LONDON--(BUSINESS WIRE)--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).
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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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