At 17.4% CAGR, Solar Photovoltaic (PV) Installations Market to Exhibit $393,594 Million by 2023
The solar photovoltaic installations market was valued at $131,818 million in 2016 and is projected to reach $393,594 million by 2023, growing at a CAGR of 17.4% from 2017 to 2023. The crystalline silicon solar photovoltaic segment accounted for the maximum share of total market share in 2016.
In developed economies such as the U.S., solar photovoltaic has proved to be an economic alternative at the time of peak power needs. In addition, the success of distributed solar and rapid reduction in cost has led some U.S. utilities to establish their own solar installations such as residential and community projects.
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However, the fall in PV module prices is expected to affect the operations of many solar companies. Therefore, lower PV prices leads PV manufacturers to reassess their business model or shut down certain factories. This in turn is expected to limit the market growth.
The crystalline silicon solar photovoltaic segment accounted for the maximum share, in terms of volume, in 2016. Moreover, crystalline silicon is the widely used material in production of solar modules and witness strong demand in countries such as China and Japan owing to the strong development of the residential rooftop segment and increased demand for high-efficiency products.
Key Findings of the Solar Photovoltaic (PV) Installations Market:
o In terms of value, the mono-crystalline solar photovoltaic segment is anticipated to exhibit the highest growth rate of 18.3% during the analysis period.
o Asia-Pacific is anticipated to lead the market in 2023, and is projected to grow with a CAGR of 20.0%, in terms of value.
o The utility scale type segment occupied nearly half of the total market in 2016.
o Germany occupied nearly half of the total Europe solar photovoltaic installations market in 2016.
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The major companies profiled in the report include Trina Solar Ltd, Canadian Solar Inc, JA Solar, First Solar Inc, Jinko Solar Holding Company Ltd, Yingli Green Energy Holding Co. Ltd, Renesola, Sun Power Corporation, Solar World AG, and Mitsubishi Electric Corporation.
In 2016, Europe accounted for nearly half of the total solar photovoltaic installations market, and is expected to continue this trend, owing to rapid solar photovoltaic installations, specifically in developing countries.
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