The main function of a photovoltaic device is the conversion of sunlight into electricity. There are end numbers of benefits associated with these devices which have made their adoption on a large scale across various industries. The solar panels used in photovoltaic devices are comprised of solar cells which result in the generation of electrical power. The various materials used for photovoltaics include polycrystalline silicon, cadmium telluride, monocrystalline silicon and amorphous silicon among others. Photovoltaic installations can be mounted either on rooftop, ground or wall. Initially, the application of photovoltaics was limited to spacecrafts and orbiting satellites, but nowadays its application has been mostly for grid connected power generation. The popularity of photovoltaic device has been on the rise as a result of technological advancements coupled with large scale manufacturing which has led to the reduction in its cost and at the same time increased the efficiency and reliability of these devices. 

The photovoltaic device market is expected to grow as a result of increasing focus on the part of the governments of various countries towards the issue of climate change and at the same time develop and expand the alternate sources of energy. The governments are more willing to provide funds than ever before for the adoption of solar energy, which is further propelling the demand for photovoltaic devices market. Moreover, factors such as reliability, safety, cost effective and ease of installation have led to the increasing adoption of these devices. Low maintenance cost is another important factor contributing to the growth the photovoltaic devices market. As no fuel costs are associated with these devices, the adoption of photovoltaic devices is considered to be a cost effective option in lieu of the high diesel and electricity prices. The increasing application of photovoltaic devices across segments such as military, power plants, and defense and space among others are further resulting in the increased demand for these devices. Considering these factors the photovoltaic device market is likely to register a healthy growth rate during the forecast period from 2016 to 2024.

However, the material availability, production cost and toxicity are some of the major restraints that are hindering the deployment of solar photovoltaic (PV) cells across different industries.

As per recent trends it has been observed that, Perovskite, which is a very inexpensive material, is replacing crystalline silicon due to it being expensive. Crystalline silicon forms a part of photovoltaic cell build. 

The photovoltaic device market can be categorized on the basis of types, components, application and geography. On the basis of type, the market can be segmented into two types; organic PV and inorganic PV. 

Based on components, the photovoltaic device market can be segmented into two categories; thin film PV cells and crystalline silicon PV cells. Thin film PV is comparatively a newer technology as compared to crystalline silicon PV. The semiconducting layers are comprised of materials such as copper indium diselenide (CIS), amorphous silicon (a-Si), cadmium telluride (CdTe) and copper indium gallium diselenide (CIGS). 

The application segments of the photovoltaic device market will include military, power plants, industrial, defense and space, residential and non residential among others. 

Geographically, the market has been categorized into five broad regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America 

Some of the key players operating in the photovoltaic device market are Kyocera Corporation (Japan), Panasonic Corporation (Japan), Kaneka Corporation (Japan), JA solar Co. Ltd (China), Sharp Corporation (Japan), , Jinko Solar (China), Trina Solar (China), Suntech Power Holdings Co. Ltd (China), Canadian Solar (Canada), Mitsubishi Electric Corporation (Japan), ReneSola Co. Ltd (China) and Yingli Green (China) among others.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Enquiry Before Buying

TMR offers Enquiry Before Buying that help clients to get information on their business scenario required where syndicated solutions are not enough.

Enquiry Before Buying

Photovoltaic Device Market