Following the current market dynamics and latest trends, BIS Research has announced that the solar PV sector is expected to reach cumulative installed capacity of 143 GW through the forecast period from 2015-2020 in its report Asia-Pacific Solar Energy Market Outlook, Focus on Solar Photovoltaic (PV) and Solar Thermal Energy by Equipment, Application, and Geography: Estimation and Forecast, 2015-2020. The increasing focus on sustainable development along with the motto of reducing carbon and green house gas emissions is primarily acting as an impetus for the adoption of solar energy. The primary reason behind the growing popularity of the solar energy diversity is in the ways of harnessing various forms of solar energy using variety of technologies such as PV cell, thermal heating, and concentrated solar power technology.
The report covers all these technologies, analyzed qualitatively and quantitatively. The qualitative data focuses on the market dynamic, trends, and developments in the solar energy sector while the quantitative data provides the information of the market statistics in terms of capacity, generation, and revenue. Moreover, the report puts special emphasis on thermal solar heating and solar PV technology, describing their ecosystem and applications individually. The market dynamics highlights the key drivers and restraining forces all along certain untapped opportunities of this market. The report also provides a comprehensive section of the key consortiums and the authorities with their role in governing laws for solar energy sector.
The solar market is segmented by application and by geography in the report including the major countries in the APAC region. The application chapter fragments the uses of solar electricity in the utility scale, residential, and commercial segment. The major countries covered in geography chapter of APAC are China, India, Japan, and Australia among others. Owing to the increasing environmental concerns and associated regulations with regard to the deployment of solar energy, this sector is expanding at a double digit growth rate, with China acquiring the largest market. India, now expected to be growing at the fastest CAGR, is anticipated to hold a total market of worth 4.71 billion by 2020.
The solar energy market (PV and solar thermal) has gained significant traction in the recent past, and is anticipated to attain almost 265GW and 568GWth of cumulative capacity by 2020 for solar PV and solar thermal respectively. The analyst at BIS Research says, “Our report provides the readers with an adequate understanding of the current status of the market by using the main factors of the five forces, alongside presenting detailed information on existing competitors as well as new competition in the market.”
