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Solar Photovoltaic (PV) System Installation Market Is Expected To Reach USD 146.9 Billion Globally In 2018: Transparency Market Research

ALBANY, New York, April 10, 2013 /PRNewswire/ --

According to a new market report published by Transparency Market Research ( " Solar Photovoltaic (PV)  Installation Market  by Grid Type (Grid-connected, Off-grid), by Technology (Thin film PV, Crystalline PV, Others), by End Use (Residential, Commercial, Utility-scale)  -  Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," the global solar PV installation was 29.6 GW in 2011 and is expected to reach 60.05 GW in 2018, growing at a CAGR of 10.7% from 2012 to 2018. In terms of revenue, the market is expected to grow at a CAGR of 5.6% from 2012 to 2018.

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Solar PV technologies estimated and forecasted in this study comprise of thin film PV, crystalline silicon PV and Others (organic solar PV, CPV etc.). Abundant supply of sunlight/ solar energy, growing demand for electricity, well-matched alternative with adequate output efficiency, lower than expected solar PV system prices, strong government support in the form of incentive schemes, favorable regulatory scenario and growing application scope are expected to drive solar PV systems demand over the next five years.

The wet climate across different geographic regions leading to deterioration of solar panels, limited life of batteries utilized in off-grid solar PV systems, slashed feed-in tariff rates, irregular solar intensities, and oversupply conditions are collectively expected to restrain the market growth of solar PV systems.

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The residential end use sector is expected to be one of the rapidly growing markets and accounted for 30.22% of the overall demand in 2011. Increasing applications in utility-scale enabled this sector to dominate the solar PV market in 2011, accounting for 43.07% of market share. The residential sector is expected to attain 33.36% market share by 2018.

Key products analyzed and estimated in this study include thin film PV, crystalline silicon PV (c-Si PV) and Other types (organic solar PV, Concentrated PV etc.) of solar PV's. The study also covers grid-connected and off-grid PV systems. Grid-connected solar PV's dominated the grid type market, accounting for 98.03% of the overall installed capacity in 2011. Crystalline silicon solar PV has captured majority of the market and accounted for 80.81% of the overall installed capacity in 2011. Thin film PV market follows the c-Si PV market and is expected to grow with a CAGR of 18.0% from 2012 to 2018.

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