Solar photovoltaic or PV cells are semiconductor devices used for electricity generation. The semiconductor device increases the power capacity and contribution of electricity generation for buildings and the households. The PV installations are reliable, safe, easy to install and incur less operating costs followed by removing the maintenance demand among two surfaces of the components of a vehicle, the use of the PV cells have exemplified the innovative technologies and techniques that are capable of manufacturing the robustness of the surfaces, maximizing the overall competence while meeting environmental or the ecological norms. Some of the key of the solar energy generation are reduction of the carbon footprint, contribution to sustainability, and low cost of the energy generation.
According to study, “Global Solar Photovoltaic Market Size study, by Type (Thin film, Multi-Si, Mono-Si) and Regional Forecasts 2018-2025” some of the major companies that are currently working in the global solar photovoltaic market are First Solar Inc., JA Solar holdings Co Ltd., Hanwha Q Cells Co. Ltd., Waaree Energies Limited, Hareon Solar, Tianwei New Energy, Suntech Power co., Canadian Solar Inc., Sharp Corporation, REC, Kyocera, Rene Sola, Jinko solar holding Co. ltd., Trina Solar Ltd., Sun Power Corporation, ACCIONA Energy, Yingli Green Energy, ACME Solar, Lanco Solar Private Limited, Azure Power Global Limited, Mahindra Susten Pvt. Ltd, ABB Inc., Saatvik Green Energy Private Limited, Emvee Photovoltaics Power Private Limited, Adani Group, Sterling And Wilson Pvt. Ltd., Vikram Solar Pvt Limited, Tata Power Solar Systems Ltd., Moser Bear Solar Limited, Renewsys India Private Limited, Alpex Exports Private Limited, XL Energy Limited. All the key players in the market are investing in research & development (R&D) activities in order to come up with well-organized and high performance systems so as to tap the growing consumer attention and to compete with the another energy resources.
Based on the type, the solar photovoltaic market is segmented into thin film, multi-Si and mono-Si. Based on the grid type, the market is segmented into grid connected and off grid. Grid connected is further sub-segmented into centralized and decentralized. Based on the technology, the market is divided into single axis tracker and fixed tilt. Based on the application, market is divided into utility scale, residential and non-residential or commercial.
The solar photovoltaic demand is primarily driven by increase in demand of renewable energy, solar energy being economy and environment friendly, and the solar PV systems need very little to no maintenance, Moreover the most solar panels are guaranteed to have life of 25 years. The generated solar energy can be used both to generate electricity and heat in the house. However apart from the advantages and benefits market is also impacted by major restraining factors that include extended drain intervals, insufficient grid capacity, availability of sunlight & solar photovoltaic designs, rise in grid connection issues & interconnection delays and introduction of electric vehicles. Additionally, increase in the price of fossil fuels is the biggest opportunity for the market growth.
The Asia-Pacific region holds the significant market in terms of value, followed by the North- American and the Europe. The region is further expected to register the higher growth rate to boost the overall economy. It is estimated that the global solar photovoltaic market to reach at US $452.4 billion, by 2025. In the upcoming years, it is predicted that the market to grow rapidly on an account of early adoption of the technology in the emerging economies followed by the high demand of the electricity and the positive government outlook.
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