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    Photovoltaic Market

    ID: 555
    110 Pages
    Research Team
    07/2025

    Photovoltaic (PV) Market Research Report Information By Type (Organic PV, Inorganic PV), Component (Cells, Modules, and Optics), Application (Residential Applications, Non-Residential Applications), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Industry Forecast Till 2030

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    Market Summary

    Global Photovoltaic (PV) Market Overview:

    The Photovoltaic (PV) Market Size was valued at USD 89 Billion in 2022. The Photovoltaic (PV) market industry is projected to grow from USD 95 Billion in 2023 to USD 126 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.00% during the forecast period (2023 - 2030). Photovoltaic systems are widely used in converting sunlight into electricity. It is eco-friendly as it can produce energy without increasing the carbon footprint from a renewable source.

    It has proven to offer low operating costs as it is different from traditional systems. As the electricity demand increases daily, the demand for solar panels for power generation is going higher. The increasing requirement for alternative energy sources and rising concerns regarding climate change are the key market drivers enhancing market growth.

    Photovoltaic Market

     Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

    Photovoltaic (PV) Market Trends

      • Growing number of off-grid areas worldwide to boost market growth

    The growing number of off-grid areas worldwide is indeed one of the key drivers for the growth of the global photovoltaic market. Off-grid areas refer to regions that are not connected to the traditional grid and lack access to electricity. There is a growing demand for reliable and sustainable energy solutions in these areas, as they are often located in remote or rural regions. Photovoltaic technology offers a clean, renewable, and cost-effective solution for powering off-grid areas. The increasing awareness about the need for sustainable energy sources, along with declining costs for photovoltaic technology, has made it an attractive solution for powering off-grid areas.

    In addition to the growing number of off-grid areas, several other factors are driving the growth of the global photovoltaic market. The global push towards clean energy sources has led to an increase in the demand for photovoltaics, as it is a clean and renewable source of energy. Governments around the world are offering incentives and subsidies to encourage the adoption of photovoltaic technology. The continuous improvement of photovoltaic technology has made it more efficient and cost-effective, further driving its growth. Therefore, such factors related to Photovoltaic (PV) have enhanced the Photovoltaic (PV) market CAGR across the globe in recent years.

    Photovoltaic (PV) Market Segment Insights:

    Photovoltaic (PV) Type Insights

    The Photovoltaic (PV) Market segmentation, based on type, includes Organic PV, Inorganic PV. The Organic PV segment held the majority share in 2022 of the Photovoltaic (PV) Market revenue. Organic Photovoltaics (OPVs) are a newer type of photovoltaic technology that utilizes organic materials to convert sunlight into electricity. The OPV market is expected to grow in the coming years as technological advancements in the field improve their efficiency and performance. In addition, the increasing demand for flexible and lightweight photovoltaics has created a favorable market environment for OPVs, as they offer advantages in these areas compared to inorganic photovoltaics.

    Photovoltaic (PV) Component Insights

    The Photovoltaic (PV) Market segmentation, based on components, includes Cells, Modules, and Optics. The cells segment held the majority share in 2022. Photovoltaic cells, also known as solar cells, are the basic building blocks of a photovoltaic system. They convert sunlight into electrical energy, which is then used to power homes, businesses, and other structures. The cells segment dominates the Photovoltaic (PV) Market due to its crucial role in the overall performance of a photovoltaic system. Advances in photovoltaic cell technology, such as the development of higher-efficiency cells, have driven growth in the cells segment and helped to make photovoltaic technology increasingly cost-effective.

    Photovoltaic (PV) Application Insights

    Based on application, the Photovoltaic (PV) Market segmentation includes Residential Applications, Non-Residential Applications. The residential application segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The growing adoption of photovoltaic technology by homeowners and residential property owners is driving the growth of this segment. Residential photovoltaic systems offer several benefits, including lower electricity bills, reduced carbon footprint, and increased energy independence. The availability of government incentives and subsidies, along with declining costs of photovoltaic technology, has made residential photovoltaic systems more accessible and affordable for homeowners. These all factors for Photovoltaic (PV) positively impact the market growth.

