Market Grows with Rising fossil Fuel Prices and Demand from Residential Applications
The global photovoltaic market is expected to grow at a CAGR of 18.30% between 2014 and 2020 and the overall market is estimated to be worth $89.52 billion in 2013 to $345.59 billion by 2020 In terms of application, the utility application accounted for the largest market size in 2013 at 57%.
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Photovoltaics Market is set to grow at a healthy rate by 2020. Rising demand for solar systems from residential sector and strong governmental support are expected to drive the industry. it is expected to reach $345.59 billion by 2020.