Solar Photovoltaic Panels: Market Outlook
Solar photovoltaic panels are silicon panels capable of capturing photons or sunlight and converting them into electricity. The solar photovoltaic panels get their name from a process called PV effect, discovered in 1954, which involves converting photons into voltage (light into electricity). Solar photovoltaic panels also go by the name solar cells or solar panels. Solar photovoltaic panels consists of photovoltaic cells made up of silicon. Second generation of solar photovoltaic panels are called thin film solar cells which are made from thin layers of non-silicon materials like cadmium telluride or amorphous silicon.
These are more flexible as compared to the first generation of solar photovoltaic panels, and are often used in building facades, rooftop shingles or glazing. With advancements in technology, the third generation of solar photovoltaic panels are now made of a range of materials besides silicone, like conductive plastics, solar dyes and solar inks. Some solar photovoltaic panels even use mirrors or plastic lenses to concentrate light onto a very high efficient, yet small PV panel. Growing concerns for carbon emissions and gradual shift towards dependence on renewable sources for energy consumption are some of the prime factors expected to drive the solar photovoltaic panels market growth in the coming years.
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Solar Photovoltaic Panels: Market Dynamics
Global warming and over dependence on fossil based fuel sources for power generation having been growing concerns among nations worldwide. Efforts to curb greenhouse gas emissions and reduce carbon footprint on environment have been driving the need for alternative and renewable sources for energy generation. This has been a driving factor behind the emergence of solar energy and the subsequent growth in demand for solar photovoltaic panels.
Solar energy not only reduces carbon footprint, but also significantly reduces energy costs overtime and hos almost zero maintenance cost. Along with it, governments of various nations have been offering subsidies to customers for installing solar panels, which is driving the end use customers to install solar photovoltaic panels as a source of energy. With advancements in technology, a trend of declining average module process for solar photovoltaic panels is consistent over the past few year and the trend is expected to continue moving forward. Irrigation, domestic electricity consumption are expected to create significant growth opportunities for solar photovoltaic panels market over the years.
Although the average price of solar photovoltaic panels have come down drastically over the last decade, the cost of owning and installing solar photovoltaic panels is still quite high and acts as a restraint in most rural areas. A large chunk of population are not yet aware of the cost and environmental benefits concerned with solar panels, which is also expected to restrict the market growth in key geographical regions.
Solar Photovoltaic Panels: Market Segmentation
The overall solar photovoltaic panels market can been segmented on the basis of product type as:
The overall solar photovoltaic panels market can been segmented on the basis of technology as:
The overall solar photovoltaic panels market can been segmented on the basis of end use as:
Solar Photovoltaic Panels Market: Regional Outlook
Europe and North America are at the forefront of shifting focus towards renewable sources for energy consumption both at residential and commercial level. The growing adoption of solar energy in residential homes and commercial scale plants, is expected to create significant demand for solar photovoltaic panels in the coming years. Australia has been aggressively driving the adoption of solar energy in the country, with a goal towards increasing the country’s total energy consumption by solar energy to 50% by 2050.
These initiatives by government are expected to create robust growth for solar photovoltaic panels market in the Oceania region in the next decade. India and China are ramping up solar panels installation to shift the dependence on non-renewable to renewable energy sources, with China creating the highest demand for solar panels in the world. Hence, East Asia region is expected to be leading the volume demand for solar photovoltaic panels, while South Asia is expected to grow at a rapid pace in the next few years.
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Solar Photovoltaic Panels Market: Market Participants
Some of the key market participants identified in the solar photovoltaic panels market across the globe are:
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