Photovoltaic devices convert the daylight directly into electricity. Numerous kind of photovoltaic cells (also referred to as solar cells) are key parts of PV power system. These parts are interconnected and encapsulated so as to make a photovoltaic module, the mounting structure of modules created for the connected grid and off-grid system. Moreover, solar energy is renewable and helps countries to fulfil their policy goals for secure, reliable, and cheap energy and provides electricity access with reduced worth volatility and therefore the promotion of social and economic development. Therefore, decrease in worth of solar energy has additional led to the demand for production of solar power that successively proves to be a cheap solution.
According to the study, ‘Global Solar PV Module Market to reach USD 32.0 billion by 2027.’ There are many companies like Vikram Solar Pvt, Ltd., Canadian Solar Inc., JA Solar Holding Co., First Solar, Jinko Solar, Sunpower Corp, Renesola, Lanco Solar, Risen Solar, Indosolar, Trina Solar, Yingli Solar, and SFCE. As per Centre for climate and energy solutions, Solar generation (including distributed) is projected to climb from 11 percent of total U.S. renewable generation in 2017 to 48 percent by 2050, creating it the fastest-growing electricity supply Declining costs of solar part are the foremost driving factors. Lack of grid infrastructure is that the major restraining issue. The government initiatives in solar PV module market is that he chance issue. Favourable regulative schemes consisting of tariff feed, internet metering and subsidies to boost solar energy adoption are going to be launched. As per Centre for climate and energy solutions, globally, renewable created up 24 percent of electricity generation in 2016, abundant of it from hydropower (16 percent).
In addition, the global solar photovoltaic (PV) module market provides numerous opportunities to the market players, because of disposable incomes and quick expansion within the world economy. Moreover, utility scale solar photovoltaic (PV) witnesses’ great demand because of rising price competitiveness of solar photovoltaic (PV) and growth in electricity demand. However, fast increase in solar power has also led to grid congestion problems and interconnection delays in many rising nations. Additionally, short grid capability display a big hurdle for the setup of latest plants and key players were growing cautious of the sector because of delays in subsidy collection and issues with solar panel quality. Therefore, the aforementioned factors are predicted to obstruct the market expansion to some extent.
The regional investigation of global Solar PV module market is taken into the account for the key regions like Asia Pacific, North America, Europe, Latin America and remainder of the World. Europe accounted for a big share of total revenue, followed by Asia-Pacific and North America. Additionally, demand for solar photovoltaics is on the increase in Latin America, mainly in Africa owing to the presence of widespread solar resources and is anticipated to grow considerably over the forecast amount. Recent additions to solar photovoltaic’s in countries like India and China are catered for by reaction to national feed-in tariff (FIT) payments and alternative incentives that facilitate alleviate chronic power shortages and increase reliability.
Demand for solar power within the rising markets of all continents, particularly in areas wherever electricity is required the foremost considerably contributes to the market growth. Moreover, fast growth of the market is primarily because of the rise in competitiveness of solar photovoltaic and rise in government initiatives and programs due to increased demand for electricity. In addition, countries switch toward solar photovoltaic (PV) potential to seek problems of alleviating pollution and CO2 emissions.
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Ankur Gupta, Head Marketing & Communications