Solar Panels Market Expected to Expand at a Steady CAGR through 2026

Solar panel refers to a panel designed to absorb the sun's rays as a source of energy to generating electricity and heating. It reduces the amount of electricity coming from fossil fuels by supplying your operations with clean, renewable energy from the sun. Solar panels are also called photovoltaic or PV modules as it directly converts sunlight into electricity. The sun produces enough energy daily to supply 10,000 times the world’s electrical needs. Solar Photovoltaic panels are packaged, connected assembly of typically 6x10 solar cells that generates and supplies solar electricity in commercial and residential applications. Solar panels are not only used for residential rooftop applications, but they are also widely used for applications such as powering electronic devices, individual gadgets, and vehicle batteries. Installing solar panels on a house roof can decrease the household’s carbon footprint by an average of 35,180 pounds of carbon dioxide per year.

In 1960s, the first commercial use of solar cells was for powering satellites. There are various quality levels of solar panels with different efficiency and cost factors namely Monocrystalline solar panels, polycrystalline solar panels, and thin-film panels (amorphous panels). Solar Panels are tested under “Standard Test Conditions (STC)”. Solar panels can be accurately compared with each other and rated by using fixed set of conditions considered under this method. There are three standard test conditions for testing solar panels including temperature of the cell, solar irradiance, and mass of the air.

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Global Solar Panels Market: Drivers and Restraints

There is increasing demand for solar panels in the residential rooftop applications. There is significant fall in the prices for key components such as silver and polysilicone that are used to make solar cells. Solar Panels don’t create noise and don’t make any emissions. Price drops for industrial commodities that are used to make solar panels, and higher price expectations for electricity and natural gas are the factors that are expected to drive growth of the solar panels market for the forecast period (2015-2025). Increase in electricity price combined with cheaper solar panels will drive the solar panels market.

Solar energy doesn't work at night without a storage device such as a battery. Climatic changes and cloudy weather can disturb the working of solar panels during daytime. Also, solar technologies are expensive. These are some of the factors that are limiting the growth of solar panels market to some extent.

Global Solar Panels Market: Segmentation

Global Solar Panels market is segmented by: type, application, and by region.

Solar Panels By Type:

Monocrystalline Solar Panels

Polycrystalline Solar Panels

Thin-film (Amorphous) Panels

Solar Panels By Application:

Residential

Commercial

Power Plants

Off Grid

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Global Solar Panels Market: Region-wise Outlook

The global Solar Panels market is estimated to witness high growth for the forecast period (2015 to 2025). North America market for solar panels has been growing rapidly especially due to the growth of residential solar applications in the U.S. In 2012, solar produced energy accounted for 0.11% of the total electricity generated in the U.S., according to U.S. Energy Information Administration.

FMI’s forecasts the Solar Panels market in Asia-Pacific is expected to show the fastest CAGR over the forecasted period. There is a shift in production of solar panels from U.S. to China and India due to low manufacturing cost.

Global Solar Panels Market: Key Players

Some of the major players of the global Solar Panels market are: Yingli Solar, Photonix Solar Pvt. Ltd, Goal Zero, AGL Solar Energy, and others.

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