Solar PV Market

Global Solar PV Market to Increase to $148.5 billion by 2020

Zion Market Research has published a new report titled “Solar Photovoltaic (PV) (CPV, Hybrid and Other systems) Market for Residential, Non-residential and Utility Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020” According to the report, the global solar PV market was valued at approximately USD 108.3 billion in 2014 and is expected to reach approximately USD 148.5 billion by 2020, growing at a CAGR of around 10% between 2015 and 2020. In terms of volume, global solar PV market stood at 33.3 Giga watt in 2014.

Solar photovoltaic (PV) cells generate electricity directly from sunlight. Solar photovoltaic is commonly known as a solar cell. PV is building block in the power or energy system. Solar PV is a type of photoelectric cell which on exposure to light can produce an electric current without any external voltage source. Different types of solar cells are available such as cadmium telluride solar cell, hybrid solar cell, dye-sensitized solar cell, plastic solar cell, thin film solar cell and polymer solar cell among others. The simplest PV systems can be used to power many of the wrist watches, outdoor lights, small calculators etc.

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The solar PV market is mainly driven by strong demand from residential and utility sectors. Advancement in technology and stringent environmental regulation are key factors expected to fuel the demand of installations over the forecast period. In addition, government support and funding has provided strong boost to solar PV market in Asia Pacific and North America. However, changing environmental conditions and high technological cost may hamper the growth of this industry in emerging and underdeveloped economies.

Based on systems, the solar PV market has been classified into CPV, hybrid and others. CPV segment accounted for a large chunk of the global solar PV market in 2014. Hybrid system is the second leading segment of the solar PV market owing to increasing demand for efficient PV cells and is expected to witness robust growth during the forecast period.

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Residential, non-residential and utility are major application segments of solar PV market. Utility segment includes power plant application, military application and others, which accounted for 55.0% in 2014. Residential segment is the second largest market for solar PV and it accounted for over 30.0% in 2014. Non-residential is also an important application segment of solar PV and expected to grow at moderate pace in the forecast period.

Europe dominated the solar PV market and accounted for around 70% share of the global solar PV market in 2014. Europe followed by Asia Pacific and North America region in terms of installed capacity. Asia Pacific was another leading regional market for solar PV cell of the total installed capacity. The solar PV market in Asia Pacific region is expected to exhibit strong growth owing to rising government support and rapid growth in population. Latin America and Middle East & Africa are also expected to witness rapid pace growth of solar PV market in the years to come.

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Some of the key players in Solar PV market include Suntech Power, Canadian Solar, Trina Solar, SunPower, Kaneka Corporation, Kyocera Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, Sharp Corporation, JA solar Co. Ltd, Jinko Solar and ReneSola Co. Ltd.

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