Solar PV Market Revenue Driving Factors and Development Opportunities, 2020

Felton, Calif., USA, Oct. 20, 2020 — /EPR Network/ —

The global Solar PV Market research report provides complete insights on industry scope, global trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready, data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

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. 

Competitive Landscape:

  • Tianwei New Energy (China)
  • ReneSola (China)
  • Kyocera (Japan)
  • Hanwha-SolarOne (China)
  • REC (Norway)
  • Hareon Solar (China)
  • Jinko Solar (China)
  • JA Solar (China)
  • First Solar (USA)
  • Suntech Power (China)

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Growth Drivers: 

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.

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.

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.

Application Outlook: 

  • Residential
  • Non-Residential/Commercial
  • Utility

Regional Insight: 

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.

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