(PRWEB) June 28, 2014
The market for solar power across the globe is increasing tremendously. It can be attributed to the various factors such as global environmental concerns, security regarding future energy supply, increasing investment in clean energy, and low operating cost of a solar power plant. Solar PV, a part of solar power, is experiencing the highest rate of innovations and price reduction among all the solar technologies. Certain trends observed past few years in solar PV technologies are reduction of costs and prices, increase in global market share percentage of manufacturers from China, reduction in profit margin, and vertical integration of PV components; especially by players of China. China has become the largest PV exporter. The total market size of solar PV is expected to reach $79,249.6 million by 2018, at a CAGR of 11.7% between 2014 and 2018.
The North American market has a share of around 6% of the global solar PV market. The total revenue generated by the North American market is $2,874.8 million in 2013, which is expected to grow at a highest CAGR of 15% from 2014 to 2018, to reach $5,778.9 million by 2018. Increased environmental concerns and growing energy consumption are driving the growth of solar PV market in this region. U.S. is the major market in the North American solar PV market. It accounts for around 89% share of the North American solar PV market in 2013.
Browse through the market data tables, figures and detailed ToC on the “North America Solar Photovoltaic Market”.
Asia-Pacific Solar Photovoltaic (PV) Market
The Asia-Pacific market had a share of around 10% of the global solar PV market. The total revenue generated by the Asia-Pacific market is $4,631.5 million in 2013, which is expected to grow at a moderate CAGR of 11.1% from 2014 to 2018 to reach $7,841.6 million by 2018. Growing energy consumption and low operating and maintenance cost are driving the growth of solar PV market in this region. China and Japan are the major market in the Asia-Pacific solar PV market. It accounts for around 71% share of the Asia-Pacific solar PV market in 2013.
European Solar Photovoltaic (PV) Market
The European market has the largest share of around 82% of the global solar PV market. The total revenue generated by the European market is $38,388.4 million in 2013, which is expected to grow at a highest CAGR of 10.7% from 2014 to 2018 to reach $63,886.4 million by 2018. Growing environmental concerns and increasing investment in clean energy are driving the growth of solar PV market in this region. Germany is the major market in the European solar PV market followed by Italy. It accounts for around 72% share of the European solar PV market in 2013.
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