Global annual solar power production is estimated to reach 500GW by 2020, from 40.134 GW in 2014, making this market one of the fastest growing ones. Solar Photovoltaic market is a billion dollar sector with China leading the market of producing Photovoltaic cells. Germany is one of the leading countries for installing Photovoltaic across the country and has an installed capacity of 37 GW. It leads the pack with China, United States of America, Japan, and Italy closely on its heels.
With fossil fuel prices fluctuating continuously and disasters like Fukushima and Chernobyl raising serious questions about nuclear power, renewable sources of energy are the answer to the world’s growing need for power. Hydro Power has environmental concerns so apart from water the other renewable source of energy in abundance is Solar. The Earth receives 174 petawatts of solar energy every year. It is the largest energy source on the Earth. Other resources like oil and gas, water, coal, etc. require a lot of effort and steps to produce electricity, solar power farms can be established easily which can harness electricity and the electricity generated is directly given to the grid.
The main concern regarding the solar power is the high initial cost of Photovoltaic cells. This cost incurred is a one-time investment, and solar panels have a very negligible maintenance cost. There are other concerns like solar power is an intermittent energy source. This problem is solved by connecting the solar panels to the grid so excess energy can be saved and can be used any other time. This unreliability of solar power is not a lot compared to the fluctuation of oil and gas supply in the world.
The solar energy production has been increased from 17 .162GW to 40.134 GW in the last four years. In the recent years, a lot of research is going on in this field to make production easier, cheaper and also to make the solar panels smaller and more customer friendly. A lot of efforts are being put into increase the efficiency of solar panels which used to have a very meager efficiency percentage. Different techniques like Nanocrystalline solar cells, thin film processing, metamorphic multijunction solar cell, polymer processing and much more will aid the future of this industry.
This report comprehensively analyzes the Solar Photovoltaic (PV) Market by segmenting it based on geography, and by Materials (Crystalline Silicon, Thin Film, Multijunction Cell, Adaptive Cell, Nano crystalline, and others). Estimates in each segment are provided for the next five years. Key drivers and restraints that are affecting the growth of this market were discussed in detail. The study also elucidates on the competitive landscape and key market players.
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