Photovoltaics Modules Market
Photovoltaic (PV) technology converts solar energy directly into electricity through using semiconductor materials. The Photovoltaic module is made up of hard glass or some other transparent material on the upper surface, and protective and waterproof material on the back surface. A PV module lies of numerous PV cells wired in parallel to increase current and in series to produce a higher voltage. It doesn’t consist any mechanical moving parts, therefore, it has a long service life, requiring negligible maintenance. Photovoltaic technology is used in renewable energy systems it can be used on small-scale systems for lighting and pumping to large-scale systems for entire buildings and utility-scale photovoltaic farms.
PV growing as a major power resource, and progressively becoming more affordable that’s more reliable than utilities. Owing to increasing energy demand, due to growing population, and rise in industrial sector there is need of viable energy resource, this factor propels the demand for renewable energy sources such as solar energy and is the key factor that boost the demand for photovoltaic energy. For instance, according to IEA org Energy demand worldwide raised wildest speed this decade by 2.3% last year. Additionally, the natural gas consumption rise and accounting for 45%. Additionally, growing expectance and awareness of benefits from renewable source of energy such as solar energy and wind drives the target market growth, for instance according IEA org Solar and wind generation raised at double-digit step, in that solar alone increasing by 31%. Also the favorable government regulations and initiatives to used renewable energy providing the strong growth to the market. However, some factor such as high installation cost and need large storage space are expected to provide restrain to the market. Moreover, factor such increasing price of prices of fossil fuels and need of renewable energy will provide an opportunity to the market. The global photovoltaics modules market is segmented based of product type, application, and region.
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