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A new market report published by PV Market Alliance (PVMA) states that the recent policy decisions by China will not significantly affect the global solar PV market. It is set to increase to 200 GW by 2022. To achieve this the market will be invested in and diversified, with new segments accounting for around a quarter of the total market.
The most recent Global PV Market Report has predicted that despite fears of a decrease to the PV market due to the Chinese Government’s abrupt policy changes, there has been no substantial affect to the global market.
In fact, according to the report, countries in Europe and “many emerging markets on all continents” are predicted to have a large growth in their PV markets in 2018, especially Brazil, Egypt, Mexico, the Netherlands and Spain. These five countries are all expected to cross the 1-gigawatt annual threshold for the first time this year.
In addition to this, a study by Green Tech Media (GTM) shows that approximately 18 US states will also cross the 1 gigawatt threshold between 2018 and 2022. This will account for 80% of the total US PV installations over the next four years.
While installation and general investment will be a large factor for this market growth, the PVMA has issued statements that support the diversification of the PV industry. It is expected that their will be significant contribution from new areas of the industry and will account for around 25% of the total by 2022. These new areas of industry include floating PV, agricultural PV, Building Integrated PV (BIPV) and PV for vehicles (VIPV).
Floating PV is a fairly new branch of the PV market in which large bodies of water can be turned into solar power plants. The idea is to provide reliable, low cost power while also conserving land and water. The floating PV can be used on farms and are perfect for turning irrigation reservoirs into an on-site green energy supply in order to power the pump.
Farming can benefit a lot from the use of solar photovoltaic power (PV) and recently the green energy supply has become more popular. It has been proven to reduce energy bills as well as reduce a farms carbon footprint. Food production can use a lot of electricity and it can therefore benefit the most from using solar power.
Building Integrated PV
Building-integrated photovoltaics (BIPV) are one of the most common ways to utilize solar technology. PV materials are used as part of the building that have most contact with the sun, such as roofs, in place of more traditional materials. In recent years, they have become more popular as business try and become greener. They are incorporated during the construction of new buildings as the main source of power. However, they can be just as advantageous when retrofitted to existing structures.
While the market has certainly faced some challenges in recent times, multiple green technology studies expect that by continuing to diversify the market will cumulate in reaching the 500-gigawatt mark by the end of 2018.
Beetz, B. (2018, June 25). Global PV Market to Diversify, Reach 200 GW a Year by 2020. Retrieved from PV Magazine: https://www.pv-magazine.com/2018/06/25/global-pv-market-to-diversify-reach-200-gw-a-year-by-2020/
Floating Solar Panels. (n.d.). About Us. Retrieved from Floating Solar Panels: http://www.floatingsolarpanels.co.uk/
Munsell, M. (2018, January 31). 10 Trends That Will Shape the Global Solar Market 2018. Retrieved from Green Tech Media: https://www.greentechmedia.com/articles/read/solar-trends-2018-gtm-research#gs.OsYuftI
Solar Server. (n.d.). Building Integrated Photovoltaics: An emerging market. Retrieved from Solar Server: https://www.solarserver.com/solar-magazine/solar-report/solar-report/building-integrated-photovoltaics-an-emerging-market.html
Trimble, D. (n.d.). Solar PV on the Farm. Retrieved from Agriculture, Environment and Rural Affairs: https://www.daera-ni.gov.uk/articles/solar-pv-farm