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.
Solar Panels Market is expected to grow with the CAGR of approximately 20.18% during the forecast period.
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Characterized by the presence of several well-established and small players, the global Market of Solar Panels appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position.
Trina Solar Limited (China), Canadian Solar Inc. (Canada), Jinko Solar Holding Co., Ltd. (China), JA Solar Holdings Co., Ltd. (China), and Yingli Solar (China) are some of the prominent players profiled in MRFR Analysis and are at the forefront of the competition in the Global Solar Panels Market.
January 13, 2018 – Taiwan – The National Development Fund, under the Executive Yuan, has decided to fund a new solar energy alliance in Taiwan as part of the government’s efforts to develop renewable energy. After several meetings to study the feasibility of investing in a new company to be formed by the merger of three Taiwanese solar energy firms: Neo Solar Power Corp, Gintech Energy Corp.and Solartech Energy Corp, the fund has decided to go ahead and invest.
December 18, 2017 – ‘BP’ a global energy leader with wide reach across the world’s energy systems announced that it is getting back into the solar business through an acquisition agreement with Lightsource, one of Europe’s largest developers and operators of utility-scale solar projects.
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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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