Photovoltaic Market By Type (Organic PV, Inorganic PV), Component (Crystalline Silicon PV Cells, Thin Film PV Cells, Modules, Optics, Trackers), Application (Residential, Non-Residential And Utility) & Geography Analysis and Forecasts to 2013-2020.
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Photovoltaic (PV) systems are used to convert sunlight into electricity. They are safe, reliable, incur less operating costs, and are easy to install. The growing concerns about climate change and alternative sources of energy have led to the significant growth of the photovoltaic market. Incentives and funding provided by the government towards the adoption of solar energy to generate electricity have further added to this growth. Photovoltaic market in Asia, namely China and Japan are expected to contribute largely to the growth of the PV market, globally. This is mainly attributed to the initiatives taken by the government, the key market players being located in the region, and the emergence of building-mounted and ground mounted systems along with, the on-grid segment. On the other hand, the major factor hindering the growth of this market is the demand for high quality and low priced products.
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Photovoltaic systems play a vital role in the energy industry and are expected to be widely utilized in various applications ranging from telecommunications towers to residential areas in the coming years. Solar photovoltaic electricity is being utilized as it requires minimum system maintenance, reduces the operating and maintenance costs, and is pollution-free. The PV market is observed to be growing at a rapid pace over the past few years. This is mainly attributed to the rising demand for energy, support extended by the government, and the growing concern regarding environment.
The global photovoltaic market is expected to grow at a CAGR of 18.30% between 2014 and 2020 and the overall market is estimated to be worth $89.52 billion in 2013 to $345.59 billion by 2020 In terms of application, the utility application accounted for the largest market size in 2013 at 57%. The utility application is expected to hold the major market share and is also likely to grow at the highest CAGR during the forecast period. The main reason behind this would be the growing usage of photovoltaics in power plants, military applications, and other utility applications such as space & defence, industrial projects, and so on.
The growth of the photovoltaic market is propelled by the growing energy costs and changes in climatic conditions. Furthermore, the growing importance of renewable and environmental friendly energy sources such as solar PV technology is driving the growth of this market. The photovoltaic market is also witnessing continuous advancements with respect to materials used in the manufacturing of photovoltaic components and techniques. Initially Europe was the largest and one of the most promising markets for PV, but currently it is at the second position due to various factors such as the 2012 European crisis which has resulted in reduced funding activities by governments and decline in the market expansion initiatives being undertaken by the players in the region. Currently, the major market share is occupied by the APAC region, primarily by China and Japan. This is due to the presence of the major industry players in the region and growing investment activity.
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The major players in global photovoltaics market are Kaneka Corporation (Japan), Kyocera Corporation (Japan), Mitsubishi Electric Corporation (Japan), Panasonic Corporation (Japan), Sharp Corporation (Japan), JA solar Co. Ltd (China), Jinko Solar (China), ReneSola Co. Ltd (China), Suntech Power Holdings Co. Ltd (China), Trina Solar (China), Yingli Green (China), and Canadian Solar (Canada) among others.
This report describes the market trends and challenges pertaining to the global photovoltaics market and forecasts the market till 2020, based on component, type, application, and geography. It covers geographies such as North America, Europe, APAC, and RoW (Rest of the World). The report also features a detailed competitive landscape along with, the identification of the key players with respect to the photovoltaic market, an in-depth market share analysis with individual share, and market share rankings. The sections and sub-segments in the report would contain drivers, restraints, opportunities, and current market trends, with respect to the photovoltaics market.
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