Global Photovoltaic System Market Outlook (2014-2022)
The Global Photovoltaic System market is estimated to be $110.7 billion in 2014 with CAGR of 21.18% is expected to reach $514.65 billion by 2022. Photovoltaic Systems are used to convert the sunlight into electricity. Photovoltaic System is secure, reliable and easy to install. These systems are help in delivering safe, clean and affordable electricity. The factors such as Government renewable targets and rise in Demand for Solar Systems are influencing the growth of Photovoltaic System Market. Whereas high installation and storage costs, restrict the growth of the market.
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Global Photovoltaic System market is mainly segregated by Component, by Type, by Application and by Geography. Based on Component, the market is further segmented into Optics, Trackers, and Cells. Based on Type, the market is further classified into Organic PV and Inorganic PV. Based on Application, the market is categorized into Utility, Residential and Non-Residential. Market by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. Europe has the major market for Photovoltaic System followed by Asia Pacific. Asia Pacific is expected to be the leading market with increase in demand for high quality and low priced products.
The key players in the Photovoltaic System market include, Mitsubishi Electric Corporation, Trina Solar, Kyocera Corporation, ReneSola Co. Ltd, Panasonic Corporation, JA solar Co. Ltd, Kaneka Corporation, Yingli Green, Canadian Solar.
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