    Figure 2: Photovoltaic (PV) Market, by Application, 2022 & 2030 (USD Billion)

    Photovoltaic (PV) Market, by Application, 2022 & 2030

    Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

    Photovoltaic (PV) Regional Insights

    By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is the largest market for photovoltaic (PV) technology, and it holds the largest market share in the Photovoltaic (PV) Market. The region has a large number of vendors and key players in the PV market, which has helped to drive growth and increase market share. The region's rapidly growing population and increasing industrialization are driving the energy demand. Many governments in the region have implemented favorable policies and incentives to support the growth of renewable energy, including photovoltaic technology. The region is home to many leading photovoltaic technology companies, and the region has seen several technological advancements that have helped to improve the efficiency and cost-effectiveness of photovoltaic systems.

    Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

    Figure 3: Photovoltaic (PV) Market SHARE BY REGION 2022 (%)

    Photovoltaic (PV) Market SHARE BY REGION 2022

    Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

    Europe’s Photovoltaic (PV) market accounts for the second-largest market share. Many European countries have implemented strong policies and incentives to support the growth of renewable energy, including photovoltaic technology. This support has helped to drive growth and increase market share. Europe is home to many leading photovoltaic technology companies, and the region has seen several technological advancements that have helped to improve the efficiency and cost-effectiveness of photovoltaic systems. The European Photovoltaic (PV) market is expected to continue to grow in the coming years, driven by increasing demand for renewable energy, supportive government policies, and technological advancements. Further, the Germany Photovoltaic (PV) market held the largest market share, and the UK Photovoltaic (PV) market was the fastest-growing market in the European region.

    North America is expected to generate the second-largest market share in the global photovoltaic market. The region has seen a growing demand for renewable energy, particularly in the residential and non-residential segments. The region is home to many leading photovoltaic technology companies, and the region has seen several technological advancements that have helped to improve the efficiency and cost-effectiveness of photovoltaic systems. The North American Photovoltaic (PV) market is expected to continue to grow in the coming years, driven by increasing demand for renewable energy, supportive government policies, and technological advancements. The region is expected to remain a key player in the Photovoltaic (PV) Market, with growth expected to continue in the residential, non-residential, and utility-scale segments. Moreover, the U.S. Photovoltaic (PV) market held the largest market share, and the Canada Photovoltaic (PV) market was the fastest-growing market in the North American region.

    Photovoltaic (PV) Key Market Players & Competitive Insights

    Major market players are spending a lot of money on R&D to increase their product lines, which will help the Photovoltaic (PV) market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Photovoltaic (PV) industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

    The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Photovoltaic (PV). With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Photovoltaic (PV) industry must offer affordable products.

    Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Photovoltaic (PV) industry to benefit customers and expand the market sector. Major Photovoltaic (PV) market players, including Risen Energy Co. Ltd, Shunfeng International Clean Energy Limited, Mitsubishi Electric Corporation, GCL System Integration, JA Solar Holdings, Kaneka Corporation, Sharp Corporation, Suntech Power Co., Trina Solar Limited, Canadian Solar Inc., Jinko Solar Holding Co., Ltd., and others, are attempting to increase market demand by funding R&D initiatives.

    Risen Energy Co. Ltd is a Chinese company that specializes in the production and distribution of photovoltaic (PV) products and solutions. Risen Energy's product portfolio includes photovoltaic modules, photovoltaic systems, and related components. The company's photovoltaic modules are designed for use in residential, commercial, and utility-scale applications. Its photovoltaic systems offer customers a turnkey solution for the design, engineering, and construction of photovoltaic systems.

