Global Photovoltaic Market Forecast & Industry Research Report Insights

  • Analysis
  • 20-June-2016

A new report “Global Photovoltaic  Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast” offered by DecisionDatabases.com gives an analytical study of the market, its value chain, latest trends, forecasts, innovation, drivers, and restraints. The historical study from 2015 helps in a better understanding of the photovoltaic market. The report also gives details about the market players who hold a dominating position in the global business scenario.
 


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Photovoltaic  is a process of generating electricity by conversion of solar energy with the help of solar cells. Growing demand for Photovoltaic energy owing to its favorable attributes such as its easy installation, reliability and eco-friendly source of energy is expected to fuel industry growth in the near future. The photovoltaic market is majorly driven by its rising demand in residential applications coupled with supportive government regulations. Growing environmental awareness for the use of green energy is also expected to have a positive impact on the market growth over the coming years. An inadequate expertise and high installation cost are major market restraining factors anticipated in this report.
 
Growing adoption of photovoltaic in the various applications has created a strong platform for its growth as an alternative source for energy and favorable government funding has strengthened its future prospect over the forecast period. Photovoltaic installation is a cost-effective source of energy and is expected to replace diesel over the coming years.
 
The global photovoltaic market has been segmented based on types into inorganic PV and organic PV. The photovoltaic market has been further segmented based on components, cells and applications into various segments. The utility is the major application segment and is anticipated to witness a significant growth over the forecast period on account of growing demand of PV in space & defense, power plants and various military applications. Rising usage of photovoltaic in several industrial projects is also likely to augment market growth over the coming years.
 
Geographically, North America is one of the major markets and is expected to grow at a considerable rate over the forecast period owing to rising consumer-preference for a green source of energy along with rising demand from various industries. Asia Pacific is the fastest growing market for PV and is projected to witness a substantial growth in the near future on account of favorable government initiatives along with the presence of major industry players in the region. In addition, the emergence of various residential systems such as building-mounted and on-grid systems is also expected to open new growth avenues for the Asian market in the near future. China is one of the major markets and is estimated to grow at the highest CAGR over the coming years due to rising pollution concern and increasing merger & acquisitions among regional players.
 
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The key players for photovoltaic include Kaneka Corporation, Kyocera Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, Sharp Corporation, JA Solar Co. Ltd, Jinko Solar, Renesola Co. Ltd, Suntech Power Holdings Co. Ltd, Trina Solar, Yingli Green and Canadian Solar Inc.
In June 2016, German consultancy company, Planet signed PPA for 100 MW solar plant in Iran and agreed to a 20-year power purchase agreement for a large-scale PV plant near Tehran.


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