Since the last few years, there has been a drastic shift toward the adoption of solar energy in various commercial, residential, and industrial applications across the world. This is mainly because of the environment-friendly characteristic of solar energy and the rising awareness amongst the public about the environmental degradation caused due to the burning of fossil fuels for power production. Furthermore, the rising implementation of government incentives in several countries for promoting the usage of solar panels, and the declining costs of key parts are boosting the sales of solar panels across the globe.
Polysilicon and silver are some of the key components used in solar panels, owing to which, their falling prices have significantly reduced the overall costs of these panels. There have also been sharp drops in the prices of other industrial components used in the production of solar panels. Further, the decreasing installation costs of solar power systems and the increasing electricity prices in many countries have massively boosted the demand for solar panels. Besides this, the growing popularity of solar-powered vehicles and various electrical devices is also tremendously pushing the sales of these panels throughout the world.
In addition to the aforementioned factors, the surging adoption of energy storage grid and the rising requirement of photovoltaic (PV) panels in the rooftops of residential buildings are also boosting the demand for these panels all over the globe. As a result, the global solar panel market is predicted to demonstrate huge expansion during the coming years. Concentrated solar power systems and photovoltaic cells are two main types of solar panel technology used across the world. Of these, the adoption of concentrated solar power systems will increase at a faster rate in various applications in the future years.
Additionally, the usage of low concentrated photovoltaic (LCPV) systems and high concentrated photovoltaic (HCPV) systems will increase tremendously over the next few years. Solar panels are widely used in power utilities and also in various industrial, residential, and commercial buildings. Out of these, the usage of these panels is predicted to be significantly high in residential applications in the upcoming years, mainly because of major government support in many countries, primarily in the form of investments and helpful policies.
