The global solar photovoltaic (PV) installations market was valued at $131,818 million in 2016, and is anticipated to grow at a CAGR of 17.4% to reach $393,594 million during 2017 to 2023.
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Solar energy is an upcoming form of renewable energy with numerous economic and environmental benefits that make it an attractive complement to, in comparison with traditional forms of electricity generation. Moreover, in recent years the price of PV solar power systems and total cost of installing PV systems, has declined to the levels, which are competitive with the wholesale price of electricity in many markets.
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The sudden decline of prices in recent years opens new possibilities to develop PV systems in some locations with limited or no financial incentives. Furthermore, the fact that a PV solar power system requires no fuel provides a unique and valuable benefits to owners of such systems relative to traditional electricity generation assets.
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This report projects the trends and opportunities of the global solar photovoltaic (PV) installations market. It includes a qualitative and quantitative analysis with comprehensive research methodologies and reliable projections to understand the present overview and predict the market behavior during the forecast period.
The global solar photovoltaic (PV) installations market witnesses strong growth owing to the availability of solar energy and increase in demand for electricity. Moreover, various encouraging steps taken by government to promote this mode of power generation and formation of multiple policies is expected to fuel the market growth.
In addition, increase in demand for solar energy from residential, utility scale, and commercial sectors also boost the growth of the market. Furthermore, affordability of the installations has increased owing to high levels of market competition.
Rise in property value, durability, and decrease in utility bills also contribute to the market growth in residential areas.
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The global solar photovoltaic (PV) installations market is segmented based on technology, grid-type, end use, and geography. On the basis of technology, it is classified into thin film, crystalline silicon (mono and multi crystalline), and others (organic and concentrator photovoltaics).
On the basis of grid type, it is bifurcated into grid connected and off-grid. Grid connected is further divided into centralized and decentralized.
By end use, the market is categorized into residential, commercial, and utility scale. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key market players in this sector include:
- Trina Solar Ltd
- Canadian Solar Inc
- JA Solar
- First Solar Inc
- Jinko Solar Holding Company Ltd
- Yingli Green Energy Holding Co. Ltd
- Sun Power Corporation
- Solar World Ag and
- Mitsubishi Electric Corporation.
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