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According to a new report published by Allied Market Research, titled, "Solar Photovoltaic (PV) Panels Market by Technology, Grid-Type and End-Use: Global Opportunity Analysis and Industry Forecast, 2017-2023" the solar photovoltaic panels market was valued at $118,704 million in 2016, and is projected to reach $307,204 million by 2023, growing at a CAGR of 15% from 2017 to 2023. The crystalline silicon solar photovoltaic segment accounted for maximum share of total market share in 2016.
Solar photovoltaics are electronic devices that convert sunlight directly into electricity. Solar cells are tightly packed behind a glass sheet to protect them from the environment. Photovoltaic cells are internally connected together to form a photovoltaic module. The number of cells that are interconnected are dependent on the type of application. The solar trackers are deployed efficiently on the solar panel to improve the efficiency of the solar cell. The efficiency is improved by approximately 20% in winters and 50% in summers by deployment of solar tracker.
At present, the global solar photovoltaic panels market witnesses numerous opportunities, owing to rapid increase in development of renewable power in Asia-Pacific and LAMEA to cope up with the increase in electricity demand. In addition, the market is driven by domestic content laws and rise in photovoltaic panel installation projects owing to expiration of federal investment tax credit (ITC). Moreover, in the developed economies such as the U.S., solar photovoltaic has proved to be an economic alternative at the time of peak power needs. In addition, the success of distributed solar and rapidly reducing cost has led some U.S. utilities to establish their own solar installations such as residential and community projects. However, high panel installation cost hinders the market growth. But the ongoing developments leads to improved technology and efficiency as the quantity of material being deployed in solar cells has reduced initial costs.
The crystalline silicon solar photovoltaic segment accounted for the maximum share, in terms of volume, in 2016. Moreover, this segment witnesses strong demand in countries such as China and Japan owing to the strong development of the residential rooftop segment and increased demand for high-efficiency products. In addition, monocrystalline technology is expected to witness strong growth owing to technological advancements and greater solar efficiency.
Key Findings of the Solar Photovoltaic (PV) Panels Market:
- In terms of value, the mono-crystalline solar photovoltaic segment is anticipated to exhibit the highest growth rate of 15.9% during the analysis period.
- Asia-Pacific is anticipated to lead the market in 2023, and is projected to grow with a CAGR of 19.5%, in terms of value.
- The utility scale type segment occupied nearly half of the total market in 2016.
- Brazil occupied nearly half of the total LAMEA solar photovoltaic panels market in 2016.
- In terms of value, Japan is expected to grow at a CAGR of 19.1% from 2017 to 2023.
In 2016, Europe accounted for nearly half of the total solar photovoltaic panels market, and is expected to continue this trend, owing to rapid solar photovoltaic installations, specifically in China, India, Japan, and the other developing countries.