Currently, there is a growing demand for solar panels in the residential rooftop applications. There is a significant fall in the prices of key components such as silver and poly-silicone that are used in the manufacturing of solar cells. A great advantage of the solar panel is its functioning without harmful emissions and noise. A gradual fall in the prices of industrial commodities used to manufacture solar panels, and the rising inflation in electricity and natural gas sector in the coming decade, are the major driving factors for the growth of the solar panels market in forecast period.
Solar power generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the low power generation capacity of the solar panels and increasing stringent regulations on the land used for solar power generation sites.
Solar Panels Market is expected to grow with the CAGR of approximately 20.18% during the forecast period.
Top Key Players:-
- SunPower Corporation
- Trina Solar Limited
- Canadian Solar Inc.
- Jinko Solar Holding Co., Ltd.
- JA Solar Holdings Co., Ltd.
- Hanwha Q CELLS Co., Ltd.
- ABROS green GmbH
- Yingli Solar
Solar PV by Technology Segment is Expected to Grow at the Fastest Rate and hold the Largest Market Size in Forecast Period.
Solar cells, also known as photovoltaic cells, converts sunlight directly into electricity. Basically the name PV originates from the process of converting light (photons) to electricity (voltage), which is called the PV effect. The PV effect was discovered in 1954, when scientists at bell laboratories discovered that silicon created an electric charge when exposed to sunlight. Solar PV was later commercialized and brought up in the market, which are now widely used from powering space satellites to smaller items such calculators and watches. Solar photo-voltaic holds the largest share in the solar panel market with the highest installed capacity of 306.5 GW till 2016 around 2% of the world’s electricity demand.
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TABLE OF CONTENT:-
2.1 Definition 13
2.2 Scope Of The Study 13
2.3 Assumptions 13
2.4 Market Structure 14
3 RESEARCH METHODOLOGY
3.1 Research Process 15
3.2 Primary Research 16
3.3 Secondary Research 16
3.4 Market Size Estimation 16
3.5 Forecast Model 18
4 MARKET DYNAMICS
4.1 Drivers 20
4.1.1 Growing Solar Systems Installations 20
4.1.2 Government Initiatives And Policies 21
4.1.3 Reduction In Carbon Emission 22
4.2 Growth Drivers: Impact Analysis 23
4.3 Restraints 23
4.3.1 Low Power Generation Capacity 23
4.3.2 Land Use Constraints 24
4.4 Growth Barriers: Impact Analysis 24
4.5 Opportunity 25
4.5.1 As Power Source In Remote Areas 25
4.5.2 Solar Energy Storage 25
The global solar panel market is increasing tremendously in influence of major drivers such as global environmental concerns, future energy supply security, increasing investment in clean energy, and low operating cost of a solar power plant. In the last five years (2011-2016), solar PV registered 34.1% average annual growth rate and CSP achieved 22%. Currently, the market for solar PV is bigger than CSP, mainly due to huge investment, research and development, and initiatives taken by the government. However, CSP technologies are expected to grow at a faster rate in future as new markets such as China, India, Brazil, Canada, Germany, and France open up. At the end of 2016, cumulative installed capacities of CSP and solar PV were 4.8 GW and 303 GW, respectively.
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