Solar PV Panels Market is Rapidly Growing with Huge Technology Scope & Opportunities by 2027

Solar pv panels market witnesses numerous opportunities, owing to rapid increase in development of renewable power in Asia-Pacific and LAMEA to cope up with the increase in electricity demand. In addition, the market is driven by domestic content laws and rise in photovoltaic panel installation projects owing to expiration of federal investment tax credit (ITC). Moreover, in the developed economies such as the U.S., solar photovoltaic has proved to be an economic alternative at the time of peak power needs.

In addition, the success of distributed solar and rapidly reducing cost has led some U.S. utilities to establish their own solar installations such as residential and community projects. However, high panel installation cost hinders the solar pv panels market growth. But the ongoing developments leads to improved technology and efficiency as the quantity of material being deployed in solar cells has reduced initial costs.

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Solar photovoltaics are electronic devices that convert sunlight directly into electricity. Solar cells are tightly packed behind a glass sheet to protect them from the environment. Photovoltaic cells are internally connected together to form a photovoltaic module. The number of cells that are interconnected are dependent on the type of application. The solar trackers are deployed efficiently on the solar panel to improve the efficiency of the solar cell. The efficiency is improved by approximately 20% in winters and 50% in summers by deployment of solar tracker.

In 2016, Europe accounted for nearly half of the total solar pv panels market, and is expected to continue this trend, owing to rapid solar photovoltaic installations, specifically in China, India, Japan, and the other developing countries.

The major companies profiled in the solar pv panels market report include Suntech Power Holding Co. Ltd., Sun Power Corporation, First Solar Inc., Yingli Green Energy Holding Co. Ltd., Canadian Solar Inc., Schott Solar Ag., Sharp Corporation, Solar World Ag, Jinko Solar Holding Company Ltd. Corporation, and Trina Solar Ltd.

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Key Findings of the Solar PV Panels Market:

In terms of value, the mono-crystalline solar photovoltaic segment is anticipated to exhibit the highest growth rate of 15.9% during the analysis period.

Asia-Pacific is anticipated to lead the solar pv panels market in 2023, and is projected to grow with a CAGR of 19.5%, in terms of value.

The utility scale type segment occupied nearly half of the total market in 2016.

Brazil occupied nearly half of the total LAMEA solar photovoltaic panels market in 2016.

In terms of value, Japan is expected to grow at a CAGR of 19.1% from 2017 to 2023.

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