Crystalline Silicon Photovoltaic (PV) Market to Reach $163 Billion, Globally, by 2022
A new report published by Allied Market Research, titled, "Crystalline Silicon (c-Si) PV Market - Global Opportunity Analysis and Industry Forecast, 2014 -2022", projects that the world crystalline silicon (c-Si) PV market would reach $163 billion by 2022, at a CAGR of 11.3% from 2016 to 2022. In 2014, Asia-Pacific dominated the world crystalline silicon PV market and commanded more than 45% share of the overall market revenue, followed by Europe and North America. The Asia-Pacific c-Si PV market growth is mainly driven by factors such as increased government incentives & tariffs, and rising PV installation activities primarily in residential sector. Crystalline silicon is the foremost semiconducting material widely used in photovoltaic technology. Presently, rise in demand for greater efficiency and increased application of crystalline silicon in photovoltaic (PV) technology as it is more space efficient and cost-effective compared to thin film semiconducting material are some of the major factors that drive the market growth. Moreover, rise in electricity consumption coupled with increase in government expenditure in photovoltaic technology worldwide are expected to provide huge impetus to the market growth. However, high initial investment and fragility are the limitations that restrict the market growth.
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