The global solar panels market is expected to witness exponential growth during the forecast period: MRFR

Market Research Future published a Cooked Research Report on the global solar panels marketthat contains information from 2022 to 2030. 

The global solar panels market is expected to progress with ~ 7.10% CAGR from 2022 to 2030.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Solar Panels Market Research Report

Solar panels are described as an assembly of photovoltaic cells that are mounted in a framework for technology. A solar panel is a silicon-based layered semiconductor module that can produce electricity from sunlight. This photovoltaic effect is created by the flow of electrons inside the module, which can be maximized by the increased hours of exposure to sunlight. Solar panels have been dominating the renewable energy market in recent years because of the ability of solar power to reach grid parity as conventional energy resources and technological development use sunlight as an energy source to generatedirect current electricity through photovoltaic cells.

Asia-Pacific is one of the largest markets for solar panelsin the world. The regional demand for solar panels is expected to grow significantly due to the growing demand for solar power energy sources and increasing investments in the development of rural areas in the region. Solar energy is considered as the best replacement for conventional energy sources to decrease carbon emissions by meeting the electricity needs in the region. In India, in August 2019, Shapoorji Pallonji and Company Private Limited (India) and ReNewPower (India) invested around USD 110 million for the development of a 150 MW floating solar power project in Uttar Pradesh. Moreover, several government incentives, policies, and schemes are favoring the technology of solar panels in the region. Such factors are expected to drive the growth of the market for solar panels in Asia-Pacific during the forecast period.

The global solar panels market is estimated to witness ~ 7.10% CAGR during the period from 2022 to 2030: MRFR

The market for solar panelsis segmented on the basis of technology, module type, grid connectivity, application, and region.

Based on technology, the global solar panels market has been segmented intosolar PV and concentrated solar power (CSP). The solar PV segment held a share of 85.54% of the global solar panels market. Based on module type, the global solar panels market has been segmented into thin film and crystalline. The crystallinesegment held a 70.22% share of the global solar panels market. Based on grid connectivity, the global solar panels market has been segmented into on-grid and off-grid. The on-grid segment held an 83.22% share of the solar panels market. Based on application, the solar panels market has been segmented intoresidential, industrial, and government commercial.The Commercial held a 42.28% share of the global solar panels market.Based on Region, the global solar panels market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.Asia-Pacificheld a 38.52% share of the solar panels market.

By technology, the solar panels market has been segmented a ssolar PV and concentrated solar power (CSP).The solar PV segment is expected to hold the largest share during the forecast period.A single solar PV device, also known as a solar cell, is a small device and typically produces about 1 or 2 watts of power. These cells are made of different semiconductor materials and are often of limited thickness. Solar PV modules and arrays are just a part of a solar PV system. These systems also include mounting structures that rotate the panels toward the sun and consist of components that take the directcurrent (DC) electricity produced by modules and convert it to the alternating current (AC) electricity that can be used for residential, industrial, and commercial applications.

By module type, the global market has been segmented intothin film and crystalline. The crystallinesegment is likely to hold the largest share during the forecast period. These PV modules type is classified as the first generation of solar modules. At present, the solar PV segment share is dominated by crystalline silicon (c-Si) modules. There are different types of c-Si modules are available: monocrystalline (mono c-Si) and polycrystalline (poly c-Si).Solar cells made of crystalline silicon modules are often called conventional, traditional, or first-generation solar cells, as the module is developed early in the 1990s.

By grid connectivity, the global market has been segmented into on-grid and off-grid. The on-grid segment within the solar panels marketholds the largest share.On-grid solar systems generate power by using a solar power system that is directly connected to the utility power grid. These systems generate power only when the utility power grid is available and directly related to the utility feed. On-grid solar power systems send excess power generated to the utility grid when they are overproducing, and consumers can be benefitted. These systems work in collaboration with the power grid andwhen there is not enough sunlight to meet one's needs, the system runs on the power supplied by the grid.

By application, the solar panels market is classified into residential, industrial, and government commercial. The government commercial segment is one of the largest markets for solar panels in the world. Solar panels are used in various commercial applications for the generation of electricity. Commercial buildings, offices, and other business organizations depend on electricity for most of their day-to-day activities. Most of the work in office buildings in the daytime is much higher, making them suitable to install solar panels and generate renewable electricity for most of their needs.

By region, the solar panels market is segmented into Europe, Asia-Pacific, North America, the Middle East & Africa, and South America. Asia-Pacific dominates the global solar panels market.The region is one of the largest markets for solar panels in the world. The demand for solar panels in Asia-Pacific is expected to grow significantly due to the growing demand for solar power energy sources and increasing investments in the development of rural areas in the region. Solar energy is considered as the best replacement for conventional energy sources to decrease carbon emissions by meeting the electricity needs in the region. In India, in August 2019, Shapoorji Pallonji and Company Private Limited (India) and Renew Power (India) invested around USD 110 million for the development of a 150 MW floating solar power project in Uttar Pradesh. Moreover, several government incentives, policies, and schemes are favoring the installation of solar panels in the region. Such factors are expected to drive the growth of the market for solar panels in Asia-Pacific during the forecast period.

The important players operating in the global solar panels marketare Trina Solar (China), Canadian Solar Inc. (Canada),SunPower Corporation (US), Jinko Solar Holding Co. Ltd (China), Hanwha group (HANHWA Q CELLS) (South Korea), Photo nix Solar Pvt Ltd (India), KYOCERA CORPORATION (Japan), AGL Energy (Australia), AbengoaSolar (Spain), eSolar Inc. (US), YingliSolar (China), First Solar Inc. (US), and JA Solar Holdings Co Ltd (China).

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global solar panels market, including high-growth regions and/or countries and political and economic environments. The project report further provides both historical market values and pricing & cost analysis.