AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Global Solar Photovoltaic Services Market 2019-2023 | 16% CAGR Projection Over the Next Five Years | Technavio

May 17, 2019
Technavio has published a new market research report on the global solar photovoltaic services market from 2019-2023. (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--May 17, 2019--

The global solar photovoltaic services market is expected to post a CAGR of more than 16% during the period 2019-2023, according to the latest market research report by Technavio.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190517005218/en/

Technavio has published a new market research report on the global solar photovoltaic services market from 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global solar photovoltaic services market is the increasing new installations and aging asset base of solar PV modules. Solar PV systems have witnessed significant adoption over the last decade as a clean energy-generating resource, mainly due to regulatory support and declining LCOE. The installation of new solar PV modules requires both installation and consulting services, which significantly contribute to the growth of the market. Further, a significant number of solar PV systems installed are aging and thus, require continuous improvements and upgrades. This has led to the revamping and repowering of solar PV systems. Therefore, O&M services required for the existing solar PV asset base and newly-installed solar PV assets will drive the market growth during the forecast period.

As per Technavio, the development related to solar PV modules will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global solar photovoltaic services market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global solar photovoltaic services market: Development related to solar PV modules

The solar PV system modules market has been witnessing constant innovations over the last few years, which has resulted in the emergence of next-generation solar PV modules such as bifacial and mono PERC solar PV modules. Bifacial modules can generate power from both sides of the module, which results in higher power generation than in monofacial modules. Moreover, research and innovations are also taking place in several other components of PV modules to increase their efficiency. One such technology that can increase efficiency and enable faster returns on investment (ROI) is advanced PERC technology. PERC technology integrates anti-light-induced degradation technologies, front-surface advanced passivation, and back-surface passivation in solar PV modules. Such advances in technologies related to solar PV modules will drive the growth of the solar PV services market during the forecast period.

“Apart from the developments related to solar PV modules, factors such as innovations in solar and O&M services, declining cost of solar power generation, and advances in power electronics used in solar PV systems will significantly impact the growth of the solar PV services market during the forecast period,” says a senior research analyst at Technavio.

Global solar photovoltaic services market: Segmentation analysis

This market research report segments the global solar photovoltaic services market by service type (installation services, and O&M services) and geographic regions (APAC, the Americas, and EMEA).

The APAC region led the solar photovoltaic services market in 2018, followed by the Americas, and EMEA respectively. The solar PV services market in APAC will grow rapidly during the forecast period, majorly driven by new installations in China, India, Japan, and South Korea as these countries have the highest installed capacity of solar PVs in the region. The growth of solar PV systems can be attributed to the alarming levels of pollution from GHG emissions in China and India.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190517005218/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY UTILITIES

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 05/17/2019 09:30 AM/DISC: 05/17/2019 09:30 AM

http://www.businesswire.com/news/home/20190517005218/en