Solar Panel Market: Growing Need For Reducing Green House Effects To Fuel Market Revenue

24-Jul-2018 | Zion Market Research

Solar Panel is used to generate electricity through PV effect in which the product absorbs solar energy and converts it into electric energy. A large number of solar panels are made up from the group of photovoltaic cells, which are arranged in a grid pattern on solar panel surface. The deployment of solar panels on the rooftops of the houses also helps in combating GHG emissions, thereby helping in minimizing the effects of global warming.

The burgeoning renewable energy trends and global initiatives to curb the use of fast-depleting fossil fuels are likely to proliferate the business scope. Technological innovations and government support for designing solar power stations are projected to create lucrative avenues for solar panel market in the near future. However, high deployment as well as maintenance costs of the product can inhibit the growth graph of the industry.

Today, solar panels are finding wide applications in the electronic devices, including, calculators. Researchers have claimed that the use of solar panels will not only help in environmental protection, but it will also assist the governments in power conservation as well as increasing resolving energy crises.

For the record, India is likely to house World’s largest solar energy park in Tumakuru district at Karnataka. It is also referred as Shakti Sthala and covers a large area. Earlier, a private firm in the country had declared of setting up largest solar energy park at Kamuthi in Tamil Nadu with the ability to provide electricity to large population of the state. The aforementioned factors are likely to spur the solar panel market demand in India.

In a major boost the solar panel industry, last month, Europe’s first solar panel recycling unit was launched in France with an objective of recycling the aging solar panels. Experts predict that the strategic move will encourage other countries to follow the suit, thereby propelling the market expansion as well as help in increasing its popularity & significance.

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