The global solar PV market is expected to reach
489.79 GW by 2020, according to a new report by Grand View Research, Inc.
Rising demand for sustainable energy resources coupled with favorable
regulatory policies, is expected to drive the market growth over the forecast
period.
Supportive regulations involving federal subsidy and
incentives expected to be the prime factors impacting the industry growth on a
positive note. Europe has been a major market for solar PV owing to early
adoption of the technology in the region owing to high consumer awareness and
positive government outlook in region.
Increasing demand for renewable energy sources owing to
rising consumer awareness towards cost benefits associated with the technology
is expected to propel growth. Furthermore, depleting fossil fuel resources
coupled with growing demand for durable energy sources is expected to have a
positive impact on the industry growth.
The technology offer low conversion efficiencies as
compared to conversional energy sources including oil and biomass. Furthermore,
the solar PV performance gets affected by various factors including type of raw
material used for solar cell manufacturing, availability of sunlight and solar
PV designs which is expected to hamper its growth over the forecast period.
Access Research Report of Solar PV
Market@ https://www.grandviewresearch.com/industry-analysis/solar-pv-industry
Further
key findings from the report suggest:
· Utility is expected to be the fastest
growing application segment, progressing at a CAGR of 21.3% over the forecast
period, owing to the high demand for solar PV in electricity, and
transportation
· Non-residential application segment
accounted for 26.3% of the total market share in 2016, high employment of solar
PV in industrial processes for fulfilling heating requirements
· European market is expected to witness a
slow growth rate as compared to other regions, on account of early adoption of
the technology in the region which led to saturation of the industry
· Asia Pacific accounted for 17.9% of the
total market share in 2016, on account of the favorable government regulations
and initiatives taken by the government to install clean energy resources in
order to curb the prevailing issue of pollution
· The major players in the market are
investing in R&D activities in order to come up with efficient and high
performance systems in order to tap the rising consumer attention and to
compete with the alternative energy resources
Grand View Research has segmented the global solar PV
market on the basis of application, and region:
Solar PV Application Outlook (Installed Capacity, MW;
2012 - 2020)
·
Residential
·
Non-Residential/Commercial
·
Utility
Solar PV Regional Outlook (Installed Capacity, MW; 2012 -
2020)
·
North America
·
Europe
·
Asia Pacific
o China
·
Latin America
·
Rest of the World
About
Grand View Research
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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