Global Solar
PV Market is foretold to provide a
robust support for industry players to lay a solid foundation for their
business growth. It includes a comprehensive evaluation of the industry growth
status and risk. In addition, it provides detail market variables, trends, key
opportunities, new entrants & competitors.
Solar PV Market study
offers detail overview of industry with all the requisite data to support
tactical business decisions and come up with strategic growth plans. This study
also proposes a comprehensive insight into the development policies and plans
in addition to manufacturing processes and cost structures.
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The global Solar PV Market
size is expected to reach 489.79 gigawatts (GW) by 2020. The market is subject
to witness a substantial growth due to the growing demand for sustainable
energy resources, coupled with numerous local government initiatives and
schemes to fulfill growing demand of electricity. Numerous benefits are
obtained with the use of solar PV that include sustainability, reduction in
greenhouse gas emission, and low operational cost, are further spurring the
growth of the market over the forecast period. Globally, the solar PV market is
predicted to grow at CAGR of 20.9% in forecast period, providing numerous
opportunity for market players to invest for research and development in the
solar PV industry.
The reduction in the cost
of photo voltaic module is key reason for growing demand of the solar PV. In
recent years, cost of solar PV module is reduced by more than fifty percent,
becoming major factor for growth of the solar PV industry. The reduction in the
cost of the solar PV modules is credited to the enhancement in material
efficiency, manufacturing process, and financial prudence. Solar PV modules are
utilized in industrial, commercial and domestic purposes due to its flexibility
during the installation processes.
Rising prices of crude oil,
numerous environmental concerns with the installation of hydro power station,
and large amount of initial cost to set up nuclear power plants and health
hazards due to nuclear radiation are crucial factors for adoption of solar
power. Alongside, numerous government initiatives, schemes and subsidies to
promote use of solar powered devices and generation of solar energy are
propelling growth of the solar PV market.
A photovoltaic system or PV
system uses photovoltaic to convert solar energy into usable electrical energy.
Solar PV system involves array of solar panels mounted on rooftop, it converts
solar energy into DC power. Solar inverter is also used to convert DC power
into variable AC power. Other essential components for solar PV modules are
mountings, electrical cables, and other electronic components for a proper set
up. Solar PV modules also consists of a solar tracking system in order to
monitor and improve overall energy conversion rate and embed advanced battery
solutions as reduction in the cost for storage devices is also on rise. A solar
PV module is considered as balance of system (BOS) because all components
associated with the module are easily identified and dost not include excess of
hardware.
Solar PV systems are
classified into three major types such as small, rooftop-mounted and
building-integrated systems. These types have variable capacitates ranging from
a few to several tens of kilowatts to hundreds of megawatts. The solar PV system
that involves of hundreds of megawatts are mainly utilized in large
utility-scale power stations. The dissimilarity in the three types of the
rooftop solar photovoltaic systems is attributed to the type of inverter used
and number of batteries. Most of the solar powered systems are grid-connected,
while rest of them are further divided into off-grid and standalone systems. PV
systems are further categorized into grid-connected systems, stand-alone
systems, off-grid, residential PV systems, utility-based PV systems,
distributed PV systems, centralized systems, ground-mounted systems, and
fixed-tilt systems.
The solar PV industry is
divided into regional market segment such as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to numerous incentives provided by regional governments in
the form of subsidies and tax benefits to limit the green gas emissions.
Asia-Pacific region is predicted to hold major market share in the solar PV
market with massive growth in forecast period. Countries such as India, China
and Singapore are leading the Asia-Pacific market with growing adoption of
solar thermal PV plants and power stations, and increase in investment by
market players due to potential opportunities in the region. The solar PV
industry key players are Sharp Co., Trina Solar Co., Pristine Sun Ltd., JA
Solar Ltd., Yingli Solar, and Vikram Solar.
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