Solar Photovoltaic (PV) Installation Market Analysis by Segments, Size, Trends, Growth and Forecast 2024
The solar photovoltaic (PV) installation market has been expanding speedily as a consequence of rising awareness about sustainable and renewable energy resources. According to the findings of Transparency Market Research (TMR), the market for solar photovoltaic installation will reach 60.05 gigawatts in 2018, earning more than US$145.9bn. Solar energy has grown popular as it is a source of clean energy and it is easy to integrate it into homes. Solar power ranks alongside hydropower and wind power in terms of future energy alternatives for a healthier, cleaner planet.
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The major drivers of the global solar photovoltaic installation market are the ample availability of solar energy, along with the towering demand for electricity. The government has been encouraging this eco-friendly mode of power generation and has launched several conducive policies in this regard.
Increasing Installations at Homes Position Residential Sector at Top
An upsurge in the demand for solar energy has been noted chiefly from residential, utility-scale, and commercial sectors. It is projected to be the fastest expanding segment, with 33.36% of the demand by the end of 2018. Affordability of these installations has been increasing owing to high levels of competition in the market. Increase in the property value, durability, and decrease in utility bills are some other factors fuelling the growth of the solar PV installation market in residential areas.
On the basis of technology, solar photovoltaic systems are categorized into three groups, namely, crystalline silicone PV, thin film PV, and others. Of these, the thin film PV segment is believed to emerge as the most popular one. It held the dominant share in the market on account of its high efficiency, satisfactory output, and low cost.
Dependence on Solar Power to Urge Asia Pacific to Emerge as Foremost Region
Because of the ample sunlight it receives, the rising demand for electricity, and more importantly, an urgent need to find alternatives to the rapidly depleting fossil fuels in the region, the Middle East will become a hub of solar photovoltaic installation. Experts suggest, solar energy has been attracting large amounts of investments across EMEA (Europe Middle East, and Africa).
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India houses the world’s largest solar photovoltaic power plant, situated in Tamil Nadu, with a capacity of 648-megawatt. In 2015, the previously leading states of Rajasthan and Gujarat were displaced by southern states such as Telangana, Tamil Nadu, and Andhra Pradesh. However, the Indian market appears to face hurdles such as project delays, inadequate financing, and inefficient grid and transmission infrastructure. China will lead the Asia Pacific segment, experts suggest. China appears to be inclined to raise its 100GW target to 150GW, to be achieved by 2020. Concern about pollution and efforts to tap cleaner energy have been influencing China to opt for investments in the solar PV installation market. This eco-friendly initiative of switching from non-renewable to renewable energy resources, lowering of installation costs, encouragement from government, and rising popularity will together propel the demand for solar PV installations in Asia Pacific.
Several companies that satisfy varied consumer demands have emerged in the global solar photovoltaic installation market. Some of the major ones are Trina Solar Ltd., Sun Power Corporation, First Solar Inc., Yingli Green Energy Holding Co. Ltd., Schott Solar Ag., and Sharp Corporation.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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