Published Date : Oct 13, 2015
The global solar power sector is witnessing rapid growth. Around the world, rapid development can be seen in the solar sector. China and India are now booming in the solar market. The Middle East and North Africa region is also expected to invest substantially in the coming few years in the solar sector. On the other hand, in Europe and North America companies are involved in improving efficiency of panels and develop better battery storage solutions.
In the global solar energy industry, each month new record efficiencies are noted. The trend of improving PV panel efficiency has gained much prominence particularly in the past few months. Recently, Sunpower boasted of 20+% efficiency in modules that were seen as high end niche products. In the past week, the firm SolarCity declared that it has surpassed this benchmark and produced modules with 22% efficiency that are currently rolling off their 100 MW lines and are projected to be soon rolling off their 1 GW line based at the Elon Musk’s other gigafactory.
Panasonic answered to this challenge by announcing its production prototype testing that recorded an efficiency of 22.5%. And now it is Sunpower again that is upping its game and planning for production of 23% efficiency panels in the year 2017. The giants in the solar power sector are competing strongly in a bid to boost efficiency of solar panels.
These announcements cannot be ignored. SolarCity has long ago mentioned about its plan for residential PV systems to become more cost competitive without subsidies till the time the U.S. tax credits will expire. At present, the global market for solar power panels is witnessing high competition among top market players to produce low cost and high efficiency modules. This trend is projected to gain even more traction in the coming few years