According to a new market research report, “Global Photovoltaic (PV) Market & Insights into Chinese and Japanese Photovoltaic (PV) Markets (2010-2015) published by MarketsandMarkets, the total PV market is expected to reach $130 billion by 2015 at a CAGR of 18.5 percent from 2010 to 2015.
The market for PV-based solutions is expected to grow in an exponential manner. The annual market for PV has developed from around 1 GW in 2003 to more than 7 GW in 2009. China and Japan have set high targets such as reduction in carbon intensity by 40-45 percent by 2020 and 12-15 percent increase in the share of non-fossil fuels in the primary energy usage by the same year by the government of China and installation of 28,000 MW by 2020 and 53,000 MW by 2030 by the government of Japan.
This has also led to the construction and installation of solar projects throughout the region. PV companies, banks, energy investors, and state-owned power companies are strongly involved in the formation of alliances and other agreements in order to secure a stable position in this potential market.
With respect to technology, thin film technologies are favored as compared to crystalline silicon technology mainly due to their physical flexibility, comparably low cost, aesthetic factor, and the wide range of options provided for installation. With respect to the various components used in PV systems, optics are found to play a key role in bringing down the overall cost of the system as they help to reduce the usage of high cost semiconductor material.
The entire PV market is expected to reach $130 billion in 2015 from just about $55.7 billion in 2010 at a CAGR of 18.5 percent from 2010 to 2015. Asia is observed to have the highest growth potential in the PV market at a CAGR of 16.7 percent from 2010 to 2015.