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Electricity is the basic need today and its demand is increasing all over the world. The need of an alternate source of energy has gained importance and as solar energy is renewable energy backed with the government's ambitious green energy targets this industry has become a major attraction for the investors. Over the last Decade countries like China, Germany and USA have come up as solar powerhouses and increased the production of electricity by Solar PV with China accounting for 130632MW, Germany accounting for 42394MW, and USA accounting for 41131MW in the year 2017. Solar PV market has spread across very rapidly which has led to innovation of new products such as solar air conditioning, solar charger, solar inverter, solar chimney, solar-powered refrigerator, solar cooker, solar dryer, solar street lights, solar traffic lights, solar cars, solar bus etc.
On the basis of installation techniques, solar pv market can be segmented into flat roof solar, pitched roof solar, ground mount solar & others. Due to its added benefits over others flat roof solar is the most used amongst the available techniques. On the basis of the solar module, these can be segmented into monocrystalline, polycrystalline and thin film. The efficiency and lifetime of monocrystalline make it more preferred type of module over polycrystalline which is cheap but its efficiency and life is less as compared to monocrystalline. On the basis of supply methods, these can be segmented into on grid and off-grid. Requirement of storage acts as the selection factor between the two. Solar pv market can also be segmented on the basis of application in various fields like residential, commercial, industrial and utilities. Solar pv have been most adopted in residential applications for water heaters, battery and cell phone chargers, solar vehicles etc. On the basis of geographical view solar pv market can be segmented into various regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Asia Pacific region has the maximum production of solar energy by photovoltaic cells with China contributing to more than 50% of that followed by Japan, India and other countries in that region.
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The Key Market restraint for solar pv market is the high cost of installation of the solar panels. A certain area of land has to be given for the installation of the panels, the required amount of area increases with increase in amount of energy required. Post installation of panels the area cannot be used further for any other purpose which acts as restraint in growth of solar pv market.The major market driver for the solar market is the increasing demand for clean energy around the world. Many Countries are now shifting towards the sources of clean energy. With the provision of government incentives and tax rebates over the installation of solar panels, solar energy is the most adopted amongst the available sources.
Some of the major companies that are present in the market of solar photovoltaic are Jinko solar, Trina Solar, Canadian Solar, JA Solar, Hanwha q cells, GCL system integration, Longi solar, Shufeng, Kyocera, Yingli , RGS energy, Solar City, Soligent , Sun power, Sunnova, Sunrun etc.
By Installation Techniques
· Flat Roof Solar
· Pitched Roof Solar
· Ground Mount Solar
By Solar Module
· Thin Film
By Supply Methods
· On Grid
· Off Grid
· North America (USA and Canada)
· Europe (UK, Germany, France, Netherlands, Norway, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Chile, Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
As the developed and the developing countries have drifted towards the use of solar energy, the global solar pv market has now been spread into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. China Stands as the largest producer of solar panels and also photovoltaic energy in Asia Pacific region and also in the world. Germany is the largest solar pv energy producer in Europe followed by Italy, United Kingdom, Spain and others. USA ranks top in North America and Chile in South America where other countries like Canada, Mexico, Brazil, Uruguay, have also increased the production of Solar Energy at a good rate. African continent receives maximum sunlight than any other continent on earth & African countries seem to have realised that which can be noticed by their approach towards solar energy in recent time. South Africa has been the most successful country in production of solar energy in this region by far which is followed by countries like Angola, Reunion, Egypt, Senegal etc.
Key Industry Developments
· In April 2019, a German government-owned bank KfW Bankengruppe has announced about its plans to invest in the state of west Bengal which will lead south Asia to get its biggest floating solar power plant which would have a capacity of 500MW & the investment would be of around of 2500 crore.
· In March 2019, a deal covering 200 projects spread over 9 states took place between Goldman Sachs and Sun-power for $86.9 million which involved 233MW of commercial solar leases.
· In march 2019, GAIL (Gas Authority of India Limited) and BHEL(Bharat heavy Electrical Limited) have signed a pact for development of solar power projects in which GAIL will act as project developer and BHEL will act as engineering, procurement, construction and project management contractor.