Market Highlights
A solar panel is a flat construction device that has collection of solar cells or photovoltaic that can generate electricity. These cells can be arranged in a grid like pattern on the surface of solar panels. Solar panels are operated by the positive and negative doped silicon working in conjunction with the conductors on alternately charged surfaces. Electricity is generated when photons (sunlight) strike the surface and causes flow of electrons.

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.

The market is driven by various factors such as increase in solar systems installations and generous government initiatives and policies that support solar energy generation. This is mainly because, solar panel power generation is less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Solar power generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the low power generation capacity of the solar panels and increasing stringent regulations on the land used for solar power generation sites. Solar Panels is expected to grow with the CAGR of approximately 20.18% from 2017 to 2023

Key Players:
The key players of solar panel market are
• Trina Solar Limited (China),
• Canadian Solar Inc. (Canada),
• Jinko Solar Holding Co., Ltd. (China),
• JA Solar Holdings Co., Ltd. (China),
• Hanwha Q CELLS Co., Ltd., (South Korea),
• ABROS green GmbH (Germany),
• Yingli Solar (China),
• SunPower Corporation (U.S.A),
• Abengoa Solar (Spain),
• eSolar, Inc. (U.S.A).

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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. In countries with decent solar resources, projects are now being constructed with an LCOE of USD 0.08/kWh, while a recent tender in Dubai, United Arab Emirates, resulted in a successful bid for a solar PV power purchase agreement (PPA) for just USD 0.06/kWh, without financial support. It is expected that the levelized cost of electricity (LCOE) of utility-scale solar PV projects would witness an average fall of 50% during the forecast period.