Market Revenue Solar PV Market Variables, Trends, Average Price

Solar PV Market Variables, Trends, Average Selling Prices, Key
opportunities By 2020
“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.”
The global 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.
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.
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