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Photovoltaic Market to Reach USD 188980 Million by 2028 with a CAGR of 20.1% | Valuates Reports

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05 Jul, 2022, 16:00 GMT

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BANGALORE, India, July 5, 2022 /PRNewswire/ -- The Global Photovoltaic market is segmented by Type (Thin Film, Mono Si, Multi Si), By Application (Industrial, Residential, Commercial): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Energy & Utilities Category.

The global Photovoltaic market size is estimated to be worth USD 62970 Million in 2022 and is forecast to be a readjusted size of USD 188980 Million by 2028 with a CAGR of 20.1% during the review period.

Major Factors Driving the Growth of Photovoltaic market

Strong government regulations like the Solar Investment Tax Credit, rapidly falling costs, green initiatives by businesses, and rising demand for sustainable electricity in both the private and public sectors are projected to fuel the expansion of the Photovoltaic market.

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https://reports.valuates.com/request/sample/QYRE-Auto-25D9782/Global_Photovoltaic_Market_ 

TRENDS INFLUENCING THE GROWTH OF THE PHOTOVOLTAIC MARKET

Even though the cost of solar has dramatically decreased over the past ten years, it is still a sizable investment for homeowners and business owners who want to reduce their electricity costs. The federal government, state and local governments and even some utilities offer incentives to help make solar more accessible and inexpensive in an effort to promote the increased use of solar. After solar panels are deployed, maintenance expenses are quite minimal when compared to those associated with conventional power-producing methods. Solar energy doesn't require fuel, therefore it can generate vast amounts of electricity without the risk and price of ensuring a fuel supply. The advantages of using solar energy are most apparent over the long term. These factors are expected to drive the growth of the photovoltaic market.

The number of new coal or natural gas power plants being developed has considerably decreased as public knowledge of climate change and its dangers have grown. Installation of "cleaner" sources like solar PV or wind power has been embraced as the best way to combat global warming and meet the rising need for electricity. Thus the growing awareness and green initiatives by organizations are expected to drive the growth of the photovoltaic market.

Furthermore, technological advancements such as virtual power plants and the increasing efficiency of photovoltaic cells are fueling photovoltaic market expansion. A solar virtual power plant does not depend on a central distribution station to generate photovoltaic (PV) power from sunlight. Similar to how a virtual computing cloud is composed of various data storage devices (computers), an SVPP is a collection of energy storage devices (also known as batteries) that are all connected by a cloud. Ground-mounted solar panels, solar farms, and rooftop solar panel arrays—also referred to as insolation sites—all provide electricity to an SVPP, which then uses the cloud to distribute the surplus energy throughout the utility's service area.

Browse The Table Of Contents And List Of Figures At: https://reports.valuates.com/market-reports/QYRE-Auto-25D9782/global-photovoltaic

PHOTOVOLTAIC MARKET SHARE ANALYSIS:

Based on type, the thin film segment is expected to be the most lucrative. The need for thin-film technology is anticipated to rise as more people utilize solar panels to generate electricity for use in residential applications, such as rooftop photovoltaic power stations, in nations including the United States, and the United Kingdom, Germany, Italy, China, and France.

Based on application, the Industrial segment is expected to be the most lucrative segment. This is due to the fact that photovoltaic technology is heavily utilized for power generation in the commercial, aerospace, and defense sectors.

Based on region, Asia-pacific is expected to be the most lucrative segment. Due to a rise in the use of photovoltaic energy over traditional fuels due to its low cost of power production and lack of carbon emissions.

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https://reports.valuates.com/request/regional/QYRE-Auto-25D9782/Global_Photovoltaic_Market 

Key Companies:

  • Kaneka
  • Kyocera
  • Mitsubishi Electric
  • Panasonic
  • Sharp
  • Ja Solar
  • Jinko Solar
  • Renesola
  • Suntech Power
  • Trina Solar
  • Yingli Solar
  • Canadian Solar

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SIMILAR REPORTS:

-  The global virtual power plant market was valued at USD 1.3 Billion in 2019 and is projected to reach USD 5.9 Billion by 2027, growing at a CAGR of 21.3% from 2020 to 2027.

