Ground Mount PV Utility Market Overview 2014 – 2022
Ground mount PV utility or solar PV industry is growing due to reduced prices of PV modules, government schemes such as RPS, and because it is among the most capable renewable energy generation technologies that has significant commercial potential. The North America ground mount PV utility market had total installed capacity of 3,381.4 MW in 2013 and is anticipated to reach 17,589.7 MW by 2022, developing at an AAGR of 20.1% between the forecast years from 2014 to 2022.
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North American revenue added up to US$7,311.8 million in 2013 and is expected to hit US$19,464.1 million by 2022 and rise at an AAGR of 11.5% during the forecast period.Solar energy is harnessed through the photovoltaic technique and transforms directly into electricity using semiconductor material that shows photovoltaic effect. Solar PV is the third among important renewable energy resources after wind and hydropower in terms of global installed capacity. Ground mount PV utility is a burgeoning market in developed and developing nations, due to feed-in-tariffs, financial incentives, and preferential net metering. Solar PV can have applications in residential, commercial, utility-scale power plants, and industries. Renewable energy resources use has developed rapidly and advanced in North America in the past few years. Costs have decreased and this has inspired growth in the Ground mount PV utility industry.
Reasons for Market Growth for Solar PV include Government Funding and Tax Benefits
In North America, governments are financing utility-scale solar PV plants and providing tax incentives and such investments are increasing. Specific states in U.S. are including Ground mount PV utility or Solar PV in renewable portfolio standards (RPS). Tax credits and exemptions and financial incentives are boosting the industry market for Ground mount PV utility. Another reason for increase in ground mount PV utility installations in North America is the reduced costs of PV projects and competitive market scenario. European markets are focusing on the North American market due to sluggish market conditions in Europe.
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Advanced Technology, and Economy Factors Drive Growth
The market segments for ground mount PV utility are by installation type, which includes pole mount, pile mount and others. Pile mount segment has the greatest market share in installations and this trend is expected to continue during the forecast years. Pole mount installations are also expected to grow in demand over the next few years.
U.S. Leads Market Due to Economic Factors for Renewable Energy
Country segments for ground mount PV utility include U.S., Canada, and Mexico. In U.S. the total installation for utility scale solar projects were calculated as approximately 8 GW by 2014. In 2008 utility-scale projects increased by 5% growing to nearly 55% in 2013. These projects are considered as economically-viable compared to other renewable energy sources such as wind power especially in regions such as California and the southwest desert areas. Canada shows signs of growing ground mount PV utility industry and reducing costs are increasing the market demand for these projects.
Browse Press Release Of Ground Mount PV Utility Market http://www.transparencymarketresearch.com/pressrelease/north-american-ground-mount-pv-utility-market.htm
Key participants in the ground mount PV utility market in North America include First Solar, Andalay, Solar, Inc., LLC, NextEra Energy Resources, SunPower Corporation, Haticon Solar, SunLink Corporation, LLC, SolarCity Corporation, SunEdison, Inc., and Unirac Incorporated.
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