Sustainable & Smart Technologies
Stationary battery storage market to witness a phenomenal CAGR of 18% over 2017-2024, China to be a major revenue pocket
With grid connected battery storage systems getting into the mainstream power supply, stationary battery storage market is forecast to witness an upswing in the coming years. Energy storage has served as an interface between intermittent renewable power and the benefits of 24/7 reliable, clean resilient energy supply. Utilities around the world are intrigued by the storage potential to address other needs such as releasing congestion and smoothening out power variations that occur even in renewable energy generation. One of the profound factors that is likely to act in favor of stationary battery storage industry augmentation is the unprecedented demand for electricity across the world. In fact, an estimation by IEA (International Energy Agency) depicts that emerging countries would require doubling their power generation by 2020 to meet the growing demand. With the increasing global initiatives toward greenhouse gas emission abatement, a portion of the upcoming power generation should come from renewable sources.
Germany Stationary Battery Storage Market Size, By Battery, 2016 (USD Billion)
Statistics claim, Stationary Battery Storage Market valuation which was approximately USD 2 billion in 2016, is forecast to take a giant leap in the coming seven years in terms of revenue collection, with a target value of USD 35 billion by 2030. The industry landscape is quite regulatory driven, given that the system deployment has some profound environmental impact. The stringent regulatory framework and the economic structure that needs to be abided at various stages in energy storage systems deployments determines the competitiveness of the stationary battery storage industry landscape.
Product differentiation is one of the prime strategies adopted by the stationary battery storage industry giants to sustain their position. For instance, Tesla’s lithium ion based battery storage products, ‘Powerwall’ is indeed a breakthrough in the industry. Recently, the American automaker has launched the upgraded version of the storage solution, Powerwall 2 of in South Australia, to mitigate the problem of increasing blackouts in the continent. Some of the other biggies involved in stationary battery storage market include Hitachi Maxell, Koninklijke Philips, Valence Technology, A123 Systems, and Exide Technologies.
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With energy crisis issue coming on board across various geographies across the world, stationary battery storage market is subsequently gaining a renewed traction. This is quite evident from the yesteryear’s overall battery storage deployments, with a total capacity of 336 MWh. As per statistics, the energy storage capacity doubled from what it was in 2015. Battery technology, especially lithium ion based models have been gaining a remarkable attention of late and have progressed the furthest. Lithium ion batteries have extensively deployed in automotive and consumer electronics sectors over the recent years. As per estimates, Lithium ion battery market is forecast to exceed a revenue of USD 53 billion by 2024. The growth scale certainly signals the commercialization of lithium ion based stationary battery storage market as well. Recently, in the first quarter of the year, Tesla has launched a grid connected lithium ion battery plant of 129 MWh in South Australia. It is claimed to be world’s biggest battery storage plant. In addition, lithium ion batteries falling price trends are also expected to act in favor of stationary battery storage market expansion.
Responding to the environmental call, there has been a massive upsurge in the upgradation of conventional grid network model and refurbishment projects. This positive trend is certain to drive stationary battery storage industry share in the coming years. In fact, surveys claim that emerging nations with swiftly developing residential establishments will turn out profitable for the market growth. Frequent grid failures and power discrepancies are pushing the demand high from the emergency power sector. Stationary battery storage market from emergency power supply as depicted by Global Market Insights, Inc., will record a y-o-y growth of 18% over 2017-2024.
Speaking along similar lines, the Europe belt has quite actively responded to the environmental needs, and thereby the region is forecast to be a potential business avenue for stationary battery storage industry. Countries like UK, France, and Germany stands out as the major revenue pockets. In fact, as per statistics, UK stationary battery storage market held a valuation worth approx. USD 90 billion in 2016, and has been predicted to witness sizable growth over 2017-2030. The regional market is characterized by the stringent regulatory framework which regional battery manufacturing units need to comply with. For Instance, Energy Efficiency Directive (2012/27/EU) enforced by European Commission implements standardization on energy storage systems.
