Government policies and regulations are the major key drivers of solar power market because of government subsidies global solar power market has grown between 25 to 30 percent.
Solar power has been segmented on the basis of application they are solar PV systems, concentrated solar power (CSP) and heating and cooling systems. The CAGR of solar PV market are approximately 18.30 % from 2014 to 2020 and the CAGR of concentrated solar power are approximately 19.4 % from 2014 to 2020.
Installation cost of solar power is so high and the maintenance cost is low. Because of sustainable power generation, solar power has become the competitive market so that the solar power tariff prices, as well as PV module prices, are also declining. The leading international solar PV markets are China, Japan, USA, Germany, and India.
Reliability, sustainability, and affordability in solar power have attracted residential customers, commercial consumers, and government buildings because of the incentives are given by the government bodies. The solar utility market has been the significant emerging segment in the recent years and it offers cost effective land, labor, and material which make affordable to the consumers. Forecasting the overall demand and supply of solar power will help us to generate and balance the required power. Solar power is the cheapest power than compared to any other power generation.
Solar power is having a high scale of opportunities in the service sector for solar panel cleaning, investing in solar distribution, financing and consulting, solar panel repairs, solar solutions, and solar energy auditing. Net metering, smart grids and Clean energy corridor missions are mainly to enhance the renewable energy power generation.
Installing large economies of scale solar park may reduce the price of solar power. Rooftop solar power is generated majorly for home consumption. The efficiency of solar power panels are less than 14 % and it is also based on the total irradiation of solar. If the irradiation of solar is more than 300days then the efficiency of the panel may differ. Higher the efficiency of solar PV panels, by the less surface area in power plants. Solar energy markets are reducing the co2 emission level by the renewable purchase obligation given to the industries. The obligated entities have to generate their own renewable energy. Depending on the emerging market solar power is anticipated to reach between 396 to 540 GW globally.
Solar PV Panels are segmented on the basis of product type which includes, monocrystalline PV panels, polycrystalline PV panels, thick film PV panels, amorphous PV panels and other thin film panels are (cadmium telluride (CdTe) and copper indium diselenide (CIS)) are now being used as PV modules.
Power generated from solar are having very less frequency so that they can’t be transferred directly to the normal grid but by using smart grid technologies we can inject renewable power directly to the smart grid. In smart grid technologies, we can add up net metering technique to have two-way communications, so that the information can be transferred between the buyer and seller.
Based on the region market has been segmented which include Europe, North America, and Asia Pacific. Europe is one of the market leaders in solar and they are generating 7% of electricity demand in three European countries include Italy, Germany, and Greece. Solar powers are expected to grow by 80% in the European countries and 40% consumption.
North America is the emerging market and they are focusing on distributed generation and solar PV installation. U.S has generated 25GW by the end of 2015. North American government is giving subsidy and incentives to the buyers.
In China the solar PV installed capacity is anticipated to reach 143GW over the forecasted year from 2015 to 2020 and India is emerging very faster in CAGR of the total market and it is expected to be worth $4.71 billion by 2020.
Japan has become the third largest solar power producer after Germany and China. After Fukushima disaster, they shifted their country policies towards the renewable energy. The installed capacity of Japan is 23.3 GW by the end of 2014. The isolation in Japan is good and it is about 4.3 to 4.8 kWh/(m2.day). 2.5 % electricity demand is generated by solar power in Japan.
Key industry players in the solar markets are Sun Tech, Sun Edison, Sharp Solar, Yingli Green Energy, Indo Solar Ltd, Trina Solar, Sun Power Corp, Canadian Solar, Renesola, and Mitsubishi Electric Corporation. These industry key players are manufacturing new innovative solar technologies to sustain in the competitive market.
Research Support Specialist, USA