Photovoltaic Device Market - Forecast(2024 - 2030)

Photovoltaic Device Market Overview

The Photovoltaic Device market size is forecast to reach $141.5 billion by 2027, growing at a CAGR of 8.7% from 2022 to 2027. A Photovoltaic Device is a photovoltaic system used for powering small low-power projects using the photovoltaic effect. These Photovoltaic Devices are used in miniature solar panels that conduct solar energy, receiving energy from the sun and supplying it to a product. Moreover, when compared with larger counterparts, Photovoltaic Devices have less risk of electromagnetic radiation. In addition, the continued advancements in the renewable energy sector for the electric power grid reinforced by legislative energy policies and incentives are driving the mini solar market growth. Further favorable government measures including incentives have also been introduced to promote the adoption of various renewable technologies including solar cells thereby driving the Photovoltaic Device industry outlook. Furthermore, these Photovoltaic Devices can provide higher conversion efficiency, which will complement the demand. According to the U.S., Department of Energy, industrially produced crystalline silicon cells can achieve energy conversion efficiencies ranging from 18% to 24% under standard test conditions. The technology is expected to witness an elevated demand across the residential and commercial sectors on account of its reliable and safe operations and competitive pricing. Hence these factors are analyzed to drive the Photovoltaic Device industry in the forecast period 2022-2027.

Report Coverage

The report: “Photovoltaic Device Industry Outlook– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Photovoltaic Device Market Report.

By Product: Crystalline Silicon (Polycrystalline and Monocrystalline), Thin Films (Cadmium telluride (CdTe), Amorphous silica (a-Si), Copper Indium Gallium Selenide (CIGS)), Ultra Thin Film.
By Connectivity: Grid Connected, Off Grid
By Cell Type: Full Cell Module, Half Cell Module
By Installation: Ground Mounted, BIPV, Floating PV
By End Users: Electronics and Electricals (Watches, Smartphones, Home Appliances, and Others), Residential (Row Houses, Independent Houses, Apartment, and Others), Commercial, Industrial, Utility, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, Africa).

Key Takeaways

• Europe region is anticipated to dominate the Photovoltaic Device market, owing to the increasing government initiatives in the region, which is aiding the Photovoltaic Device market growth.
• The increasing adoption of renewable energy sources including solar, wind, and others is driving up the demand for Photovoltaic Devices, thereby, benefiting the growth of the market.
• Also, growing electronics and IT demand at the global level is creating an opportunity for Photovoltaic Devices, as they can be utilized to power small electronic equipment.
• Photovoltaic Device companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.

Photovoltaic Device Market Segment Analysis - By Product

Based on the product, the crystalline silicon segment is analyzed to grow with the highest CAGR of 10.5% during the forecast period 2022-2027. Crystalline silicon is majorly employed in a Photovoltaic Devices to increase the efficiency of Photovoltaic Devices. Since fewer solar cells must be manufactured and installed for a given output, higher efficiencies lower the cost of the final installation. Moreover, to generate solar power from sunlight, crystalline silicon Photovoltaic Devices are combined into solar panels as part of a photovoltaic system. Also, when compared with other products such as thin-film, crystalline silicone Photovoltaic Devices have higher conversion efficiency, making them a highly cost-effective and durable solution for the Photovoltaic Device industry. Due to these factors, the demand for crystalline silicon is increasing for the Photovoltaic Device application in the forecast period 2022-2027.

Photovoltaic Device Market Segment Analysis - By End-Use Industry

The residential sector is anticipated to witness the fastest growth in the Photovoltaic Device market with a CAGR of around 11.3% during 2022-2027. In the residential sector, Photovoltaic Devices are employed in solar panels to power domestic appliances such as the heater, bulbs, switches, and more. The advantage of using Photovoltaic Devices for residential purposes is they utilize less space when compared with traditional large panels. The increasing mandates for compulsory utilization of solar systems for residential usage are anticipated to fuel the Photovoltaic Device demand. For instance, in January 2022, the German government mandated that the installation of roof solar will be compulsory for newly built residential houses by May 2022. Thus, such government initiatives are expected to boost the demand for Photovoltaic Devices, thereby, propelling the Photovoltaic Device market growth during the forecast period 2022-2027.

