The global solar PV market is expected to reach 489.79 GW by 2020, according to a new report by Grand View Research, Inc. Rising demand for sustainable energy resources coupled with favorable regulatory policies, is expected to drive the market growth over the forecast period.
Supportive regulations involving federal subsidy and incentives expected to be the prime factors impacting the industry growth on a positive note. Europe has been a major market for solar PV owing to early adoption of the technology in the region owing to high consumer awareness and positive government outlook in region.
Increasing demand for renewable energy sources owing to rising consumer awareness towards cost benefits associated with the technology is expected to propel growth. Furthermore, depleting fossil fuel resources coupled with growing demand for durable energy sources is expected to have a positive impact on the industry growth.
The technology offer low conversion efficiencies as compared to conversional energy sources including oil and biomass. Furthermore, the solar PV performance gets affected by various factors including type of raw material used for solar cell manufacturing, availability of sunlight and solar PV designs which is expected to hamper its growth over the forecast period.
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www.grandviewresearch.com/industry-analysis/solar-pv-industry
Further key findings from the report suggest:
Grand View Research has segmented the global solar PV market on the basis of application, and region:
Solar PV Application Outlook (Installed Capacity, MW; 2012 - 2020)