San Francisco, 6 November 2018:According
to a report by Grand View Research, Inc., global solarPV market is anticipated to reach 489.79 GW by 2020. Growing
requirement for sustainable resources of energy attributed to stringent
regulations to reduce dependency on fossil fuels is anticipated to propel
demand for solar PV. These power generation systems are likely to offer
reduction in carbon footprint, low cost energy generation, and contribution to
sustainability.
Continual technological
advancements in energy sector to develop secure, sustainable, and affordable
energy systems can influence growth of market. Supportive government initiative
to promote use of renewable sources of energy and reduce carbon footprint for
healthy environment can spur market growth over next few years. Rising scarcity
of fossil fuel resources coupled with high demand for durable energy sources
can spur growth of market. Growing adoption of renewable resources attributed
to rising consumer awareness regarding cost benefits of technology can
influence market growth over the forecast period (2012 to 2020).
The solar PV market can be
segregated on the basis of application and region. Based on application, the
market can be categorized into non-residential/commercial, residential, and
utilities. In 2016, utility segment dominated the market and accounted for 47.2%
of overall demand. Continuous supply of energy coupled with low expenses as
compared to conventional sources of energy are expected to surge demand for
solar PV technology in utilities. This, in turn, can influence growth of
market.
Similarly, residential segment
is likely to expand at CAGR of 21% over the forecast period. Growing popularity
of photovoltaic systems attributed to its employment in electricity generation
to deliver heat for residential buildings at low cost can fuel growth of market
during the forecast period.
Access
Research Report of Solar
PV Market@ www.grandviewresearch.com/industry-analysis/solar-pv-industry
In 2016, non-residential
segment accounted for 26.3% of overall market share. High adoption of solar PV
power generation systems in industrial applications for fulfilling heating
requirements accounted for segment growth.
Regional segmentation includes
Europe, North America, Asia Pacific, Latin America, and rest of the world. In
North America, the market is expected to witness significant growth over the
forecast period. Numerous projects initiated by Mexican government related to
photovoltaic, solar, concentrated solar power (CSP) can fuel growth of market
in the region. One of these projects is likely to be a photovoltaic project of
46.8 MW capacity in Puerto Libertad, Sonora. In addition, World Bank is
expected to fund USD 50 million for combined cycle gas turbine plant of 14 MW
capacity equipped with troughs to collect energy, located in Agua Prieta,
Sonora. In addition, United States (U.S.) is likely to provide multi-year
extension on tax credits for renewable energy plants such as concentrating
solar plants (CSP). This, in turn, can fuel growth of market in the region.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/renewable-energy
Similarly in Asia Pacific, the
market is estimated to grow well over the forecast period attributed to
increase in annual PV grid capacity in China in 2016 as compared to 2015. It
accounted for PV grid operational capacity of 34.5 GW owing to installations of
solar thermal PV plants & power stations in the region. This, in turn, can
fuel growth of market over next few years. Moreover in 2016, Asia Pacific
accounted for 17.9% of overall market share attributed to supportive government
regulations to install clean energy resources and reduce air pollution.
In Europe, the market is
estimated to grow slow as compared to other regions owing to early adoption of
technology in the region, which led to saturation of market.
Some of the leading companies
offering solar PV are Kyocera Corporation, Yingli Green Energy, Suntech Power,
First Solar, and Canadian Solar. The market is expected to be highly
competitive in nature. Buyers and manufacturers are likely to get indulged in
strategic partnerships. In addition, most companies can invest in R&D
activities to develop advanced solar PV offering less impact on environment.
Moreover, companies are also expected to come up with innovative systems that
can offer long-term energy storage solutions to fulfill year-round need for
power generation.
Access Press Release of
Solar PV Market@ www.grandviewresearch.com/press-release/global-solar-pv-market
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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