The latest report by IMARC Group, titled “Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global solar panel market reached a volume of 92.8 GW in 2017. Solar panels are active solar devices which include a set of photovoltaic or solar cells spread over a large area. These cells absorb sunlight to generate flowing electricity through the photovoltaic effect. The electricity is further converted from DC to AC by a solar convertor and used for various household, commercial and industrial purposes. The applications of solar panels have expanded over the years on account of technological advancements and lowering cost of production. In recent years, ultrathin solar panels have been developed which are lighter and more flexible than the glass-based variants. They are superior than conventional solar panels in terms of efficiency and cost-effectiveness and can be integrated into almost any surface.
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Solar Panel Market Trends:
Currently, solar panels are being utilised for energy generation across the globe as they help in reducing carbon footprints and the usage of non-renewable sources of energy. They produce clean energy and do not release any water or air pollution in the environment. Owing to these benefits, they represent an ideal solution for controlling environment issues such as greenhouse gas emissions and global warming. In line with this, governments of various nations are encouraging the usage of solar panel by offering incentives for solar energy projects and spreading awareness among consumers with the implementation of several programmes and campaigns. However, these panels cannot be used in rainfall- and snowfall-prone areas which acts as a major hindrance towards the growth of the market. Looking forward, the market volume is projected to exceed 194.2 GW by 2023, expanding at a CAGR of nearly 13% during 2018-2023.
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Solar Panel Market Summary:
- On the basis of type, the market has been segmented into crystal silicon, monocrystalline silicon, polycrystalline silicon and thin film solar panels. Presently, the market is dominated by crystal silicon solar panels which hold the majority of the total share.
- Based on end-use, the global solar panel market has been segregated into commercial, residential and industrial segments. Amongst these, the commercial segment represents the most popular end-user for solar panels.
- On a geographical front, Asia Pacific represents the largest market for solar panels. This can be accredited to an increase in the production of solar panels across the region. Some of the other major markets include North America, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q-CELLS, GCL-SI, LONGi Solar, Risen Energy, Shunfeng and Yingli Green.
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