Solar Photovoltaic PV Panels - The future of Energy and Power
Renewal Energy is evolving as a Demanding Market in India and South Asia
India has tremendous potential for power generation from renewable energy generation sources like wind, biomass, solar or hydro ,etc. Solar Photovoltaic is a technology that converts the solar radiation into electricity with the help of semiconductors. When the sunlight hits the semiconductor within the PV cells, electrons are released and form an electric current. Solar PV technology is generally fixed on a panel. PV cells are generally found connected to one another and are mounted over a frame called module, various modules can be wired together in an orderly arrangement and that can be scaled up or down depending upon the amount of power that is needed to be produced.
India’s renewable energy industry has been rapidly expanding post-2014 after PM Narendra Modi came in power. The solar energy sector has especially taken a huge upward plunge keeping in line with the country’s renewable energy generation targets. India is aiming to install 175 GW of renewable capacity by 2022, out of this 100 GW is outlined for solar power. India has been an outperformer in the solar power investment globally, and the increasing cost efficiency and competitiveness of solar power generation will support the strong growth of the sector in the upcoming decade. The solar power generation capacity of India is expected to grow at an annual average rate of 16%, between 2018-2026. With huge solar power generation plants developing in India with the help of domestic and foreign investment is great news for the producers of solar PV panel/ module suppliers and manufacturers Since the demand of Solar PV Panels is directly linked with the solar power plants establishment, the more plants India will build the more will be the demand of the Solar PV Panels. The major factor behind this upsurge is also the ease in land acquisition and other approvals from the state and central governments. The Solar panel market is governed by large domestic and international project developers with some control and intervention by the government. The demand was positive during 2019 and there is a positive market growth is definitely on the cards. This is based on the market report according to which over 400 MW of solar PV projects are in pipeline in India. The Solar panel PV market is also anticipated to see a boost in demand in the rooftop segment, With the technological advancements in solar rooftop PV segment such as Feed-IN-Tariff, Accelerated Depreciation Mechanism, Net-Metering etc have focused on the usage of renewable solar energy at small scale and it is expected to grow forward in the coming years.
The global market for solar OV Panels is estimated to be 188.5 billion USD in 2017 and will most probably decline and be valued at 137.6 billion USD between 2018-2022. While the market report suggests that global Solar PV Panel market will decline in the coming years due to the changes in the financial support provided by the government, reduced technology prices, shifting focus towards grid infrastructure. However, the Asia-Pacific region is leading the market globally and will continue to do the same in the future. Asia accounts for about two-thirds of the world Solar PV panels market. Around 85% of the total contribution in the global market is from the top five markets of the world which are China, USA, Japan, India and the UK.
There are three types of solar PV panels or modules in the Indian market; Multi-crystalline or Poly-crystalline, Mono-crystalline and Thin-film solar panel. Since India is a price-sensitive market, the multi-crystalline solar panel is leading the market, but the developers have started looking to promote monocrystalline solar panel PV projects for the added advantages that it offers. Globally the solar panel market has a noticeable inclination towards the monocrystalline solar panels. The monocrystalline solar panel offers better energy efficiency and optimum utilization. The solar PV market in India is witnessing a slowdown in spite of the huge demand in the country due to several reasons like currency depreciation, GST, cancellation of auctions and tenders, re-negotiation of Power Purchase. This is further increasing the demand for Solar Panel Cleaning Market and Photoelectric Sensors Market.