Global Photovoltaic Floor  Market Size (2023-2030)

In 2022, the Global Photovoltaic Floor Market was valued at USD 81.2 Billion and is projected to reach a market size of USD 156.07 Billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 8.51%. 

Market Overview:

Photovoltaic floor panels comprise numerous photovoltaic or solar cells produced using silicon, boron, and phosphorous arrangements in a grid-like pattern on the floor. PV floors are used to generate electricity from sunlight, which is a great substitute for renewable energy sources for pollution-free electricity generation.The electricity or power generated through solar PV cells is used to charge batteries and provides electricity in off-grid areas and remote power systems. The photovoltaic floor panels generate electricity through the photovoltaic effect, in which the floor panels absorb the sunlight as photons and convert them into an electric current. These photons hit the floor panel surface, and the electron is knocked out, which is again pulled by the magnetic field generated by the solar floor panels, electricity is generated and the floor is insulated. Solar PV cells were originally used in spacecraft, but they are currently widely used in the residential, commercial as well as in industrial sectors to generate electricity.

COVID-19 Impact on the global Photovoltaic Floor Market:

The Photovoltaic Floor market size declined significantly during the COVID-19 pandemic crisis owing to the lockdowns and shutdowns imposed by the governments of several economies to curb the spread of coronavirus. With the global lockdowns and business shutdowns, the manufacturing process got critically disturbed and the supply chain management process was totally disrupted significantly hitting the global economy. The overall market shutdown due to COVID-19 is also affecting the growth due to the shutting down of factories, disruptions in the supply chain, and a downturn in the world economy. 

Market Drivers:

Technological advancements in floor cover installation are driving market growth:

Major key players in the market are investing on advance equipment and technologies like photovoltaic features, which is a sustainable alternative to the conventional energy source. It increasesits durability and installs the product on a shorter timeline so that they are faster, easier, and more profitable, driving the market growth size in the forecasted years.

Growth in the residential, commercial, and real estate industry sectors is bolstering the market size:

Rising investment in real estate projects and an increasing number of restaurants, hotels, and corporate offices across the commercial industry sector are the major driving force for the photovoltaic floor markets. Hence, the major players are aiming to identify new opportunities, growing the market size considerably.

Increasing preferences for luxury products due to increasing disposable income is propelling the market growth of textile flooring:

Macroeconomic factors including urbanization along with customer inclination toward modern homes to enhance the aesthetic appeal of residential areas are the likely reasons to spur the demand for photovoltaic flooring. Also, the cost of an average home décor product is increasing at a rapid pace which is driving consumers toward the floor-covering market which is comparatively budget-friendly.

Growing environmental concerns and depleting fossil fuels reserves are causing the market to grow globally: 

The increased demand for environment-friendly power sources to reduce greenhouse gas emissions and achieve a global Net Zero Target is driving people to shift towards more sustainable and renewable forms of energy. Thus, increasing the scope of the photovoltaic flooring market globally. 

Growing demand for R&D and new technology in the industry is boosting the photoelectrochemical market growth: 

Private capital investment and spending on R&D and the approval and launch of new technologies have both increased remarkably in recent years, renewing a decades-long trend that was disrupted in 2008 as the 2007–2009 recession occurred. Particularly, spending on the R&D sector elevated by nearly 65% between 2017 and 2020. More and more organizations are focussing on energy-intensive research and studies to understand the direct energy imparting mechanism. Therefore, increased competition and constant innovations in the industry are escalating the global photovoltaic market. 

Government policies and support are augmenting the global market size: 

Government initiatives and tax rebates to adopt photovoltaicfloors as a substitute for traditional flooring typesare further anticipated to fuel the photovoltaic market growth in the forecast period to propel the overall industry. 

Market Restraints: 

The lack of skilled workers for the installation and maintenance process is restricting the global market growth:

The installation and maintenance of photovoltaic floors require a wide range of skilled workforce and specialized training and certification are required for them to perform the process. It involves the use of various complex technologies and devices for which skills need to be enhanced and polished thereby, limiting the global market growth of photovoltaic floors.

PHOTOVOLTAIC FLOOR MARKET REPORT COVERAGE:

This research report on the global Photovoltaic Floor Market has been segmented and sub-segmented based on Technology, Product,End-Use, Region, and Key Companies.

Photovoltaic Floor Market – By Technology.

• Crystalline Silicone
• Thin-Film
• Others

Based on technology, the photovoltaic floor market has been segmented into 3 segments – Crystalline Silicone, Thin-Film, and Others.

The crystalline silicone segment holds the maximum share of revenue in the global photovoltaic floor market share in 2022 and is estimated to witness steady growth during the forecasting timeline. The rise in demand for photovoltaic applications on floors in the industrial, commercial, and residential augments the potential market growth across the globe. Additionally, the crystalline silicone segment offers high durability, efficient stability, and a systematic rate of growth which fuels growth in the market.

Photovoltaic Floor Market – By Product.

• Monocrystalline
• Polycrystalline
• Cadmium Telluride
• Amorphous Silicon
• Copper Indium Gallium Di-Selenide

Based on product, the photovoltaic floor market has been segmented into 5 segments – Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, and Copper Indium Gallium Di-Selenide.

Photovoltaic Floor Market – By End-Use.

• Residential
• Commercial and Industrial
• Utility

Based on end-use, the photovoltaic floor market has been segmented into 3 segments – Residential, Commercial and Industrial, and Utility.

The commercial and industrial segment has dominance in the end-use segment and holds the highest market share of around 42.02% in the global photovoltaic floor market. The rapid demand for these across commercial buildings and remote places drives the market growth across the commercial segment.

Photovoltaic Floor Market – By Region.

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East and Africa

Based on region, the Photovoltaic Floor Market has been segmented into 5 major regions – North America, Europe, Asia-Pacific, South America, Middle-East, and Africa.

Asia Pacific region is leading the segment in the global photovoltaic floor market and is anticipated to grow significantly during the forecasted years. The increase in photovoltaic power installation demand across countries like China and India is an alternative source for conventional power generation. These two countries with huge consumer bases are the major regions for establishing the photovoltaic floor market across the Asia Pacific.

Photovoltaic Floor Market – By Companies.

1. SunPower Corporation
2. JinkoSolar Holding Co. Ltd.
3. Canadian Solar Inc.
4. Trina Solar Ltd.
5. J A Solar Holdings Co. Ltd.

The photovoltaic floor market is highly competitive, owing to the existence of some high-end international players in the market. Key major manufacturers performing in the global market are focusing on developing new technology and products in the international market to help them expand their business on a global scale as well as strengthen their product portfolio.