According to the latest report published by QY Research, Inc. “Solar Photovoltaic Market - Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global solar photovoltaic market was valued at US$ 116.3 Bn in 2017 and expanding at a CAGR of 17.6% from 2018 to 2026.
The global solar photovoltaic market accounted for US$ 116.3 billion in 2017 growing with a CAGR of 17.6% during the forecast period from 2018 to 2026. Increasing demand for renewable energy, easy availability of solar photovoltaic systems and decreasing set up costs of solar photovoltaic panels will drive the market growth over the forecast years. Moreover, rising implementation of solar photovoltaic especially in commercial applications is expected to drive market growth. In India, the installed capacity of solar photovoltaic reached 20 gigawatts in January 2018 and is expected to cross the mark of 100 gigawatts by the end of 2022. A successful solar photovoltaic installation provides efficient energy for more than 20 years with no fuel costs and less maintenance. Thus, commercial applications of solar photovoltaic are witnessing a significant growth owing to increasing number of shopping malls, institutions and office buildings. Solar photovoltaic manufacturers in Europe have followed the European WEEE directive by using organic solar photovoltaic cells due to ease of recycling and disposal.
Several outdated regulations are preventing the growth of solar photovoltaic in residential applications especially in the lucrative markets such as U.S. and Canada. For example, the arbitrary paperwork and fees required to get permission for the installation of solar panels is making it relatively harder for consumers to install solar power and thus is helping the conventional power generation process, which might hamper the market growth.
Based on geography, North America held a significant share in the global solar photovoltaic market in 2017 with a market share of over approximately 23% due to rising concerns regarding the integration of renewable energy sources in the region. However, according to China Photovoltaic Industry Association (2017), the Chinese solar photovoltaic industry is the fastest growing in terms of installed capacity crossing 100 gigawatts in 2017 since the country has witnessed increased solar power demand over the past decade. In addition, the growing demand for green electricity has pushed manufacturers to shift their manufacturing units to China due to low labor costs and efficient governmental support. Also, India is expected to foresee high demand for solar photovoltaic due to rapid industrialization coupled with government support for the unification of non-conventional energy sources.
Key market players in the global solar photovoltaic market include Kyocera Corporation, Kaneka Corporation, Panasonic Corporation, Mitsubishi Electric Corporation, JA solar Co. Ltd, Sharp Corporation, ReneSola Co. Ltd, Jinko Solar, Trina Solar, Suntech Power Holdings Co. Ltd , Canadian Solar and Yingli Green among others.
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