China, as per market experts, will prove to be another lucrative business ground for stationary battery storage market investors. A plethora of factors that can be placed behind this forecast include extensive commercialization, growing regional population coupled with surging demand for power, and Chinese government’s huge investment in grid upgradation. For instance, National Energy Administration of China has recently announced to invest USD 335.4 billion in renewable energy power technologies by 2020. China Energy Storage Alliance (CNESA) in their recent report has forecast that the country will undergo a chain of trends in the coming years, pertaining to the energy industry, which undoubtedly will leave a perpetual impact on the regional stationary battery storage industry which is forecast to exceed USD 2 billion by 2030.
Though stationary battery storage industry is forecast to penetrate most of the emerging nations across the world, the growth curve will vary significantly on a global level. A large number of factors that are underlining this growth variation as per region include regulatory landscape, grid infrastructure, supply framework, population demographics, and energy demand. However, keeping into consideration the aforementioned aspects, stationary battery storage industry is set to exhibit a lucrative road map in the coming time frame, with a remarkable double digit annual growth rate of 18% over 2017-2030.
Author Name : Satarupa De
Europe offshore wind market to register steady gains over 2017-2024, Germany and Denmark to emerge as major regional contributors
The recent launch of two offshore wind farms by Dong Energy is an instance demonstrating the expansion of global Offshore Wind Market. This Denmark based energy company has announced the inauguration of Gode Wind 1 and 2 offshore wind farms, located 45 km off the German coast, with a combined capacity of 582 MW. With most of the regional governments & regulatory organizations undertaking numerous initiatives to adopting renewable energy, offshore wind industry is estimated to surpass a capacity of 60 GW by 2024, having held a valuation of USD 60 billion in in 2016.
Global Offshore Wind Market, By Region, 2016 (Cumulative Capex, USD Billion)
Europe has been one of the most outgoing participants of global offshore wind market. The numerous efforts taken by the regional government bodies have a key role to play in the development of this market. In addition, the continent is home to numerous energy companies that have been increasingly investing in R&D activities to come up high grade technology for developing sustainable energy. The European Union had funded a project in 2014, called the Horizon 2020, for a valuation of almost USD 80 billion. The funding is slated to last until 2020, and recently in 2017, the EU provided the annual budget of USD 17.83 million to reduce maintenance costs & offshore operations by integrating monitoring and control technologies. This program is EU’s flagship, and is anticipated to propel Europe offshore wind industry over the years to come.
An urgent need to curb GHG emissions is also one of key factors fueling the growth of offshore wind market. To fulfill this requirement coupled with the need to provide uninterrupted electricity, the member countries of the EU, in 2016, declared their plan to achieve 21% of sustainable energy targets by 2020. Simultaneously, the continent aims to reduce GHG emissions by 26% from what it was in 1990, thereby impelling the regional offshore wind industry.
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The Asian Development Bank, World Bank, and the International Finance Corporation are some of the key financial institutions that are actively partaking in global offshore wind market. In Europe, the Offshore Wind Investment established by the UK Government to encourage investments in sustainable energy will promote the deployment of clean energy projects, thereby impelling the regional offshore wind industry. Pertaining to favorable government support, UK offshore wind market is anticipated to witness a steady CAGR over 2017-2024. A strict regulatory framework has facilitated the deployment of the Contracts for Difference for ensuring long term revenues from power projects in the nation. Recently, in 2017, a decline of 32% in offshore prices was also observed in UK. This is another factor that is expected to push UK offshore wind industry over the years to come.
Turbines, one of most vital components of offshore wind market, held more than 30% of the overall revenue share in 2016. Increasing investments toward the development of high grade wind based technologies will augment the demand for large capacity turbines across various geographies, thereby contributing toward the growth of offshore wind industry. Similarly, floating turbines have been gaining precedence, especially across the APAC and European belts. This is essentially due to the need to simultaneously accommodate shipping and fishing activities and reduce visual pollution. The first floating turbine encompassed a capacity of 30 MW and was developed by the Norwegian offshore oil and gas group in 2016. A total of USD 199 million was spent on this plant, which is located across the Aberdeenshire coast of Scotland. A significant rise in such investments will suitably augment Europe offshore wind market.
