Photovoltaic Market is primarily driven by rising awareness and environmental concerns pertaining to use of non-renewable or fossil-based fuels such as petroleum and diesel.
Photovoltaic (PV) cells are used to collect and convert solar energy into direct current (DC) or electricity. PV systems use semiconducting materials that exhibit the photovoltaic effect. The market is primarily driven by rising awareness and environmental concerns pertaining to use of non-renewable or fossil-based fuels such as petroleum and diesel. Moreover, photovoltaic systems do not require much maintenance. In addition, photovoltaic cells and systems merely require sunlight to function and can be used anywhere across the globe. Another factor driving market growth are smart energy networks, wherein solar energy is most appropriate and is considered to be the next generation of power network structure. However, restraints for the market include intermittency issues. Also, solar radiation is only available during the daytime hence PV systems cannot function during the night time.
Moreover, another issue includes cloud covering during the rainy seasons. However, growing environmental concerns and the need to create smart energy networks is expected to drive market growth for photovoltaic systems. 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 of fuels.The PV market is segmented in four parts on the basis of types, components, application, and region. The various types of photovoltaic include organic and inorganic. The various components of photovoltaic systems include cells, optics, and trackers. The photovoltaic systems find their application in areas such as residential, non-residential and utility applications.
On the basis of region, the market is segmented in North America, Europe, Asia Pacific, and Rest of the World. In addition, China is the largest producer of photovoltaic cells. The Chinese government has implemented a series of policies and measures that support the growth of the photovoltaic market. These factors are expected to significantly propel China to become the largest producer of photovoltaic cells globally. Furthermore, the markets in North America and Europe are expected to grow significantly due to rising environmental awareness. The PV market in Asia Pacific is also expected grow due to the presence of developing nations like India in the region.
- Kaneka Corporation
- Mitsubishi Electric Corporation
- Sharp Corporation
- Panasonic Corporation
- Jinko Solar
- Suntech Power Holdings Co. Ltd.
- Trina Solar
- Kyocera Corporations
- Canadian Solar among others
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