Distributed Solar PV Market heats up: Global Market Insights, Inc.
Distributed solar PV market size is estimated to exceed USD 150 billion by 2023. Descending solar PV market price trend, along with economical electricity prices offered is likely to drive the industry demand from 2016 to 2023.
DPV systems with production capacity of 100 kilowatts and less are likely to account for more than 30% of the total installation over the forecast period. Distributed solar PV production capacity was valued at 13.2 Giga watts in 2014 and it is estimated to exceed 17 Giga watts by 2023.
Japan is anticipated to witness significant growth owing to flourishing number of installations of these systems. It is likely to account for more than 70% of the global DPV installations over the forecast period.
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U.S. distributed solar PV market size is expected to experience substantial surge in the demand owing to presence of large installers that handle all the financing work in the region, likely to install more than 2.2 GW of DPVs from 2016 to 2023. The surge can be attributed to proliferating third party ownerships as well as net metering models in the industry.
California is expected to become largest renewable power market in U.S. flourishing implementation of these systems is estimated to account for more than 10% of the annual power generation by 2015. This in turn is likely to push California above all the major global solar PV markets in terms of total power generated form solar PV over the forecast period. This should help the large installers in claiming their tax credit and thus offering lower prices by monetizing tax credits and large supply Major players in the industry such as SolarCity are expected to offer this model for financing commercial PV systems.
Europe distributed solar PV market share is expected to witness gains due to increasing government incentives accompanied by ascending number of installations in small commercial and residential sectors. Advent of Feed-in tariffs (FiT) in some major economies such as UK, Italy and Germany is anticipated to aid in generating substantial revenues. The FiT in Germany offered revenues between USD 0.34 to USD 42.34 per Kilo Watt hour in 2010 for the systems less than 100 Kilo watt capacity.
Systems with 100 kilo watt capacity are likely to exceed 60% of the installation in 2015 when compared to forecasted 50%. In UK Feed-in tariffs (FiT) was first introduced at high rates and valued up to USD 0.61 as generation charges along with additional charges for exported electricity. Large number of free solar companies were established and offered free installation of PV systems for household usage by leasing their tops for the firms receiving FiT along with the household receiving free electricity. The three major factors driving PV industry with less than 100 KW capacity includes social housing schemes, new-build housing and private installations.