A recent study by Transparency Market Research (TMR) forecasts that the global solar photovoltaic installation market will grow at a CAGR of 10.7% between 2012 and 2018. TMR, a market intelligence company based in the United States reports, the global solar photovoltaic (PV) installation market will be valued at US$145.9 billion by 2018. The report titled ‘Solar Photovoltaic Installation Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018’ is available for sale on the website.
According to this market research report, the global solar photovoltaic installation market is driven by the ever-increasing demand for electricity all across the globe. Since solar energy is abundantly available in certain parts of the world, several market players are shifting their focus towards solar photovoltaic installations to meet the growing energy demands. Also, the global solar photovoltaic installation market is propelled by growing awareness about environmental sustainability and the benefits of resorting to non-conventional (renewable) energy sources. The other factors that drive this market are greater output efficiency, cheaper installation costs and maintenance, falling prices, and favorable government schemes and regulations.
This market research study segments the global solar photovoltaic installation market on the basis of technology, grid type, end users, and geography. The technologies that are applied in the global solar photovoltaic installation market are crystalline silicon solar photovoltaic, thin film photovoltaic, and others which are CPV and organic photovoltaic. Based on grid types, the solar photovoltaic installation market is segmented into off-grid solar photovoltaic and grid connected solar photovoltaic. On the basis of end-use, this market is classified into utility scale solar photovoltaic, residential solar photovoltaic, and commercial solar photovoltaic. The application of solar photovoltaic systems in the residential segment and in commercial buildings has increased substantially in recent years. These are by far the best suited for institutional and commercial applications such as in offices, hotels, and hospitals.
From the regional perspective, the TMR report categorizes the global solar photovoltaic installation market into Asia Pacific, North America, Africa, the Middle East, Europe, and Rest of the World. The popularity of off-grid solar photovoltaic is particularly observed in the South Africa market and this trend is expected to continue in the coming years as well. Europe dominates the global solar photovoltaic installation market. However, due to extensive applications in the residential, commercial, and industrial segments, the Asia Pacific solar photovoltaic installation market and other similar emerging markets are expected to witness robust growth during the forecast period. The research report profiles some of the key market players operating in the global solar photovoltaic installation such as Trina Solar Ltd., Canadian Solar Inc, Bosch Solar Energy AG, Yingli Green Energy Holdings Co. Ltd., Suntech Power Holdings Co. Ltd., and First Solar Inc.
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