Germany is another region is Europe that has been contributing significantly to offshore wind industry, in addition to numerous other renewable energy initiatives. The German government has mandated stringent targets for increasing turbine capacities to generate renewable energy on a large scale. In addition, recently, the German government, in tandem with the governments of Belgium and Denmark, has planned to cumulatively add an offshore capacity of 60 GW by 2027.
The regulatory bodies in Netherlands have been increasingly striving toward promoting clean and affordable energy. On these grounds, the nation has come up with the National Energy Agreement, under which an additional 4.5 GW of offshore capacity is slated to be added by 2023. Recently in 2017, the nation integrated its largest offshore farm in the North Sea that is designed to manufacture 2.6 TWh of clean energy on an annual basis. Pertaining to the aforementioned facts, it has been estimated that Netherlands offshore wind market will grow at a rate of 12% over 2017-2024.
Offshore wind industry from electrical infrastructure is expected to observe tremendous gains, subject to the rising number of investments by key component manufacturers across the globe. For instance, in 2016, renowned French cable manufacturer, Nexans had been appointed by VBMS, the Netherland based subsea power cable manufacturer, to establish a subsea connection between offshore turbines and onshore transmission grids for its Blyth offshore wind project in UK. This venture is considered to be the first offshore wind farm of 66 kV capacity, developed by VBMS and EDF Energy Renewables and VBMS.
Wires and cables, a key sub-component electrical infrastructure, is also slated to depict steady gains over 2017-2024, after having held more than 2% of the overall offshore wind market share in 2016. Pertaining to the rising number of microgrid networks – courtesy, advanced distribution generation technologies, offshore wind industry from wires and cables will grow sharply over the coming years.
Research and development activities are being prioritized by companies in order to innovate high grade wind based technologies and impel offshore wind market. For instance, in 2017, an offshore wind tender of 1.5 GW capacity was launched by the German Federal Network Agency with an aim to reduce the generation tariff. The Netherlands government also aims to reduce the generation costs by 40% over the next ten years. In fact, recently in 2017, Statoil and Siemens had collaborated under the ‘Hywind Scotland’ project to come up with a floating wind farm in Norway. The farm encompasses a capacity of 30 MW and is expected to heavily influence the overall offshore wind industry.
The past decade has witnessed a bifold growth rate for global offshore wind market. The deployment of stringent government norms to curb carbon emissions and implement clean energy schemes will impel this market over the years to come. Reputed biggies such as Senvion, MHI Vestas, Sinovel Wind, Siemens, Doosan Heavy Industries & Construction, and Adwen have been adopting organic strategies to sustain their position in the escalating offshore wind industry.
Author Name : Saipriya Iyer
China solar PV glass market to exhibit remarkable gains over 2017-2024, supportive government initiatives to spur the product demand
The global solar PV glass market is gaining remarkable momentum with escalating investments toward boosting energy efficient technology and conserving the energy mix. Favorable government initiatives and projects toward the usage of clean energy sources to reduce carbon footprints have brought about huge growth prospects for solar PV glass industry over the coming seven years. In 2016, global Solar PV glass market was worth over USD 2 billion and the overall consumption is projected to cross 700 million square meters by 2024, according to a report by Global Market Insights, Inc.
U.S. Solar PV Glass Market Size, By End Use, 2016 & 2024 (USD Million)
The photovoltaic glass is widely used to concentrate sunlight and convert the solar energy into electric energy. Using solar PV cells and glass in building facades and roof lighting systems can result into economical use of solar energy. PV glass can thus be directly used for power generation for small scale sectors. In countries such as the U.S., the government has introduced rebates and subsidies for the installation of solar PV glass. It has also initiated policies such as Investment Tax Credit (ITC), which has significantly reduced the overall cost of the product to boost its adoption. As per a report by EIA, the U.S. boasted of a total installation of over 12.6 GW of solar PV systems in 2016, chiefly for the residential sector.
