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Solar photovoltaic modules also known as solar panels can capture sunlight and convert them into electricity. The main components of the solar photovoltaic modules are numerous types of photovoltaic cells mainly made of silicon.
These components are coupled and encapsulated to form a photovoltaic module. Some photovoltaic panels use plastic lenses or even mirrors to concentrate light onto the minute, highly efficient photovoltaic cell.
Innovation in recent technology now allows a wide range of materials to be used to fabricate photovoltaic cells besides silicon such as conductive plastics, solar inks and dyes.
In the age of growing concern for carbon emissions and its adverse effects, there is a steady shift towards a dependence on renewable resources for energy consumption. This is the driving force and the prime factor that is thrusting the growth of the solar panel market in the coming years.
Scientists at bell laboratories had first exploited the solar energy in 1954 with the help of working solar cell made of silicon which generated an electric current when exposed to sunlight. Solar cells were then started being used in space satellites and small items like watch and calculators. Now a days, electricity from solar cells have become competitive in many regions and photovoltaic systems are being deployed at large scales to help power the electric grid.
Vast majority of today’s solar cells are made from silicon. These cells offer both reasonable prices and good efficiency i.e. rate of conversion of sunlight to electricity. These cells are then assembled to form large modules and then installed on rooftop of residential/ commercial buildings or deployed on ground-mounted racks to create huge, utility-scale systems.
Moreover, solar energy helps promote social and economic development as it pushes countries to meet their policy targets for reliable, secure and affordable clean energy which provides electricity access with reduced cost volatility.
Solar photovoltaic (PV) panels, often referred to simply as solar panels, are a groundbreaking technology that harnesses the power of sunlight to generate clean and renewable electricity. These panels are at the forefront of the global transition toward sustainable energy sources, offering numerous environmental, economic, and technological benefits.
At the heart of solar PV panels is the photovoltaic effect, a phenomenon that occurs when certain materials, typically silicon-based semiconductors, absorb photons (particles of light) and convert them into electrical energy. This process involves the creation of electron-hole pairs within the material, which then generates a direct current (DC) of electricity. Multiple PV cells are interconnected and encapsulated within a protective casing to form a solar panel.
One of the most compelling advantages of solar PV panels is their ability to generate electricity without producing harmful emissions or depleting finite resources. By utilizing the abundant sunlight that reaches the Earth’s surface, solar panels contribute to mitigating climate change and reducing dependence on fossil fuels.
Additionally, solar energy systems require minimal maintenance, leading to long-term cost savings and job creation within the renewable energy sector.
Solar PV technology has witnessed significant advancements over the years, leading to increased efficiency, reduced costs, and improved aesthetics. Innovations in panel design, manufacturing techniques, and materials have made solar installations more accessible and visually appealing, integrating seamlessly into various environments such as residential rooftops, commercial buildings, and even large-scale solar farms.
The adoption of solar PV panels is not only driven by environmental considerations but also by economic incentives. Many governments around the world offer incentives such as tax credits, subsidies, and net metering programs that encourage the installation of solar panels. These incentives, coupled with declining costs, have led to a rapid expansion of the solar industry, making solar energy an increasingly competitive and viable option for electricity generation.
These solar-cells are made by coating a thin layer of highly absorptive semiconductor material on a sheet of glass, plastic or metal foil. Materials used in thin films are-
These solar cells are type of thin-film cell but are easy to fabricate. It can reach solar conversion efficiency of more than 20%. Materials used to manufacture these cells as of now is Methylammonium Lead Iodide (MAPbI3).
Top 15 Countries Solar Generating Capacity
The thin-film section occupied a dominant market share. Thin-film Solar PV panels realize major application in industrial and utility-scale comes as these light-weight panels have reduced installation prices. Lower potency of thin-film Solar PV panels is paid with the economies-of-scale installation.
The crystalline semiconductor section is projected to witness substantial growth over the forecast the extended lifecycle of panels, low weight volume magnitude relation, and cheap producing of semiconductor semiconductors.
Monocrystalline Solar PV panel’s are made up of highest grade semiconductor and possess higher area potency as compared to thin-film Solar PV panels. However, corporations producing monocrystalline panels target solely the premium section of the market thanks to high initial investment for these panels.
The solar PV power is expected to drive strong growth in renewable energy. Solar, together with wind, is expected to produce more than 50% of the total generation in Australia, Germany, Mexico, and the United Kingdom.
Emerging economies, such as China, India, and Brazil, have various large-scale ground-mounted solar projects lined up, which are expected to drive the ground-mounted solar PV market over the forecast period. Although utility-scale solar PV projects have gained a significant share in the market studied, small-scale rooftop solar PV systems represent an important part of the market.
