Global photovoltaic system market to grow with a CAGR of 18.7% by 2022

Research and Markets has published a new report which anticipates the global photovoltaic system market to grow with a CAGR of 18.7% during 2016-2022.

According to “Global Photovoltaic System Market Insights, Opportunity Analysis, Market Shares and Forecast, 2017 – 2023”, the key drivers of the market are the rapidly increasing electricity consumption globally, an increasing adoption and usage in various sectors, supportive government initiatives and environmental policies.

 

Global PV market to reach above USD350 billion by 2022

The market has many opportunities for the future such as rising prices of fossil fuels, and the continuous reducing cost of photovoltaic systems. Research and Markets estimates the global PV market to reach above USD350 billion by 2022. Rapid growth in consumption of electricity is the main driver of the global photovoltaic system market.

According to the World Bank the annual per capita consumption of electricity is approximately 3200 kWh. China is the biggest consumer of energy worldwide.

 

China is the top producer of solar energy, followed by Germany

Asia pacific is the fastest growing region in the global photovoltaic system market. In 2015, China was the top producer of solar energy, with approximately 22.5% of the world’s total solar energy produced. Germany was the second largest producer of solar energy, with a share of 20.6%, followed by Japan, the United States, Italy, UK, and France.

The report identifies key companies of the global photovoltaic system market, such as Trina Solar, Canadian Solar, BP Solar, Bosch Solar, Sharp, Yingli Green, United Solar Ovonic and First Solar.

The main strategies followed by companies are mergers or acquisitions, jointly work with governments, and joint ventures with other companies.

 

2017-03-23 | Courtesy: Research and Markets | solarserver.com © Heindl Server GmbH

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