Photovoltaic market has showed leading growth in European countries

21-Sep-16

Photovoltaic is method of generating electricity from solar energy using semiconductors that produce photovoltaic effect. Photovoltaic market has showed leading growth in European countries. As per Allied Market Research, around 74% of world’s new PV installation was done in Europe in 2011. PV market covers approximately 2.4% of electricity demand and approximately 5.1% of electricity demand in Europe. Photovoltaic market is strongly driven by decrease in PV technology cost and increase in electricity price. This driving force provides benefits to developing countries such as India, China, and Japan. Change in climatic factors influence the growth of PV market. PV installation rate in Europe is decreased to 55% in 2012 from 74% in 2011.

The global PV market is becoming more diversified. China, America, Japan are emerging markets and continue to grow in future. The major market share for photovoltaic comes from utility sector. Mergers & acquisitions and expansion into new and emerging markets will bring success for the photovoltaic markets to increase sales.