Moreover, rooftop solar offers the benefits of modern electricity services to households that had no access to electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation. Thus, rooftop solar power is enabling residents and small businesses to generate their own electricity.
The growth of the market is attributing to factors including increasing demand for green energy, as green energy is supported by various governments to promote non-hazardous sources of energy and provide electricity facilities to rural and remote areas.
Further increasing concern regarding environment, decreasing solar panel prices in emerging countries. Additionally, fluctuation in crude oil prices also contributing to the growth of the market along with rising awareness among people regarding the co-effective renewable sources of energy. Other factors such as increasing government subsidies, initiatives, and schemes for rooftop solar panels.
Proper energy-storing facility and transportation is a challenge for the market as the energy is stored in batteries from which electricity is generated by solar panels, the batteries consist of high cost and maintenance. Another challenge of the high installation cost of solar panels is they are most expensive than traditional panels.
The more electricity generated by a solar system more will be the high the installation cost. Total solar capacity has now reached about the same level as wind capacity thanks largely to expansion in Asia (78 GW) in 2020. Major capacity increases in China (49 GW) and Viet Nam (11 GW). Japan also added over 5 GW. India and Republic of Korea both expanded solar capacity by more than 4 GW. USA also added 15 GW.
Speedy penetration of Solar PV panels across company offices, hotels, and hospitals not to mention growing power demand from communication base stations and information centers is predicted to propel the merchandise demand across the industrial sector.
Additionally, increased panel potency, improved energy yield, and module-level observation area unit among the key factors driving the PV panel adoption during this section.
Off-grid Solar PV panels with energy storage system act as reliable secondary supply of power in households, thereby increasing product adoption across the section. Intensive battery energy storage systems need extra-large panels system to store desired power in batteries. This, in turn, can significantly boost the demand for clean energy system within the residential sector.
Growing variety of utility-scale comes attributable to rising demand for clean electricity area unit expected to drive the Solar PV panels market across the commercial sector.
China was the most important contributor to the market revenue generation in 2019. Presence of huge market players beside favorable government policies providing subsidies and monetary incentives to PV come area unit among the key factors conducive to the trade growth in China.
Apart from being the most important producing hub of panels producing, China has many Solar farms together with the world’s largest floating farm. Additionally, the country accounts for a distinguished position in Solar PV panel’s exports to the planet.
However, some countries just like the U.S. and India have applied restrictions on the number of PV panel foreign from China, thereby disrupting Global trade profits within the country.
The U.S. proliferating capability of residential customers in addition to announcement of recent utility comes is anticipated to reinforce product penetration across the country within the returning years.
The rising demand for solar panels from emerging economies such as India and China as both countries are continuously investing in solar panels to improve the environmental conditions in the region. Further, the market is estimating continuous growth as there are fewer barriers for new entrants.
Many US-based manufactures are expanding their business in Asia-Pacific so that they can take advantage of cheap labour and lower prices. Furthermore, significant technological advancements in the solar panel industry such as efficiency, energy storage, design, and configuration is creating ample opportunity for market growth.
China is the undisputed renewable growth leader in the world, and it is expected to account for more than 40% of the global renewable energy mix by 2022.
China has been developing strong government initiatives, meeting various capacity targets, and addressing concerns about reducing the increasing air pollution in the country, which are the factors contributing to the growth. According to IEA, China already surpassed its 2020 solar panel target.
Although India is growing exponentially in the solar field, it is still far from reaching the top as it still ranks 6th after China, European Union, United States, Japan, and Germany. India is still to reach 70% of its desired 100GW target by 2022. As of March 2019, the cumulative installed solar energy capacity in the country has crossed the 28GW mark.
During 2018, Japan positioned second, behind China, in solar limit and created around 5% of the nation’s power requirement.
In 2018, the nation had 55.5 GW limit with regards to solar PV, and under the Long-term Energy Supply and Request Standpoint for FY 2030, the Service of Economy, Exchange, and Industry of Japan is meaning to build the portion of sustainable power source offer to 24% by 2030, which is required to expand the solar PV showcase in the nation and in the locale.
In 2017, the South Korean government decided that in Seoul, the country’s capital, the government will implement solar panels in one-third of all households by 2022. This is expected to result in increasing the existing solar capacity by about ten times.
To know more about Europe Solar Panel Market, read our report
The solar power sector is facing challenges from alternate sources of electricity, which mainly includes gas power and wind power. As power generation from wind and gas resources are cleaner modes of energy production, the growing adoption of the same is expected to hamper the demand for solar power. Various governments worldwide have formulated favorable policies to drive wind and gas power infrastructures.
