Radiance Market Research forecasts the annual installed global solar PV to grow to 312.96 GW by 2023

Radiance Market Research revealed an exclusive market research report on the global solar PV market. The research report which will provide key executives the data on market size, annual installed solar PV in GW, and cumulative installed solar PV in GW. The global market is segmented by the application (residential, non-residential, and utility), technology (multi-si, mono-si, and others), region, and country. The global solar PV market size is estimated to be USD 63.21 billion in 2018 and is projected to be USD 52.16 billion by 2023 at a CAGR of -3.77%.

In changing times, the reliance on renewable energy is increasing. Solar PV is an essential way to generate electricity for the residential and non-residential purpose. Some of the significant drivers boosting the market are the reducing cost of systems capturing solar energy; need for complete electrification in underdeveloped and developing nations across the globe; government regulations supporting the growth of solar PV market; financial initiatives by government organizations; and the high demand in residential sector helping in growth of solar PV market.

The residential segment in the global solar PV market is expected to grow at a high CAGR compared to the non-residential and utility segments. Multi-Silicon segment is expected to be the most popular technology to be used in the manufacturing of the solar panels. The market size of the multi-si segment is expected to dominate the global solar PV market by technology in terms of market size and annual installations.

The APAC region is expected to dominate the global solar PV market with China being the largest market. With the heavy concentration of solar PV manufacturers in China which are offering solar PV panels at attractive pricing is helping Chinese vendors to increase their market share. North America is expected to show favorable signs of growth in adoption solar PV panels in coming years. European countries such as Netherlands, France, and Spain are progressing the global solar PV due to increase in adoption by residential and commercial sectors. The Middle East and Africa and Latin America are expected to grow at high rates in terms of CAGR.

The competitive landscape is intense with major players occupying high market shares. The company is engaging in strategic partnerships to increase their customers base. The resellers are playing an important role in the global solar PV market by helping to boost the sales of solar PV market companies.
The report helps key executives in understanding the global scenario by giving them the picture of market size in USD billion, annual installation worldwide, cumulative installations worldwide, and business landscape. The report would help executives in devising a strategy which would help to increase their sales and maximize their ROI.

About Radiance Market Research
Radiance Market Research is a B2B research and consulting company which serves both large enterprises and SMEs. Industry Verticals served by Radiance Market Research include ICT, Electronics and Semiconductors, and Energy and Power. The company's business model includes both syndicate market research study and consulting.

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This release was published on openPR.