Solar Panels Market By Technology (Solar PV, CSP), By Module Type (Crystalline, Thin Film, Parabolic Troughs, Linear Fresnel Reflectors, Power Towers, Parabolic Dishes) By Application (Residential, Commercial, Power Plants, Off Grid), Region (North America, Europe, Asia-Pacific and Rest of World) – Global Forecast to 2023.
A solar panel is a silicon based layered semiconductor module that can produce electricity from sun light. This photovoltaic effect is created by the flow of electrons inside the module, which can be maximized by the increased hours of exposure to sunlight. Solar panels have been dominating the renewable energy market in recent years because of the ability of solar power to reach grid parity as conventional energy resources and technological development.
Solar panel is the panel intended to entrap the sun's rays as a source of energy to generate electricity and heat. It diminishes the amount of electricity produced from fossil fuels by supplying the operations with clean, renewable energy from the sun. Solar panels are also called photovoltaic or PV modules as they directly transform sunlight into electricity. The sun produces enough energy daily to supply 10,000 times the current worldwide electrical needs. Solar Photovoltaic panels are coupled assembly of solar cells with a typical 6×10 dimension that generate and supply solar electricity for commercial and residential applications. They are also extensively used for powering electronic devices, individual gadgets, and vehicle batteries. Installing solar panels on a typical house roof can cut down the household’s carbon footprint by an average of 35,180 pounds of carbon dioxide per year.
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. Rise in electricity prices combined with cheaper solar panels will also drive the solar panels market, majorly. Some restraints of the market are its incapability to perform at night without backup, disturbance during certain abnormal climatic conditions such as cloudy weather even in daytime and expensive solar technologies
The market is driven by various factors such as increase in solar systems installations and generous government initiatives and policies that support solar energy generation. This is mainly because, solar panel power generation is less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. 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.
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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