In spite of the fact that the normal cost of solar photovoltaic panels has descended radically throughout the recent decade, the expense of claiming and introducing solar photovoltaic panels is still very high and goes about as a restriction in most territories.
The global solar panel market size was estimated at $46 Billion in 2019 growing at 6.6% CAGR till 2026
A prominent provider of solar technology, SunPower Corporation offers the SunPower Equinox, an integrated solar system that combines high-efficiency solar panels, cutting-edge inverters, and a modern aesthetic. For home and commercial applications, the Equinox system maximizes energy output, efficiency, and beauty.
SunPower’s exclusive Maxeon solar cells deliver high power output and toughness, guaranteeing top performance for the course of the system. The EnergyLink monitoring platform allows for real-time performance tracking, and the AC modules for the Equinox system make installation and maintenance easier.
The Equinox’s lower carbon footprint and contribution to the adoption of clean energy are clear examples of SunPower’s dedication to sustainability. SunPower Equinox maintains its commitment to consumer empowerment through a dependable, effective, and aesthetically pleasing solar energy solution.
Tesla, Inc. is an American electric vehicle and clean energy company founded by Elon Musk and others. Known for its groundbreaking electric cars, such as the Model S, Model 3, Model X, and Model Y, Tesla has been a driving force in popularizing sustainable transportation.
In addition to vehicles, the company is a major player in renewable energy solutions. One of its innovations is the Tesla Solar Roof, a photovoltaic solar panel system integrated directly into roofing materials, allowing homes to generate solar energy while maintaining an aesthetically pleasing design.
The Solar Roof aims to revolutionize the way households harness solar power by seamlessly blending functionality and style. Tesla’s dedication to innovation and sustainability has positioned it as a leading player in both the automotive and clean energy industries, striving to accelerate the world’s transition to sustainable energy.
The COVID-19 outbreak is evidently going to bring about great innovative changes in society. It is hoped that investment will be stepped up in technologies bearing a future and in new business models, to promote initiatives inspiring the realization of a sustainable, resilient society and contribution to measures addressing climate change.
Over the world the manufacturers reported declines in their plant operations and operating ratios. However, plant-operating ratios recovered in general to the level of an industry average by the end of February. Reportedly, production and distribution in China almost normalized as of April. But in the current global PV market, the impact on the downstream sector is where PV system installations are underway.
Although situations greatly vary by country and region, delays in approval and work periods induced by city-wide lockdowns are reported in major PV projects regarding centralized PV power stations, or so-called mega-solar projects.
Moreover, some planned tenders for PV projects have been rescheduled to later dates. In the sphere of distributed power systems, their installations remain stagnant in Europe and the United States, both main markets of this sector, for such reasons as the inability to make investment decisions over PV system introduction for housing and business use amid uncertain economic prospects. These direct adverse effects are considered to fade away as the pandemic subsides, with some PV installations put off until 2021 and 2022.
Coupled with such direct effects, the global economic standstill has reportedly impacted as well. The development of new projects faces rising investment costs in the aftermath of the sharp depreciation of local currencies stemming from erratic fluctuations in foreign exchange rates caused by the changing economic picture.
Among countries that procure PV-related products quoted in the U.S. dollar, Mexico, Brazil and Australia have been hit hard in particular, and the development of projects scheduled for connection to the power grid in 2021 may possibly be delayed or called off.
Sagging power demand has led to increased restrictions on power output, adversely affecting the profitability of some existing PV projects, according to reports from the countries concerned.
In Europe, solar power stations known as merchant PV plants, which sell power through an electricity trading market without depending on public subsidies, have been launched. But the changing power supply/demand balance has caused trading prices to fall, worsening project profitability and raising concerns that fundraising for new similar projects may become difficult.
As the spread of COVID-19 infections draws near the end, recovery from the epidemic-induced economic slump has become the most important challenge for the future, and national governments over the world have come up with an array of initiatives to support it.
For instance, the European Union (EU) has agreed to focus its post-pandemic strategy for economic recovery on the transition to green energy and other measures. In this connection, the EU has urged member countries and related institutions to start work on a roadmap accompanied by an action plan for economic recovery, interlocked with its initiative against climate change, dubbed a “European Green Deal,” unveiled in 2019.
In May, the European Commission indicated that the post-pandemic recovery strategy will feature green transition, among other initiatives. Specifically, it was made clear that the EU will solicit bids for renewable energy projects totaling 15 GW in the next two years.
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MULTICRYSTALLINE MODULE, 72CELL
