Solar PV Market To Witness Growth Rapidly Due To Enhanced Demand In Residential, Non-Residential/Commercial Sectors Till 2020: Grand View Research, Inc.
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 study 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
Access
Press Release 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.
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