Rising pollution level generated from burning coal in order to generate electricity has risen concern regarding the level of pollution on intake while breathing. Apart from these, carbon dioxide and monoxide gas released from the thermal power plant while producing electricity has seriously depleted the ozone layer, which is meant for protecting us from harmful ultraviolet rays emitted from the sun. This has resulted in finding alternatives. Emerge of solar energy across the world as an efficient renewable power generator has helped the rooftop solar pv market to grow exponentially. Solar energy has been welcomed across the worldwide due to the benefit that it provides both in urban and rural most part of the world.
Rooftop solar PV systems are known to be distributed power generation system. This is known to meet the need of electricity required for buildings with an existing distribution network.
Rise in Health Conscious People Boosts the Growth of the Market
The major driver that is driving the global rooftop solar PV systems is rising preference of using non-renewable energy. Coal, which is a major source of generating electricity is anticipated to face a severe crisis due to drop in its natural reservoirs. Apart from these, Coal are now reportedly used for CLF process for producing petrol, which is again siphoning the coal from its stock. Apart from these rise in health conscious people across the world are choosing solar energy over any other form of energy. Another factor favoring the market growth is The Energy Payback Time in rooftop solar system, for instance the EPTBT for 2 kWp rooftop solar systems lasts for two to three years, and this makes the system more economical and viable for the customers.
Government Initiatives Aid In Increasing the Sales of Market Product
Rapid expansion of market due to intense competiveness of solar photovoltaic market is increasing the sales of the product. Initiatives undertaken by government of various government in countries have shown a strong support for adopting solar energy, thus helping the market to grow. Rise in disposable incomes accompanied with rapid growth in economy has aided the market to grow. However, the transmission of solar electricity to other place is not efficient as rooftop solar lack in smart grid infrastructure. Low production costs accompanied with advancement in technology of solar panels have consistently been reshaping the rooftop solar PV industry for betterment.
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Rising Demand in Germany Helps Europe to Dominate SSthe Market
On the basis of geography, the market is divided into North America, Asia Pacific, Latin America, Europe, and Middle East and Africa. Amongst the pack Europe held the major share in the global market. Germany is known to have attributed the most in Europe’s quest of dominating the market. Asia Pacific is expected to become the fastest growing market due to emerging economy and rising need of electricity owing to the incessant rise in population. Some of the major companies in the market are Trina Solar, Kyocera Corporation, Yingli Solar, and Pristine Sun LLC