Solar PV Market to Grow Steadily at 10% CAGR from 2014 - 2020
Solar PV Market to reach US $148.5 Billion globally by 2021
Deerfield Beach, FL -- (SBWire) -- 08/11/2016 --Zion Research has published a new report titled "Solar Photovoltaic (PV) (CPV, Hybrid and Other systems) Market for Residential, Non-residential and Utility Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 - 2020" According to the report, the global solar PV market was valued at approximately USD 108.3 billion in 2014 and is expected to reach approximately USD 148.5 billion by 2020, growing at a CAGR of around 10% between 2015 and 2020. In terms of volume, global solar PV market stood at 33.3 giga watt in 2014.
Solar photovoltaic (PV) system is designed to supply electrical energy to a given load by directly converting solar energy through the photovoltaic effect. Solar photovoltaic system is also called as solar cell. Different materials are used to produce PV cells such as mono crystalline silicon, amorphous silicon, cadmium telluride, and copper indium gallium selenide. Solar PV systems offer an efficient way for generating electricity from solar radiation and with lower carbon footprint. The simplest PV systems power many of the wrist watches, outdoor lights, small calculators etc. Larger solar PV cell provide electricity for powering equipment, lighting homes and pumping water.
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Solar PV market is expected to witness robust growth on account of growing demand in residential and utility application sector. Government initiatives and funding has provided strong boost to solar PV market in Asia Pacific and North America. Advancement in technology and stringent environmental regulation are key factors expected to witness increased number of installations over the forecast period. Residential sector has witnessed a major upsurge over the past few years. This growth can be attributed to rising consumer awareness regarding environment protection coupled with subsidized module cost. However, changing environmental conditions and high technological cost can be barrier for the growth of this industry in emerging and underdeveloped economies.
The solar PV market is segmented on the basis of different systems such as CPV, hybrid and others. Solar photovoltaic market was dominated by the CPV system segment, which accounted for significant share in revenue generated in 2014. Furthermore, hybrid system used more than one renewable form of energy. Hybrid system is another growing segment and expected to be witness robust growth during the forecast period.
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Based on application, the solar PV market is segmented into residential, non-residential and utility. Utility segment includes power plant application, military application and others, which held the largest share over 55.0% in 2014. Residential segment is the second leading application segment for solar PV installations, which is accounted for around 30.0% of the global installed PV capacity in 2014 and is expected to slight decreasing some market share to the faster growing utility application segment. Non-residential segment is expected to grow at moderate pace in the years to come.
Europe was the leading regional market for solar PV in 2014. Europe is closely followed by Asia Pacific. Europe. Asia Pacific is second largest market driven by the fastest growth of the Chinese market. With increased government support and investment in the field of research development, Asia Pacific is expected to witness robust growth during the forecast period 2015 to 2020. Latin America and Middle East & Africa are also expected to experience significant growth of solar photovoltaic market in the years to come.
Some of the key players in Solar PV market include Suntech Power, Canadian Solar, Trina Solar, SunPower, Kaneka Corporation, Kyocera Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, Sharp Corporation, JA solar Co. Ltd, Jinko Solar and ReneSola Co. Ltd.
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This report segments the global solar PV market as follows:
Global Solar PV Market: System Segment Analysis
Global Solar PV Market: Application Segment Analysis
Global Solar PV Market: Regional Segment Analysis
Middle East and Africa
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