Albany, NY -- (SBWIRE) -- 11/06/2014 -- The use of solar photovoltaic installation systems to generate electricity has increased in recent years owing to its various benefits. Available in abundance at lower costs, solar energy has gained popularity and the market has grown significantly.

Determinants of the global solar photovoltaic installation market

Solar power is an excellent resource of renewable energy, a fact that primarily drives the global solar photovoltaic installation market. Solar PV installations have higher output efficiency compared to other energy sources and also have substantially lower prices. There has been growing concern regarding carbon footprint and increasing awareness about the benefits of solar PV. Solar photovoltaic installation systems are used in a wide-range of applications in numerous sectors thanks to constantly evolving technologies. Due to its low installation and maintenance cost, governments across the globe have introduced various schemes in favor of solar photovoltaic installation. All these factors have propelled the solar photovoltaic installation market. In addition to this, increasing demand for electricity in Asia-Pacific is expected to fuel the solar photovoltaic installation market in the coming years.

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In contrast, revised feed-in tariffs, deteriorating quality of solar panels due to wet climate, limited battery life, oversupply issues, and fluctuating intensities of radiation are projected to inhibit the growth of the solar photovoltaic installation market.

Solar photovoltaic installation market: Segmentation and evaluation

The overall market can be segmented on the basis of technology, grid type, and end use. The main technologies involved in solar photovoltaic installation are crystalline silicon PV, thin film PV, and others. Crystalline silicon PV dominated the segment, accounting for 80.81% of the total solar photovoltaic installation capacity in 2011, followed by thin film PV. The thin film PV is expected to grow at an 18% CAGR from 2012 to 2018.

On the basis of grid type, the total solar photovoltaic installation market can be bifurcated into grid-connected solar PV and off-grid solar PV. Grid-connected solar PV led the overall market in 2011, accounting for 98.03% of the total capacity.

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The major end uses of solar photovoltaic installation are commercial, residential, and utility-scale. The utility-scale segment held the maximum market share in 2011, with 43.07%. The residential sector accounted for 30.22% of the overall demand for solar photovoltaic installation in 2011 and is expected to enjoy 33.36% of the industry share by the end of 2018, making it the fastest-growing application segment.

Global market analysis

Geographically, the global solar photovoltaic installation market is divided into North America, EMEA, Asia-Pacific, and Rest of the World. Accounting for more than 75.7% of the overall solar photovoltaic installation capacity, Europe, Middle East and Africa led the global market in 2011. Increasing demand for solar photovoltaic installation systems from emerging economies such as China and India has made Asia-Pacific the second largest market for solar photovoltaic installation in terms of volume. This growing demand stems mostly from commercial and residential sectors in Asia-Pacific, and with reduced prices and strong support from the government, the regional solar photovoltaic installation market is expected to grow at a 16.90% CAGR from 2012 to 2018.

Competitive outlook of the solar photovoltaic installation market

There are various small and large participants operating within the solar photovoltaic installation market, on a global and domestic scale. Some of the major companies are Schott Solar Ag., Trina Solar Ltd., Canadian Solar Inc., First Solar Inc., Sharp Corporation, Solar Frontier Ltd., Jinko Solar Holding Company Ltd. Corporation, Sun Power Corporation, Yingli Green Energy Holding Co. Ltd., Solar World Ag, and Suntech Power Holding Co. Ltd.

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