Photovoltaics: The billion-dollar business with daylight

Published on: August 22, 2020 / Updated on: August 22, 2020 – Author: Konrad Wolfenstein

Photovoltaics: The billion-dollar business with daylight – @shutterstock | 24Novembers

Photovoltaics: The billion-dollar business with daylight

The share of photovoltaics in electricity generation from renewable energy sources is steadily increasing. A key reason for this is the comparatively low investment costs for the design and implementation of new systems. This often makes it possible to install the modules on existing roofs or buildings, thereby minimizing the land area required by the systems.

multi-billion dollar manufacturers

The booming solar energy market benefits not only energy producers and the environment, but also hardware manufacturers. There are now over half a dozen companies worldwide that generate revenues exceeding one billion US dollars each from solar technology. Leading the pack is the Chinese corporation Jinko Solar, which recorded revenues of 4.3 billion USD in 2019.

German companies are also playing in the game of major suppliers. For example, SMA Solar Technology AG from Niestetal in northern Hesse broke the one billion dollar revenue mark for the first time last year, thus establishing itself among the world's leading producers.

Legal regulations are fueling the boom

The advantages of photovoltaics have also been recognized by state governments in Germany. In states like Baden-Württemberg and Bremen, it will soon be mandatory to integrate solar energy systems into certain types of buildings. Bavarian Minister-President Markus Söder is taking a similar approach. His government has also mandated that photovoltaic systems be installed on every new commercial building in Bavaria starting next year. Further measures in Germany can be found here .

However, private builders will also have to deal with the regulation in the future, as the obligation will apply to them as well from 2022. The legal requirements are expected to ensure that the industry's revenues continue to flow strongly.

You can find more infographics at Statista

The share of solar energy in total electricity generation from renewable energy sources is increasing annually. Unlike wind energy, for example, photovoltaic systems do not require extensive construction work, as they can simply be placed on the roofs of existing or new buildings.

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