San Francisco, Oct 25 The
global solar
PV market is expected to reach 489.79 GW by 2020, according to a
new report by Grand View Research, Inc. Rising demand for sustainable energy
resources coupled with favorable regulatory policies, is expected to drive the
market growth over the forecast period.
Supportive
regulations involving federal subsidy and incentives expected to be the prime
factors impacting the industry growth on a positive note. Europe has been a
major market for solar PV owing to early adoption of the technology in the
region owing to high consumer awareness and positive government outlook in
region.
Increasing
demand for renewable energy sources owing to rising consumer awareness towards
cost benefits associated with the technology is expected to propel growth.
Furthermore, depleting fossil fuel resources coupled with growing demand for
durable energy sources is expected to have a positive impact on the industry
growth.
The
technology offer low conversion efficiencies as compared to conversional energy
sources including oil and biomass. Furthermore, the solar PV performance gets
affected by various factors including type of raw material used for solar cell
manufacturing, availability of sunlight and solar PV designs which is expected
to hamper its growth over the forecast period.
Browse
full research report on Solar PV Market:
www.grandviewresearch.com/industry-analysis/solar-pv-industry
Further key findings from the report suggest:
- Utility is
expected to be the fastest growing application segment, progressing at a
CAGR of 21.3% over the forecast period, owing to the high demand for solar
PV in electricity, and transportation
- Non-residential
application segment accounted for 26.3% of the total market share in 2016,
high employment of solar PV in industrial processes for fulfilling heating
requirements
- European
market is expected to witness a slow growth rate as compared to other
regions, on account of early adoption of the technology in the region
which led to saturation of the industry
- Asia Pacific
accounted for 17.9% of the total market share in 2016, on account of the
favorable government regulations and initiatives taken by the government
to install clean energy resources in order to curb the prevailing issue of
pollution
- The major
players in the market are investing in R&D activities in order to come
up with efficient and high performance systems in order to tap the rising
consumer attention and to compete with the alternative energy resources
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/renewable-energy
Grand
View Research has segmented the global solar PV market on the basis of
application, and region:
Solar
PV Application Outlook (Installed Capacity, MW; 2012 - 2020)
- Residential
- Non-Residential/Commercial
- Utility
Solar
PV Regional Outlook (Installed Capacity, MW; 2012 - 2020)
- North America
- Europe
- Asia Pacific
- China
- Latin America
- Rest of the
World
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-solar-pv-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more information:
www.grandviewresearch.com
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