by Shane Henson — May 10, 2013—According to a new market report published by Transparency Market Research, the global solar photovoltaic (PV) installation was 29.6 gigawatts (GW) in 2011 and is expected to reach 60.05 GW in 2018, growing at a compound annual growth rate of 10.7 percent from 2012 to 2018. In terms of revenue, the market is expected to grow at a compound annual growth rate of 5.6 percent from 2012 to 2018, reaching $146.9 billion.
Solar PV technologies estimated and forecasted in this study comprise of thin film PV, crystalline silicon PV and Others (organic solar PV, CPV etc.). An abundant supply of sunlight/solar energy, growing demand for electricity, well-matched alternative with adequate output efficiency, lower-than-expected solar PV system prices, strong government support in the form of incentive schemes, favorable regulatory scenario and growing application scope are expected to drive solar PV systems demand over the next five years, according to the report, titled Solar Photovoltaic (PV) Installation Market by Grid Type (Grid-connected, Off-grid), by Technology (Thin film PV, Crystalline PV, Others), by End Use (Residential, Commercial, Utility-scale)-Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012-2018.
Noted within the report is that wet climate across different geographic regions leading to deterioration of solar panels, limited life of batteries utilized in off-grid solar PV systems, slashed feed-in tariff rates, irregular solar intensities, and oversupply conditions are collectively expected to restrain the market growth of solar PV systems.
The study also provides extensive geographical analysis of the solar PV market, wherein the demand for various applications and end user industries as well as key regions has been forecasted for North America, Europe, the Middle East, Africa, Asia Pacific and other countries. In addition, a detailed analysis of the cause and effect of these applications in a particular region is provided.
Key market participants profiled in this report include Suntech Power Holdings Co. Ltd., First Solar Inc, Canadian Solar Inc, Yingli Green Energy Holdings Co. Ltd., Trina Solar Ltd., and Bosch Solar Energy AG.
