Solar Photovoltaic (PV) Panels Market to Explosive Growth from 2021 to 2027

The major companies profiled in the solar photovoltaic (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.

Europe accounted for nearly half of the total solar photovoltaic (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.

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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 market growth. But the ongoing developments lead to improved technology and efficiency as the quantity of material being deployed in solar cells has reduced initial costs.

Solar photovoltaic 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 numbers 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.

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Solar photovoltaic (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).

The crystalline silicon solar photovoltaic segment accounted for the maximum share, in terms of volume, in 2016. Moreover, this segment witnesses strong demand in countries such as China and Japan owing to the strong development of the residential rooftop segment and increased demand for high-efficiency products. In addition, monocrystalline technology is expected to witness strong growth owing to technological advancements and greater solar efficiency.

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