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Global Solar Power Market

  • June 2014
  • -
  • Frost & Sullivan

Solar PV is becoming a High-growth Mainstream Energy Source in Emerging Markets

Frost & Sullivan estimates that global solar market revenues will grow between 2014 and 2020 despite the economic uncertainty in the global markets. A number of government sponsored initiatives are expected to boost the proportion of energy coming from 'green sources' and political willingness will also be a key driver of this market.With climate change high on the agenda for most governments, renewable energy has come to the forefront as one of the solutions proposed to combat global warming. Incentive mechanisms are also an important factor encouraging investments for the growth of the solar power market.

Key Findings

-Frost & Sullivan estimates that the global solar market revenue decreased by % in 2013 compared to the previous year. Market revenue is estimated to reach $ billion in 2020 growing at a compound annual growth rate (CAGR) of %. The market is expected to follow a positive growth pattern throughout the forecast period despite economic uncertainty in the global market.
-As a result of significant overcapacity and price decline of photovoltaic (PV) modules, the market registered negative growth in 2013 and larger global suppliers of PV panels struggled to make a profit, with some of them filing for bankruptcy.
-In 2013, the industrial and public projects segment accounted for the majority of the annual installed capacity at % and will be the fastest-growing segment for annual capacity installed at a CAGR of %.
-One of the key drivers for this market has been defining the structure of feed-in tariffs (FiTs) for solar PV-generated power. Favourable legislation should continue to propel the growth of the industry as a whole.
-A number of government-sponsored initiatives are expected to boost the proportion of energy coming from green sources, and political willingness will also be a key driver of this market throughout the forecast period. With climate change high on the agenda for most governments, renewable energy has come to the forefront as one of the solutions proposed to combat global warming.
Growth in the solar power market is impacted by the level of insolation that a region receives. Insolation is defined as the amount of solar energy reaching the earth, which is usually strongest on and around the equator and is measured in kWh/m/day.
-Higher latitudes have lower insolation levels, therefore, some regions are unattractive markets for solar PV.

Key Findings (continued)

-According to the European Photovoltaic Industry Association (EPIA), ‘‘China and India will lead the way as PV prices fall and economies rapidly develop in countries located ±° around the equator.’’ China and India have become the most attractive markets over the last years. Most large PV module manufacturers are building up their capabilities with tie-ups and alliances in these countries. Increased investment into this market is a result of the likely introduction of FiT systems, adequate solar radiation, and increasing awareness of renewable technologies.
-With increased technological efficiency, the cost of generating solar energy has decreased significantly, though the installation and maintenance costs still remain relatively high. Therefore, incentive mechanisms are an important factor encouraging investments for growth of the solar power market.
-The reduction of emissions from greenhouse gases (GHGs) and other pollutants is a priority for many countries, while energy efficiency is one of the most cost-effective ways to enhance security of energy supply. In many ways, energy sufficiency is one of the drivers impacting growth of the solar power market.
-The competitive landscape of the solar power market has been extremely dynamic with companies registering high growth at one point and declaring bankruptcy a few years later.
-Low manufacturing costs in Asia, particularly China, have resulted in the liquidation of some industry pioneers such as BP Solar, Photowatt (one of the first PV companies to become profitable), and Evergreen Solar (which closed its solar division, as was the case for BP). Q-Cells also closed down (although it was later rescued by BMW heir, Quandt). Suntech declared bankruptcy in March 2013.
-However, the market currently looks quite buoyant and Frost & Sullivan expects the market revenue to reach $ billion in 2014, an increase of % over 2013.

Table Of Contents

Global Solar Power Market
Global Solar Power Market
1. Executive Summary

Key Findings
Market Engineering Measurements
CEO's Perspective

2. Market Overview

Market Definitions
Key Questions This Study Will Answer
Market Structure
Market Segmentation by Region
Segmentation by Region Discussion
Distribution Channels

3. Drivers and Restraints—Solar Power Market

Drivers and Restraints
Market Drivers
Drivers Explained
Market Restraints
Restraints Explained

