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Unprecedented Adoption of Renewable Energy Sources Drives Solar Photovoltaic Installation Market

Posted on Nov 16, 2015

According to the latest market study published by Transparency Market Research (TMR) on the global solar photovoltaic (PV) installation market, the volume of solar PV energy generation will rise at a CAGR of 10.70% between 2012 and 2018. The report is titled “Solar Photovoltaic (PV) Installation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018” and states that energy generated using solar photovoltaic installations totaled 29.6 gigawatts in 2011 and will rise to 60.05 gigawatts by 2018. In terms of revenue, the market will reach a valuation of US$145.9 bn by 2018.

 

Browse the full Solar Photovoltaic (PV) Installation Market by Grid Type (Grid-connected, Off-grid), by Technology (Thin film PV, Crystalline PV, Others), by End Use (Residential, Commercial, Utility-scale) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018 report at http://www.transparencymarketresearch.com/solar-photovoltaic-market.html

The increasing need for energy across the globe for commercial, industrial, and residential purposes is driving demand for alternate energy sources such as solar photovoltaic panels, says the TMR report. The abundance of solar energy, especially in tropical countries that have intensive sunlight for a major part of the year, is the reason for several market players to shift focus towards installing solar photovoltaic panels for energy generation.

 

The global solar photovoltaic installation market is also fuelled by the growing concern regarding the warming of our planet due to greenhouse gas emissions. Several governments and international agencies are making consistent efforts to adopt renewable energy sources, which would help curb the carbon footprint at every level. Other advantages of solar photovoltaic installation are greater output efficiency, falling prices, cheaper installation and maintenance costs, and favorable government schemes and regulations.

Technology, end user, grid type, and geography are the four criteria based on which the solar photovoltaic installation market is divided in the report. By technology, the segments of the market are thin film photovoltaic, crystalline silicon solar photovoltaic, and others (crystalline photovoltaic and organic photovoltaic). In 2011, the conventional silicon solar photovoltaic segment held the largest market share due to the low cost, high yield, and robust nature of the installations based on this technology. However, in the coming years, thin film PV will lead the solar photovoltaic market due to the rising popularity of thin film PV systems across the world.

 

By end use, the market is divided into utility scale solar photovoltaic, commercial solar photovoltaic, and residential solar photovoltaic. In recent years, the installation of solar photovoltaic panels has increased considerably in residential and commercial buildings to cut energy costs. On a regional basis, North America, Asia Pacific, Europe, the Middle East and Africa, and Rest of the World are the key segments of the global solar photovoltaic installation market. Currently, Europe dominates the global solar PV installation market. However, the emerging economies in Asia Pacific will exhibit increased demand for solar PV panels due to their increasing energy need for commercial and residential applications.

 

The report mentions some of the major companies operating in the global solar photovoltaic installation market, namely Trina Solar Ltd., Bosch Solar Energy AG, Suntech Power Holdings Co. Ltd., Canadian Solar Inc., Yingli Green Energy Holdings Co. Ltd., and First Solar Inc.

 

The solar photovoltaic installation market is segmented as follows:

 

Solar Photovoltaic Installation Market: By Technology

 

  • Thin Film PV
  • Crystalline Silicon PV
  • Others (Organic Solar PV, CPV)

 Solar Photovoltaic Installation Market: By End-Use

 

  • Residential Solar PV
  • Commercial Solar PV
  • Utility Scale Solar PV

 

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