Solar PV, or photovoltaic, technology converts sunlight into electricity. Solar PV panels are made up of many solar cells that contain a silicon semiconductor. When sunlight hits the solar cells, electrons are knocked loose from the atoms in the silicon. The electrons flow through the solar cell to metal contacts that act as electrical conductors. This flow of electrons generates electricity.
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Key Trends
The key trends in Residential Solar PV technology are:
- Increasing Efficiency: Solar PV technology is becoming increasingly efficient, with modules now available that are capable of converting up to 22% of the energy they receive into electricity. This is up from around 15% just a few years ago.
- Declining Costs: The cost of solar PV technology has declined significantly in recent years, making it more affordable for homeowners.
- Improved Durability: Solar PV technology is becoming more durable, with modules now available that are designed to withstand extreme weather conditions and last for decades.
- Increased Flexibility: Solar PV technology is becoming more flexible, with a variety of mounting options now available that allow for easy installation on a variety of roof types.
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Key Drivers
There are a few key drivers for the growth of residential solar PV markets.
First, the cost of solar PV panels has fallen dramatically in recent years, making them more affordable for homeowners.
Second, many utilities are now offering solar PV rebates and other incentives to encourage customers to install solar PV systems.
And third, the increasing awareness of the environmental benefits of solar PV is motivating more people to switch to clean energy.
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Restraints & Challenges
The key restraints on the residential solar PV market are the high up-front costs of solar PV systems, the lack of available financing, and the lack of awareness of solar PV technology. The challenges facing the residential solar PV market are the need to improve the efficiency of solar PV systems, to reduce the cost of solar PV systems, and to increase the availability of financing.
Market Segmentation
The Residential Solar PV market is segmented by installation, grid type, application and region. By installation, the market is divided into ground-mounted, roof-mounted and others. By grid type, the market is bifurcated into on-grid and off-gri. By application, the market is classified into residential, non-residential and utilities. By region, the market is segmented into North America, Europe, Asia-Pacific and rest of the world.
Key Players
The key players in the Residential Solar PV market are Tesla, SunPower Corporation, Sunrun, Trinity Solar Inc., Sungevity, Momentum Solar, Petersen Dean Inc., ACE Solar, Sunlux and Titan Solar Power.
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