The Global Photovoltaic System Market is anticipated to grow with CAGR of 18.70% during 2016-2022. The key drivers of the market are rapidly increasing consumption of the electricity globally, increasing adoption and its usage in various sectors, supportive government initiatives and environmental policies. Market has many opportunities for future such as rising prices of fossil fuels, and continuous reducing cost of photovoltaic system. The global PV market is estimated to reach above $350 billion by 2022. Rapid growth in consumption of electricity is the main driver of the global photovoltaic system market. According to the World Bank approximately 3200 kWh is per capita consumption of electricity power annually. Approx. 13148 million tons oil equivalent energy consumed globally. China is the biggest consumer of energy worldwide, it consumed approx. 3101 million tons oil equivalent energy in 2015. USA is second biggest consumer of energy, it consumed approx. 2196 million tons oil equivalent energy in 2015. Currently whole world need 30TW electricity to lightning the world annually. Statistics show by covering 1% of USA with PV system we can generate 30TW electricity in just 2 hours.
The global Photovoltaic system market can be segmented into types, applications, and components. Sub-segments of the market on the basis of types are organic photovoltaic and inorganic photovoltaic. Furthermore, on the basis of applications market can be sub segmented into military & space applications, residential application, non- residential application, power plant application, and other application. Cells, tracker, and optics are the sub segments of components of photovoltaics. In this segment, photovoltaic cells types are crystalline silicon PV cells, monocrystalline silicon PV cells, and thin film PV cells. Monocrystalline silicon PV cells are most efficient photovoltaic technology among all cells. Due to its capability to convert around 15 % sun light into electricity. Its production is complicated, resulting its cost is higher than other technologies.
The market can be segmented on the basis of geography in Asia Pacific, Europe, North America, South America, and rest of the world. Asia pacific is the fastest growing region in the global photovoltaic system market. Asia Pacific has a world’s biggest companies of photovoltaic system such as Yingli solar, Kyocera, Train solar, JA solar, and Sharp. China, Japan, India, and South Korea are the top consumer of electricity. China is the top producer of solar energy as well. China produced 43,530MW electricity in 2015. It is approximately 22.5% of the world’s total solar energy produced. Moreover Germany is second largest producer of solar energy. It produced approx. 39700MW solar energy in 2015. It is approximately 20.6% of total world’s solar energy. Japan is third largest producer followed by United States, Italy, UK, and France in 2015.
Key companies of the global photovoltaic system market are Trina Solar, Canadian Solar, BP Solar, Bosch Solar, Sharp, Yingli Green, United Solar Ovonic annd First Solar. Main strategies followed by companies are merger or acquisition, jointly work with government, and joint venture with other companies. American government is developing the satellite solar plant with NASA. That solar plant will be above 22000 miles from the earth in space and will be 3 miles to 6 miles wider in the space. NASA estimated $166 million expenditure on this project in next five years.