4. Forecast and Trends—Solar Power Market

Market Engineering Measurements
Forecast Assumptions
Revenue Forecast
Revenue Forecast Discussion
Annual Installed Capacity Forecast
Annual Installed Capacity Forecast Discussion
Pricing Analysis
Pricing Trends
LCOE Analysis
Technology Analysis
Technology Trends
Industry Value Chain
Regional Life Cycle Assessment
Revenue Forecast by Region
Revenue Forecast by Region Discussion
Annual Installed Capacity Forecast by Region
Annual Installed Capacity Forecast by Region Discussion
Regional Hot Spots
Annual Installed Capacity Forecast by End User
Annual Installed Capacity Forecast by End User Discussion
Annual Installed Capacity Forecast by Application
Annual Installed Capacity Forecast by Application Discussion
Annual Installed Capacity Forecast by Technology
Annual Installed Capacity Forecast by Technology Discussion

5. Market Share and Competitive Analysis—Solar Power Market

Competitive Analysis
Competitive Analysis—Market Share
Market Share Analysis
Competitive Environment
Top Competitors
Competitor Growth Analysis
Strategic Analysis—Five Forces Model

6. CEO's 360 Degree Perspectiveon the Solar Power Market

CEO's 360 Degree Perspective

7. North America Analysis

North America—Strategic Insights
Market Drivers
Market Drivers Explained
Market Restraints
Market Restraints Explained
Revenue Forecast
Revenue Forecast Discussion
Annual Installed Capacity Forecast
Annual Installed Capacity Forecast Discussion
Annual Installed Capacity Forecast by Country
Annual Installed Capacity Forecast by End Users
Annual Installed Capacity Forecast by End Users Discussion
Annual Installed Capacity Forecast by Applications
Annual Installed Capacity Forecast by Applications Discussion
Annual Installed Capacity Forecast by Technology
Annual Installed Capacity Forecast by Technology Discussion
Market Share
Market Share Discussion
Competitive Environment

8. Europe Analysis

Europe—Strategic Insights
Market Drivers
Drivers Explained
Market Restraints
Restraints Explained
Revenue Forecast
Revenue Forecast Discussion
Annual Installed Capacity Forecast
Annual Installed Capacity Forecast Discussion
Annual Installed Capacity Forecast by Country
Annual Installed Capacity Forecast by End Users
Annual Installed Capacity Forecast by End Users Discussion
Annual Installed Capacity Forecast by Applications
Annual Installed Capacity Forecast by Applications Discussion
Annual Installed Capacity Forecast by Technology
Annual Installed Capacity Forecast by Technology Discussion
Market Share Discussion
Competitive Environment

9. Asia-Pacific Analysis

Asia-Pacific—Strategic Insights
Market Drivers
Drivers Explained
Market Restraints
Restraints Explained
Revenue Forecast
Revenue Forecast Discussion
Annual Installed Capacity Forecast
Annual Installed Capacity Forecast Discussion
Annual Installed Capacity Forecast by Country
Annual Installed Capacity Forecast by End Users
Annual Installed Capacity Forecast by End Users Discussion
Annual Installed Capacity Forecast by Applications
Annual Installed Capacity Forecast by Applications Discussion
Annual Installed Capacity Forecast by Technology
Annual Installed Capacity Forecast by Technology Discussion
Market Share
Market Share Discussion
Competitive Environment

10. Latin America Analysis

Latin America—Strategic Insights
Market Drivers
Drivers Explained
Market Restraints
Restraints Explained
Revenue Forecast
Revenue Forecast Discussion
Annual Installed Capacity Forecast
Annual Installed Capacity Forecast Discussion
Annual Installed Capacity Forecast by Country
Annual Installed Capacity Forecast by End Users
Annual Installed Capacity Forecast by End Users Discussion
Annual Installed Capacity Forecast by Applications
Annual Installed Capacity Forecast by Applications Discussion
Annual Installed Capacity Forecast by Technology
Annual Installed Capacity Forecast by Technology Discussion
Market Share
Market Share Discussion
Competitive Environment

11. Middle East and Africa Analysis

Middle East and Africa—Strategic Insights
Market Drivers
Drivers Explained
Market Restraints
Restraints Explained
Revenue Forecast
Revenue Forecast Discussion
Annual Installed Capacity Forecast
Annual Installed Capacity Forecast Discussion
Annual Installed Capacity Forecast by End Users
Annual Installed Capacity Forecast by End Users Discussion
Annual Installed Capacity Forecast by Applications
Annual Installed Capacity Forecast by Applications Discussion
Annual Installed Capacity Forecast by Technology
Annual Installed Capacity Forecast by Technology Discussion
Market Share
Market Share Discussion
Competitive Environment

12. The Last Word

The Last Word—3 Big Predictions
Legal Disclaimer

13. Appendix

Market Engineering Methodology
Learn More—Next Steps

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