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The rising demand for solar PV glass across the residential sector has provided a significant impetus to the tempered/toughened solar PV glass market. This product segment provides better thermal stress breakage and mechanical strength to the glass and is therefore safer than its counterparts. The tempered solar PV glass market is thus likely to witness a lucrative growth of 7% over 2017-2024.
China is a major consumer, producer, and exporter of photovoltaic systems and accounted for more than 50% of the overall solar PV glass market in 2016. In December 2016, the Chinese government amended its Thirteenth Five Year Plan to improve the countries photovoltaic energy sector with an aim to achieve at least 23% of efficiency in large scale production of crystalline silicon photovoltaic cells by 2020.
UK solar PV glass industry has also been gaining traction of late. In 2016, the UK government proclaimed a complete phase-out of the standing coal fired stations by 2025. Moreover, stringent government regulations for curbing the carbon emissions has resulted into several government initiatives to install rooftop solar PV units, which is turn has raised the regional share for solar PV glass industry.
On the technology front, solar PV glass market is segmented into two types namely float and pattern. The pattern solar PV glass market share is expected to depict an annual growth rate of 6% over the period of 2017-2024, owing to its better aesthetics, easy lamination, non-blinding effect, and desired degree of transparency. On other hand, the float solar PV glass industry also holds a significant market chunk as it finds extensive applications in thin film photovoltaic modules.
Solar PV glass market from thin film CIS / CIGS segment is likely to register a CAGR of 9% over 2017-2024. Moreover, the use of low iron pattern and float glasses for manufacturing crystalline modules has considerably impelled the solar PV glass industry.
The global solar PV glass market is likely to witness strategic collaborations and mergers to expand their network across different regions. Prominent industry players include Guardian Industries, Vidur Glass, Guangdong Golden, Xinyi, Sunarc Technology, Jin Jing, Borosil, and Flat Group.
Author Name : Ojaswita Kutepatil
Depleting fossil fuels have led to the adoption of sustainable sources such as solar energy, which will stimulate solar PV mounting systems market. Increasing awareness regarding the adverse effects of GHG emissions on the environment and human health is slated to encourage the usage of solar based power generation. Implementation of stringent rules and regulations to restrict the emission of GHG will fuel solar PV mounting systems industry size noticeably. In addition to this, the reducing costs of the component will also propel the product demand. According to Global Market Insights, Inc., “Worldwide Solar PV mounting systems market was valued USD 6 billion and will generate a notable revenue with an annual growth rate of more than 6% over the period of 2017 to 2024.”
Europe Solar PV Mounting Systems Market, By End Use, 2016 & 2024 (USD Million)
The world is trending toward the adoption of smart technology. The development of smart cities and green buildings in the commercial as well as residential sectors across the globe will amplify the demand for solar PV mounting systems industry. The deployment of zero emission building norms will also favor the adoption of the product across the commercial sector. Large-scale corporations are also setting an example regarding the adoption of solar power generation. To reduce carbon emission, Lloyds Bank made an investment of USD 1000 million in 2016.
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Pertaining to the growth of commercial constructions, solar PV mounting systems industry from the commercial sector will collect significant revenue over the years ahead. The installation of PV systems across the industrial and commercial sector is slated to cross 20.2 GW by 2023, in terms of volume.
To reduce the dependency on non-renewable energy sources such as fossil fuels and to control emissions up to 80%, many countries across Europe have been striving to adopt solar PV mounting systems. The UK government is planning to generate 30% of the overall energy from renewable energy sources by 2020. On these grounds, UK solar PV mounting systems industry will generate a notable revenue with a CAGR of more than 5% over the coming seven years.
