Felton, 5 December
2019 - Solar PV Market size is expected to
reach 489.79 gigawatts (GW) by 2020. The market is subject to witness a
substantial growth due to the growing demand for sustainable energy resources,
coupled with numerous local government initiatives and schemes to fulfill
growing demand of electricity. Numerous benefits are obtained with the use of
solar PV that include sustainability, reduction in greenhouse gas emission, and
low operational cost, are further spurring the growth of the market over the
forecast period. Globally, the solar PV market is predicted to grow at CAGR of
20.9% in forecast period, providing numerous opportunity for market players to
invest for research and development in the solar PV industry.
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The reduction in the cost of photo voltaic module is key
reason for growing demand of the solar PV. In recent years, cost of solar PV
module is reduced by more than fifty percent, becoming major factor for growth
of the solar PV industry. The reduction in the cost of the solar PV modules is
credited to the enhancement in material efficiency, manufacturing process, and
financial prudence. Solar PV modules are utilized in industrial, commercial and
domestic purposes due to its flexibility during the installation processes.
Rising prices of crude oil, numerous environmental concerns
with the installation of hydro power station, and large amount of initial cost
to set up nuclear power plants and health hazards due to nuclear radiation are
crucial factors for adoption of solar power. Alongside, numerous government
initiatives, schemes and subsidies to promote use of solar powered devices and generation
of solar energy are propelling growth of the solar PV market.
A photovoltaic system or PV system uses photovoltaic to
convert solar energy into usable electrical energy. Solar PV system involves
array of solar panels mounted on rooftop, it converts solar energy into DC
power. Solar inverter is also used to convert DC power into variable AC power.
Other essential components for solar PV modules are mountings, electrical
cables, and other electronic components for a proper set up. Solar PV modules also
consists of a solar tracking system in order to monitor and improve overall
energy conversion rate and embed advanced battery solutions as reduction in the
cost for storage devices is also on rise. A solar PV module is considered as
balance of system (BOS) because all components associated with the module are
easily identified and dost not include excess of hardware.
Solar PV systems are classified into three major types such
as small, rooftop-mounted and building-integrated systems. These types have variable
capacitates ranging from a few to several tens of kilowatts to hundreds of
megawatts. The solar PV system that involves of hundreds of megawatts are
mainly utilized in large utility-scale power stations. The dissimilarity in the
three types of the rooftop solar photovoltaic systems is attributed to the type
of inverter used and number of batteries. Most of the solar powered systems are
grid-connected, while rest of them are further divided into off-grid and
standalone systems. PV systems are further categorized into grid-connected
systems, stand-alone systems, off-grid, residential PV systems, utility-based
PV systems, distributed PV systems, centralized systems, ground-mounted
systems, and fixed-tilt systems.
Market Segment:
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
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