Photovoltaic (PV) Market Forecast

Photovoltaics are best known as a method for generating electric power by using solar cells to convert energy from the sun into a flow of electrons. PV technology is emerging as the major technology for generation of power in the world.Photovoltaics (PV) is a method of generating electrical power by converting solar radiation into direct current electricity using semiconductors that exhibit the photovoltaic effect.The PV market is observed to be one of the fastest growing sectors.

Source : www.nationalphotovoltaics.com

Applications of PV system includes :

1.  Plug in solar.
2.  Telecommunication and signalling.
3.  In transport.
4.  Floatovoltaics.
5.  Spacecraft applications.
6.  Standalone devices.
7. Power stations.
8.  In buildings.
9.  Rural electrification.
10.  Solar roadways.

The total PV market Worth $130.0 billion by 2015 at a CAGR of 18.5% from 2010 to 2015 As per the new market research report, “Global Photovoltaic (PV) Market & Insights into Chinese and Japanese Photovoltaic Market (2010 - 2015)”, published by MarketsandMarkets (www.marketsandmarkets.com).

In photovoltaic system Groups of PV cells are electrically configured into modules and arrays, which can be used to charge batteries, operate motors, and to power any number of electrical loads. With the appropriate power conversion equipment, PV systems can produce alternating current (AC) compatible with any conventional appliances, and can operate in parallel with, and interconnected to, the utility grid.

Source : www.diversepower.com

Photovoltaic systems have a number of merits and unique advantages over conventional power-generating technologies as follows : 

1. The fuel (sunlight) is free.
2. no noise or pollution is created.
3. properly installed PV systems require minimal maintenance and have long service lifetimes.
4. PV systems are modular, easily expandable and even transportable in some cases.
5. Grid-connected solar electricity can be used locally thus reducing transmission/distribution losses.
6. Very little research money has been invested in the development of solar cells as
   Compared to fossil and nuclear energy sources.   

Initially Europe was the largest and one of the most promising markets for PV, Japan and China are expected to emerge as potential markets in the years to come. This is evident from the huge market potentials and impressive projects being undertaken by the market players.

Source: MarketsandMarkets