The global solar
PV market is expected to reach 489.8 GW by 2020, according to a
new study by Grand View Research, Inc. Growing push for sustainability has led
to increased focus on renewable energy forms such as solar PV. In addition,
favorable regulatory policies such as Feed in Tariff (FIT) is expected to
further increase installed capacity, particularly along the Sunbelt countries.
The reduction in price of PV modules is expected to lower the cost of energy
generated by solar PV to USD 0.07 – USD 0.16, making it competitive to oil or
gas fired peak power plants.
Countries with large PV potential such as Brazil, Chile and
Saudi Arabia have not expanded as expected and this is expected to hamper the
development of the market over the next six years. Aggressive capacity
addition, particularly in China is expected to make the market oversupplied
resulting in further lowering of prices. Product differentiation and innovation
is extremely crucial with companies diversifying in both upstream and
downstream markets, with expansion in project development and building
strategic partnership. There are widespread opportunities in the form of new
emerging markets and the link between reduced prices and unlocking of new
markets is expected to be the key to market development.
Browse full research report on Solar pv Market: http://www.grandviewresearch.com/industry-analysis/solar-pv-industry
Further Key findings from the study suggest:
- Utility
scale solar PV was the largest end use segment for the solar PV market and
accounted for over 45% of the global installed capacity. This segment is
also expected to witness fastest growth on account of the growing need for
power coupled with competitive prices offered by solar PV modules for
power generation.
- The
use of solar PV for non residential application is also expected to show
significant growth over the next six years with major Sunbelt countries
looking to harness the potential of solar energy and employ it as a
substitute to conventional forms of energy. The segment is expected to
grow at a CAGR of over 20% from 2013 to 2020.
- Europe
had the largest installed base of solar PV in 2012 primarily due to
installations in countries such as Germany, Italy, Spain and France. The
total installed capacity for Europe exceeded 70 GW as of 2012. However,
the region is expected to lose share owing to the rapid development of
solar PV market in China and countries of Asia pacific such as India,
South Korea, Taiwan and Australia.
- China
is expected to show the fastest growth over the next six years due and is
expected to grow at a CAGR of over 35% from 2013 to 2020. The regulatory
support in the country in addition to the low cost of raw materials is
expected to fuel the aggressive development.
- Yingli
Green Energy (China) and First Solar (USA) are two of the largest
companies operating in the market. The other key companies manufacturing
solar PV systems include Canadian Solar, Sharp, REC, Trina Solar and
Hareon Solar among others.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/energy-and-power
For the purpose of this study, Grand View Research has
segmented the global solar PV market on the basis of end use and region:
Solar PV End Use Outlook,
- Residential
- Non
Residential
- Utility
Solar PV Regional Outlook,
- North
America
- Latin
America
- Europe
- China
- Asia
Pacific
- 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.
For more information: http://www.grandviewresearch.com
