Global solar PV systems market will grow steadily at a CAGR of close to 21% by 2021. This industry research report also presents a competitive analysis of the market by end-user (utility, C&I, and residential) and by geography (the Americas, APAC, and EMEA).
This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the market by 2021. The rising focus of the governments of various countries in this region towards the implementation of microgrid solutions to improve access to electricity in their countries will be a major factor propelling the growth of the solar PV systems market in this region.
The solar PV systems market is highly diverse and has several international and domestic players. The market is marked with high capital investments and continuous innovations to improve the efficiency of solar PV cells. Intense competition, frequent changes in government policies, continuous development in technology, and environmental regulations are the key factors that challenge the growth of the players in this market space.