In recent years, the world has witnessed significant developments of photovoltaic (PV) industry. Along with the enhanced political and economic commitment towards renewable energy sources and emission reduction, PV market opportunity has been growing exponentially.
PV energy, is the conversion of light into electricity using semiconducting materials such as Silicon that exhibit the photovoltaic effect. It has become one of the most promising renewable energy sources since it has incontestable advantages such as long-term reliability, eco-friendly and cost competitive. This translates into an increasing demand of both residential and commercial PV consumers all over the world. Furthermore, subsidies and incentives have pushed PV penetration in the market. This is the reason why PV has experienced tremendous growth over the course of the last years and continues to expand.
On the supply side, investments in the sector have allowed for the development of more efficient processes, making PV production cheaper. Producers from all over the world, supplying a wide range of products, appear to benefit from the growing market and continuously lower unit prices. Especially in the last two years, a stock of new producers for both silicon PV and thin film technology have emerged.
Looking forward, developments in the PV industry appear to be very promising. Increasing investments in R&D, lower costs and more efficient technology are expected to continue driving the PV market. It is estimated that the total global PV market will reach in the neighborhood of US$80 billion by 2020. This is ongoing as photovoltaic energy continues to rise as one of the world's leading sources of renewable energy.