    Shunfeng International Clean Energy Limited is a leading provider of clean energy solutions, with a focus on photovoltaic (PV) power generation. Shunfeng International's product portfolio includes photovoltaic modules, photovoltaic systems, and related components. The company's photovoltaic modules are designed for use in a wide range of applications, including residential, commercial, and utility-scale projects. Its photovoltaic systems provide customers with turnkey solutions for the design, engineering, and construction of photovoltaic systems. The company is committed to providing high-quality, reliable, and cost-effective photovoltaic products and solutions to its customers. It invests heavily in research and development and is constantly seeking to improve its products and technologies.

    Key Companies in the Photovoltaic (PV) market include

      • Shunfeng International Clean Energy Limited

      • Mitsubishi Electric Corporation

      • GCL System Integration

      • JA Solar Holdings

      • Kaneka Corporation

      • Sharp Corporation

      • Suntech Power Co.

      • Trina Solar Limited

      • Jinko Solar Holding Co., Ltd among others

    Photovoltaic (PV) Industry Developments

    March 2022: Canadian Solar announced that it has started mass production of new 54-cell format module with 182 mm cell for residential, commercial and industrial rooftop solar systems.

    Photovoltaic (PV) Market Segmentation

    Photovoltaic (PV) Type Outlook

      • Organic PV

      • Inorganic PV

    Photovoltaic (PV) Component Outlook

      • Cells

      • Modules

      • Optics

    Photovoltaic (PV) Application Outlook

      • Residential Applications

      • Non-Residential Applications

    Photovoltaic (PV) Regional Outlook

      • North America

        • US
        • Canada

      • Europe

        • Germany
        • France
        • UK
        • Italy
        • Spain
        • Rest of Europe

      • Asia-Pacific

        • China

        • Japan

        • India

        • Australia

        • South Korea

        • Australia

        • Rest of Asia-Pacific

      • Rest of the World

        • Middle East

        • Africa

        • Latin America

    Market Size & Forecast

    Attribute/Metric Details
    Market Size 2022 USD 89 Billion
    Market Size 2023 USD 95 Billion
    Market Size 2030 USD 126 Billion
    Compound Annual Growth Rate (CAGR) 9.00% (2023-2030)
    Base Year 2022
    Market Forecast Period 2023-2030
    Historical Data 2018 & 2020
    Market Forecast Units Value (USD Billion)
    Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
    Segments Covered Type, Component, Application, and Region
    Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
    Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
    Key Companies Profiled Risen Energy Co. Ltd, Shunfeng International Clean Energy Limited, Mitsubishi Electric Corporation, GCL System Integration, JA Solar Holdings, Kaneka Corporation, Sharp Corporation, Suntech Power Co., Trina Solar Limited, Canadian Solar Inc., Jinko Solar Holding Co., Ltd
    Key Market Opportunities Governmental authorities are concentrating on solar energy-powered systems and investing more to produce energy through solar panels
    Key Market Dynamics The increasing requirement for alternative energy sources. Rising concerns regarding climate change.

    Major Players

    Photovoltaic (PV) Market Segmentation

    Photovoltaic (PV) Type Outlook (USD Million, 2018-2030)

    • Organic PV

    • Inorganic PV

    Photovoltaic (PV) Component Outlook (USD Million, 2018-2030)

    • Cells

    • Modules and Optics

    Photovoltaic (PV) Application Outlook (USD Million, 2018-2030)

    • Residential Applications

    • Non-Residential Applications

    Photovoltaic (PV) Regional Outlook (USD Million, 2018-2030)

    • North America Outlook (USD Million, 2018-2030)

      • North America Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • North America Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • North America Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • US Outlook (USD Million, 2018-2030)

      • US Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • US Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • US Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • CANADA Outlook (USD Million, 2018-2030)

      • CANADA Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • CANADA Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • CANADA Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

    • Europe Outlook (USD Million, 2018-2030)

      • Europe Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • Europe Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • Europe Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • Germany Outlook (USD Million, 2018-2030)

      • Germany Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • Germany Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • Germany Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • France Outlook (USD Million, 2018-2030)

      • France Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • France Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • France Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • UK Outlook (USD Million, 2018-2030)

