According to a recent market research report published by Transparency Market Research, the global solar photovoltaic installation market is estimated to grow at a positive CAGR of 10.7% during the period from 2012 to 2018. The report, titled “Solar Photovoltaic Installation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018” forecasts that the overall market will reach US$145.9 billion by 2018.

The report points out that the higher efficiency output of the solar photovoltaic has boosted the market. Growing awareness to reduce carbon footprint and the availability of solar photovoltaic as an excellent means to utilize renewable solar energy has increased the applications of solar photovoltaic in different sectors. Low installation and maintenance cost, and incentive schemes by the governments have further fuelled the market.

However, the report points out that the irregular intensities of solar radiations along with wet climate will deteriorate the quality of solar panels and limit the life of the solar photovoltaic batteries. Growing solar photovoltaic market in Asia Pacific will open new opportunities for the market.

In the global solar photovoltaic installation market, grid-connected and off-grid solar photovoltaic are the major grid types. In terms of technology, crystalline silicon solar photovoltaic, thin film solar photovoltaic, and others are employed in the installation of solar photovoltaic. The report points out that the usage of solar photovoltaic systems in commercial and residential segments has increased considerably in the past few years.

The report studies the global solar photovoltaic installation market in regions such as EMEA, Asia Pacific, North America, and Rest of the World. Though Europe dominates the overall market, Asia Pacific will witness rapid growth during forecast period.