- Solar PV systems are power systems that supply solar power by photovoltaic effect. They contain components like solar panels that absorb sunlight and convert it into electricity. This process is both chemical and physical in nature. It also involves electrochemical processes. The global solar PV market is expected to exceed 488 GW by 2020.
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Solar PV systems can be ground mounted and also installed on building rooftops. The efficiency of solar PV systems increases in colder temperatures and is well suited to Canada. Solar PV modules are grouped together to supply power from the sizes of ere watts to kilo watts and megawatts.
Traditional solar cells are made from flat plate silicon which is very resourceful. Thin film solar cells are either amorphous silicon or non-silicon materials. They use semi conductors’ material layers which are few micrometers in thickness. Third generation solar cells are made from solar inks, conductive plastics, and solar dyes. The U.S. solar PV market was affluent during 2014.
The reduction of carbon emissions during the generation of electricity has also led to huge demand for the worldwide solar PV market. In the last few years, solar PV systems have undergone rapid growth due to environmental awareness and subsidized module costs. The various market applications are residential/commercial, utility, and non- residential.
Enhanced demand for solar PV systems across these sectors is anticipated to propel the sales of the market. Utility accounted for the largest application in the recent past. It contributed more than 45 percent of the U.S. solar PV market installations. Residential is likely to witness high growth till 2016.
Non-residential is projected to observe commercial growth in the next six years. It would grow at about 20 percent CAGR from 2015 to 2020. Solar PV systems are also noticing increased installations in the North Carolina state of the U.S. This is contributing added income to the North American solar PV market.
Europe was the largest solar PV installation region in 2012. This was due to installations in the nations of Spain, Italy, France, and Germany. China is likely to show decent growth in the upcoming years at a CAGR of over 36% from 2015 to 2020. Due to huge demand for solar PV, the Asian Pacific solar PV market is likely to expand in the future.
Information Source: Grand View Research
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