Photovoltaic systems are utilized to transform solar energy into electricity. They are consistent, safe, and simple to establish. The escalating apprehensions regarding weather alterations and alternative energy sources have caused considerable expansion in the photovoltaic market. Governmental incentives and financial investments towards the implementation of solar energy to produce electricity had added further revenue to the market.
The photovoltaic market regions in Asia Pacific, namely Japan and China are predicted to raise the demand for photovoltaic systems in the world. This is primarily ascribed to governmental initiatives, significant market participants in the region and appearance of ground and building-mounted systems and on-grid installations. Conversely, the prime factor slowing down the progress of the photovoltaic market is the increased demand for inexpensive and superior products.
Though, photovoltaic systems are an apt alternative across various applications, their poor maintenance and installation practices and high capital costs are limiting further growth of the photovoltaic market. The market was anticipated to have generated income worth about USD 89 billion in 2013. It is projected to grow at about 18 percent CAGR from 2014 to 2020. The market is likely to register around USD 345 billion by 2020. It is sliced further into six categories.
These are components, concentration levels, technologies, kinds, applications and geographies. The photovoltaic market is rising swiftly across different applications and sectors. This is on account of the favorable features of photovoltaic systems, including eco-friendliness, cost reductions and minimal safeguarding. The photovoltaic market is undergoing robust expansion owing to consciousness regarding renewable energy sources in various regions of the world.
Augmentation in the significance of renewable energy sources and high productivity yield with low costs are expected to drive the sales of the market. Boosting demand for solar energy systems in housing segment and strong governmental backup to photovoltaic systems are also responsible for the further growth of the photovoltaic market.