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 6×10 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.

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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.

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.

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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.

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.

Regional Analysis: 

• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Japan
• Middle East & Africa (GCC, S. Africa, N. Africa)

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and participants from across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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By 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