Transparency Market Research Reports included a detailed market survey and analysis trends on “Photovoltaics Market”. This report also includes more info about basic overview of the industry including definitions, applications and global market industry structure.
Photovoltaic (PV) technology is defined as the transformation of solar energy from the sun released in the form of photons into effective electricity. The usage of Solar Photovoltaic (PV) systems to generate electricity is mainly through the photovoltaic effect.
Solar energy is one of the best alternative renewable sources of energy that is freely and abundantly available at the least maintenance and operation costs. Solar radiation is captured and converted into electricity with the help of solar PV panels. The present PV technologies implement semiconductor materials that are also found in computers and other electronic equipment. The use of semiconductor materials is mainly due to their ability to release electrons from the atomic bonds to produce electricity.
The pressing need for alternative energy sources is due to the rapid depleting non-renewable sources for photovoltaics. The global photovoltaic market is predicted to reach a value of 55,621 megawatts by the year 2015, with a compounded annual growth rate CAGR of 38%. Due to continuous developments in this market, governments and several other private enterprises contribute their investments and support to the growth of this market.
One of the most commonly used PV cells in the industry is thin-film PV cells and crystalline silicon PV cells. At present, the crystalline silicon PV cells dominate the market with nearly 80% of the market share, whereas, the thin-film PV cells market is catching up with the former.
There are improvements seen in the manufacturing efficiencies and techniques that will help to reduce the original material quantity used in the solar cells. By the year 2015, the value of photovoltaic material is projected to grow by 12.3% and reach a figure of $47 million.
This PV market research report analyzes the global market for solar PV, its different estimates and industry forecasts from the demand perspective. It also analyzes the market sizes, module prices, important market segments, and average installation prices for a particular forecast period. The global solar PV installation is augmented to reach 60.05 GW in 2018, growing at a CAGR of 10.7% for the forecast period of 2012 – 2018. This report is a complete study of current trends in the market, industry growth drivers, and restraints on the PV market.
The photovoltaic market is observed to be one of the fastest growing segments buoyed by supporting government incentives and extensive R&D activities.
The entire solar photovoltaic market has been segmented on the basis of end users, products based on grid type, technology, and other geographical locations to provide a complete holistic picture of the overall market.
In addition, the Building integrated photovoltaics (BIPV) market constitutes most of the current world Photovoltaics market. By the year 2015, the global market for BIPV is expected to reach the capacity of 11,392 megawatts, at the compounded annual growth rate CAGR of 56%. Indeed, BIPV roofing is the largest segments amongst all the other segments in this industry. By 2015, it will account for 3,197 megawatts, with the CAGR of 51%.
Some of the major countries active in the advancements of Photovoltaics market are seen in regions such as North America, Asia Pacific, Europe, and Rest of the World (RoW). After the decline of the photovoltaic market in Europe, the majority of the growth in this industry is now observed in Germany and most of the other parts of the globe outside the European regions.