Solar Panels Market Highlights:-
The global market outlook for solar panels appears prodigious in response to the rapid developments in the solar sector, and the global solar panels market is projected to expand at a noteworthy CAGR of approximately 20.18% over the forecast period of 2015-2023, proclaims Market Research Future (MRFR) in a comprehensive research report. The energy transition towards renewable energy has been instrumental in shaping the global solar panels market. Solar energy is being progressively embraced by various countries and has been able to be at par with its renewable energy peers. Solar power is one of the fastest growing power generation sources and the past few years have witnessed a massive increase in installation of solar power which has made an affirming impetus on the growth of the Solar Panels Market . Moreover, due to technical improvements, the cost of key components used in the manufacture of solar panels has also decreased which boosts the growth of the market. In many countries, solar power is currently the lowest cost power option, both in residential and commercial applications which aids the growth of the market. Besides, the rise in the price of electricity and natural gas is expected to be a tailwind for the growth of the market over the forecast period. The governments of various countries have endeavored towards promoting the use of solar power which has been a plus for the growth of the global solar panels market. Conversely, the growth of the market is met by a few restraining factors. Low power generation capacity of solar panels, incapability to supply power at night, disturbance during abnormal climatic conditions, and stringent regulations on the use of land for solar power generation discourage adoption of solar power which is likely to act as an impediment to the market growth.
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Competitive Landscape
The notable players operating in the global solar panels market include Trina Solar Limited (China), Jinko Solar Holding Co., Ltd. (China), Hanwha Q CELLS Co., Ltd., (South Korea), Yingli Solar (China), Abengoa Solar (Spain), Canadian Solar Inc. (Canada), JA Solar Holdings Co., Ltd. (China), ABROS green GmbH (Germany), SunPower Corporation (U.S.), and eSolar, Inc. (U.S.A).
Industry Updates:-
In August 2018, EU announced to lift the restriction on trade controls on Chinese solar panels. In 2013, the EU had imposed anti-subsidy and anti-dumping measures for Chinese solar panels. The ending of the restriction will lead to cheap
August 2018- A revolutionary solar cell technology has been created by a physicist of University of Newcastle. The novel printed solar cells are printed on ultra-lightweight, laminate material and can be produced at the cost of less than $10 per square meter. Beresfield-based logistics company CHEP has become the first commercial owner of the technology in Australia.
Global Solar Panels Market Segmentation:-
The global solar panels market has been segmented based on technology, module type, and application. By technology, the market has been segmented into solar PV and CSP. By module type, the market has been segmented into crystalline, thin film, parabolic troughs, linear Fresnel reflectors, power towers, and parabolic dishes. By application, the market has been segmented into Residential, Commercial, Power Plants, Off Grid.
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Regional Analysis of Solar Panels Market:-
The global solar panel market spans across the regions of North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific represents the largest market for solar panel followed by Europe and North America. Asia Pacific accounts for the lion’s share of the market owing to the thriving market in China which alone accounts for 44% of new solar PV capacity. The Europe market is driven by Spain which remained a global leader in existing CSP capacity, followed by the US. The Rest of the World market comprises of the Middle East, Israel, and Brazil which are expected to gain traction over the forecast period.
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