Solar Panel Market Overview:
The Global Solar Panel Market Size was worth USD 131.0 billion in 2020. It is projected to increase up to 176.2 billion before 2027 at an annual rate of 4.3% during the forecast period 2020 to 2027.
The solar panel is an item designed to absorb sunlight’s rays to provide the source of energy for generating electricity and heat. It helps reduce the amount of energy that comes from fossil fuels and supplies your business with renewable, clean solar energy. The solar panels can also be referred to as PV or photovoltaic modules since they directly convert sunlight into electricity. The sun’s energy is sufficient each day to meet more than 10,000 million times our electricity demands. Solar Photovoltaic panels are packaged and connected to a system comprising typically 6×10 solar cells, which generate solar energy and are used for both residential and commercial use. Solar panels aren’t only used for rooftops for residential use. However, they are extensively used in applications like the power source for electronic devices, consumer devices, and battery packs for vehicles. Solar panels installed on a home’s roof will reduce the footprint of the household’s carbon footprint by approximately 35,180 pounds of carbon dioxide/year.
In the 1960s, the initial commercial application made of solar cells was the powering of satellites. There are a variety of quality solar panels available with various cost and efficiency factors, including monocrystalline solar panels, polycrystalline solar panels, and thin-film panels (amorphous panels). Solar Panels are examined using “Standard Test Conditions (STC).” Solar panels are able to be accurately tested against one another and evaluated using a fixed set of conditions that are considered in this procedure. There are three test conditions to evaluate solar panels. These include temperatures of the cell, solar irradiance, and the mass of the air.
Market Trend and Dynamics of the Global Solar Panels Market:
The rising demand for solar-powered cars and electrical appliances is causing an increasing demand for solar-powered panels around the world. In addition, increasing demand for PV systems, growing use of storage grids, and a significant need for solar panels for residential rooftop applications are predicted to boost the growth of the solar panel market.
The price of the important raw materials for solar panels, such as polysilicon and silver, are being observed, as well as price reductions for other industrial products that are utilized to create solar panels. These are expected to fuel the market’s growth in the coming years. In addition, the rising prices of electricity all over the world, along with lower-cost solar panels and the lower cost of installation for solar panels, is creating a substantial market growth for solar panels.
The solar panel market is booming with huge potential for growth in the long term, and it is expected that solar energy will be the primary energy source within the next decade. The increasing use of solar power systems for residential and commercial end-user applications is one of the reasons that provide huge growth opportunities for the market.
Another important factor is the focus on reducing the emission of CO2. Utilizing solar energy can boost the amount of green energy produced and will help conserve the depleting natural gas and coal reserves. So, governments all over the world are pushing for renewable energy sources in support of the heavy installation of solar panels, which is causing the growth of solar panels.
Solar Panel Market Competitive Landscape
Globally, the Solar Panels market is estimated to experience a significant growth rate during the time frame (2015 until 2025). North America’s market for solar panels is growing quickly, particularly due to the expansion of solar panels for residential use across the U.S.
In 2012, solar-generated energy contributed 0.11 percent of all electricity produced by the U.S., according to U.S. Energy Information Administration.
The forecasts of FMI predict that the Solar Panels market in Asia-Pacific is anticipated to exhibit the highest CAGR during the forecasted time. There has been an increase in solar panel production from the U.S. to China and India due to the lower production costs.
The Key Market Segmentation of the Global Solar Panels Market:
Global Solar Panels Market can be divided into Types, Applications, and Geographical landscapes, etc.
Solar Panels Market Segmentation By Product Type:
Monocrystalline Solar Panels, Polycrystalline Solar Panels, Thin-film (Amorphous) Panels
Solar Panels Market Segmentation By Application:
Residential, Commercial, Power Plants, Off-Grid
Solar Panels Market Segmentation By Geographical Landscape:
North America, Europe, Asia Pacific, South America, The Middle East and Africa
Major Key Players in the Global Solar Panels Market Are:
- JA Solar
- SunPower Corporation
- Canadian Solar
- Trina Solar
- LONGi Solar
- First Solar
- Hanwha Q-CELLS
- Risen Energy
- Shenzhen Yingli New Energy Resources Co., Ltd.,
The Covid-19 Impact Analysis:
The COVID-19 disruptions won’t have an impact on this industry of solar panels. On the one hand, industry players were faced with numerous issues, including disruptions to supply chains, the need to attract workers from quarantines, as well as logistics issues when it came to delivering final products.
On the other hand, the pandemic has prompted a rapid increase in the market for renewable energy, which boosted the demand for energy continuously.
Due to the increasing demand for energy from industrial industries, the market for renewable energy continued to grow steadily through 2020. The value of solar panels is predicted to rise even more after lockdown regulations have been being relaxed in several countries.
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