According to a research report titled ‘Global Photovoltaic Market Size study, by Type (Modules, Inverters and Balance of System (BOS)), by Material (Silicon and Compounds), by Cell Type (Full Cell PV Modules and Half Cell PV modules), by Installation Type (Ground Mounted, Building-Integrated Photovoltaics (BIPV) and Floating PV), by Application (Residential, Commercial & Industrial and Utilities) and Regional Forecasts 2020-2027’, available with Market Study Report, global photovoltaic market was valued at USD 70.9 billion in 2019 and is projected to grow with a CAGR of 8.1%, amassing USD 132.1 billion by the year 2027.
 

As per report findings, rising adoption of renewable energy in electronics, and widespread incorporation of PV cells for residential applications are the factors responsible stimulating the growth of worldwide photovoltaic industry during the forecast period.
 

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Additionally, introduction of government regulations in favor of renewable power generation is expected to boost solar energy consumption, thus propelling the growth of global photovoltaic market. According to International Renewable Energy Agency (IRENA), renewable energy share in total generation capacity was 33.3% in 2018 which rose to 34.7% in 2019.
 

Moreover, 26.2% of global electricity was generated using renewables in 2018, and the share is expected to rise to 45% by 2040, due to developments in solar, wind, and hydropower renewable resources, as asserted by Center for Climate and Energy Solutions (C2ES).
 

For those unversed, photovoltaics are employed for conversion of sunlight into electricity without increasing carbon footprint. The photovoltaic system can store energy for future use and has low operating costs as compared to traditional solutions.
 

However, shortage of skilled labor for maintenance and installation of PV systems is anticipated to restrain the worldwide photovoltaic industry growth over the study duration.
 

Based on type, the industry is arrayed into Balance of Systems (BOS), modules, and inverters. Moving on to material scope, global photovoltaic market is classified into compounds, and silicone. Speaking of installation type, the market is split into floating PV, ground mounted, and building integrated photovoltaics (BIPV). On the basis of application ambit, utilities, residential, and commercial & industrial contribute towards market remuneration.
 

 From regional frame of reference, Asia Pacific is projected to dominate the global photovoltaic market over 2020-2027, due to rising government and industrial investments for amplifying power generation with carbon footprint reduction.
 

Key contenders in global photovoltaic industry are Suntech Power Holdings Co. Ltd., JinkoSolar Holding Co. Ltd., Sharp Corporation, JA Solar Holdings, Mitsubishi Electric Corporation, Trina Solar Co. Ltd., Xi'an LONGi Silicon Materials Corporation, Hanwha Q Cells Co. Ltd., First Solar Inc., and Canadian Solar Inc.