Press release
Energy Update: What's driving the Solar Energy Market Growth? Tata Power, BHEL, Abengoa, Canadian Solar, Renesola, Sunways AG, Motech Industries, and Solar World AG.W.
U.S. implemented Renewable Energy Investment Tax Credit (ITC) in 2006, which gives installations to apply up to 30% cost design with no maximum credit limit. As per the U.S. government reports, this regulation expires in 2016.
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Global solar energy market size was estimated at over USD 65 billion in 2015 and is likely to exceed USD 140 billion by 2023.
Cumulatively, more than 178 GW of power was installed in 2015 and is estimated to reach more than 600 GW over the forecast period, including both photovoltaic and concentrated thermal power. U.S. solar energy market size is expected to witness approximately 40 GW cumulative capacity by the end of 2016.
Rising population coupled with increasing non conventional energy prices are likely to drive market growth in Asia Pacific. China solar energy market size was dominant and accounted for more than 10.8 GW installations, followed by Japan with 9.7 GW installations in 2015.
UK contributed more than 2.4 GW to the Europe power installation market in 2015, followed by Germany and France. Middle East and Africa is expected to grow at as significant rate; increase in electricity prices and government subsidies are likely to be the key growth factors in the region.
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The technology is beneficial on account of several incentive schemes such as feed in tariff (FIT), tax rebates for renewable energy usage, and subsidies from government. FIT is a mechanism designed to drive investment in renewable energy technologies. It has provisions such as guaranteed grid access, long term fix price and reducing contract prices for further new installations. PV system market price trends have declined of around 75% in less than a decade.
U.S. implemented Renewable Energy Investment Tax Credit (ITC) in 2006, which gives installations to apply up to 30% cost design with no maximum credit limit. As per the U.S. government reports, this regulation expires in 2016.
The global solar energy market share is fragmented due to the presence of numerous participants. Major companies include Tata Power, BHEL, Abengoa, Canadian Solar, Renesola, Sunways AG, Motech Industries, and Solar World AG.
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