Global Solar Photovoltaic Installation Market: Snapshot

The solar photovoltaic (PV) installation market has been expanding speedily as a consequence of rising awareness about sustainable and renewable energy resources. According to the findings of Transparency Market Research (TMR), the market for solar photovoltaic installation will reach 60.05 gigawatts in 2018, earning more than US$145.9bn. Solar energy has grown popular as it is a source of clean energy and it is easy to integrate it into homes. Solar power ranks alongside hydropower and wind power in terms of future energy alternatives for a healthier, cleaner planet.

The major drivers of the global solar photovoltaic installation market are the ample availability of solar energy, along with the towering demand for electricity. The government has been encouraging this eco-friendly mode of power generation and has launched several conducive policies in this regard.

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Increasing Installations at Homes Position Residential Sector at Top

An upsurge in the demand for solar energy has been noted chiefly from residential, utility-scale, and commercial sectors. It is projected to be the fastest expanding segment, with 33.36% of the demand by the end of 2018. Affordability of these installations has been increasing owing to high levels of competition in the market. Increase in the property value, durability, and decrease in utility bills are some other factors fuelling the growth of the solar PV installation market in residential areas.

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On the basis of technology, solar photovoltaic systems are categorized into three groups, namely, crystalline silicone PV, thin film PV, and others. Of these, the thin film PV segment is believed to emerge as the most popular one. It held the dominant share in the market on account of its high efficiency, satisfactory output, and low cost.

Dependence on Solar Power to Urge Asia Pacific to Emerge as Foremost Region

Because of the ample sunlight it receives, the rising demand for electricity, and more importantly, an urgent need to find alternatives to the rapidly depleting fossil fuels in the region, the Middle East will become a hub of solar photovoltaic installation. Experts suggest, solar energy has been attracting large amounts of investments across EMEA (Europe Middle East, and Africa).

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