Solar PV Panels Market, By Grid Type (On Grid, Off Grid), By Technology (Thin Film, Crystalline Silicon, Others), By Application (Residential, Commercial, Industrial), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jul 2024

Code : CMI7155

Pages :133

Formats :

Excel and PDF

Industry : Energy

Market Concentration and Competitive Landscape

Solar PV Panels Market Concentration By Players

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Grid parity of Solar PV systems

Another crucial driver has been the cost competitiveness solar PV systems have achieved against utility rates in many parts of the world, often referred to as 'grid parity'. Earlier, the higher upfront investment associated with solar panels was a deterrent for widespread adoption. However, over the years, there has been a steep decline in the prices of solar modules and their related components like inverters due to economies of scale and technological innovation. At the same time, conventional power tariffs in several countries have witnessed upward revisions partly on account of rising fuel costs. This has substantially narrowed the price gap between grid and solar power.

In many sunny regions today, solar generated electricity during daylight hours is less expensive than what is purchased from the utilities. This has made solar an attractive proposition even for commercial and industrial customers looking to mitigate power costs. Achieving grid parity removes the financial hurdle and strongly appeals to the rational economic interests of prosumers. It empowers more customers to meet all or a significant portion of their annual energy demand through rooftop solar and gain long term savings.

Key Players Insights