The U.S. government is investing heavily to develop clean energy technologies. Besides, the implementation of favorable energy security rules and regulations will influence the product demand. U.S. solar PV mounting systems market will collect a significant revenue over the coming timeframe. The government has also been promoting the product by offering supportive tax rebates, financial assistance, and net metering, which will augment the market share. Speaking about the ongoing technology development, the industry giants are investing their time and money to improve and produce high capacity generation power systems. In fact, the tracking technology covered more than 19% of solar PV mounting systems market share in 2016 and will record substantial growth rate over the years ahead. This technology has the capability to improve the power generation capacity of the product by 20%.
The notable participants in solar PV mounting systems market are UNIRAC, Quick Mount PV, Schletter, Inc., Landpower Solar Technology, Xiamen Grace Solar Technology Co., Ltd., K2 SYSTEMS, Suyash Metatech, RBI Solar, DPW Solar, Versolsolar Co., Ltd., and SNS Corporation.
Considering the ease of installation, compact size, and space optimization benefits, popularity of rooftop mounting systems is increasing among the customers. Rooftop solar PV mounting systems market will exhibit an annual growth rate of more than 8% over the period of 2017 to 2024. The attributing factor toward the market growth is emergence of distributed power to minimize the grid dependency.
Top companies operating in Solar PV mounting systems market have been focusing on cost effectiveness of the product along with performance enhancement to improve their profit margins. Business participants have also been adopting various growth strategies to expand their global presence over the coming timeframe.
Author Name : Sunil Hebbalkar
France hydropower market to witness a profitable roadmap over 2017-2024, high energy production rate from renewable sources to augment the regional demand
Global hydropower industry is spectating a robust growth path over the years ahead, subject to the fact that clean, sustainable power generation from water, one of the most abundantly available renewable resources, is gaining renewed prominence at the global level. Hydropower is most widely utilized renewable source of power generation. The industry has been a subject of vital importance for advanced research institutes, which have been striving to deploy high capacity products for massive power generation applications, which will subsequently propel hydropower market. As per the IEA (International Energy Agency), hydroelectric held more than 80% of the total renewable energy mix.
Germany Hydropower Market Size, By Capacity, 2016 & 2024 (GW)
Increasing measures to reduce carbon footprints and the escalating demand for reliable power sources have fueled the growth of global hydropower industry. A report by Global Market Insights, states that, Hydropower Market in 2016, was worth more than 1000 GW in terms of volume and is projected to surpass 1300 GW by 2024, expanding at an annual growth rate of 2% over the period 2016-2024.
Based on product capacity, hydropower market is segmented into micro, pico, mini, small, and large hydropower stations. Small Hydropower Market size is expected to grow at 2.5% over 2016-2024, which will augment the overall market trends. This is possible due to the product versatility, reduced investments, and renewable nature. Mini hydropower market contributed to 2% of global hydropower industry share in 2016, owing to its low environmental impact and cost-effective characteristics. Growing investment in electric infrastructure to upgrade to smart off grid networks has further augmented the mini hydropower market. For instance, in 2016, the Government of Malaysia, launched the Sarawak Alternative Renewable Energy Scheme which plans to integrate micro hydro power plants for rural electrification in the region.
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In 2016, large hydropower capacity segment accounted more than 80% of overall hydropower industry share, subject to the rigorous deployment of power stations and projects for upgradation. ANDRITZ AG, an Australian company, installed three hydroelectric stations in Brazil and Nicaragua with an aim to provide reliable electricity, by spending USD 75 million collectively. Moreover, rising electricity demand from India, China, and Brazil will further augment the large capacity hydropower market.
Several countries of North America, Asia Pacific, and Europe have introduced plans to upgrade, modernize, and renovate their existing stations to ensure more efficient operations. For example, EU Renewable Directive (2009/28/EC) wants all the state members to target at least 20% of the final energy consumption from renewable sources by 2020. In an attempt to follow the EU Renewable Directive, from the total electricity produced in Europe, hydropower accounted more than 13.2% in 2014.