Photovoltaic Device Market Segment Analysis - By Geography

Europe region accounted for the largest share of around 33.3% in the Photovoltaic Device market in 2021 and is also anticipated to have significant growth during the forecast period. The growing demand for Photovoltaic Devices from the home appliances industry, government incentives for the residential solar system, and other industries are boosting the growth of the market. For instance, according to the report given by International Energy Agency (IEA) that the consumption rate of consumer electronics which includes electronic appliances and gadgets such as washing machines, televisions, computers, and refrigerators in countries like Europe is expected to increase up to 1.7% by the end of 2022. This indicates an increase in demand for such home appliances. Moreover, the Netherlands' major incentive has been a net-metering plan for small residential systems with a maximum capacity of 15 kW and maximum annual consumption of 5 000 kWh. Hence, the growing home appliances and residential sectors in the European region will fuel up the Photovoltaic Device market growth.

Photovoltaic Device Market Drivers

Growing adoption of renewable energy by countries across the globe is bolstering the market growth

Countries all across the world are shifting their focus towards renewable energy sources including wind, solar, and others. The increasing global warming, scarce fossil fuels, and more such factors are inducing increased usage of renewable energy sources. Apart from this governments worldwide are promoting increased usage of renewable energy. This factor is anticipated to increase the usage of Photovoltaic Devices for solar panel application, thereby, propelling the growth of the market. For instance, European Union (EU), is targeting its renewable energy mix up to 40% by 2030. Moreover, According to the U.S Office of Energy Efficiency & Renewable Energy, by 2030 more than 1 in 7 U.S. homeowners will have solar roof systems. Hence, the growing adoption of renewable energy at the global level will drive the Photovoltaic Device market in the forecast period 2022-2027. 

Growing adoption of solar cell in electronics and electrical industry is analyzed to drive the market in the forecast period

The increasing electronics and electrical industry due to the growing demand from consumers because of the increasing purchasing power is anticipated to fuel up the demand for Photovoltaic Devices. According to the Statistical Handbook of Japan 2021, consumer electronic equipment production and shipments, which include televisions, computers, refrigerators, and other items, reached $52.6 billion in the fourth quarter of 2020, and are expected to rise in the coming year, indicating an increase in consumer electronics demand. Moreover, Japan Electronics and Information Technology Industries Association (JEITA), in the year 2020, the global electronics production was $3,033.7 billion, and in 2021 it is estimated to be $3,360.2 billion, an increase of 10.8%. As solar cell can be used in electrical appliances for power applications. Thus, the growing electronics and electrical will drive the Photovoltaic Device market in the forecast period 2022-2027.

Photovoltaic Device Market Challenges

Limiting power generation capacity is limiting the market growth in the forecast period

The major limitation associated with the usage of Photovoltaic Devices is that they generate very limited power. The miniature structures have the disadvantage of less solar power absorption, which limits the solar power generation capacity. Moreover, in industrial and commercial applications Photovoltaic Device utilization can power bulbs, lights, and other similar units, no high power machinery can be powered through the Photovoltaic Device. Apart from this, its usage in the utility sector is very limited due to its miniature composition. Thus, these factors limit the power generation capacity of Photovoltaic Devices, which is creating a major bottleneck for the growth of the Photovoltaic Device market in the forecast period 2022-2027.

Photovoltaic Device Industry Outlook

Technology launches, Partnerships, and R&D activities are key strategies adopted by players in the market. Photovoltaic Device top 10 companies include:

1. Canadian Solar Inc.,
2. First Solar Inc.,
3. JA Solar
4. Jinko Solar Holding Company Ltd.,
5. Longi
6. Renesola
7. Solar World Ag
8. Sun Power Corporation
9. Trina Solar Ltd
10. Yingli Green Energy Holding Co. Ltd.,

Recent Developments

• In 2021, Reliance nears has acquired solar panel and cell maker REC. This acquisition will open doors for Reliance to access cutting-edge technology and global manufacturing capabilities as it continues to move forward on its plan to expand into the solar energy sector.
• In 2020, Ricoh Company Ltd has launched a solid-state, dye-sensitized solar cell for integration with sensors and other standalone devices that require low levels of electricity.
• In 2020, Growing Energy Labs, Inc. (Geli), a San Francisco-based energy storage solutions company, has signed an agreement to be acquired by Q CELLS, a renowned total energy solutions provider in solar cell and module, energy storage, and energy retail. Geli’s end-to-end software platform streamlines the energy storage development process, offering the industry’s leading solution for design, automation, and management of Battery Energy Storage Systems (BESS).

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