Increase in demand for green and clean energy sources and rise in electricity generation pressure in the urbanized areas of the world drive the growth of the global solar panels

Amongst all the other sources of energy, solar has proved to be the best-unlimited source for renewable energy in recent years. Unlike other sources, it does not support the emission of any greenhouse gas. It is a better option for generating energy from an environmental perspective.

Solar panels convert sunlight into electricity, with no energy production cost. With the falling cost of this renewable energy, the households are switching to solar more and more. Solar panels offer multiple benefits over other sources of energy. Other than renewable energy solar is mainly known for offering clean energy. This makes it more reliable than oil, coal, and natural gas for electricity production. Also, this reduces the number of greenhouse effects, conserves non-renewable sources and offers a healthy environment. In addition, home solar panels help to reduce electricity costs. Depending on the sizes, orientation and effectiveness of the solar panel, it offers efficiency even in the colder and cloudy atmosphere. Some solar panels generate excessive electricity, then required, which helps to lessen the monthly electric bills. Also, it does not require high maintenance and can last around 25 years.

Solar panels offer diverse applications for household purposes. It can be used to generate both electricity as well as thermal energy. Moreover, owing to these advantages the demands of solar panels for household purposes are growing effectively. The market is expanding with further advancements by the key players. Several activities and new launches are paving the way for a bright future of solar panels.

New launches to hit the market:

Recently, a Chinese panel manufacturer Trina Solar has launched two 500 W bifacial solar panels Duomax V and Tallmax V. Structure wise, the prior solar panel features a glass-glass structure, whereas the latter has a glass-back sheet frame. However, both the PERC monocrystalline bifacial solar panels provide a power output of 500 W. Furthermore, the panels are designed with multi-busbar technology along with silicon wafers of 210 mm. Moreover, with this launch, the company aims to reduce the system cost for large scale PV projects.

Other than this, one of India's leading companies, Loom Solar has launched an advanced IoT (Internet of Things) based solar AC Module with microinverter technology. The smart grid-ready AC module is a mono panel category, that contains a 7th generation microinverter from Enphase IQ7+MicroTM. The inverter at the back sheet of the solar panel offers a play and plug choice for generating energy. Furthermore, the solar AC module along with increased efficiency provides an AC output of 230 volts. On the other hand, with the IoT, it enables the user to monitor and control the performance of the panel anytime.

The United Arab Emirates, on the other hand, is initiating for clean energy with a floating solar power plant, to generate energy along with offering the valuable beach to the tourists. This is UAE's first floating solar project for energy production. And therefore, this performance can prove to be a huge success for other such projects. The solar power plant with the capacity of 80 kilowatts aims to generate a way to produce low-carbon electricity.

Solar power is associated with both social and economic benefits. Owing to multiple benefits it is a suitable option for generating energy in remote areas as well. Since the sun is an infinite source of energy, solar becomes more reliable than using fossil fuels. Also, it offers an eco-friendly way of power generation. On the other hand, solar panels are effective regardless of the climatic conditions, therefore, they become appropriate even in colder conditions. Also, solar panels follow easy installation, without taking much space. Going solar is more beneficial for both the human as well as nature.

Solar power generation has turn out to be one of the fastest-growing renewable sources of energy. A report by Allied Market Research says, that the global solar panel market is expected to grow at a significant CAGR by 2026. The rise in requirement of electricity, clean energy output, and decrease of carbon emissions, are anticipated to propel the growth of the global market. On the other hand, minimizing the cost of electricity production with solar panels would offer numerous opportunities to the market. The researchers are initiating to increase the reliability and efficiency of solar panels with reduced costs. Moreover, with these activities, advancements, and new launches the market is expected to grow exponentially.