The global photovoltaic market size is estimated to grow from USD 76.6 billion in 2020 to USD 113.1 billion by 2025, at a CAGR of 8.1%. The market is expected to decline in 2020, mainly due to the impact of COVID-19. The photovoltaic supply chain was disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in the PV industry due to travel restrictions, which would affect the photovoltaic market. Though the market is expected to be impacted in 2020, it is expected to start to recover by 2021 and will fully recover by 2022. The increasing demand for PV systems for residential applications and the decreasing cost of PV systems and energy storage devices are expected to drive the photovoltaic market.

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Likewise, the upsurge in demand for renewable energy and technological advancements in solar cell manufacturing is expected to propel the demand for photovoltaic systems during the forecast period.

The solar industry has witnessed various fast-paced technological developments in the past few years. Perovskite is the newest solar material whose crystal structure is good for solar absorption. Perovskite cells also work better than silicon at lower lighting intensities, on cloudy days or indoors, thus enabling higher conversion efficiency. The main benefit of making solar cells from perovskite is that the material is cheap and abundant and could be used to produce low-cost solar power. Perovskite solar cells can also be produced in very thin layer architectures with high degrees of transparency, which leads them to a variety of novel applications, including building integrated photovoltaic (BIPV) projects and flexible panel designs. Research is underway to club perovskite and silicon cells together to achieve even greater efficiency. These solar cells are called tandem solar cells. Also, increasing demand for passivated emitter and rear cell (PERC) modules—a technology that aims to achieve higher efficiency than standard solar cells by adding a dielectric passivation layer on the rear of the cell—is likely to offer growth opportunities for the PV market. Further, demand for half-cell PV modules has been gaining traction for the last few years. Half-cell modules have solar cells that are cut in half to improve the module’s performance and durability. When solar cells are halved, their current also gets split, so the resistance losses get lowered, and hence, the cells can produce more power.

The photovoltaic market for half-cell type is expected to grow at a higher CAGR during the forecast period. Half-cell modules have solar cells that are cut into halves to ensure improved performance and durability of these modules. This technology performs exceptionally well in low-light situations. Half-cell panels have small-sized cells, which reduces mechanical stress on the panel. Hence, the technology is less susceptible to micro-cracking due to the smaller size of the solar cells. Thus, half-cell modules have outstanding durability and long-life performance. These factors are expected to drive the half-cell type during the forecast period.

The photovoltaic market for floating PV installation type is expected to register the highest CAGR during the forecast period. Floating PV projects have been increasing steadily across the world since the last few years, and a similar trend is expected to continue during the forecast period. There are numerous advantages of installing floating solar arrays against the traditional ones. One of the key benefits of floating PV modules is that they eliminate the requirement of valuable land space as these installations can take up unused space on water bodies such as hydroelectric dam reservoirs and wastewater treatment ponds. Moreover, the water that hosts floating PV modules helps solar equipment to cool down, thereby resulting in high efficiency of panels that produce electricity in hot climates. All these advantages are expected to propel the demand for floating PV modules during the forecast period.

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The market in Asia Pacific is expected to register the highest CAGR during 2020–2025. The global market players are experiencing increased demand for PV modules from countries such as China, Japan, India, and South Korea. India and China mainly drive the growth of the PV market in APAC. These two countries are aggressively progressing in the PV market across the world. Favorable government policies are also contributing to the growth of the PV market in APAC. Governments of countries such as China, India, and Australia have taken various initiatives in the past few years to enable large-scale adoption of solar energy. This is expected to drive the photovoltaic market in APAC.