Energy & Power Industry Reports Solar PV Market Applications

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Solar PV Market - Industry Analysis, Size, Share, Growth, Trends
and Forecast to 2020 | Hexa Research
“Rapidly increasing use of renewable energy systems
for commercial and residential applications coupled
with low costs and efficiency of these systems are
the major factors driving the global solar PV
market.”
As per the findings of a study conducted by Hexa Research, the total worldwide Solar PV (photovoltaic) installed
capacity for 2020 will be more than 480GW. Key factors contributing to growth are higher global emphasis on
clean energy production coupled with governmental support in the form of beneficial policies for development
of Solar PV Market. Sunbelt countries will particularly gain from regulations like Feed in Tariff which is a
preferential rate program.
Hexa Research foresees falling prices of energy generated using Solar PV in future, chiefly due to huge increase
in capacity, especially in China. The global Solar PV market demands that companies employ innovation and
differentiation strategies as a way to grow. Alliances and partnerships are crucial for gaining competitive edge.
Non-residential applications of Solar PV are likely to grow at a CAGR higher than 19% from 2013 to 2020 owing
to substitution of conventional energy forms by solar energy in Sunbelt regions. Hexa Research observed that
Utility Solar PV, with more than 44% share in the total installed capacity, was the biggest end use segment in
the global Solar PV market in 2012. The study forecasts that this segment will experience fastest growth in
coming years.
Browse Details of Report @ https://www.hexaresearch.com/research-report/solar-pv-industry/
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