      • UK Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • UK Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • UK Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • ITALY Outlook (USD Million, 2018-2030)

      • ITALY Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • ITALY Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • ITALY Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • SPAIN Outlook (USD Million, 2018-2030)

      • Spain Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • Spain Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • Spain Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • Rest Of Europe Outlook (USD Million, 2018-2030)

      • Rest Of Europe Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • REST OF EUROPE Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • REST OF EUROPE Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

    • Asia-Pacific Outlook (USD Million, 2018-2030)

      • Asia-Pacific Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • Asia-Pacific Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • Asia-Pacific Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • China Outlook (USD Million, 2018-2030)

      • China Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • China Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • China Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • Japan Outlook (USD Million, 2018-2030)

      • Japan Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • Japan Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • Japan Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • India Outlook (USD Million, 2018-2030)

      • India Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • India Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • India Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • Australia Outlook (USD Million, 2018-2030)

      • Australia Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • Australia Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • Australia Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • Rest of Asia-Pacific Outlook (USD Million, 2018-2030)

      • Rest of Asia-Pacific Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • Rest of Asia-Pacific Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • Rest of Asia-Pacific Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

    • Rest of the World Outlook (USD Million, 2018-2030)

      • Rest of the World Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • Rest of the World Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • Rest of the World Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • Middle East Outlook (USD Million, 2018-2030)

      • Middle East Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • Middle East Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • Middle East Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • Africa Outlook (USD Million, 2018-2030)

      • Africa Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • Africa Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • Africa Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

      • Latin America Outlook (USD Million, 2018-2030)

      • Latin America Photovoltaic (PV) by Type

        • Organic PV

        • Inorganic PV

      • Latin America Photovoltaic (PV) by Component

        • Cells

        • Modules and Optics

      • Latin America Photovoltaic (PV) by Application

        • Residential Applications

        • Non-Residential Applications

     

    Market Trends

    Global Photovoltaic (PV) Market Overview:

    The Photovoltaic (PV) Market Size was valued at USD 89 Billion in 2022. The Photovoltaic (PV) market industry is projected to grow from USD 95 Billion in 2023 to USD 126 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.00% during the forecast period (2023 - 2030). Photovoltaic systems are widely used in converting sunlight into electricity. It is eco-friendly as it can produce energy without increasing the carbon footprint from a renewable source.

    It has proven to offer low operating costs as it is different from traditional systems. As the electricity demand increases daily, the demand for solar panels for power generation is going higher. The increasing requirement for alternative energy sources and rising concerns regarding climate change are the key market drivers enhancing market growth.

    Photovoltaic Market

     Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

    Photovoltaic (PV) Market Trends

      • Growing number of off-grid areas worldwide to boost market growth

    The growing number of off-grid areas worldwide is indeed one of the key drivers for the growth of the global photovoltaic market. Off-grid areas refer to regio...

    Market Segment Insights

    Smartphone Sensors Smartphone Type Insights

    The Smartphone Sensors market segmentation, based on smartphone type, includes standard smartphone, rugged smartphone, smartwatches, and other wearable. The standard smartphone segment dominated the market, accounting for the maximum market revenue. A smartphone is a mobile phone with a built-in computer and advanced features, such as web browsing and operating system, which are not associated with its counterpart. The rising mobile internet use, rising disposable income in developing countries, and high ownership of premium design smartphones are a few factors that are anticipated to grow smartphone sales. Smartphones are helped by a mobile operating system that offers advanced computing facilities. A smartphone can also work as a digital media player for uploading photos, videos, and music through a single interface.

    Smartphone Sensors Market, By Device Type Outlook, 2024 & 2035
    Get detailed insights about Photovoltaic Market

    Smartphone Sensors Manufacturer Insights

    The Smartphone Sensors market segmentation, based on the manufacturer, includes Apple Inc., Samsung Electronics, Huawei Technology, Xiaomi Inc., Oppo, Sony Corporation, HMD Global, and others. The Apple Inc. segment generated the most revenue due to its superior quality. Apple’s iPhone stands out over all other smartphones in the market. Apple Inc. is the market leader because they use more sensors in their devices to provide unique features. For Instance: Apple’s iPhone 12 uses a lidar for depth sensing, proximity for 3D touch, a gyroscope for compass, GPS, face ID for biometrics, auto-off, a barometer, a magnetometer for compass & GPS, and an ambient light sensor for auto-dimming displays. The better user experience, increased accessibility, and more security these sensors offer consumers to boost the segment‘s growth.

