The United States market increased its annual PV installations from 0.9 MW in 2010 to 4.8 MW in 2013. Much of the growth came from utility scale installations. With more than 3.6 GW of PV projects under construction as of 2014, total PV installations are expected to increase in the coming years, as the government realising its potential to satisfy the growing demand for power.
With the global annual production estimated to reach 500GW by 2020, from 40 GW in 2013 making this market fastest growing one. Germany is one of the leading countries for installing Photovoltaic across the country 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 worlds growing need of 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 lot of effort and steps to produce electricity, solar energy farms can be established easily which can harness electricity and the electricity produced is simply given to the grid.
The main concern regarding the solar power is the 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 power 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.
In the recent years lot of research is going on in this field to make production easier and also to make the solar panels smaller and more customers friendly. Lot of efforts are being made to increase the efficiency of solar panels which used to have a very meagre efficiency percentage. Different techniques like nanocrystalline solar cells, thin film processing, metamorphic multijunction solar cell, polymer processing etc. will help the future of this industry.
The global solar power production has been increased from 7 GW to 40 GW in the last four years. Mordor Intelligence estimates that the scale of production of smaller activities like production of solar powered cars or solar powered motors for agriculture industry and many others will grow at a faster rate than the previous years.
How would this report help?
The report discusses the solar power markets present trends and growth prospects explaining drivers and constraints of the industry and the market scenario. It also talks about market analysis and demand forecasts to 2020, which is further segmented in to type and by geography, which would be helpful to service providers, operators and investment companies those who are looking to invest in this sector. The report also includes, total market share of the key vendors and their business strategies particularly towards this segment, making it easy to pick a suitable service provider for power companies based on their budget and geographic conditions. The report also has key company information and competitive landscape.