Market research Future Solar Panels Global Market to Grow at 20.18% CAGR | Page 3

Solar panel market Research Report- Forecast to 2023
2 Market Overview
A solar panel is a silicon based layered semiconductor module that can produce electricity from sun light.
This photovoltaic effect is created by the flow of electrons inside the module, which can be maximized by
the increased hours of exposure to sunlight. Solar panels have been dominating the renewable energy
market in recent years because of the ability of solar power to reach grid parity as conventional energy
resources and technological development.
Solar Photovoltaic panels are coupled assembly of solar cells with a typical 6x10 dimension that generate
and supply solar electricity for commercial and residential applications. They are also extensively used for
powering electronic devices, individual gadgets, and vehicle batteries. Installing solar panels on a typical
house roof can cut down the household’s carbon footprint by an average of 35,180 pounds of carbon dioxide
per year.
Solar PV by Technology Segment is Expected to Grow at the Fastest Rate and hold the Largest
Market Size in Forecast Period.
Solar cells, also known as photovoltaic cells, converts sunlight directly into electricity. Basically the name
PV originates from the process of converting light (photons) to electricity (voltage), which is called the PV
effect. The PV effect was discovered in 1954, when scientists at bell laboratories discovered that silicon
created an electric charge when exposed to sunlight. Solar PV was later commercialized and brought up in
the market, which are now widely used from powering space satellites to smaller items such calculators
and watches. Solar photo-voltaic holds the largest share in the solar panel market with the highest installed
capacity of 306.5 GW till 2016 around 2% of the world’s electricity demand. The levelized cost of
electricity (LCOE) ranges between USD 0.11 and USD 0.12/kWh (in South and North America,
respectively) to over USD 0.31/kWh (in Central America and the Caribbean). But for individual projects
there are wide range of costs.
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