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Feb 04, 2021 (The Expresswire) —
The globalsolar photovoltaic (PV) marketis set to gain momentum from the high demand for electricity from various countries. Hence, they are surging their power generation capacity either by installing new plants or by expanding the existing ones. Fortune Business Insights™ presented this information in a new report, titled, “Solar Photovoltaic (PV) Market Size, Share and COVID-19 Impact Analysis By Technology (Monocrystalline Silicon, Thin Film, Polycrystalline Silicon, and Others), By Grid Type (On-grid and Off-grid), By Installation (Ground Mounted, Rooftop, and Others), By Application (Residential, Non-Residential and Utilities), and Regional Forecast, 2020-2027.” The report further states that the solar photovoltaic (PV) market size was USD 162.65 billion in 2019 and is projected to reach USD 185.62 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period.
COVID-19 Pandemic to Delay Multiple Solar Projects Globally
The emergence of the COVID-19 pandemic has taken a toll on the global economy. China is considered to be the major importer of raw materials, prefabricated structures, and inverters. It imports approximately 80% of modules and solar cells to India. The country is under complete lockdown, followed by India. Hence, many solar projects are getting delayed. We are providing an in-depth analysis of the current situation of this market to help you generate more sales.
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This Report Answers the Following Questions:
- What are the vital drivers and obstacles of the market?
- Which segment is set to lead the market in the coming years?
- What are the dynamics, challenges, and opportunities in the market?
- Which firms are set to generate more sales of solar PVs?
Drivers and Restraints-
Rising Need to Reduce Dependence on Fossil Fuels will Drive Growth
Regulatory bodies of various countries are imposing stringent environmental protection regulations to encourage power generation enterprises to shift to eco-friendly and cleaner energy resources. Therefore, these countries are striving to increase their renewable energy power generation to lower the dependence on fossil fuels. They are mainly choosing solar energy to meet surging needs. However, solar photovoltaic (PV) operations are difficult to be conducted in water bodies, wetlands, built-up areas, forests, and agricultural lands owing to the instability of such lands, as well as low accessibility. This factor may hamper the solar PV market growth in the near future.
1. By Installation Techniques
- Flat Roof Solar
- Pitched Roof Solar
- Ground Mount Solar
2. By Solar Module
- Thin Film
3. By Supply Methods
4. By Application
5. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Netherlands, Norway, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Chile, Brazil, Mexico, and Rest of Latin America)
- Middle East and Africa (South Africa, GCC, and Rest of Middle East and Africa)
Ground-mounted Segment to Grow Rapidly Fueled by Usage in Commercial and Utility Purposes
Based on the installation, the ground-mounted segment earned 61.26% in terms of solar photovoltaic (PV) market share in 2019. This growth is attributable to the increasing usage of such solar photovoltaic (PV) for utility and commercial purposes. They are also cost-efficient in terms of maintenance and operations.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:https://www.fortunebusinessinsights.com/industry-reports/solar-pv-market-100263
Low Manufacturing Cost of Components to Augment Growth in Asia Pacific
Geographically, Asia Pacific generated USD 74.57 billion in terms of revenue in 2019 and is set to retain its dominant position throughout the forthcoming years. This growth is attributable to the low manufacturing cost of components and high solar irradiance levels in the region. Europe, on the other hand, is set to remain in the second position backed by the presence of favorable norms in the region. Besides, the increasing installation of solar farms would propel the demand for solar PVs in the region.
Key Players Focus on Expanding Their Operating Capacities to Compete with Rivals
The global market for solar photovoltaic (PV) is highly fragmented because of the presence of numerous firms in developing and developed nations. At present, Canadian Solar Inc. is in the leading position on account of its expansion plans. Below are the two latest industry developments:
- August 2020: Canadian Solar Inc. started construction of the largest industrial and commercial rooftop solar projects in Penang, Malaysia. To do so, it joined hands with Eleaps Sdn. Bhd. and Antah Solar Sdn. Bhd.
- July 2020: Canadian Solar Inc. broadened its operating capacity by 8.2 MW in Italy by acquiring two portfolios. The 3 MW portfolio comprises of 3 ground-mounted PV plants, while the 5.2 MW portfolio includes 4 roof-top mounted PV plants and 2 PV plants built in a parking lot on top of shelters.
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A list of all the renowned solar photovoltaic (PV) providers operating in the global market:
- Waaree Group (India)
- Canadian Solar Inc. (Canada)
- Abengoa (Spain)
- BrightSource Energy, Inc. (U.S.)
- Tata Power Solar Systems Ltd. (India)
- First Solar (U.S.)
- eSolar Inc. (U.S.)
- SunPower Corporation (U.S.)
- Trina Solar (China)
- Yingli Solar (China)
- Acciona Energia S.A.(Spain)
- Wuxi Suntech Power Co. Ltd. (China)
- Nextera Energy Sources LLC (U.S.)
- Vivaan Solar (India)
- Jinko Solar (China)
Quick Buy Solar Photovoltaic (PV) MarketResearch Report:https://www.fortunebusinessinsights.com/checkout-page/100263
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Emerging Trends For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
Qualitative Analysis Impact of COVID-19
- Impact of COVID-19 on the Solar Photovoltaic (PV) Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
Global Solar Photovoltaic (PV) Market Analysis (USD Billion) (GW), Insights and Forecast, 2016-2027
- Key Findings / Summary
Market Analysis, Insights and Forecast By Technology
- Monocrystalline Silicon
- Thin Film
- Polycrystalline Silicon
Market Analysis, Insights and Forecast By Installation
- Ground Mounted
- Market Analysis, Insights and Forecast By Grid Type
Market Analysis, Insights and Forecast By Application
Market Analysis, Insights and Forecast By Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
(Have a Look at Reports Trending in “Energy and Power“Industry)
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Solar PV Market Strategy And Remarkable Growth Rate By 2026 | Fortune Business Insights
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