Global Solar PV Market Overview:
The global solar energy industry is expected to reach $423 billion by 2025 from $85 billion in 2018, growing at a CAGR of 24.4% from 2016 to 2025. Solar energy is the radiant energy transmitted from the sun, which is harnessed by using different technologies such as solar heating, photovoltaic cells, and others. It is an efficient form of unconventional energy and a suitable renewable solution toward growing greenhouse emissions and global warming.
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Global Solar PV Market Drivers and Restraints:
The decline in the cost of solar modules is one of the principal factors driving the global solar PV market. In 2014, solar PV module prices reduced by 74%, as compared to that in 2009. The decline can be mainly attributed to the increase in material efficiency, production optimization, and economies of scale. PV modules can be installed at a business, commercial, and residential scales. Volatility in crude oil price, an environmental concern from hydropower, and risk of nuclear radiation accidents in the power plants present a great opportunity for solar power to meet the rising demand of energy soon. This would, in turn, have a positive impact on the majority of global photovoltaic (PV) market.
The adoption of PV system technology is marginally influenced by factors such as reliability, overall production, and competitiveness. In addition, overall climatic circumstances and geographical latitudes restrain the solar energy market germination, especially in snowfall and rainfall prone regions.
Global Solar PV Market Geographical Segmentation:
Emerging economies such as China and Japan have significantly improved the production of solar technologies owing to governmental tariffs and merger & benefit of local manufacturers. Moreover, North America and Europe have mostly focused on researches to maximize solar potential. The Middle East and Africa have also gained stress owing to a rise in applications of solar energy for power generation, agriculture, and architecture.
Major Players in Global Solar PV Market:
The key players in the PV module market are Jinko Solar, First Solar Inc., Renesola Ltd. Trina Solar Limited, GCL-Poly Energy Holdings Limited, Canadian Solar Inc., Leonics Company Limited, AE Solar GmbH, Itek Energy, and Wuxi Suntech Power Co. Ltd.
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