According to the report, the global Solar Panel Market accounted for USD 30.8 billion in 2016 and is expected to reach USD 57.3 billion by 2022, growing at a CAGR of 10.9% between 2017 and 2022.
Some of the major companies active in the global solar panel market are JinkoSolar Holding Co., Ltd., Renesola, Canadian Solar Inc., JA Solar Holdings Co Ltd., Trina Solar Limited, First Solar, Inc., Motech Industries Inc., and Hanwha Group. These players are set to power the global solar panel market in the years to come.
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Rising Government Programs For The Acceptance Of Renewable Energy Options For Power Generation To Power Global Solar Panel Market
Global solar panel market is likely to see positive development in the forecast period due to rising government programs for the acceptance of renewable energy options for power generation. The requirement for a solar panel is elevating highly all over the globe, thus powering the global solar panel market. By offering operations with clean & renewable energy from the sun, solar panel lowers the amount of electricity producing from fossil fuels. The solar panel presently obtainable in the market offers high efficiency. The long-term warranties on these solar panels will elevate the customer fondness towards renewable energy sources, boosting the global solar panel market. In addition to this, the technological advancements paired with the commercialization of solar panel have also been helping the growth of the solar panel market. Depletion of fossil fuels and increasing awareness about the advantages of the solar panel are likely to increase the development for solar panel market in the coming years.
On the other hand, the high price of maintenance and installation of a solar panel is likely to be a major hindering factor for the global solar panel market. Favorable government policies and technological enhancements to build solar power stations are likely to offer growth avenues for the major players over the coming years in the global solar panel market. For example, in September 2018, State Bank of India decided to install solar panels on more than 10,000 ATMs all over India, powering the development of the global solar panel market.
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Poly-Crystalline Solar Panel To Rule The Global Solar Panel Market Due To High Efficiency In Affordable Price Range
The solar panel market can be divided into sectors by product kinds such as polycrystalline, mono-crystalline, and thin-film solar panels. Poly-crystalline solar panel in 2016 ruled the global solar panel market due to high efficiency in the affordable price range and the broad variety of applications. Mono-crystalline solar panel division is likely to register remarkable development due to their technological enhancements in the global solar panel market within the forecast period.
The global solar panel market is segmented as follows:
- Mono-crystalline Solar Panel
- Poly-crystalline Solar Panel
- Thin-film Solar Panel
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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