Transparency Market Research includes new market research report "Photovoltaics Market" to its huge collection of research reports.

Albany, NY -- (SBWire) -- 10/17/2014 --The photovoltaic (PV) market is going through a period of challenges such as different geographical focus and shifting market dynamics, again after many years of innovations and growth. The PV market in European countries is facing a climate of uncertainty due to changing political support that could re-development of the PV market in this region. But outside Europe, the potential for growth of the worldwide PV market remains viable as the huge number of projects coming-up in a number of countries have the potential of transforming the current state of the global PV market into a real market take-off.

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The significant potential of solar PV and their benefits to the society are quite obvious. Rapidly depleting sources of non-renewable/traditional energy have driven the need for research and development in the field of renewable energy. Among the many other renewable energy sources, PV is becoming the mainstream of the global power system. All scenarios of the global PV market indicate that this market will continue to grow and increase its share in the energy mix around the globe, increasingly delivering clean, affordable, safe and decentralized energy.

PV Market – determinants

The main issues that drive the global PV market include policies in various countries, competitiveness in the market and industry consolidation.

The PV market has observed remarkable growth over the past decade – even as economies struggled – and is on the way to becoming one of the major sources of power generation for the world. Market experts claim that by the end of 2009, the world had a collective installed PV power generation capacity of nearly 20 gigawatts(GW). It observed record growth in 2011 and valued more than 68 GW. The PV market stabilized in 2012, and ended up valuing more than 95 GW. By significantly growing in 2013, the PV market reached almost 135 GV of installed PV capacity. Through 2015, this capacity could grow at a CAGR of nearly 38%.

Europe remains the world’s leading region with increasingly more installed PV capacity, with nearly 78 GW by the end of 2013. This is more than 55% of the world’s total installed PV capacity, down from the nearly 70% in 2012. The PV market in Asia Pacific is growing fast, with more than 35 GW PV capacities having been installed already. Following these rankings are the America’s (North and South America combined) with nearly 13.7 GW installed PV capacity.

Improvements in manufacturing techniques and efficiencies will lead to less use of PV material for solar cells. However, the overall demand will grow at 12.3% through 2015 and value US$47 million. Germany and Japan are the largest manufacturers as well as consumers of PV materials.

PV Market - Segmentation

The global PV market has observed technological developments and innovations at an enormous pace ever since the market got established. Today, the PV market has an array of technologies such as multicrystalline PV solar cells, monocrystalline PV solar cells, thin film PV solar cells, polycrystalline thin film PV solar cells, gallium arsenide PV solar cells and Cadmium Telluride solar cells. Current market scenario and the overall need of increasing PV for power generation will continue to enforce new innovations and developments, as a result of which new technologies will be introduced.

PV Market - Conclusion

Going forward, the major factors that will determine how evolution of the PV market takes place include:

Country Policies: PV market is a policy-driven market in most countries, which is why retrospective and harmful political measures in many countries have led to a significant decrease in the market. However, the policies that drive effective and sustainable schemes for PV, market for PV will continue to grow in a number of countries.
Competitiveness of the market place: PV is rapidly moving towards a phase of cost-competitiveness in many countries. In some other countries, it is already competitive with other power sources. However, it faces challenges such as market and grid integration, which could hamper future PV development.

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