Global Solar Energy Panel Market: Overview
Solar Energy Panel market is anticipated to worth USD 52,491 million by 2018,
with a CAGR of 21% during 2019-2025. Solar panels have photovoltaic cells that convert solar energy to electricity by absorbing sunlight thus; the solar energy is one of the largest sources of renewable energy available worldwide. The rapid expansion of solar photovoltaic (PV) installation capacities coupled with increasing demand for renewable power sources has been responsible for the growth of solar panels market across worldwide. Also, the growing awareness for energy security and self-sufficiency backed up with favorable government legislation is expected to fuel the market of solar panels over the forthcoming period.
The technological innovations coupled with the commercialization of solar panel have been aiding to the increase in sales volume of the global solar panel market. Moreover, the rising awareness about the benefits of solar panel and depletion of fossil fuels is expected to surge the demand for solar panels in the coming years. In addition, government initiatives such as subsidies on PV systems and feed-in-tariffs coupled with capacity expansions in developing countries are expected to drive the demand of solar panel over the forecast period. This will be further supported by soaring electricity tariff rates and declining manufacturing costs of PV panels on account of advancement in technologies. However, growing environmental concerns due to the excessive use of conventional energy sources in the industrial sector are leading to the shift in preference for renewable energy sources in the coming period.
Global Solar Energy Panel Market- Product Analysis
Based on Module, the global solar panel market is segmented into mono-crystalline, polycrystalline, and thin-film solar panels. The poly-crystalline solar panels accounted for the largest market share of the global solar panel market during the past years. Owing to its usage in a wide range of applications of Poly-crystalline due to its high efficiency coupled with the affordable price range. Moreover, the mono-crystalline segment is expected to register significant growth over the forecast period owing to their technological advancement and highest efficiency. The crystalline silicon solar PV modules were the most dominant technology in global solar panels market over the past years. In addition, the increasing requirements for high-efficiency solar PV systems have led to the development of thin-film solar modules. These modules employ cadmium or glass substrates and have higher solar conversion efficiency at relatively lower costs as compared to their crystalline silicon counterparts. Also, the improved efficiency along with other advantages over conventional solar panels are estimated to fuel the demand for demand over the forecast period.
Global Solar Energy Panel Market- Regional Analysis
Based on Region, the global Solar Energy Panel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Europe region is projected to hold the lion share of the global solar energy panel market over the forecast period owing to the decentralized energy generation model in the region. Also, the presence of several key players in the region is expected to further propel the demand for a solar panel in Europe. Moreover, the increased government expenditure and initiatives in developed countries, such as Germany and the U.K., have intensified the growing demand of solar power capacity in this region, which in turn is, fueling the growth of global solar panels market. However, the Asia-Pacific (APAC) is expected to witness as the fastest growing region throughout the forecast period, owing to the reducing prices of solar modules, and growing awareness regarding energy efficiency, along with favorable government regulation. This trend is expected to continue owing to government initiatives such as solar investment tax credit has resulted in increased sales of solar panel systems over the past decade.
Global Solar Energy Panel Market: Competitive Landscape
Key players operating in the solar energy panel market includes Renesola, JinkoSolar Holding Co., Ltd., JA Solar Holdings Co Ltd., Canadian Solar Inc., First Solar, Inc., Trina Solar Limited, Hanwha Q CELLS (Hanwha Group), Motech Industries Inc., Yingli Green Energy Holding Company Limited, and Shunfeng International Clean Energy Limited Suntech, Sharp Solar and Renewable Energy Corporation. Major Key Players are focused on organic and inorganic strategies such as merger & acquisition and new product launches to enhance their business and product.
Objective of the Study:
To analyze and forecast
market size of the global solar energy market, in terms Value.
To examine the careful
market segmentation and forecast the market size, on the basis of region,
segmented into 5 regions, namely, North America, Europe, Asia Pacific, MEA,
& LATAM and major countries in the respective regions
To outline, categorized and
forecast the global solar energy panel market on the basis of solar module,
Grid Type and application.
To examine competitive
developments like expansions, technological advancement, new product launches,
and regulative framework within the global solar energy panel market.
To identify the drivers and
challenges for global solar energy panel market.
To spot the profile of
leading players and an array of strategy outlook and SWOT analysis of major
Scope of the Report
By Solar Module
By Grid Type
In addition, the report provides analysis of the solar energy panel market with respect to the following geographic segments:
Asia Pacific (APAC)
Middle East and Africa
Customization Scope for the Client
Client satisfaction is our first and last priority. And that’s why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:
Additional Company Information
With three additional company detail analysis.
Additional country analysis.
Detailed segment analysis.