The total market size of solar PV is expected to reach $79,249.6 million by 2018, at a CAGR of 11.7 percent between 2014 and 2018, says MicroMarket Monitor.
China has become the largest PV exporter, the agency said.
The North American solar PV market is growing at a CAGR of 15 percent from 2014 to 2018, to reach $5,778.9 million by 2018. The market owns a six percent share of the global solar PV market. The total revenue generated by the North American market is $2,874.8 million in 2013.
The market for solar power across the globe is growing. This development can be attributed to various factors like global environmental factors, future energy concerns, clean energy investments, and low operating cost of a solar power plant.
Solar PV is a solar power technology segment affected by different kinds of innovations and price reductions. Over the last few years, the market has seen trends like reduction of costs, increase in global market share percentage of Chinese firms and vertical integration of PV components.
Increased environmental concerns and growing energy consumption are driving the solar PV market growth. The U.S has a major role in North American solar PV market with 89 percent of the total share in 2013.