Scope of the Study
A photovoltaic system is defined as a power system which is mainly designed to supply usable solar power by means of photovoltaics. It mainly consists of an arrangement of numerous components such as solar panels to absorb and convert sunlight into electricity, a solar inverter to change the electric current from DC to AC, among others. It offers various advantages in the environment such as do not release any harmful air or water pollution, deplete natural resources, renewable sources of energy and others. Increasing usage of the photovoltaic system, increasing usage of a photovoltaic system in various application such as military & space, residential and non-residential are propelling the growth of the market. The market for photovoltaic system is expected to register a CAGR of over 16.2% during the forecast period.
The market study is being classified by Type (Organic Photovoltaic and Inorganic Photovoltaic), by Application (Military & Space, Residential and Non-Residential) and major geographies with country level break-up.
Bosch Solar Energy AG (Germany), Bp Solar (Spain), Canadian Solar (Canada), China Sunergy (China), Evergreen Solar (United States), First Solar (United States), Hanwha Solarone (South Korea), Kyocera (Japan), Mitsubishi Heavy (Japan), Motech Industries Inc (China), Schott Solar (Germany), Sharp (Germany), Trina Solar Limited (China), United Solar Ovonic (United States) and Yingli Green (China) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Schott Solar (Germany), Sharp (Germany), Trina Solar Limited (China), United Solar Ovonic (United States) and Yingli Green (China).
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global photovoltaic system market can witness an upsurge in the forecast period Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Photovoltaic System market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Photovoltaic System market by Type, Application and Region.
On the basis of geography, the market of Photovoltaic System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Solar Array will boost the Photovoltaic System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rapidly Increasing Consumption of Electricity
- Increasing Adoption and its Usage in Various Sectors
- Highly Usage of Digitalization of the PV energy system in full steam such as more than 30,000 new internets of things-connected PV inverters globally
- Stringent Regulations for GW Power in solar energy regarding Safety and Security
- Issue related to High Prices of Products
- Increasing Demand from Emerging Economies such as China and India
- Lack of Awareness regarding Photovoltaic System
In February 2019, the government of India has announced to set up 2,000 MW solar power projects. In addition, it is estimated viability gap funding is more than USD 12246.23. Hence, this will, in turn, propel the growth of photovoltaic system market
In December 2018, Government of United Kingdom, Ministry of Energy and Mineral Resources has issued ministerial regulation 49/2018 on the use of electricity produced through rooftop photovoltaic solar panels for customers of state-owned electricity. Hence, it is anticipated to restrain growth in the foreseeable future.
Key Target Audience
Photovoltaic System Manufactures, Photovoltaic System Material Suppliers and Distributors, Government Associations, Market Research and Consulting Firms and Government Regulatory Authorities
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