The rapidly increasing use of renewable energy systems for commercial and residential applications coupled with low costs and efficiency of these systems are the major factors driving the global solar PV market. Furthermore, the rising cost of electricity in various countries is also a factor propelling the solar PV market. Solar PV is a technology which consists PV modules made up of semiconductor materials. These semiconductors absorb the heat from solar rays and converts it into electric current. The solar PV technology is one of the fastest growing technology of renewable energy source. It is expected that the solar PV market attribute a double digit CAGR over the forecast period. The reduced cost of PV module globally is a direct consequence of the rise in the PV demand and production.
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The global solar PV market is segmented on the basis of application into utility application, residential application and commercial application. The residential applications generally composed of roof top solar PV assembly. The solar PV in commercial and non residential application are installed in the areas which are exposed to the sun so that the power generated can be used during peak hours. The utility scale solar PV are also used to generate power that is fed into the grid system so that it can be transmitted additionally to the conventional power source. As of 2013, the utility scale application attributed the largest share in the market. The key reason for the growth of this segment is the regulatory support delivered by the government in the countries such as China and India. As of 2012, the residential segment for installation of PV is accounted for approximately one fourth of the PV installed globally. This segment is also expected to witness lucrative growth over the forecast period due to the rising electricity costs.
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