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 nonresidential 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.
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.
