Solar PV Market Overview Sales, Cost and Capacity Forecast To 2020
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<strong>Solar</strong> <strong>PV</strong> <strong>Market</strong> <strong>Overview</strong> | <strong>Sales</strong>, <strong>Cost</strong> <strong>and</strong> <strong>Capacity</strong> | <strong>Forecast</strong> <strong>To</strong><br />
<strong>2020</strong><br />
“Global <strong>Solar</strong> <strong>PV</strong> <strong>Market</strong> report includes in-depth analysis of industry by<br />
recent technologies, trends, opportunities, challenges, key players <strong>and</strong><br />
business strategies considering types, segment <strong>and</strong> future outlook.”<br />
The global <strong>Solar</strong> <strong>PV</strong> <strong>Market</strong> size is expected to reach 489.79 gigawatts (GW) by <strong>2020</strong>. The market<br />
is subject to witness a substantial growth due to the growing dem<strong>and</strong> for sustainable energy<br />
resources, coupled with numerous local government initiatives <strong>and</strong> schemes to fulfill growing<br />
dem<strong>and</strong> of electricity. Numerous benefits are obtained with the use of solar <strong>PV</strong> that include<br />
sustainability, reduction in greenhouse gas emission, <strong>and</strong> low operational cost, are further<br />
spurring the growth of the market over the forecast period. Globally, the solar <strong>PV</strong> market is<br />
predicted to grow at CAGR of 20.9% in forecast period, providing numerous opportunity for<br />
market players to invest for research <strong>and</strong> development in the solar <strong>PV</strong> industry.<br />
The reduction in the cost of photo voltaic module is key reason for growing dem<strong>and</strong> of the solar<br />
<strong>PV</strong>. In recent years, cost of solar <strong>PV</strong> module is reduced by more than fifty percent, becoming<br />
major factor for growth of the solar <strong>PV</strong> industry. The reduction in the cost of the solar <strong>PV</strong><br />
modules is credited to the enhancement in material efficiency, manufacturing process, <strong>and</strong><br />
financial prudence. <strong>Solar</strong> <strong>PV</strong> modules are utilized in industrial, commercial <strong>and</strong> domestic<br />
purposes due to its flexibility during the installation processes. Rising prices of crude oil,<br />
numerous environmental concerns with the installation of hydro power station, <strong>and</strong> large<br />
amount of initial cost to set up nuclear power plants <strong>and</strong> health hazards due to nuclear radiation<br />
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are crucial factors for adoption of solar power. Alongside, numerous government initiatives,<br />
schemes <strong>and</strong> subsidies to promote use of solar powered devices <strong>and</strong> generation of solar energy<br />
are propelling growth of the solar <strong>PV</strong> market. A photovoltaic system or <strong>PV</strong> system uses<br />
photovoltaic to convert solar energy into usable electrical energy. <strong>Solar</strong> <strong>PV</strong> system involves array<br />
of solar panels mounted on rooftop, it converts solar energy into DC power. <strong>Solar</strong> inverter is also<br />
used to convert DC power into variable AC power. Other essential components for solar <strong>PV</strong><br />
modules are mountings, electrical cables, <strong>and</strong> other electronic components for a proper set up.<br />
<strong>Solar</strong> <strong>PV</strong> modules also consists of a solar tracking system in order to monitor <strong>and</strong> improve overall<br />
energy conversion rate <strong>and</strong> embed advanced battery solutions as reduction in the cost for<br />
storage devices is also on rise. A solar <strong>PV</strong> module is considered as balance of system (BOS)<br />
because all components associated with the module are easily identified <strong>and</strong> dost not include<br />
excess of hardware.<br />
<strong>Solar</strong> <strong>PV</strong> systems are classified into three major types such as small, rooftop-mounted <strong>and</strong><br />
building-integrated systems. These types have variable capacitates ranging from a few to several<br />
tens of kilowatts to hundreds of megawatts. The solar <strong>PV</strong> system that involves of hundreds of<br />
megawatts are mainly utilized in large utility-scale power stations. The dissimilarity in the three<br />
types of the rooftop solar photovoltaic systems is attributed to the type of inverter used <strong>and</strong><br />
number of batteries. Most of the solar powered systems are grid-connected, while rest of them<br />
are further divided into off-grid <strong>and</strong> st<strong>and</strong>alone systems. <strong>PV</strong> systems are further categorized<br />
into grid-connected systems, st<strong>and</strong>-alone systems, off-grid, residential <strong>PV</strong> systems, utility-based<br />
<strong>PV</strong> systems, distributed <strong>PV</strong> systems, centralized systems, ground-mounted systems, <strong>and</strong> fixedtilt<br />
systems.<br />
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The solar <strong>PV</strong> industry is divided into regional market segment such as North America, Europe,<br />
Asia-Pacific, Latin America <strong>and</strong> Africa. North America has shown major growth in recent years<br />
owing to numerous incentives provided by regional governments in the form of subsidies <strong>and</strong><br />
tax benefits to limit the green gas emissions. Asia-Pacific region is predicted to hold major<br />
market share in the solar <strong>PV</strong> market with massive growth in forecast period. Countries such as<br />
India, China <strong>and</strong> Singapore are leading the Asia-Pacific market with growing adoption of solar<br />
thermal <strong>PV</strong> plants <strong>and</strong> power stations, <strong>and</strong> increase in investment by market players due to<br />
potential opportunities in the region. The solar <strong>PV</strong> industry key players are Sharp Co., Trina <strong>Solar</strong><br />
Co., Pristine Sun Ltd., JA <strong>Solar</strong> Ltd., Yingli <strong>Solar</strong>, <strong>and</strong> Vikram <strong>Solar</strong>.
<strong>Market</strong> Segment:<br />
<strong>Solar</strong> <strong>PV</strong> Application Outlook (Installed <strong>Capacity</strong>, MW; 2012 - <strong>2020</strong>)<br />
• Residential<br />
• Non-Residential/Commercial<br />
• Utility<br />
<strong>Solar</strong> <strong>PV</strong> Regional Outlook (Installed <strong>Capacity</strong>, MW; 2012 - <strong>2020</strong>)<br />
• North America<br />
• Europe<br />
• Asia Pacific<br />
• China<br />
• Latin America<br />
• Rest of the World<br />
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