Rapid industrialization and urbanization in China have generated colossal growth opportunities for hydropower industry players, as China plans to invest USD 3.6 billion in Myanmar’s Myistone unit. This will help the Myistone unit to generate 6000 MW of hydropower by 2030. Moreover, in its 13th Five Year Plan, the Government of China announced plans to implement clean energy sources and also proposed the installation of 340 GW of hydropower stations by 2020. The massive growth of global Offshore Hydropower Market is also bound to positively influence the overall industry trends.
In North America, substantial funds have been raised toward developing sustainable energy, which has, in a way complimented the growth of hydropower industry. The abundant availability of natural resources will further help the region to prosper and contribute toward clean and reliable energy sources. In 2016, U.S. hydropower market accounted more than 50% of total regional share and is likely to continue its dominance over the coming years. For the United States, in 2015, Rey Development announced to inject USD 60 million in hydroelectric installation across the region.
The market players are adopting strategies such as mergers and acquisitions to expand their global reach. Some of the key players in the hydropower industry include General Electric, Ontario Power Generation, RusHydro, China Yangtze Power, Agder Energi, China Three Gorges Corporation, Alfa Laval, and Tata Power.
Author Name :Ojaswita Kutepatil
Legal process outsourcing market to register a phenomenal CAGR of 35% over 2016-2024, on-shore LPO services to witness high demand
Legal Process Outsourcing (LPO) Market is set to undergo a rapid evolution in the next seven years. The industry which was valued USD 3 billion in 2016, is slated to record a massive revenue of USD 40 billion by 2024. Studies show that LPO market has created a paradigm shift in the business model of the firms by changing their way of conducting ongoing legal work. Legal process outsourcing is a core strategy that is widely adopted by both government and private entities. Rapid increase in the legal proceeding costs has led the companies to outsource these services via LPO services. Cost cutting is one of the prime factors driving the LPO industry trends.
U.S. LPO market size, by location, 2016 & 2024 (USD Million)
The swift expansion of Legal process outsourcing market can be majorly attributed to its wide end service spectrum which includes E-discovery, patent support, contract drafting, review & management, compliance assistance, and litigation support. E- discovery service market is set to record a shooting CAGR of 40% over 2017-2024. Increasing deployment of digital systems in the businesses is the major factor that is influencing the market trend. Outsourcing the electronic documents that are produced by these digital systems and fetching the meaningful information out of it is actually a troublesome job for the in-house legal department. These firms instead integrate their business model with LPO which considerably reduce their time and cost. Growing inclination toward legal research and IP monitoring for cost effectivity is providing significant growth opportunity to patent support services of LPO market.
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Onshore based legal process outsourcing industry is gaining a popularity over offshore based. The credit to this fact can be given to the shared regulatory framework on which onshore LPO works. Onshore LPO industry is anticipated to generate commendable revenue, driven by the adoption rate by organizations where there is an inter-connected business model. i.e. the firms which work conjointly with companies that belong to the same country.
Europe is one region which holds a prominent position in the global legal process outsourcing market particularly from onshore services. Increasing European Corporations’ preference for onshore services along with strict protective laws imposed by EU is catering the onshore LPO market in Europe. On the other hand, this region has comparatively lesser contribution toward the offshore legal process outsourcing market. With the growing concerns related to the legal expenses, corporate firms of European countries are proactively outsourcing their legal proceeding through professionals via LPO.
Countries like India, Philippines, and South Africa are witnessing an expanding offshore legal process outsourcing market. India market will prominently grow in the coming seven years. Favorable government initiatives such as FDI (foreign direct investment) is encouraging huge investments in these regions. Philippines legal process outsourcing industry share will witness considerable gains over the coming years. The growth can be attributed to this region being regarded as one of the most favorable offshore LPO destinations, owing to the low legal costs and strong infrastructure in this region.
