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Solar Energy Panel Market 2021: Industry Overview, Key Technology, Segments, SWOT Analysis, and Forecast Research 2027

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The Solar Energy Panel Market market size was US$ $ billion in 2020 and is forecast to grow to US$ $ billion by 2027. The market is registering a compound annual growth rate (CAGR) of $% during the forecast period 2021-2027. 

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The Solar Energy Panel Market is expected to witness significant growth rate over the forecast period. Owing to the increasing government incentives for the adoption of solar panels along with the cost economics of polysilicon has expected to be the major driving factor of the global solar panel market. The solar panels convert solar energy into electricity which creates the pollution free environment and is more efficient than combustion technologies. The rapid expansion of solar photovoltaic (PV) installation capacities coupled with increasing demand for renewable power sources is boosting the solar energy panel market in coming years. Moreover, raising awareness about the benefits of solar panel and depletion of fossil fuels is expected to surge the demand for solar panels. The other key factors supporting the growth of the market are future energy supply security, increasing investment in clean energy, and low operating cost of the solar power plant. Additionally, the market for solar panels is increasing due to the growing awareness about solar panel power generation being less polluting and producing fewer carbon emissions. In addition, the falling prices of key raw materials of solar panels, including silver and polysilicon, along with the price drops for other industrial commodities that are used to make solar panels are expected to drive the market growth over the forecast period.

Commercial Sector Is Projected To Be the Most Lucrative Application Segment Of Global Solar Energy Panel Market During The Anticipated Period

In terms of applications, commercial sectors accounted for the largest market share in past years owing to factors such as high efficiency & utilization of direct current, etc. The emerging market provides various opportunities to the market players, owing to a rise in disposable incomes and rapid growth in the global economy. Moreover, the residential segment is expected to witness significant growth during the forecast period due to the increasing awareness and adoption of roof-top panels. Also, the utility-scale solar photovoltaic (PV) witness’s great demand owing to improving the cost competitiveness of solar photovoltaic (PV) and growth in electricity demand. Furthermore, the residential segment also witnessed sluggish growth in terms of installation of solar energy owing to discrepancies in sales strategies such as high installation and maintenance costs. However, rising development activities in developed countries such as Texas, Utah, Florida, and South California are expected to drive the segment over the forecast period, thereby generating the need for installation of renewable solar panel systems over the coming years.

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Asia Pacific Region Is Expected To Be the Fastest Growing Region of Global Solar Energy Panel over the Forecast Period

The Asia Pacific region is expected to be the substantial growing regional segment for the solar panel market within the forecast period. Owing to growing urbanization and population explosion and low cost of the product, especially in developing countries like China and India, are expected to augment the demand for energy generation and construction activities in particular region. In addition, the growing investment in clean energy research & development in the emerging economies is expected to further boost the demand for solar energy panels in the coming years. Moreover, the European Region is expected to hold the lion share over the forecast period. Both Europe and the EU region, anticipate having strong growth in past years. While demand in the EU will be driven by the national binding 2020 renewables targets and low prices, the non-EU part of Europe will be propelled by Turkey’s solar program and solar’s attractive costs for the forthcoming years.

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.

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The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Global solar energy panel Market size & forecast. The report promises to provide state-of-the-art technology of solar energy panel and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.

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Updated : 2022-01-18 07:10 GMT+08:00

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