Solar PV market predicted to grow 286% to $345.59b by 2020

This is at an annual growth rate of almost 20% between 2014 and 2020.

The photovoltaics market is expected to grow from $89.52b in 2013 to $345.59b by 2020, at a CAGR of 18.30% between 2014 and 2020, according to a recent report by Markets and Markets. In terms of geography, APAC is expected to hold the major market share at 53.25% in 2013, followed by Europe at 23.52%.

The key driving factor behind this would be the presence of the major players in the region and increasing government support. The major players in global photovoltaics market are Kaneka Corporation (Japan), Kyocera Corporation (Japan), Mitsubishi Electric Corporation (Japan), Panasonic Corporation (Japan), Sharp Corporation (Japan), JA Solar Co. Ltd (China), Jinko Solar (China), ReneSola Co. Ltd (China), Suntech Power Holdings Co. Ltd (China), Trina Solar (China), Yingli Green (China), and Canadian Solar (Canada) among others.

The PV market is observed to be one of the fastest growing sectors supported by various government incentives and funding along with,the extensive R&D activities undertaken by the major market players.

PV technology is emerging as the major technology for the generation of power in the world; which is evident from its continuous growth in the last decade.Thus, the market players including both public and private entities are actively taking part in the development of the PV market by making investments, expanding their geographic footprint, and enhancing the said technology.