What is the solar photovoltaic (PV) market report?

Besides this, the report offers insights into the Solar Photovoltaic (PV) Market market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several drivers that have contributed to the growth of the advanced market over recent years. U.S. (By Application) U.K.

Which region is growing the solar power market?

The North America region is also expanding significantly in this market. The region is increasing solar photovoltaic capacity in Canada and the U.S. The region along with Central America has installed a capacity of more than 100 MW of off-grid solar installation in 2020.

How will the rooftop solar PV segment grow during the forecast period?

The rooftop segment is likely to expand significantly during the forecast period. Rooftop solar is primarily used in small residential projects and the number of residential projects is also increasing. Thus, driving growth in the rooftop solar PV segment in the market.

Which region has the largest solar market in the world?

The Asia Pacific region held the major share of the global market. More than 77 GW of solar capacity will be added to the region in 2020. The primary elements driving the market's growth are high solar irradiation levels and cheap component production costs.

What are the different types of PV systems?

Based on the installation, the market is segmented into ground-mounted, rooftop, and others. The ground-mounted segment held a dominant share of the market in 2020. This type of PV is mainly used for commercial and utility purposes as it is cost-effective.

Which companies are expanding their solar capacity?

Currently, Canadian Solar Inc., First Solar, and Trina Solar are leading the market. These companies are expanding their solar capacities by inducing new plants or expanding the existing ones. For example, in July 2020, Sonnedix augmented its operational capacity by 8.2 MW through the acquisition of two portfolios.