Albany, NY -- (SBWIRE) -- 02/04/2016 -- Grid-connected and off-grid are the two basic product types of solar PV systems. Grid-connected solar PV systems are utilized to cover the inefficient supply of electricity acquired from grids. Off-grid solar PV systems are gaining popularity particularly in South Africa and are expected to grow significantly. Both grid-connected and off-grid systems respond to different market requirements and applications and provide different incentives through the feed-in tariff. Solar PV systems are finding growing applications in residential, commercial and utility-scale sector. In the past few years, the use of solar PV systems has increased considerably in commercial buildings and the residential sector. They are one of the best alternatives that suit commercial and institutional applications including hospitals, hotels, and offices that have considerable electricity costs as a percentage of total operating costs and have a constantly growing need for electricity.

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Solar PV systems are primarily segmented into three technologies that include thin film PV, crystalline silicon PV and others (organic solar PV, CPV etc.). Thin film PV is expected to fuel the overall solar PV market owing to the increasing popularity of thin film PV systems worldwide. The conventional silicon PV system acquired maximum share in 2011 due to its robust nature and high efficiency output and low cost.

The global solar PV systems market is dominated by Europe; its demand is expected to increase in the Asia Pacific region and other emerging nations due to the rise in the number of applications in the industrial, commercial and residential sector. Due to excessive demand of solar PV systems in Asia Pacific and other emerging regions it is expected to expand to a large extent. Europe is followed by the Asia Pacific region in the context of market share due to considerable demand for solar PV systems in emerging economies, especially China, Japan and India. Suntech Power Holdings Co. Ltd., First Solar Inc, Canadian Solar Inc, Yingli Green Energy Holdings Co. Ltd., Trina Solar Ltd., and Bosch Solar Energy AG are some of the key participants of this market. First Solar Inc. is one of the largest players of the market and manufactures most types of solar PV systems catering to the varied needs of customers.

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