With key players of the market focusing on acquiring renowned certifications like ISO 9001, and ISO 27001, the legal process outsourcing industry value in the next few years is anticipated to be commendable. As per an estimation given by Global Market Insights, Inc, Legal process outsourcing industry is projected to register a phenomenal CAGR of 35% over 2016-2024. Some of the prominent LPO industry participants include Integreon, Pangea3, QuisLex, Mindcrest, and United Lex.
Author Name :Satarupa De
The world is heavily treading toward the adoption of renewable energy sources, which will lucratively impel solar PV module market. There has been an increase in public awareness levels regarding the effects of GHG, released into environment after the burning of fossil fuels, which has prompted manufacturers to come up with suitable sustainable alternatives. This initiative will provide a push to solar PV module market growth. Several technological developments and the increasing number of manufacturing facilities has also resulted in reduced product cost, which will fuel the industry trends. According to Global Market Insights, Inc., “Worldwide Solar PV Module Market was valued USD 20 billion in 2016 and will surpass a revenue collection of USD 30 billion by 2024.”
North America Solar PV Module Market Size, By Product, 2016 (MW)
Many of the market players are engaged in collaborations with research institutes to bring about innovative technologies that will enhance the industry expansion. Growing investments in R&D activities, flexible integration, and better efficiency will boost the demand for thin film technology integrated products. In 2016, thin film covered more than 20% of the revenue share of technology segment in solar PV module market. The noteworthy participants in solar PV module market are First Solar, Canadian Solar, Trina Solar, JA Solar, Hanwha Q CELLS Co., Jinko Solar, SunPower, Yingli, ReneSola, Moser Baer, SFCE, Shine Solar, and Lanco.
Growing industrialization across the globe will fuel the need of renewable energy. Favorable government initiations in terms of financial support will prompt industry giants to adopt solar PV modules to enhance the growth of Solar Energy Market. Ground mounted systems are being deployed increasingly across the utility and commercial sectors subject to their numerous benefits. The ground mounted segment will exhibit an annual growth rate of more than 7% over the period of 2017 to 2024.
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The governments of various countries have lately been making huge efforts to enhance the grid connectivity of their nations. Speaking of which, the on-grid segment dominated the connectivity landscape of solar PV module industry by accounting for more than 55% of the revenue share in 2016. It is expected to record substantial growth rate over the coming timeframe.
Rural areas have witnessed a heavy deployment of micro-grids to fulfill the escalating need of off grid electricity, subject to which solar PV module market from off grid connectivity segment will generate a significant revenue over the coming seven years. To accomplish the need of sustainable energy, the U.S. has been installing micro grids on a large scale. U.S. solar PV module industry will register a CAGR of more than 6% over the coming years of 2017 to 2024. The attributing factor toward the market growth is deployment of stringent rules and regulations to control GHG emissions along with huge investments in power plants to increase the grid capacity.
To reduce carbon emissions in the environment, the government has been promoting the usage of roof top mounting system. Government support and favorable subsidies will propel solar PV module market from roof top mounting systems. The Asia Development Bank recently granted a subsidy of US 500 million for the development of roof top systems. Escalating installation of these systems across the residential sector will also influence the product demand.
Solar PV module industry from the residential sector collected a revenue of USD 4 billion in 2016 and is predicted grow lucratively over the years ahead. Monocrystalline products are also deployed across this sector, subject to which monocrystalline solar PV module market will grow at an annual growth rate of more than 6% over the period of 2017 to 2024. Additionally, the surging need to maintain energy efficiency will augment the product demand.
China covered more than 60% of Asia Pacific solar PV module market share in 2016 and will generate considerable revenue over the coming seven years. Shifting preference toward the adoption of renewable technology is likely to impel China solar PV module market.
Market players are focusing toward strategies such as product innovation and differentiation to gain more profit. The efforts of these companies coupled with government norms to promote clean energy will suitably impel global solar PV module market.
Author Name :Sunil Hebbalkar