The global photovoltaic market is expected a significant growth during the forecasted period (2016-2027) The major growth driver of Photovoltaic Market includes growing population which drives the demand for effective and reliable electricity supply, increasing solar installations with energy storage and stringent government rules and regulations among others.
Photovoltaic is referred to the conversion of light into electricity by using semiconducting materials that exhibits the photovoltaic effect. Photovoltaic system comprises solar panels, each consisting of a number of solar cells which generate electrical power. According to a new report by Market Research Future (MRFR), the global photovoltaic market is expected a significant growth during the forecasted period (2016-2027).
Photovoltaic power generation systems are renewable and environmental-friendly and have been proved to be profitable across the globe. Reduction of carbon footprint, contribution to sustainability, and low-cost energy generation are some of the advantages obtained by installing photovoltaics. Photovoltaics can be rooftop mounted, ground-mounted or wall mounted. The mount might be fixed or can also use a solar tracker to follow the sun.
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Some of the major players in Global Photovoltaic Market include Panasonic Corporation, Mitsubishi electric corporation (Japan), Trina Solar (China), Canadian Solar (Canada), Jinko Solar (China), JA Solar (China), Hanwha Q CELLS (South Korea), First Solar (U.S.), Yingli Green (China), ReneSola (China), Kiira Motors Corporation (Uganda), Tesla (U.S.), Solar city (U.S.) and Sun Power Corp (U.S.) amongothers.
Drivers and Restraints:
With the growing population, the demand for reliable and effective electric supply has increased which has resulted in increasing solar panel installations. Also, strict government regulations are driving the photovoltaic market globally. Also, the rising need for energy resources along with government rules to reduce depending on fossil fuels is a major driver for the global photovoltaic market growth. The increasing installation of photovoltaic plants and power stations is also expected to drive the market growth during the forecast period.
Meanwhile, high technological cost and varying weather conditions are some of the major factors hindering the growth of the market.
Global Photovoltaic Market Segmentation:
Globally, the market for photovoltaics can be segmented on the basis of technology, material, application, type, component and region.
The market can be segmented into Multi-Si, Mono-Si, Single Crystal & Polycrystalline, Thin-Film, and others based on technology.
By application, the market can be segmented into residential, non-residential and government. The residential segment is estimated to progress at a steady pace over the forecast period. The popularity of PV systems has been increasing due to its employment in electricity generation, for providing heat for residential buildings at low cost.
Based on materials, the market can be segmented into Poly dimethyl siloxane, Thermoplastic polyurethane, Polyolefin, Ionomer, Ethylene vinyl acetate, Polyvinyl butyral, and others.
The market for photovoltaics can be segmented into solar PV market, thin film PV market, concentrated PV market, and others based on type.
The market can be segmented into optics, trackers, cells, modules, and others based on the components.
Owing to the installation and growing production of photovoltaics in regions like Japan, China and Rest of Asia where China being one of the leading countries in PV module production, Asia Pacific is expected to dominate the global market with its largest market share. Europe is expected to show a significant growth rate by the end of 2027. Also, North America market for photovoltaics is sure to grow during the forecasted period (2016-2027). The U.S. government has imposed a multi-layer extension on tax credits for renewable energy plants which is expected to benefit the market growth. The U.S. Department of Energy (DoE) has also laid down safety guidelines and put forward codes, regulations, and standards which govern commissioning, installation, construction, design and operation of these systems to protect public safety, welfare and health.
In May 2016, Kiira Motors Corporation had announced about Africa’s first solar-powered bus which is going to be displayed in United Nations Environmental Assembly this year.
Hanwha Q CELLS Korea Corporation had recently signed a project to set up solar panels across all gas stations in South Korea regions. This project is intended to expand the market demand and increase the development of solar power energy.
Some of the major players of the global photovoltaic market include Canadian Solar (Canada), Trina Solar (China), Panasonic Corporation, Mitsubishi electric corporation (Japan), Jinko Solar (China), and others. Canadian Solar has announced the global launch of the next generation solar modules at Intersolar Europe in June. These modules are highly efficient dual cell bifacial modules.
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