Growth opportunities in the solar panels market look promising over the next six years. This is mainly due to the availability of cost-effective and more efficient materials to produce solar panels and the rising demand for electricity across the globe resulting in the active adoption of solar panels to meet the daily energy demand.
Solar Panels Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
One of the key drivers responsible for the growth of the global solar panel market is the surging need for electricity throughout the world, which has led to the acquisition of solar panels among consumers to meet the daily energy need. The “International Energy Agency” states that more than half of the electricity in Germany, the topmost solar power producer, is generated from solar panels, which thereby shows the significant potential of the market. In accordance with the “International Renewable Energy Agency,” global energy power capacity has increased by 90GW in 2019 from 2018, which has contributed to the market growth. Moreover, developers and landowners are creating new opportunities and demand for the solar panels market. Also, all educational institutes, private and commercial buildings, and countries including India, Germany, China, and Belgium should be installed with a minimum of 5KW capacity solar panels, strengthening the solar panel market share.
The accessibility of more efficient and cost-effective materials to produce solar panels will boost the market growth. Silicon has been used extensively since the creation of solar panels, but materials like perovskites are on the verge of replacing it from the past few years. Perovskites have raised the efficiency of solar panels from 3.8% to 20%, which has further strengthened the solar panel market size. However, the huge initial cost of installing and purchasing solar panels, which includes batteries, wiring, panels etc., is hampering the solar panel market growth.
Application Segment Drivers
Based on the application, commercial application is anticipated to lead the market over the forecast period. Accelerating penetration of solar panels across hospitals, hotels, and corporate offices integrated with the increasing demand for power by data centers and communication base stations are likely to bolster the growth of the solar panel industry. Moreover, the enhanced energy yield, better panel efficiency, and module-level monitoring promote the adoption of solar panels.
Solar Panels Market’s leading Manufacturers:
- Evergreen Solar
- RISEN ENERGY CO., LTD
- Canadian Solar
- AREVA S.A.
- JA SOLAR Technology Co., Ltd.
- GCL-SI
- Q CELLS
- LONGi Solar
- Trina Solar
- JinkoSolar
Solar Panels Market Segmentation:
Segmentation by Cell Type:
- Monocrystalline
- Polycrystalline
- Thin Film
- Others
Segmentation by Application:
- Residential
- Commercial
- Industrial
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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