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Solar Panels Market : Rise in Electricity Prices Combined With Cheaper Solar Panels Will Also Drive

Author: Market Research Report
by Market Research Report
Posted: May 22, 2018

Market Highlights: -

Solar Photovoltaic panels are coupled assembly of solar cells with a typical 6x10 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. 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 Panels Market is expected to grow with the CAGR of approximately 20.18% during the forecast period.

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.

Solar PV by Technology Segment is Expected to Grow at the Fastest Rate and hold the Largest Market Size in Forecast Period.

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. The levelized cost of electricity (LCOE) ranges between USD 0.11 and USD 0.12/kWh (in South and North America, respectively) to over USD 0.31/kWh (in Central America and the Caribbean). But for individual projects there are wide range of costs. In countries with decent solar resources, projects are now being constructed with an LCOE of USD 0.08/kWh, while a recent tender in Dubai, United Arab Emirates, resulted in a successful bid for a solar PV power purchase agreement (PPA) for just USD 0.06/kWh, without financial support. It is expected that the levelized cost of electricity (LCOE) of utility-scale solar PV projects would witness an average fall of 50% during the forecast period.

Scope of the Report:

This study provides an overview of the global solar panels market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global solar panels market by its application, by module type, by technology and by regions.

Global Analysis:

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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Author: Market Research Report

Market Research Report

Member since: Mar 19, 2018
Published articles: 85

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