Higher Efficiencies Help Push Global Solar Photovoltaic Installation Market
According to a recent market research report published by Transparency Market Research, the global solar photovoltaic (PV) installation market is estimated to grow at a compound annual growth rate (CAGR) of 10.7% from 2012 to 2018. Entitled “Solar Photovoltaic Installation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012-2018,” the report forecasts that the overall market will reach $145.9 billion by 2018.
The report points out that the higher efficiency output of solar PVs has boosted the market. Growing awareness regarding the reduction of carbon footprints and the availability of solar PVs as an excellent means to utilize renewable solar energy has increased the applications of solar PVs in different sectors. Low installation and maintenance costs, as well as government incentive programs, by have further fueled the market.
The report points out that the irregular intensities of solar radiation, along with wet climates, will deteriorate the quality of solar panels and limit the life of solar PV batteries. However, a growing solar PV market in the Asia-Pacific region is expected to open new opportunities for the market.
Additional details are available at www.transparencymarketresearch.com.