The potential of solar energy is estimated to grow the renewable energy space, and this is estimated to boost the photovoltaic market 2020. The semiconductors and electronics industry reports are produced by Market Research Future, which highlights market options for expansion. An income of USD 547.15 billion is projected with the presence of a CAGR of 16.7% by 2023.
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The low operating cost of using photovoltaic technology is estimated to boost its adoption significantly in the coming years. The factor of climate change is estimated to significantly drive the development of the market in the coming period. The investment in alternative energy sources is estimated to contribute to the development of the photovoltaic market.
The well-known companies in the photovoltaic market are Canadian Solar Inc. (Canada), Hanwha Q CELLS Co., Ltd. (South Korea), Trina Solar Limited (China), Jinko Solar Holding Co., Ltd. (China), GCL System Integration (Hong Kong), JA Solar Holdings (China), Shunfeng International Clean Energy Limited (China), Sharp Corporation (Japan), Risen Energy Co. Ltd (China), Mitsubishi Electric Corporation (Japan), Suntech Power Co. among others.
The segmental overview of the photovoltaic market is carried out on the basis of application, region, type, and component. Based on the type, the photovoltaic market is divided into inorganic PV and organic PV. The component basis of segmenting the photovoltaic market is segmented into modules, cells, and optics. Based on the application, the photovoltaic market is bifurcated into non-residential applications and residential applications. Based on the region, the photovoltaic market is segmented into Europe, Asia-Pacific, North America, and the rest of the regions in the world.
Detailed Regional Analysis
The regional investigation of the photovoltaic market is conducted for regions of Europe, Asia-Pacific, North America, and the rest of the regions in the world. The Asia-Pacific regional market is anticipated to control the photovoltaic market owing to the attendance of a variety of key players and sellers in the region. China is controlling the photovoltaic market in both the utilization and manufacturing with a market segment of more than 35% in the worldwide photovoltaic market. Moreover, the government of India is taking steps by offering a subsidy to the factories and manufacturing amenities using solar panels for power creation. The North American region is anticipated to be the second biggest region due to the existence of a mixture of industries and strategic players in the region, along with diverse initiatives taken by the governments. The European region is expected to develop at a moderate rate due to reduced investment endeavors by the European Union in the region for expanding solar energy.
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The inducements offered by the government are expected to display a positive influence on the overall market development in the impending period. The effect of unpredictable events has created substantial barriers that will have to suitably addressed and overcome to achieve normalcy in the global market. The need to invest in building a robust consumer base is estimated to rank on the top priorities of market leaders for the upcoming period. The reinvention of the supply chains by integrating robust technology in them is estimated to spur the development of the market in the coming period. The state of technological development is estimated to be staggered as the development of the global market is at a relative standstill. The weakening of trade channels is projected to present new challenges that have to be overcome expediently in the coming years. The regulations in various regions can be relied upon to rebuild market clout gradually in the future. The establishment of a definite competitive advantage is estimated to spur market development in the forecast period.
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