Collectively, more than 70% of the energy demand was driven by China, United States and India in 2018.
CRIFAX added a new market research report on ‘GlobalPhotovoltaic Systems Market, 2020-2028′ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
On the back of growing population and economic development around the world combined with rising energy demand among residential, commercial and public services, and transport sector, the global Photovoltaic Systems Market is estimated to witness exuberant growth over the forecast period, i.e., 2020-2028. According to IEA (International Energy Agency), the worldwide energy demand grew by 4% (900TWh) in 2018. In the same year, the estimation of total electricity production across the globe was attained through coal and natural gas, with coal contributing to 25.6% and natural gas with 27.9% of the total production. Additionally, there is a rising demand for clean, sustainable and eco-friendly energy generation due to increased concerns pertaining to rise in CO2 emissions from energy genheration.
Driven by these concerns, many government bodies introduced strict policies and regulations in order to reduce carbon emissions and their adverse impact on the environment. These are some of the notable factors that are contributing to the growth of the global Photovoltaic Systems Market.
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Moreover, the growing awareness related to climate change and environment degradation is encouraging many manufacturers to implement sustainable energy strategies and invest highly in environment friendly power generation technologies, which is further estimated to promote sustainable development among various nations across the globe. With renewables comprising of almost 45% of the electricity production growth around the world, IEA estimated an accelerated growth of 7% (almost 450TWh) in energy generation from renewables in 2018 as compared to an annual average growth of 6% since 2010. During the time period of 2017-18, around 40% of the growth in renewable electricity production in China, 26% in Europe, 7% in the United States, 6% in India and 21% of the growth was recorded in Rest of the world. The rising number of initiatives to achieve cleaner energy goals is estimated to positively impact the growth of the global Photovoltaic Systems Market throughout the forecast period.
To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the global Photovoltaic Systems Market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.
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