Reportocean.com have announced the addition of a new report titled "Global Photovoltaic Market and Forecast to 2026"
Delhi, India -- (SBWIRE) -- 11/26/2019 -- Based on the latest insights in the report title "Photovoltaic Market by Technology (Thin Film, Mono Si and Multi Si), System (High Concentration Photovoltaic (HCPV) and Low Concentration Photovoltaic (LCPV)), and Application (Industrial, Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2019-2026" by Report Ocean, the Market is projected to reach $333,725.1 million by 2026, growing at a CAGR of 25.1%.
The global photovoltaic (PV) market is driven by a number of notable factors. This includes the growing demand for energy owing to an expanding global population. Add to this, an imperative need for sustainable energy resources has led to the growth of the market. Favorable government regulations focusing on controlling environmental pollution and dependency on fossil fuels is increasing the demand for renewable energy sources such as solar energy. This is, in turn, positively influencing the PV market and leading to its overall growth.
However, on the other side, factors like low efficiency level of PV module and the expensive pricing of storage, installation, and power conversion devices can challenge the growth of the market in the coming years. But, at the same time, the reducing cost of energy storage devices and solar systems is opening up new and lucrative opportunities for market growth. It is also expected that the hike in fossil fuel pricing will prompt the cost of electricity generation to increase, thereby driving the usage of PV energy as an alternative.
The report published on the global photovoltaic market revealed it to gain a striking CAGR of 25.1% during the forecast period of 2019 to 2026. The valuation of the photovoltaic market was further stated to surpass its previous valuation of $53,916.0 million in 2018 and reach a projected figure of $333,725.1 million by 2026.
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The global photovoltaic market has been segmented in terms of type and applications.
By technology, the market segmented into mono-Si, thin film, and multi-Si. The thin film segment further breaks down into amorphous thin-film silicon, cadmium telluride, and copper indium gallium diselenide.
By system, the market is classified into low concentrated PV (LCPV) and high concentrated PV (HCPV).
By application, the market narrows down into residential, industrial, and commercial.
The global photovoltaic market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa.
Asia Pacific leads the global PV market at present and is positioned to remain at the forefront of the regional standings. This is due to the rising usage and preference of PV energy over conventional fuels. The shifting preference can be attributed to the zero carbon emission and low electricity generation cost that comes with using photovoltaic. Increasing awareness concerning the advantages of photovoltaic is driving the growth of the regional market, especially in countries like Thailand, China, and India, wherein urbanization and industrialization is in full-effect. Add to this, the encouraging support from the government through various stringent regulations in order to curb down carbon emissions and conventional energy sources is boosting the market demand for photovoltaic herein.
The global photovoltaic market comprises a host of key players. Renesola, JA Solar Co., Ltd., Tata Power Solar Systems Ltd., Acciona, Abengoa, Canadian Solar, First Solar, Sharp Corporation, Trina Solar, and Wuxi Suntech Power Co., Ltd. The players are making significant changes to their proceedings and making sure that the technology is continually advancing and improving.
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