Solar Photovoltaic (PV) Market, Update 2017 - Global Market Size, Average Price, Module Market Share, and Key Country Analysis to 2025
Solar photovoltaic (PV) technology converts the energy stored in sunlight into electrical energy, which is then supplied to either the electric grid or the consumer directly. It is converted via photosensitive semiconducting material assembled in the form of modules, usually referred to as solar PV modules or just solar modules.
Solar PV is the third-most deployed renewable technology in terms of global installed capacity, after small hydro and wind.The worldwide market for solar PVincreased rapidly, evident from the high year-on-year (YoY) growth rate of cumulative installed capacity between 2006 and 2016. Increasing need to reduce greenhouse gas (GHG) emissions, growing energy demand, and desire for energy independence and security are some of the key reasons for countries adopting solar PV.
Global Solar PV cumulative installed capacity increased at a compound annual growth rate (CAGR) of 48.9% from 5.6 gigawatts (GW) in 2006 to 303 GW in 2016, of which 76.3 GWwas added in 2016. The cumulative installed solar PV capacity more than doubled since 2013.
Solar PV installations are mainly driven by government support mechanisms, reduction in system costs, and improved financing options. With continued advancement in technology and improvements in project economics, the growth momentum of this sector is expected to continue in the coming years. The global cumulative installed capacity for solar PV is expected to reach 969 GW by 2025.
China remains the largest PV market with cumulative installed capacity of 77.4 GW and 34.5 GW of annual additions in 2016. The new additions in solar PV in China accounted for 45% of the global installations in the year under consideration. The US is the second-largest PV market in terms of annual additions in 2016 followed by Japan, India, and the UK. The top five countries accounted for approximately 86% of annual installations in 2016.
The report Solar Photovoltaic (PV) Market, Update 2017 - Global Market Size, Average Price, Module Market Share, and Key Country Analysis to 2025, provides an overview and detailed insight into the global PV market. The report covers information related to PV installed capacity, generation, average system price, market size, segmentation by end users, segmentation by grid connectivity, major module suppliers market share and some of the key drivers, restraints and challenges for global solar PV market as well as for eleven key countries. Countries covered in the report include UK, Germany, France, US, Brazil, Canada, India, Japan, South Africa, China and Republic of Korea.
Companies mentioned in this report: JinkoSolar Holdings, Trina Solar Ltd., Canadian Solar Inc, JA Solar Holdings Co., Ltd., Hanwha Q Cells GmbH, Yingli Green Energy Holding Company Limited, Changzhou EGing Photovoltaic Technology Co., Ltd, Talesun Solar Germany GmbH, China Sunergy Co., Ltd., Jetion Solar (China) Co Ltd, REC Solar Inc, SolarWorld AG, SunPower Corporation, GCL System Integration Technology Co Ltd, LONGi Solar, Kyocera Corporation, Sharp Corporation, Risen Energy Co Ltd, Hyundai Heavy Industries Co Ltd, S-Energy Co ltd, NTPC
The report includes -
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