Why the Solar PV Market is set to explode? Top Companies: Jinko Solar Co., Ltd.,Canadian Solar Inc., Trina Solar, JA Solar, GCL System Integration Technology Co.,Ltd, Sunnova Energy Corp., Hanwha Q CELLS America Inc. , LONGi Solar , Shufeng, Yingli Sola,

The increasing consumption of solar power is expected to boost the global solar PV market during the forecast period. This information was shared in a report, titled “Solar PV Market Size, Share and Global Trend by Installation Techniques (Flat Roof Solar, Pitched Roof Solar, Ground Mount Solar), By Solar Module (Monocrystalline, Polycrystalline, Thin Film), By Supply Methods (On Grid, Off Grid), By Application (Residential, Commercial, Industrial, Utilities) and Geography Forecast till 2026.”

The demand for clean energy is growing across the globe. Moreover, photovoltaic devices can convert sunlight into electricity. The rapidly growing solar PV market is giving rise to innovative products such as solar air conditioning, solar inverter, solar chimney, solar charger, solar-powered refrigerator, solar dryer, solar cooker, solar bus, solar street lights, solar cars, and solar traffic lights

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China, the Largest Producer of Photovoltaic Energy Drives the Market in Asia Pacific

Among regions, Asia Pacific is expected to lead the global solar PV market during the forecast period. This growth is mainly supported by China’s developments in photovoltaic energy and solar panels. The country is the largest producer of these two in the world. South Africa produces solar energy at a rapid rate as the African continent receives the maximum sunlight than other continents. Apart from Asia Pacific, North America is also anticipated to witness strong demand for solar PV systems in the forthcoming years. Among countries in North America, the U.S. is contributing to the growth of the market in this region. Other countries such as Mexico, Canada, Uruguay, and Brazil are expected to increase the production of solar energy.

Governments Aim Towards Implementing Green Energy Initiatives Boost the Market

The fluctuations in crude oil prices and environmental concerns regarding hydropower are fueling demand for energy. This, coupled with the increasing incidence of nuclear radiation accident cases in nuclear plants, can positively impact the growth of the market. driving the global market.

“Governments around the world are increasingly focusing to fulfil their targets concerning green energy implementation,” said a lead analyst at Fortune Business Insights. “Several investors are planning to invest in solar photovoltaics, which drives the solar PV market,” he added. Countries are also focusing on developing clean energy projects. The installation of solar panels in increasing with the provision of tax rebates and government incentives.

In addition to this, solar energy is one of the most renewable sources. Its usage is expected to help countries meet their policy requirements such as ensuring affordable and reliable energy. Several countries are shifting towards solar PV panels as they help to solve carbon emission issues and alleviates pollution. All the above-mentioned factors are expected to contribute to the growth of the market in the forecast years.

Contrary to this, the high cost associated with the installation of solar panels is expected to hamper the growth of the market. Once the panels are installed, the used area cannot be utilized for any other purpose. This can act as a major growth restraint for the market.
Goldman Sachs and Sun-power Sign an Agreement to Complete 200 Solar PV Projects in 9 States

Companies are planning to enter into partnerships in order to develop solar power projects across different states. For instance, the Gas Authority of India Limited (GAIL) and Bharat Heavy Electrical Limited (BHEL) have signed an agreement in March 2019. This agreement is to develop solar power projects. GAIL will act as a project developer, whereas BHEL will help in procurement, construction, project management, and engineering. Another company called Goldman Sachs signed an agreement with SunPower for buying commercial solar leases. Both the companies plan to work on 200 projects across 9 states to offer customer maintenance and upgrades if any.

Some of the other leading companies operating in the global solar PV market include
Jinko Solar Co., Ltd.
Canadian Solar Inc.
Trina Solar
JA Solar
GCL System Integration Technology Co.,Ltd
Sunnova Energy Corp.
Hanwha Q CELLS America Inc.
LONGi Solar
Shufeng,
Yingli Solar
Kyocera International – Communications Equip
Sunrun
RGS Energy
Soligent
Solar City.


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