Worldwide Solar PV Industry 2014 to 2020: Market Outlook
San Francisco, February 5, 2014 - The global installed capacity for solar PV is expected to reach 489.8 GW by 2020, according to a new study by Grand View Research, Inc. Growing push for sustainability has led to increased focus on renewable energy forms such as solar PV. In addition, favorable regulatory policies such as Feed in Tariff (FIT) is expected to further increase installed capacity, particularly along the Sunbelt countries. The reduction in price of PV modules is expected to lower the cost of energy generated by solar PV to USD 0.07 – USD 0.16, making it competitive to oil or gas fired peak power plants.
Countries with large PV potential such as Brazil, Chile and Saudi Arabia have not expanded as expected and this is expected to hamper the development of the market over the next six years. Aggressive capacity addition, particularly in China is expected to make the market oversupplied resulting in further lowering of prices. Product differentiation and innovation is extremely crucial with companies diversifying in both upstream and downstream markets, with expansion in project development and building strategic partnership. There are widespread opportunities in the form of new emerging markets and the link between reduced prices and unlocking of new markets is expected to be the key to market development.
The report “Solar PV Industry Trends and Market Segment Forecasts to 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/solar-pv-industry
Further Key findings from the study suggest:
Utility scale solar PV was the largest end use segment for the solar PV market and accounted for over 45% of the global installed capacity. This segment is also expected to witness fastest growth on account of the growing need for power coupled with competitive prices offered by solar PV modules for power generation. The use of solar PV for non residential
Countries with large PV potential such as Brazil, Chile and Saudi Arabia have not expanded as expected and this is expected to hamper the development of the market over the next six years. Aggressive capacity addition, particularly in China is expected to make the market oversupplied resulting in further lowering of prices. Product differentiation and innovation is extremely crucial with companies diversifying in both upstream and downstream markets, with expansion in project development and building strategic partnership. There are widespread opportunities in the form of new emerging markets and the link between reduced prices and unlocking of new markets is expected to be the key to market development.
The report “Solar PV Industry Trends and Market Segment Forecasts to 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/solar-pv-industry
Further Key findings from the study suggest:
Utility scale solar PV was the largest end use segment for the solar PV market and accounted for over 45% of the global installed capacity. This segment is also expected to witness fastest growth on account of the growing need for power coupled with competitive prices offered by solar PV modules for power generation. The use of solar PV for non residential