    Smartphone Sensors Application Insights

    The Smartphone Sensors market segmentation, based on the manufacturer, includes Apple Inc., Samsung Electronics, Huawei Technology, Xiaomi Inc., Oppo, Sony Corporation, HMD Global, and others. The Apple Inc. segment generated the most revenue due to its superior quality. Apple’s iPhone stands out over all other smartphones in the market. Apple Inc. is the market leader because they use more sensors in their devices to provide unique features. For Instance: Apple’s iPhone 12 uses a lidar for depth sensing, proximity for 3D touch, a gyroscope for compass, GPS, face ID for biometrics, auto-off, a barometer, a magnetometer for compass & GPS, and an ambient light sensor for auto-dimming displays. The better user experience, increased accessibility, and more security these sensors offer consumers to boost the segment‘s growth.

    Smartphone Sensors Regional Insights

    The Smartphone Sensors market segmentation, based on the manufacturer, includes Apple Inc., Samsung Electronics, Huawei Technology, Xiaomi Inc., Oppo, Sony Corporation, HMD Global, and others. The Apple Inc. segment generated the most revenue due to its superior quality. Apple’s iPhone stands out over all other smartphones in the market. Apple Inc. is the market leader because they use more sensors in their devices to provide unique features. For Instance: Apple’s iPhone 12 uses a lidar for depth sensing, proximity for 3D touch, a gyroscope for compass, GPS, face ID for biometrics, auto-off, a barometer, a magnetometer for compass & GPS, and an ambient light sensor for auto-dimming displays. The better user experience, increased accessibility, and more security these sensors offer consumers to boost the segment‘s growth.

    Smartphone Sensors Market, By Device Type Outlook, 2024 & 2035
    Get detailed insights about Smartphone Sensors Market

    Smartphone Sensors Price Insights

    The Smartphone Sensors market segmentation, based on price, includes USD 300 to USD 500, USD 100 to USD 300, above USD 500, and under USD 100. The USD 300 to USD 500 segment dominated the market revenue in the projected period. Most smartphones sold in medium-end devices have a sensor within this range. For instance: Nubia launched a new flagship Android device powered by the latest Snapdragon 8Gen 2CPU. The OEM has also specified that this gadget, which peculiarly seems to go by the name Z50 even though its processor was the z40 Pro, will compete with the Xiaomi 13 and iQOO11 series with cutting-edge LPDDR5X RAM and storage with the most recent UFS 4.0 spec.

    Get more detailed insights about Photovoltaic Market

    Key Players and Competitive Insights

    Leading market players are investing heavily in research and development to expand their product lines, which will help the Smartphone Sensors market, grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and growing market climate, the Smartphone Sensors industry must offer cost-effective items.

    Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Smartphone Sensors industry to benefit clients and increase the market sector. In recent years, the Smartphone Sensors industry has offered manufacturers some of the most significant advantages. Major players in the Smartphone Sensors market, including MS AG (Austria), Broadcom Inc. (US), DYNA IMAGE Corporation (China), Murata Electronics Oy (Finland), NEXT Biometrics Group ASA (Norway), Omron Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan)., and others, are attempting to increase market demand by investing in research and development operations.

    Samsung is dedicated to abiding by local laws and regulations and enforcing a strict code of conduct for all employees. Samsung adheres to a straightforward business tent: to usage its technology and expertise to develop top-notch goods and services that make a more cultured world. Samsung provides a high importance on its people and technologies to do this. For Instance: In January 2023, Samsung Electronics launched its new MICRO LED, Neo QLED, and Samsung OLED product lines, along with lifestyle products and accessories, before CES® 2023.

