GLOBAL PHOTOVOLTAIC MARKET : TRENDS ANALYSIS AND FORECASTS UP TO 2021

Photovoltaic Market is primarily driven by rising aware- On the basis of region, the market is segmented in
ness and environmental concerns pertaining to use of North America, Europe, Asia Pacific, and Rest of the
non-renewable or fossil-based fuels such as petroleum World. In addition, China is the largest producer of pho-
and diesel. tovoltaic cells. The Chinese government has implement-
ed a series of policies and measures that support the
growth of the photovoltaic market. These factors are
Photovoltaic (PV) cells are used to collect and convert
expected to significantly propel China to become the
solar energy into direct current (DC) or electricity. PV
largest producer of photovoltaic cells globally. Further-
systems use semiconducting materials that exhibit the
more, the markets in North America and Europe are
photovoltaic effect. The market is primarily driven by
expected to grow significantly due to rising environmen-
rising awareness and environmental concerns pertaining
tal awareness. The PV market in Asia Pacific is also
to use of non-renewable or fossil-based fuels such as
expected grow due to the presence of developing na-
petroleum and diesel. Moreover, photovoltaic systems
tions like India in the region.
do not require much maintenance. In addition, photovol-
taic cells and systems merely require sunlight to function
and can be used anywhere across the globe. Another Companies Profiled:
factor driving market growth are smart energy networks,
wherein solar energy is most appropriate and is consid-
Kaneka Corporation
ered to be the next generation of power network struc-
ture. However, restraints for the market include intermit-
tency issues. Also, solar radiation is only available dur- Mitsubishi Electric Corporation
ing the daytime hence PV systems cannot function dur-
ing the night time.
Sharp Corporation

Moreover, another issue includes cloud covering during

the rainy seasons. However, growing environmental Panasonic Corporation
concerns and the need to create smart energy networks
is expected to drive market growth for photovoltaic sys- Jinko Solar
tems. Moreover, rising prices of fossil-based fuels are
acting as an opportunity for the photovoltaic market as
solar energy can be expected to replace the other forms Suntech Power Holdings Co. Ltd.
of fuels.The PV market is segmented in four parts on the
basis of types, components, application, and region. The
Trina Solar
various types of photovoltaic include organic and inor-
ganic. The various components of photovoltaic systems
include cells, optics, and trackers. The photovoltaic sys- Kyocera Corporations
tems find their application in areas such as residential,
non-residential and utility applications.
Canadian Solar among others

Global Photovoltaic market: Projection Global Photovoltaic market Components shares

Cells Optics
x.x% x.x%

100% 50 100% 100% 50 100%

% %

Trackers
x.x%

2014 2021 100% 50 100%

%

Global Photovoltaic market : Regional Highlights Global Photovoltaic market : industry developments of key participants

X.X%

X.X%

x.x Merger &

x.x X.X% Acquisitions
% x.x
% % X.X%

Joint ventures

North America
New Product
x.x Development
Latin America %

Europe Others

Asia
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