Solar photovoltaic panel converts sunlight (solar radiation) into direct current electricity by using semiconductors. When the sun hits the semiconductor within the photovoltaic cell, electrons are freed and form an electric current. Photovoltaic cells are typically found connected to each other and mounted on a frame known as module. The numerous modules can be wired together to form an array, which can be scaled up or down to produce the amount of power needed. Upsurge demand for solar photovoltaic panels among residential applications drive the market growth over the forecast period.
AMA Research have segmented the market of Global Photovoltaic Solar Panel market by Type, Application and Region. On the basis of Type, Thin Film are dominating the market in the year 2020 where as Crystalline Silicon stood as second largest market share.
On the basis of geography, the market of Photovoltaic Solar Panel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Rising Demand for Double-Sided Solar Panels
Growing Demand for Solar Photovoltaic Panel among Residential Applications and Increase in Government Initiatives and Support
Surge in the Price of Fossil Fuels
- Increase in Grid Connection Issues and Interconnection Delays
In addition to the aforementioned factor, Growing Demand for Solar Photovoltaic Panel among Residential Applications
is expected to propel the growth of the market over the forecast period.
The key Manufacturers profiled in the study are Kaneka Corporation (Japan), Kyocera Corporation (Japan), Panasonic Corporation (Japan), Suntech Power Holding Co. Ltd. (China), Sun Power Corporation (United States), First Solar Inc. (United States), Yingli Green Energy Holding Co. Ltd. (China), Canadian Solar Inc. (Canada), Sharp Corporation (Japan) and Solar World Ag (Germany). A lot of Japanese and Chinese players are profiled in the research study indicating a strong market dependence.