    Apple Inc. is a multinational American technology business with its main office in Cupertino, California. According to revenue, Apple will be the top technological business in the world in 2022, with US $ 394.3 billion in sales. According to market capitalization, Apple is the largest corporation in the world as of March 2023. For Instance: In September 2022, the iPhone 14 and iPhone 14 Plus, which come in two sizes, 6.1 and 6.7 inches and include a smart design, camera upgrades, and game-changing new safety measures, were introduced by Apple. The iPhone 14 and iPhone 14 Plus have a powerful camera system that incorporates the primary and front TrueDepth cameras, the Ultra Wide camera for uncommon perspectives, and the photonic engine, an enhanced picture pipeline.

    Key Companies in the Smartphone Sensors market include

    MS AG (Austria)
    MS AG (Austria)
    MS AG (Austria)
    MS AG (Austria)
    MS AG (Austria)
    MS AG (Austria)
    MS AG (Austria)

    Industry Developments

    • September 2022: Comcast and Samsung Electronics announced their partnership to create 5G Radio Access Network (RAN) technologies to enhance 5G connection for Xfinity Mobile and Comcast Business Mobile users in Comcast service zones. Samsung will provide 5G RAN technology, and Comcast will deploy Citizens Broadband Radio Service (CBRS) and 600 MHz spectrum to provide 5G access to consumer and business users in the US.
    • October 2022: Huawei announced the release of the newest antenna solutions, including the Maxwell platform and the X2 antenna series, for the subsequent 5G antenna innovation stage. The new technologies speed up 5G deployment by improving antenna and setup capabilities.

    Market Segmentation

    Smartphone Type Outlook

    • Standard Smartphone
    • Rugged Smartphone
    • Smartwatches
    • Other Wearable

    Price Outlook

    • USD 300 to USD 500
    • USD 100 to USD 300
    • Above USD 500
    • Under USD 100

    Manufacturer Outlook

    • Apple Inc.
    • Samsung Electronics
    • Huawei Technology
    • Xiaomi Inc.
    • Oppo
    • Sony Corporation
    • HMD Global

    Application Outlook

    • High-Level
    • Mid-Level
    • Low-Level

    Manufacturer Outlook

    North America
    • US
    • Canada
    Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
    Asia-Pacific
    • China
    • Japan
    • India
    • Italy
    • Australia
    • South Korea
    • Rest of Asia-Pacific
    Rest of the World
    • Middle East
    • Africa
    • Latin America

    Report Scope

    Attribute/Metric Details
    Market Size 2022 USD 89 Billion
    Market Size 2023 USD 95 Billion
    Market Size 2030 USD 126 Billion
    Compound Annual Growth Rate (CAGR) 9.00% (2023-2030)
    Base Year 2022
    Market Forecast Period 2023-2030
    Historical Data 2018 & 2020
    Market Forecast Units Value (USD Billion)
    Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
    Segments Covered Type, Component, Application, and Region
    Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
    Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
    Key Companies Profiled Risen Energy Co. Ltd, Shunfeng International Clean Energy Limited, Mitsubishi Electric Corporation, GCL System Integration, JA Solar Holdings, Kaneka Corporation, Sharp Corporation, Suntech Power Co., Trina Solar Limited, Canadian Solar Inc., Jinko Solar Holding Co., Ltd
    Key Market Opportunities Governmental authorities are concentrating on solar energy-powered systems and investing more to produce energy through solar panels
    Key Market Dynamics The increasing requirement for alternative energy sources. Rising concerns regarding climate change.

    Market Highlights

    Author

    Aarti Dhapte
    Team Lead - Research

    She holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.

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    FAQs

    What is the growth scope of the global photovoltaic market?

    The photovoltaic market is likely to expand at 16.7% CAGR and value at USD 547.15 billion by 2023 due to the growing need for clean energy.