-  The global solar energy market size was valued at USD 52.5 Billion in 2018 and is projected to reach USD 223.3 Billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.

-  The global Solar Panel Cleaning Equipment market was valued at USD 109 million in 2020 and it is expected to reach USD 283 million by the end of 2027, growing at a CAGR of 14.9% during 2021-2027.

-  The global Solar Street Lighting market size is estimated to be worth USD 6720.6 million in 2022 and is forecast to a readjusted size of USD 17240 million by 2028 with a CAGR of 17.0% during the review period.

-  In 2020, the global Silver Paste market size was USD 4701 million and it is expected to reach USD 12350 million by the end of 2027, with a CAGR of 14.8% during 2021-2027.

-  Global Offshore Wind Power Market to grow from USD 29018.56 Millions in 2018 to USD 68172.67 Millions by 2025, at a Compound Annual Growth Rate (CAGR) of 12.97%.

-  The global Small Wind Power market was valued at USD 675.6 million in 2020 and it is expected to reach USD 1688.6 million by the end of 2027, growing at a CAGR of 13.8% during 2021-2027.

-  The global Residential Energy Storage market size is projected to reach USD 13910 million by 2027, from USD 6716.5 million in 2020, at a CAGR of 12.9% during the forecast period 2022-2027.

-  The global PV Water Pumps market size is estimated to be worth USD 912.4 million in 2022 and is forecast to be a readjusted size of USD 1706.6 million by 2028 with a CAGR of 11.0% during the review period.

-  The global Building Energy Management System (BEMS) market size is projected to reach USD 8279.8 million by 2026, from USD 4341.6 million in 2020, at a CAGR of 11.4% during 2021-2026.

-  The global Power Optimizer market size is estimated to be worth USD 1035.9 million in 2022 and is forecast to be a readjusted size of USD 1528.7 million by 2028 with a CAGR of 6.7% during the review period.

-  The global Solar Panel Recycling market size is projected to reach USD 312.6 million by 2028, from USD 157.9 million in 2021, at a CAGR of 10.1% during 2022-2028.

-  The global renewable energy market was valued at D881.7 billion in 2020, and is projected to reach D1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.

-  The global Solar Inverter market size is projected to reach USD 26650 million by 2026, from USD 14600 million in 2019, at a CAGR of 8.9% during 2021-2026.

-  The global energy as a service market size was valued at D54.4 billion in 2020 and is projected to reach D112.7 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 7.6% from 2021 to 2030.

-  The global Thermal Energy Storage (TES) market size is projected to reach USD 6019.7 million by 2028, from USD 3817.1 million in 2021, at a CAGR of 6.3% during 2022-2028.

-  The global Concentrating Solar Power market size is projected to reach USD 7208 million by 2026, from USD 4823 million in 2019, at a CAGR of 5.8% during 2021-2026.

-  The Global PV Glass market size was US$ 2938 million and it is expected to reach US$ 4359.6 million by the end of 2027, with a CAGR of 5.8% during 2021-2027

-  The global Wind Energy market size is estimated to be worth USD 7287.2 million in 2022 and is forecast to a readjusted size of USD 9599.3 million by 2028 with a CAGR of 4.7% during the review period.

-  Global Residential Solar Energy Storage System Market Insights and Forecast to 2028

-  Global Silicon Based Solar Panel Recycling Market Insights, Forecast to 2028

-  Global Solar Cell Front Side Silver Paste Market Insights, Forecast to 2028

-  Global Optical Solar Reflectors Market Insights, Forecast to 2028

-  Global Solar Water Heater Market Outlook 2022

-  Global Solar Cell Front Side Silver Paste Market Insights, Forecast to 2028

-  Global Solar Junction Box Market Insights and Forecast to 2028

-  Global EVA-based Solar Encapsulants Market Research Report 2022

-  Global Solar-powered UAV market Forecast 2028

-  Global Blockchain in Energy Market Size, Status and Forecast 2022-2028

Click here to see related reports on Photovoltaic Market

ABOUT US:

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

CONTACT US:
Valuates Reports
sales@valuates.com 
For U.S. Toll-Free Call 1-(315)-215-3225
For IST Call +91-8040957137
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