The global solar PV market is expected to gain impetus from the rising demand for alternate sources of energy. According to a report by Fortune Business Insights, titled “Solar PV Market Size, Share and Global Trend by Installation Techniques (Flat Roof Solar, Pitched Roof Solar, Ground Mount Solar), by Solar Module (Monocrystalline, Polycrystalline, Thin Film), by Supply Methods (On Grid, Off Grid), by Application (Residential, Commercial, Industrial, Utilities) and Geography Forecast till 2026,” governments of numerous countries across the globe are focusing on a source of green energy. And, solar energy, being a renewable source, is targeting several investors. This is anticipated to result in the growth of global solar PV market.
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The report classifies global solar PV market on the bases of installation techniques, geography, solar module, application, and supply methods. In terms of installation techniques, the market is divided into ground mount solar, flat roof solar, pitched roof solar, and others. Out of these, the flat roof solar installation technique is used the most due to numerous benefits that they provide. In terms of solar module, the market is classified into thin film, monocrystalline, and polycrystalline. The most preferred solar module amongst these, is monocrystalline. This is because monocrystalline is long lasting and efficient.
Supply of Maximum Sunlight Enables Africa to Offer Lucrative Growth Prospects to Solar PV Market
Geographically, the global solar PV market is segmented into Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Amongst these regions, China remains in the leading position as the region is the largest producer of photovoltaic energy and solar panels in Asia Pacific region as well as in the world. Germany is the largest producer of solar panels in Europe followed by United Kingdom, Spain, Italy, and others. In North America and South America, U.S.A and Chile top the list, respectively.
Moreover, in South America, countries namely, Brazil, Mexico, Uruguay, and Canada have also started producing solar energy at a rapid rate. South Africa is one of the most successful countries in producing solar energy in the African continent, followed by Reunion, Angola, Senegal, Egypt, and more. This is because Africa receives maximum sunlight than any other continent on the planet. The continent has realized this factor and hence, has started working on the production of solar energy to their fullest.
Strategic Investments of KfW Bankengruppe, Goldman Sachs, and Other Key Players to Boost Growth of the Market
KfW Bankengruppe, a prominent development bank based in Frankfurt, announced their plan to invest in the state of West Bengal in April 2019. This investment is expected to assist South Asia to get its biggest floating solar power plant. The power plant will have a capacity of 500MW and it is likely to attract an investment of 2500 crore. Mukutmanipur’s Kangsabati river is anticipated to be the location for this power plant. Goldman Sachs, an American multinational investment banking company, bought 233 Megawatts of commercial solar leases from SunPower, a solar energy company based in the U.S., in March 2019. The entire deal covered 200 projects spread over 9 states. SunPower deposited 233MW of commercial solar leases to Goldman for $89.6 million. Furthermore, in March 2019, GAIL India, Ltd., a natural gas transmission company headquartered in New Delhi, signed a pact with Bharat Heavy Electrical Limited, an Indian engineering company, for the development of solar power plants. GAIL will be acting as procurement, engineering, project, and construction management contractor.
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