According to a market research report called “Photovoltaics Market By Type (Organic PV, Inorganic PV), Component (Crystalline Silicon PV Cells, Thin Film PV Cells, Modules, Optics, Trackers), Application (Residential, Non-Residential and Utility) & Geography Analysis and Forecasts to 2013-2020”. It’s published by MarketsandMarkets. They are expecting the total Photovoltaics Market to be worth $345.59 Billion by 2020. Yet it was off!

Photovoltaics market

Browse 80 market data Tables and 95 Figures spread through 210 Pages and in-depth TOC on “Photovoltaics Market”.

Photovoltaic (PV) systems are used to convert sunlight into electricity. They are safe, reliable, incur less operating costs, and are easy to install. The speed at which Photovoltaics market is growing. While there are new challenges in the management of the electricity system it works. So the enormous potential of solar market with PV and its various beneficial attributes. These are solar market drivers. In addition, PV is playing a vital role in the power/energy system. The PV market is likely to continue to register growth in the APAC region primarily in China and Japan. Photovoltaic systems are helping in delivering clean, safe, affordable, and decentralized electricity to people.

The Report Was Off!

However, the first three months of the year made history. Because the U.S. installed 2.7 gigawatts of solar photovoltaics (PV). Thereby making it the most solar ever installed in the first quarter of a year. With the strong first quarter, Wood Mackenzie Power & Renewables forecasts 25% growth in 2019 compared to 2018, and it expects more than 13 GWdc of installations this year.

This data comes from the new U.S. Solar Market Insight Report from Wood Mackenzie and the Solar Energy Industries Association (SEIA). They announced that the U.S. hit the 2 million solar installation milestone. Consequently during the first quarter of 2019.

FIGURE: U.S. PV capacity installed in the first quarter, Q1 2010 – Q1 2019 (MWdc)

U.S. Photovoltaics Market Capacity Installed in Q1

Source: Wood Mackenzie / SEIA U.S. Solar Market Insight Report, Q2 2019

Therefore as expected, the largest share of installations during the record-breaking quarter came from the utility PV segment. Combined with 1.6 gigawatts coming on-line. That’s making up 61 percent of PV capacity installed. The report notes that with 4.7 gigawatts of large scale projects under construction. Therefore 2019 is on track to be a strong year for utility PV. Total with 46 percent growth over 2018 expected.

The photovoltaic market is growing rapidly in many segments and applications. This is due to various reasons. For example, their environmental friendly attributes, minimum maintenance, and cost saving. The major market players are investing heavily in PV technology. Furthermore, many governments are also providing various incentives and funding to this market.

Yet, the U.S. installed 2.7 gigawatts (GW) of solar PV capacity in Q1 2019 reaching 67 GW of total installed capacity. That’s enough to power 12.7 million American homes. So this represents a 10% year-over-year increase. However, total installed U.S. PV capacity is going to more than double over the next five years. That’s because by 2024, more than 15 GW of PV capacity will be installed annually. This is according to Solar Energy Industries Association (SEIA).

This one report details the market trends, drivers, and challenges. All with respect to the global Photovoltaics Market and forecasts the market till 2020. This global report provided a bird’s eye-view of the market across geographies. Meaning in North America, Europe, Asia-Pacific, and RoW (Rest of the World). Consequently, APAC holds the largest share in the photovoltaics market. Also it has been identified as the fastest growing region. All with China and Japan occupying the major market share. Europe and North America are also considered to be promising markets in this report. All with Germany and the U.K. in Europe, and the U.S. and Canada in North America providing an impetus to the growth of the same.

In conclusion, the global Photovoltaics Market report profiles 12 promising players in the market. It also explains their business overview, product portfolio, recent developments, and key strategies. The market is witnessing numerous collaborations and partnership agreements. All across the value chain between tier-one companies.

Sources: MarketsandMarkets,  DALLAS, February 12, 2015 /PRNewswire/ –Below is the report for the Printed Electronics including the Photovoltaics Market by Material (Substrates & Inks). Forecast to 2013 – 2020

and data comes from the new U.S. Solar Market Insight Report from Wood Mackenzie and the Solar Energy Industries Association (SEIA).

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