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.
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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.
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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.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/renewable-energy
Solar PV Application Outlook (Installed Capacity, MW; 2012 – 2020)
Solar PV Regional Outlook (Installed Capacity, MW; 2012 – 2020)
• North America
• Asia Pacific
• Latin America
• Rest of the World
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