Global Photovoltaic (PV) Market Forecasted to Reach 59.7 GW in 2019

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According to the new report from BCC Research, the global photovoltaic (PV) modules market was valued at $32.6 billion in 2013 and $34.6 billion in 2014. This market is expected to decrease to $27 billion by 2019, with a compound annual growth rate (CAGR) of -4.8% from 2014 to 2019.

Photovoltaic Systems
The global photovoltaic (PV) modules market was valued at $34.6 billion in 2014. This market is expected to decrease to $27 billion by 2019.

Wellesley, Mass., May 18, 2015 – Global shipments of photovoltaic (PV) modules grew by 13.4% in 2014, reaching 43.9 gigawatts (GW.) BCC Research projects the market will continue to grow by a compound annual growth rate (CAGR) of 6.3% to reach 59.7 GW in 2019.

The rapid growth of PVs is attributed to the demand for renewable energy, the gradual reduction in cost of PVs, the absence of pollution in PV technologies, demand for carbon-free energy solutions; various national, state and local incentives; and the increasing capability to manufacture solar cells and modules. The average selling price of crystalline module in the U.S. was $0.82 per Watt in 2013, a sharp decrease from $3.50 per Watt in 2007. A longer than expected economic recovery, reductions (or eliminations) in some incentives, as well as the economy of scale will moderate the average annual revenue of PV.

“Although the total amount of energy created by this technology is still relatively small compared to other energy sources, PV has an excellent future potential,” says BCC Research analyst Claire Lepont. “With almost 70 GW cumulative park in 2011, electricity generated from PV represented less than 0.3% of the world’s electricity, which was seven times less than electricity generated from wind power.”

The price of silicon technology will continue to decrease in the next five years as companies continue to scale-up, consolidate and optimize production. Extreme price pressure on polysilicon manufacturers could limit their equipment investment, and consequently affect the cost of crystalline silicon PV modules.

Global Markets and Technologies for Photovoltaic Systems (EGY014J) examines its current and potential efficiency, assesses the current market status, examines its future market impact and presents shipments of PV modules and their values for 2013, 2014 and 2019.

Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.

About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information@bccresearch.com.

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