    What are photovoltaic market’s key drivers?

    The growing need to curb carbon foot print is causing the replacement of traditional electricity generator with photovoltaic cells. In addition, rise in use of renewable energy and surge in solar panel demand are identified as potential photovoltaic market drivers.

    Who are manufacturers of photovoltaic?

    Trina Solar Limited (China), Jinko Solar Holding Co., Ltd. (China), GCL System Integration (Hong Kong), Canadian Solar Inc. (Canada), and Hanwha Q CELLS Co., Ltd. (South Korea) are some renowned manufacturers of photovoltaics.

    Who are photovoltaic consumers?

    Photovoltaics are widely being used to settle the rising residential, commercial, and industrial electricity demand.

    Which region is expected to show highest growth of the photovoltaic market?

    China is known for its potential to manufacture solar panels in bulk. Thus, APAC is expected to expected to experience the highest CAGR in the review period.

    1.  Forecast Methodology
    2. Global Photovoltaic Market, by Components, 2023
    3. Global Photovoltaic Market, by Application, 2023 to 2030

    Photovoltaic (PV) Market Segmentation

    Photovoltaic (PV) Type Outlook (USD Million, 2018-2030)

    • Organic PV
    • Inorganic PV

    Photovoltaic (PV) Component Outlook (USD Million, 2018-2030)

    • Cells
    • Modules and Optics

    Photovoltaic (PV) Application Outlook (USD Million, 2018-2030)

    • Residential Applications
    • Non-Residential Applications

    Photovoltaic (PV) Regional Outlook (USD Million, 2018-2030)

    • North America Outlook (USD Million, 2018-2030)

      • North America Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • North America Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • North America Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • US Outlook (USD Million, 2018-2030)

      • US Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • US Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • US Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • CANADA Outlook (USD Million, 2018-2030)

      • CANADA Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • CANADA Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • CANADA Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

    • Europe Outlook (USD Million, 2018-2030)

      • Europe Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • Europe Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • Europe Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • Germany Outlook (USD Million, 2018-2030)

      • Germany Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • Germany Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • Germany Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • France Outlook (USD Million, 2018-2030)

      • France Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • France Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • France Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • UK Outlook (USD Million, 2018-2030)

      • UK Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • UK Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • UK Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • ITALY Outlook (USD Million, 2018-2030)

      • ITALY Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • ITALY Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • ITALY Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • SPAIN Outlook (USD Million, 2018-2030)

      • Spain Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • Spain Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • Spain Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • Rest Of Europe Outlook (USD Million, 2018-2030)

      • Rest Of Europe Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • REST OF EUROPE Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • REST OF EUROPE Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

    • Asia-Pacific Outlook (USD Million, 2018-2030)

      • Asia-Pacific Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • Asia-Pacific Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • Asia-Pacific Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • China Outlook (USD Million, 2018-2030)

      • China Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • China Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • China Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • Japan Outlook (USD Million, 2018-2030)

      • Japan Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • Japan Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • Japan Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • India Outlook (USD Million, 2018-2030)

      • India Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • India Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • India Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • Australia Outlook (USD Million, 2018-2030)

      • Australia Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • Australia Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • Australia Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • Rest of Asia-Pacific Outlook (USD Million, 2018-2030)

      • Rest of Asia-Pacific Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • Rest of Asia-Pacific Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • Rest of Asia-Pacific Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

    • Rest of the World Outlook (USD Million, 2018-2030)

      • Rest of the World Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • Rest of the World Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • Rest of the World Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • Middle East Outlook (USD Million, 2018-2030)

      • Middle East Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • Middle East Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • Middle East Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • Africa Outlook (USD Million, 2018-2030)

      • Africa Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • Africa Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • Africa Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

      • Latin America Outlook (USD Million, 2018-2030)

      • Latin America Photovoltaic (PV) by Type
        • Organic PV
        • Inorganic PV
      • Latin America Photovoltaic (PV) by Component
        • Cells
        • Modules and Optics
      • Latin America Photovoltaic (PV) by Application
        • Residential Applications
        • Non-Residential Applications

     

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