One of the main factors driving the overall solar photovoltaic installation market
is the ever-increasing demand for electricity all over the world. Greater awareness about sustainable and renewable energy also augments the demand for solar photovoltaic installation. The global solar photovoltaic installation market is expected to grow at a 10.7% CAGR during the forecast period 2012-2018, thereby reaching a market value of US$145.9 million by the end of the forecast period.
Greater awareness about the importance of lowering the carbon footprint of humans is a prominent factor that drives the global solar photovoltaic installation market. The growing popularity of solar photovoltaics can also be attributed to the fact that apart from being a clean energy source, solar PV system ensures greater efficiency in energy output. Other factors that fuel the solar photovoltaic installation market are a growing inclination towards environmental sustainability and favorable government regulations and standards supporting the same.
Institutional Applications of Solar Photovoltaic Installations to Ensure Economical Operating Costs
The global solar photovoltaic installation market is segmented on the basis of grid type, technology, end use, and geography. On the basis of grid-type, this market is segmented into off-grid solar PV and grid-connected solar PV.
Grid-connected solar PV systems are used when the supply of electricity from grids is not sufficient. Both off-grid as well as grid-connected solar PV systems have varied applications and distinct market requirements. Based on technology, the global solar photovoltaic installation market is categorized into crystalline silicon solar PV, thin film solar PV, and others, which includes CPV and organic.
On the basis of end use, this market is segmented into utility-scale solar PV, commercial solar PV, and residential solar PV. Solar PV systems are increasingly being applied in commercial and residential segments. These systems are also quite suitable for institutional applications such as offices, hotels, and hospitals, since a major portion of their operating costs comprises electricity. Therefore, solar PV systems prove to be quite economical.
South Africa to Rise in Global Solar Photovoltaic Installation Market
Geographically, the global solar photovoltaic installation market is segmented into Asia Pacific, Europe, North America, and Rest of the World. In 2011, with a collective market share exceeding 75%, regions such as Africa, the Middle East, and Europe (EMEA) dominated the overall market for solar photovoltaic installation.
In terms of solar photovoltaic installation capacity, Asia Pacific is the second largest market, owing to the high dependence of countries such as India and China on solar power. The popularity and demand for off-grid solar PV systems is mostly observed in South Africa. The South Africa solar photovoltaic installation market is anticipated to witness robust growth in the forthcoming years.
The residential segment accounts for more than 30% of overall solar photovoltaic installation demand. This segment is also anticipated to expand rapidly during the forecast period, registering a CAGR of almost 34% in the forecast period. In 2011, the technology segment of crystalline silicon solar photovoltaic installation recorded the highest share in the global market – almost 81%. Furthermore, in terms of capacity the grid-connected segment held a share of 98% in 2011.
Deteriorating Quality of Solar Panels: A Glaring Market Restraint
Owing to surging demand for solar photovoltaic installation from various applications, Asia Pacific will lead the overall solar photovoltaic installation market during the forecast period. At present, however, Europe dominates the global solar photovoltaic installation market. Some of the prominent challenges for the solar photovoltaic installation market include the deteriorating quality of solar panels because of humid climatic conditions and irregular intensities of solar radiations.
The key companies operating in the global solar photovoltaic installation market are Trina Solar Ltd., Solar World Ag, Solar Frontier Ltd., Sharp Corporation, Schott Solar Ag., Jinko Solar Holding Company Ltd. Corporation, Canadian Solar Inc., Yingli Green Energy Holding Co. Ltd., Sun Power Corporation, First Solar Inc., and Suntech Power Holding Co. Ltd.
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We are privileged with highly experienced team of Analysts, Researchers, and Consultants, who use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453