opportunities in residential, commercial & industrial, and utility applications. The global photovoltaic market is expected to grow with a CAGR of 8% from 2021 to 2026. The major drivers for this market are supportive policies and initiatives from governments, increasing demand for clean energy, and growing demand for PV systems for residential applications.

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In this market, modules and inverters are the major components. Inverter will remain the largest component segment due to increasing demand for solar photovoltaic inverters in the residential and utility industries.

Within the photovoltaic market, the residential application segment is expected to witness the highest growth over the forecast period due to declining cost of PV system in the past few years.

Asia Pacific will remain the largest region during the forecast period due to the existence of key players and favorable government policy for solar energy.

JinkoSolar, JA Solar, Trina Solar, LONGi, Sharp Corporation, First Solar, and Canadian Solar are among the major photovoltaic manufacturers.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global photovoltaic market by component, material, cell type, installation type, application, and region. Lucintel has prepared a comprehensive research report titled “Growth Opportunities in the Global Photovoltaic Market 2021-2026: Trends, Forecast, and Opportunity Analysis”.  This Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global photovoltaic market by component, material, cell type, installation type, application, and region as follows:

By Component [$M shipment analysis for 2015–2026]:

Modules

Inverters

Balance of System (BOS)

 

By Material [$M shipment analysis for 2015–2026]:

Silicon

Compounds

 

By Cell Type [$M shipment analysis for 2015–2026]:

Full Cell PV Modules

Half Cell PV modules

 

By Installation Type [$M shipment analysis for 2015–2026]:

Ground Mounted

Building-Integrated Photovoltaics (BIPV)

Floating PV

 

By Application [$M shipment analysis for 2015–2026]:

Residential

Commercial & Industrial

Utilities

 

By Region [$M shipment analysis for 2015–2026]:

North America

United States

Canada

Mexico 

 

Europe

Germany

United Kingdom

France

Italy

 

Asia Pacific

China

Japan

India

South Korea

 

The Rest of the World

This more than 150 page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at helpdesk@lucintel.com. 

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. We offer market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.