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.
The Global Photovoltaic Device Market size is forecast to reach, growing at a 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 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.
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- 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.