Market Overview:
Solar panels also referred to as photovoltaic or PV modules is a convergent assembly of solar cells that generate and supply solar electricity for residential, commercial and industrial applications. These panels can also be used for powering individual gadgets, electronic devices, and vehicle batteries.
Installation of solar panels on a house roof typically ensures a cut down of an average of 35,000 pounds of carbon dioxide per year in terms of the household’s carbon footprint. Along with providing the clean and renewable energy, another aspect of solar panel is its discreet functioning. Meaning, without the noise and CO2 emission, solar panels give the equal grid output as conventional energy resources such as coal, oil, and petroleum.
The market perceives a growing demand from the residential rooftop applications. Additional factors substantiating the market growth include dropping prices of some of the key components used in the manufacturing of solar cells such as silver and poly-silicon and the gradually falling prices of industrial commodities.
Considering all above things, the global solar panels market will accrue enormously by 2023 registering a striking double digit CAGR of 20.18% during 2017 to 2023.
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Regional Analysis:
The Asia Pacific region is expected to continue with its dominance over the global solar panel market throughout the forecast period. Factors substantiating the market growth in the region include the several ongoing & upcoming solar projects led by the increasing demand for power due to the ever-increasing population, urbanization, industrialization, and improving economic conditions. Simultaneously, the awareness about the advantages of solar panels in the region provides impetus to the market growth in the region. Also, the ample availability of Sun-light due to the geographic topology is certainly impacting the market growth positively, boosting it pervasively.
While technological advancements coupled with the presence of prominent market players in the region entitle Europe & North America as lucrative markets on the global front.
Market Segmentation
The Global Solar Panels Market has been segmented by technology, module type, application, and region.
By technology segmented on Solar PV, and CSP.
Base on module type is categorized into Crystalline, Thin Film, Parabolic Troughs, Linear Fresnel Reflectors, Power Towers, and Parabolic Dishes.
By application is categorized into Residential, Commercial, Power Plants, and Off Grid.
Based on region is segmented into North America, Europe, Asia-Pacific, and Rest of World (RoW)
Global Key Players:
Trina Solar Limited (China), Canadian Solar Inc. (Canada), Jinko Solar Holding Co., Ltd. (China), JA Solar Holdings Co., Ltd. (China), Hanwha Q CELLS Co. Ltd., (South Korea), ABROS green GmbH (Germany), Yingli Solar (China), SunPower Corporation (U.S.A), Abengoa Solar (Spain), eSolar, Inc. (U.S.A).
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