Albany, NY, Oct. 22, 2014 (GLOBE NEWSWIRE) -- As governments and the industry focus on harnessing the maximum potential of solar energy in view of mounting energy demand, the solar photovoltaic (PV) installation market will receive a massive impetus. A latest report by Transparency Market Research reveals that the solar PV installation market will be worth US$145.9 billion by 2018, charting a CAGR of 10.7% between 2012 and 2018.
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According to the findings of the market research report, in 2011 the global solar photovoltaic installation market was recorded at 29.6 gigawatts. The market, with an estimated growth rate of CAGR of 10.7%, will likely have installed capacity of 60.05 gigawatts by 2018. In revenue terms, the global market for solar photovoltaic (PV) installation is projected to be valued at US$145.9 billion by 2018.
The key growth drivers in the solar PV installation market, according to the report, are: a mounting demand for electrical energy worldwide, abundantly available solar energy in most geographical locations worldwide, government regulations that favor the expansion of solar PV installation, and heightened concerns about sustainable energy sources and environment conservation. The prices of solar PV cells and the cost of installation have both dipped considerably in the last few years. This has been good news for the global solar PV installation market, as it has resulted in more consumers embracing solar energy.
Much of the solar PV installation market is dominated by countries in the EMEA region, which accounts for 75.7% of the total share. Asia Pacific came a close second to the EMEA region. Here, the growing demand for solar energy in commercial, residential, and utility-scale sectors has translated into gains for the solar photovoltaic installation market.
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As several industries continue to include more solar energy to their overall energy-consumption portfolio, the demand for solar PV installations will likely witness a surge. All of these factors will only be supplemented by a strong backing by governments across various countries. As prices of solar PV installations drop, the cost-conscious markets for Asia-Pacific will show a growing inclination towards solar power.
The solar PV installation market is expected to witness high growth in the residential sector, which accounted for 30.22% of the total solar PV installation demand in 2011. TMR's market analysts estimate that this will be a high-growth area in the coming years, and will capture a larger share of the market demand (approximately 33.36%) by 2018.
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The report also studies the solar PV installation market on the basis of technology. The report finds that the crystalline silicon solar PV installation technology was the most dominant with an 80.81% market share in 2011. By grid type, the segment of grid-connected solar PV installation was the single-largest and highest in 2011 at 98.03% of the total installed capacity.
The report provides a complete set of recommendations and opportunity assessments so as to help buyers of this report make the maximum impact in the global solar photovoltaic installation market in the coming years.
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