Market Revenue Solar PV Market Variables, Trends, Average Price | Page 2

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.
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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. The solar PV industry is divided into regional market segment such as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to
numerous incentives provided by regional governments in the form of subsidies and tax benefits to limit the
green gas emissions. Asia-Pacific region is predicted to hold major market share in the solar PV market with
massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific
market with growing adoption of solar thermal PV plants and power stations, and increase in investment by
market players due to potential opportunities in the region. The solar PV industry key players are Sharp Co.,
Trina Solar Co., Pristine Sun Ltd., JA Solar Ltd., Yingli Solar, and Vikram Solar.
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