Recent development in solar industry has turn up the world in to renewable fusion. Solar market consisting of solar photovoltaic modules, solar cell, solar thermal, solar pump, solar modules manufacturing components and other related products in this category.According to the PV Market Alliance, global PV markets should double during the next five years, reaching between 180 and 200 GW from 2022 in a more diversified market.
Smart Cities are becoming a major trend in Europe and beyond. Today cities are responsible for around 75% of global energy consumption and 80% of greenhouse emissions. Such concept could be healthier to generate new energy and pollution control.
Other report publishedin Global Market Outlook, India officially targets 11 GW, including 10 GW ground mount and 1 GW rooftop systems, for its fiscal year 2018- 19, which will end in March 2019. The current project pipeline is lower, after fewer tenders were issued in the past year. In initial phase of 2018, uncertainty stemming from a discussion on a 70% safeguard tax on imported solar cells, although this seems off the table for now. On the other hand, India’s Ministry of New and Renewable Energy (MNRE) laid out its roadmap for future tenders to boost demand, announcing end of last year, to tender 20 GW in fY 2017/18 and 30 GW each in fY 2018/19 and fY 2019/20, which explains the very high tender activity over the first months of 2018.
However, other markets like China and Europe also having their own trend for recent figures and future trend. According to PV market source and analysts says 98 GW of PV capacity was installed last year, a gigawatt wary of the figure registered a year earlier. With around 44 GW, China accounted for almost half of global capacity additions, a figure that was down 17% on 2017’s record 53 GW as markets in the USA, Japan and India also stagnated, to post a combined 26 GW. The market will continue to diversify, with distributed applications growing in share, while new market segments will start to contribute significantly: floating PV, agricultural PV, but also BIPV and VIPV (PV for vehicles) will complement the existing ground-mounted and BAPV plants. Off-grid will remain marginal in volume while large-scale off-grid will grow, especially in Africa. New applications could represent up to 25% of the global PV market from 2022.
*Report Analysis:Global MktOutlook20182022