Solar Panels Market Is Expected to Grow At 20.18% CAGR during 2019 to 2023 according to “Global Solar Panels Market Analysis Report 2019” published by MRFR. APAC Holds the Largest Share of Solar Panels Industry. Solar Panels Market is segmented by Technology (Solar PV, CSP), Module Type (Crystalline, Thin Film, Parabolic Troughs, Linear Fresnel Reflectors, Power Towers, Parabolic Dishes), Application (Residential, Commercial, Power Plants, Off Grid), and Region.
Solar Panels Industry Key Players Analyzed in Report –
Trina Solar Limited (China), Canadian Solar Inc. (Canada), Yingli Solar (China), JA Solar Holdings Co., Ltd. (China), and Jinko Solar Holding Co., Ltd. (China).
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Global Market Overview:
Solar Panels is the panel designed to entrap the sunrays as a source of energy. It finds wide application in heat and electricity generation. It reduces the amount of electricity generated from fossil fuels by sourcing the operations with renewable energy from sun. Solar Panels are also referred to as photovoltaic or PV modules since they directly convert sunlight into electricity. Sunrays create enough energy every day to meet the demand for electrical applications prevailing throughout the world. Solar Photovoltaic panels are designed as an assembly of solar cells having a distinctive 6×10 dimension that produce and supply solar electricity for residential and commercial applications. They are also broadly used for powering individual gadgets, vehicle batteries, and electronic devices. Solar Panels installation on a roof can curtail the carbon footprint of the house by an average of 35,180 pounds of carbon dioxide per year.
At present, there is an increasing demand for Solar Panels in the housing rooftop applications. There has been a noteworthy drop in the prices of key elements such as poly-silicone and silver that are used in the creation of solar cells. A significant benefit of the Solar Panels is its functioning without noise and harmful emissions. A consistent drop in the prices of industrial commodities deployed to build Solar Panels collectively with the growing inflation of natural gas and electricity sector in the coming years, are considered as key driving forces for the development of the Solar Panels market over the forecast period. Increase in electricity prices coupled with cheaper Solar Panels is likely to drive the Solar Panels market to a substantial extent.
The market is also driven by forces such as generous government programs and policies that support solar energy generation. The Solar Panels power generation has gained so much of administrative focus owing to the factors that it is produces less carbon emissions and is less polluting when compared with conventional energy sources such as oil, petroleum, and coal. Solar power generation supports the initiatives like fight against climate change. Besides, it acts as a source of power for off grid and remote regions where still many global populations reside. However, the growth of the market can be restricted by the rising stringent regulations on the land employed for solar power generation sites coupled with low power generation capacity of the Solar Panels. Market Research Future has revealed in its report that the global Solar Panels market is likely to develop at an approximate 20.18% CAGR over the assessment period.
Market Segmentation:
Global Solar Panels market is segmented based on technologies, applications, and regions. Based on technologies, the Solar Panels market is segmented into CSP (linear fresnel reflectors, parabolic troughs, parabolic dishes, and power towers) and solar PV (thin film and crystalline). Based on applications, the market is segmented into commercial, utilities (off grid and power plants), and residential. Based on geography, the market is segmented into Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
Regional Analysis:
The Asia Pacific market is likely to represent the largest portion of demand for global Solar Panels over the review period. Factors driving the growth in the APAC market include the several upcoming and ongoing solar projects led by the rising demand for power owing to the urbanization, ever-increasing population, improving economic conditions, and industrialization. Simultaneously, the growing awareness about the benefits of Solar Panels in the APAC fuels the growth of the market considerably. Furthermore, the availability of sunlight owing to the topology is significantly encouraging the market growth and boosting it continuously.
Table Of Contents
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Litations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
Continued…
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