Supportive government initiatives and regulations for usage of photovoltaic technology and rise in demand for PV technology in residential applications drive the growth in the global photovoltaic market.
PORTLAND, Oregon, Aug. 14, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Photovoltaic Market by Technology (Thin Film, Mono Si and Multi Si), System (High Concentration Photovoltaic (HCPV) and Low Concentration Photovoltaic (LCPV)), and Application (Industrial, Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2019–2026." As per the report, the global photovoltaic market garnered $53.91 billion in 2018, and is estimated to reach $333.72 billion by 2026, registering a CAGR of 25.1% from 2019 to 2026.
Supportive government initiatives and regulations for usage of photovoltaic technology and rise in demand for PV technology in residential applications drive the growth in the market. However, low efficiency of PV modules and high cost of storage, installation, and power conversion devices restrain the market growth. On the other hand, increase in demand for renewable energy and surge in prices of fossil fuels present new opportunities.
Download Sample Report: https://www.alliedmarketresearch.com/request-sample/159
Thin film segment to continue its dominant status during the forecast period
Based on technology, the thin film segment accounted for the largest market share in 2018, contributing nearly half of the total revenue, and is expected to continue its dominant status during the forecast period. This is due to generation of power at low cost per watt, consistent generation of power on overcast days & low sun angles, and reduction in usage of fossil fuels & emission of ozone-depleting gases. Contrarily, the multi si segment is estimated to grow at the highest CAGR of 25.5% from 2019 to 2026, owing to its wide usage in calculators & smartwatches, and standalone PV systems along with supportive government initiatives for PV technology. The research also discusses the mono si segment.
Industrial segment to maintain its leadership position by 2026
Based on application, the industrial segment accounted for more than two-fifths of the total market share in 2018, and is estimated to maintain its leadership position throughout the forecast period. Moreover, this segment would grow at the highest CAGR of 25.4% from 2019 to 2026. This is a lucrative segment, owing to stringent government regulations related to pollution and emphasis of governments on the usage of green energy has led to increase in demand of solar cars and buses, in which, photovoltaic cells are used. Moreover, usage in development & production of satellites for military and civil applications supplement the growth. The report also analyzes residential and commercial applications.
Enquire for Discount: https://www.alliedmarketresearch.com/purchase-enquiry/159
Asia-Pacific be a lucrative region
Based on geography, Asia-Pacific accounted for the highest market share in 2018, accounting for more than two-fifths of the total market share. This region is expected to remain dominant throughout the forecast period. Moreover, this region is expected to register the largest CAGR of 26.9% from 2019 to 2026. This is due to surge in demand for commercial and industrial applications along with increase in production of solar energy. The report also analyzes Europe, North America, and LAMEA.
Torchbearers of the industry
Leading market players analyzed in the research include Abengoa, Canadian Solar, Acciona, JA Solar Co., Ltd., First Solar, Sharp Corporation, Renesola, Trina Solar, Tata Power Solar Systems Ltd., and Wuxi Suntech Power Co., Ltd.
Access KNOWLEDGE TREE (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/knowledgetree
Knowledge tree is a cloud-based intelligence platform that offers more than 2,000 selective, off-the-shelf reports on niche markets to enable our clients gain deep insights on the latest trends, dynamic technologies, and emerging application areas.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
SOURCE Allied Market Research