The photovoltaic (PV) is also known as solar PV. There are two types of solar photovoltaic systems, organic PV and inorganic PV. Photovoltaic is a fast growing market over last couple of decades with exponential growth curve. During this period Solar Photovoltaic (PV) system, which was niche market has become mainstream electrical source for various applications. Solar power is recognized as a cost competitive, reliable and sustainable energy source supported by massive price decline in recent years. Solar Photovoltaic (PV) systems prices have declined at around 75% in last 10 years. Solar Photovoltaic (PV) systems are mainly used for residential, commercial and utility services. In 2015, residential solar photovoltaic (PV) market remained relatively flat whereas commercial residential solar photovoltaic (PV) market witnessed significant growth in number of installations. Higher electricity prices, increasing government initiatives towards renewable energy, less operating cost, environment-friendly attributes, research and development activities undertaken by the major market players, are major driving forces for solar photovoltaic (PV) market.
2014 was a great year for solar power with 40 Gws being connected worldwide with compared to 37 Gw connected in 2013. The leading markets were China with 10.6 Gw, Japan with 9.7 Gw and the USA with 6.5 Gw. Japan and European countries were the early adapters of this technology. In upcoming years Asia Pacific will record aggressive expansion in solar photovoltaic (PV) system market, it is anticipated that Asia Pacific region will record growth of more than 50% by 2020. North America will also experience robust growth with the extension of the investment tax credit. In 2016, the International Energy Agency (IEA) has increased its mid-term renewable forecast by 13% due to key policy developments in the U.S., India, China and Mexico, the agency has pointed to solar PV’s central role as increasingly affordable solutions in the fight against climate change and air pollution. Higher installation cost and poor maintenance practices are restraining factors for growth of solar photovoltaic (PV) market.
The Global Solar Photovoltaic (PV) Market Is Segmented On The Following Bases:
a. Organic PV
b. Inorganic PV
a. Utility services
a. Thin film
a. North America
iii. Rest of Europe
iii. Rest of APAC
d. Latin America
e. Middle East and Africa
Key Players Identified for Global Solar Photovoltaic (PV) Market Include but are Not Limited to:
Kaneka Corporation, Kyocera Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, Sharp Corporation, JA solar Co. Ltd, Jinko Solar, ReneSola Co. Ltd, Suntech Power Holdings Co. Ltd , Trina Solar, Yingli Green, and Canadian Solar
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