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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