Global Solar PV Systems Market – Key Drivers and Forecast from Technavio

July 20, 2017

LONDON–(BUSINESS WIRE)–#Power—Technavio
analysts forecast the global
solar PV systems market to grow at a CAGR of close to 21%
over the projected period, according to their latest report.


The research study by Technavio on the global solar PV systems market
for 2017-2021 provides a detailed industry analysis based on the
end-users (utility, C&I, and residential) and geography (APAC, EMEA, and
the Americas).

 

Growing environmental concerns and depleting energy reserves
are compelling countries all over the world to rethink their
energy policies. The use of renewable energy not only solves
today’s environmental problems but also enables global energy
demands to be met. Therefore, solar PV systems provide an
effective technology for sustainable renewable energy-based power
generation.

 

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Technavio analysts highlight the following three factors that are
contributing to the growth of the global
solar PV systems market:

  • Declining cost of solar energy
  • Need for rural electrification
  • Supportive governmental regulations

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Declining cost of solar energy

In the past, the high cost and intermittent nature of renewables were
the major hurdles to their adoption. One solution to the problem of
intermittency is energy storage, which not only bridges the gap but is
also used to increase the renewable energy penetration in hybrid systems.

“The solar power industry has witnessed a price decline of more
than 40% in the past decade. With the reduction in solar power price, PV
adoption has gained traction, leading to the growth in the number of
installations over the years,” says Thanikachalam
Chandrasekaran, a lead analyst at Technavio for power
research.

Need for rural electrification

Most people in developing countries, especially those living in rural
areas, lack access to grid power, which indirectly impacts the economic
growth of the country. In remote and rural areas, the cost of connection
to the main grid is considered high and depends on various factors, such
as the distance of the community from the existing main grid, population
density, topography, demand pattern, and quality of power.

The high cost involved in grid extension has led various governments and
communities to use stand-alone energy systems for decentralized power.
The need to reduce the dependence on fossil fuels has given rise to the
adoption of renewable sources, such as solar energy and wind energy.
This will increase the installation of solar PV systems in the coming
years.

Supportive governmental regulations

“Governments worldwide support the adoption of solar PV systems by
providing incentives, subsidies, and tax benefits to producers and
consumers. In the US, the solar ITC is an important federal policy
mechanism, developed to support the deployment of solar energy in the
country,” says Thanikachalam.

The enforcement and continuation of current policies will encourage
manufacturing companies to invest in R&D activities to develop cheaper
and more reliable technology to bring down the cost of solar PV systems.
Many end-users have embraced alternative forms of energy and are slowly
discarding power generation using fossil fuels. This is expected to have
a positive impact on the global solar PV systems market during the
forecast period.

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