Portland, OR -- (SBWIRE) -- 03/15/2018 -- Solar Photovoltaic Panels Market was valued at $118,704 million in 2016 and is expected to reach $307,204 million by 2023, registering a CAGR of 15.0% from 2017 to 2023. Photovoltaic devices directly convert sunlight into electricity. The key components of PV power system are various types of photovoltaic cells (also known as solar cells). These components are interconnected and encapsulated to form a photovoltaic module, the mounting structure of modules which is manufactured for the grid connected and off-grid systems. Moreover, solar energy is renewable and helps countries to meet their policy goals for secure, reliable, and affordable energy and provides electricity access with reduced price volatility and the promotion of social and economic development.
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Demand for solar power in the emerging markets of all continents, especially in areas where electricity is needed the most significantly contributes to the market growth. Moreover, rapid expansion of the market is primarily due to the increase in competitiveness of solar photovoltaic and rise in government initiatives and programs owing to increased demand for electricity. In addition, countries switch toward solar photovoltaic (PV) potential to seek problems of alleviating pollution and CO2 emissions. Furthermore, recent addition of solar photovoltaics in countries such as India and China was catered owing to response to national feed-in tariff (FIT) payments and other incentives that aid in alleviating chronic power shortages and increase reliability.
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