Global photovoltaic system market insights

The Global Photovoltaic System Market is anticipated to grow with CAGR of 18.70% during 2016-2022. The key drivers of the market are rapidly increasing consumption of the electricity globally, increasing adoption and its usage in various sectors, supportive government initiatives and environmental policies. Market has many opportunities for future such as rising prices of fossil fuels, and continuous reducing cost of photovoltaic system. The global PV market is estimated to reach above $350 billion by 2022. Rapid growth in consumption of electricity is the main driver of the global photovoltaic system market. According to the World Bank approximately 3200 kWh is per capita consumption of electricity power annually. Approx. 13148 million tons oil equivalent energy consumed globally. China is the biggest consumer of energy worldwide, it consumed approx. 3101 million tons oil equivalent energy in 2015. USA is second biggest consumer of energy, it consumed approx. 2196 million tons oil equivalent energy in 2015. Currently whole world need 30TW electricity to lightning the world annually. Statistics show by covering 1% of USA with PV system we can generate 30TW electricity in just 2 hours.