The global photovoltaic market was valued at $53,916.0 million in 2018, and is projected to reach $333,725.1 million by 2026, growing at a CAGR of 25.1% from 2019 to 2026.
Market Scenario : Photovoltaic energy is the energy produced by the radiation of the sun. This energy is transformed into electricity with the help of photovoltaic cells. This electricity can then be used in powering electrical equipment, fed into the electricity network for use or stored in a battery. Owing to the increasing energy demand due to the rising population, there is an increasing need for sustainable energy resources, coupled with favorable government regulations. These regulations focus on the reduced dependency of fossil fuels and help control environmental pollution. This in turn favors the demand for renewable energy sources such as solar energy and is the key factor that fuels the demand for photovoltaic energy. In addition, reduction of the carbon footprint and low cost energy generation are expected to propel photovoltaic demand and are expected to drive the growth of the photovoltaic industry.
Key Players for Solar Photo Voltaic Systems (SPVS) Market : The major key players operating in the photovoltaic industry include Canadian Solar., Renesola, Tata Power Solar Systems Ltd. Kyocera Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, and Jinko Solar.
Segmentation : Solar Photo Voltaic Systems (SPVS) Market is divided by application wise in (Residential, Industrial, Commercial)
Solar Photo Voltaic Systems : SARTHIK MAKE A photovoltaic system, also PV system or solar power system, is a Power system designed to supply usable solar power by means of photovoltaic’s. It consists of an arrangement of several components, including solar panels to absorb and convert sunlight into electricity, a solar inverter to convert the output from direct to alternating current, as well as mounting, cabling, and other electrical accessories to set up a working system. It may also use a solar tracking system to improve the system’s overall performance and include an integrated battery solution, as prices for storage devices are expected to decline. Strictly speaking, a solar array only encompasses the ensemble of solar panels, the visible part of the PV system, and does not include all the other hardware, often summarized as balance of system (BOS). As PV systems convert light directly into electricity, they are not to be confused with other solar technologies, such as concentrated solar power or solar thermal, used for heating and cooling.