Now Available: Photovoltaics Market - Analysis and Forecasts to 2013-2020
Fast Market Research recommends "Photovoltaics Market - Analysis and Forecasts to 2013-2020" from Markets and Markets, now available
[UKPRwire, Tue Mar 03 2015] Photovoltaics Market By Type (Organic PV, Inorganic PV), Component (Crystalline Silicon PV Cells, Thin Film PV Cells, Modules, Optics, Trackers), Application (Residential, Non-Residential And Utility) & Geography Analysis and Forecasts to 2013-2020
Photovoltaic (PV) systems comprise a well-established renewable energy technology that is particularly suitable for locations with less or no access to grid electricity. PV systems have been successfully deployed across the world for decades in a variety of applications, including power for remote weather stations & telecommunications towers, residential installations, military and defence, and power plants. The various factors contributing to the usage of PV technology in a wide range of applications include their scalability, need for minimum maintenance of systems, and environment-friendly attributes.
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The PV market is observed to be one of the fastest growing sectors supported by various government incentives and funding along with, the extensive R&D activities undertaken by the major market players. PV technology is emerging as the major technology for the generation of power in the world; which is evident from its continuous growth in the last decade. Thus, the market players including both public and private entities are actively taking part in the development of the PV market by making investments, expanding their geographic footprint, and enhancing the said technology.
The major players in the PV market are adopting different kinds of strategies in order to achieve successful penetration and a strong position in this market. In the global marketplace, the number of players is observed to be increasing rapidly due to which, it becomes imperative for every market player to gain a competitive edge over the others. The key strategies adopted by the players to compete in the PV market included agreements, contracts & partnerships, and others such as investments, installation of PV systems, exhibition, and certification among others.
The photovoltaics market is expected to grow from $89.52 billion in 2013 to $345.59 billion by 2020, at a CAGR of 18.30% between 2014 and 2020. In terms of geography, APAC is expected to hold the major market share at 53.25% in 2013, followed by Europe at 23.52%. The key driving factor behind this would be the presence of the major players in the region and increasing government support.
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