Global Solar Panel Market – Invention Analysis, Size, Share, Evolution, Styles & Prediction 2024
Solar Panel Market report provides the latest market data along with industry future trends, which keeps tracking of users driving revenue growth rate of solar panel market by type (monocrystalline, polycrystalline, and concentrated PV cell), application (residential, commercial, and off-grid) market status and outlook of global and major regions, from manufacturers, and end industries. As this report is expected to help key players among the solar panel market it includes the five years Industry analysis and the 6 years annual forecast from to 2024. Some of the prominent participants in the global solar panel market are Yingli Solar, First Solar, SHARP CORPORATION, Suntech Power Holdings Co. Ltd., eSolar, Tata Power Solar Systems Ltd, Gintech Energy Corp, Bright source Energy Inc., and Kaneka Corp. The global solar panel market is projected to grow at a CAGR of 24% over the forecast period of 2018-2024.
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Solar Panel Market: Drivers, Restrain and Opportunities
Growing environmental awareness among consumers drives the adoption of cost-effective renewable forms of energy over conventional energy sources. In addition, mounting consciousness for energy security and self-sufficiency along with favorable government legislation is strengthening the solar panels market growth over the forecast period. Collective properties of solar power plants and increasing off-grid installations of PV systems for commercial and residential purposes is expected to have a positive impact on market growth. Installing solar panels on a house roof can decrease the household’s carbon footprint by an average of 35,180 pounds of carbon dioxide per year.
However, climatic changes and cloudy weather can disturb the working of the solar panels. Similarly, solar technologies are expensive. These are some of the factors curtaining the growth of the solar panel market. Furthermore, government initiatives such as subsidiaries of the photovoltaic system and feed-in tariffs coupled with the expansion capacity in the Asia Pacific region and the U.S are anticipated to provide several growth opportunities for the key players in the solar panel market over the upcoming years.
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Europe Dominated the Global Solar Panel Market
Among the geographies, Europe dominated the global solar panel market followed by North America. The growth of the European region is due to the favorable government initiatives and increasing awareness regarding environmental conservation. Moreover, independent responsibilities of countries such as Germany, Italy, France, UK, U.S., China, Japan, and India to the Kyoto Protocol that is designated to reduce GHG (Green House Gases)emissions, is also expected to promote market growth. Increase in the manufacturers from China and technological advancement in the solar panel is anticipated to increase the demand for high crystalline silicon photovoltaic panels.
With the increase in offsite and rooftop, corporate procurement the concept of community solar panel is gaining popularity in the U.S. Therefore, the companies such as Amazon, Apple, and Target. U.S. is anticipated to be the dominant market for photovoltaic (PV) tracker systems, with NEXT rocker and Array Technologies being leading players in the U.S region. California holds the largest market share in the U.S. solar panel market. However, there is continuous growth in markets like Florida, Texas, Utah, and Minnesota.
Solar Panel Market: Segmentation
The report on global solar panel market covers segments such as type and applications. On the basis of type, the sub-markets include monocrystalline, polycrystalline, and concentrated PV cell. On the basis of applications, the sub-markets include residential, commercial, and off-grid.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the solar panel.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.