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Market research analysts at Technavio predict that the global solar PV systems market size will grow steadily at a CAGR of close to 21% by 2021. This market research analysis identifies the increase in the need for rural electrification as one of the primary growth factors for this market. Many companies have expressed their interest in promoting rural electrification in developing countries. For instance, in April 2016, ABB, an MNC in automation and power technologies, signed a memorandum with the Indian Institute of Technology in Chennai to build microgrids and R&D centers for rural electrification in the state of Tamil Nadu, India. With the rising need for electrification in the rural areas across the globe, such investments will significantly drive the demand for solar PV systems in the next few years.
The emergence of microgrid and green telecom is one of the latest solar PV systems market trends that will gain traction market in the coming years. The increasing rural penetration of mobile technology has necessitated the installation of telecom towers in remote and rural areas. This will lead to the development of microgrids to power the remotely located telecom towers, which are not connected to the grid. To reduce operational costs by eliminating the need to transport diesel to remote locations, these microgrids will run on solar power or solar hybrid systems, which will, in turn, augment the solar PV systems market share.
What's your takeaway?
Technavio's industry research report titled - Global Solar PV Systems Market will help you-
The solar PV systems market is highly diverse and has several international and domestic players. The market is marked with high capital investments and continuous innovations to improve the efficiency of solar PV cells. Intense competition, frequent changes in government policies, continuous development in technology, and environmental regulations are the key factors that challenge the growth of the players in this marketspace.
The leading vendors in the market are -
The other prominent vendors in the market include ABB, Canadian Solar, Chint Group, DAQO NEW ENERGY, Delta Group, Enphase Energy, First Solar, Flin Energy, Fronius International, GCL-Poly, Golden Concord Holdings, GoodWe (Jiangsu) Power Supply Technology, Growatt New Energy Technology, Hanwha Group, JA SOLAR, KACO new energy, Kstar New Energy, KYOCERA, Lavancha Renewable Energy, Luminous India, MICROTEK INTERNATIONAL, OMRON, Power Electronics, Pure Volt, Redback Technologies, Renesola, Risen Energy, Schneider Electric, SHANGHAI SUNVIS NEW ENERGY, Sharp Corporation, Shunfeng International Clean Energy, Sineng Electric, SolarEdge Technologies, SolaX Power, Su-Kam Power Systems, SunPower, TABUCHI ELECTRIC, Talesun, TMEIC, Vikram Solar, Voltronic Power Technology, Waaree Energies, and Yingli Solar.
It has been observed that most of the installed solar power capacity is in the utility segment. The growth in global population that is increasing the need for electricity is driving the demand for solar PV systems from the utility segment. According to this market research and analysis, the utility segment was the major end-user to the solar PV systems market during 2016.
This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the market by 2021. The rising focus of the governments of various countries in this region towards the implementation of microgrid solutions to improve access to electricity in their countries will be a major factor propelling the growth of the solar PV systems market in this region.
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A power system which supplies usable solar power through photovoltaics is known as a solar PV. This industry research report on the global solar PV systems market by Technavio is an integral part of the energy portfolio and offers insights into the major trends and evolving drivers inducing the growth of the power industry. Our market reports also follow a thorough procedure of data collection methodology and present an analysis of fast growing market subdivisions.
Our market research analysis includes primary and secondary research techniques like vendor briefings, telephone and online surveys, webinars, and podcasts, and industry journals and publications to help clients develop active growth strategies and keep pace with the frequently changing market landscape. The market research experts at Technavio also take into account the market forecast, market size, and increasing demand for various power products and services to offer an all-inclusive picture of the global solar PV systems market for the estimated period of 2017-2021.
According to our market research experts, increasing renewable investments?and increasing microgrid deployment may influence the demand for solar PV in the coming years. This upcoming market research report on the global solar PV systems market also covers vendors like Trina Solar, Canadian Solar, and Jinko Solar. Moreover, to offer clients the scope to identify potential market opportunities and expand in niche markets, this report on the global solar PV systems market also covers geographies like the Americas, APAC, and EMEA.
The upcoming industry research report on the global solar PV systems market also categorizes the key drivers, major trends, as well as the constraints that the power sector currently experiences. It also presents insights into the rapidly changing competitive scenario to give clients a realistic picture of the upcoming events within the energy industry. Technavio also provides insights into the sectors such as oil and gas and energy storage.