The efforts made by
various governments and organizations to fuel the increasing energy
demand with the more environment friendly renewable energy is proving
to be a boom for photovoltaics market.This research report analyzes
this market on the basis of its market segments, major geographies,
and current market trends.
The efforts made by
various governments and organizations to fuel the increasing energy
demand with the more environment friendly renewable energy is proving
to be a boom for photovoltaics market. Owning to such efforts the
photovoltaics market is expected to grow during the forecast period.
Energy demand is increasing rapidly and the oil reserves are
depleting. To meet this demand government is investing in renewable
source of energy. Renewable energy also reduces burden from the
non-renewable source of energy such as coal, oil and natural gas. In
terms of global installations, photovoltaic is the third most
important source of renewable energy after hydro and wind power.
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Photovoltaic convert
solar energy into electricity (direct current). The sunlight is
converted into electricity using semiconductors that exhibit the
photovoltaic effect. A photon of light excites an electron into a
higher state of energy, allowing them to act as a charge carrier for
an electric circuit. This is known as the photovoltaic effect. In a
photovoltaic system, solar panels are used which consists of a number
of solar cells. As the conversion of sunlight into electricity occurs
without any environmental emission, the power generated from
photovoltaics is considered as clean energy.
Solar cells are
packed tightly behind a glass sheet to protect them from the
environment. Cells are internally connected together to form a
photovoltaic module. The number of cells that are interconnected
depends upon the type of application. Solar panels can be installed
on the ground or on the roof. Solar panels are equipped with solar
tracker. Solar tracker moves the solar panels and maximizes the time
they face the sun. Thus, increase the efficiency of the solar panel.
The efficiency is improved by approximately 20% in winters and 50% in
summers by using solar tracker.
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On the basis of
technology, the photovoltaics market can be segmented into
multicrystalline solar cells, thin film solar cells, monocrystalline
silicon technology, polycrystalline thin film and others. The
photovoltaics market can be segmented on the basis of applications
into power stations, telecommunication & signaling, spacecraft
application, rural electrification and others (transport, solar
roadways, etc). Asia Pacific is expected to be the market leader in
photovoltaics market. In Asia Pacific, majority of contributions for
photovoltaics is from china followed by Japan. In European countries,
Germany is expected to be the market leader in the photovoltaics
market followed by Italy.
High installation
cost is a restrain for the photovoltaics market. But the research and
development has resulted in improved technology and efficiencies.
This has helped in reducing the quantity of material being used in
solar cells that ultimately reduces the initial cost. Moreover,
governments of various countries have launched various schemes to
promote the installation of various facilities which produces energy
using non renewable sources of energy. Incentives or grant is
provided to the companies producing renewable energy. This has
further boosted the photovoltaics market. Shifting focus towards
renewable energy will provide more opportunity to the photovoltaics
market during the forecast period across the world.
Some of the key
players in the photovoltaics market include 1366 Technologies Inc.,
3GSolar Photovoltaics Ltd., BP Solar International Inc., Bloo Solar
Inc., Trina Solar Limited, Suntech Power Holdings Co., Ltd., First
Solar, Inc., SunPower Corporation and Yingli Solar among others.
This research report
analyzes this market on the basis of its market segments, major
geographies, and current market trends.
Geographies
analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report
provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a
complete study of current trends in the market, industry growth
drivers, and restraints. It provides market projections for the
coming years. It includes analysis of recent developments in
technology, Porter’s five force model analysis and detailed
profiles of top industry players. The report also includes a review
of micro and macro factors essential for the existing market players
and new entrants along with detailed value chain analysis.
Reasons for
Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
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