Solar Panels Market | CAGR of 20.18% Estimated during 2017-2023 | Key Players Profiles and Application Forecast

“Solar Panels Market”
Solar Panels Market By Technology (Solar PV, CSP), By Module Type (Crystalline, Thin Film, Parabolic Troughs, Linear Fresnel Reflectors, Power Towers, Parabolic Dishes) By Application (Residential, Commercial, Power Plants, Off Grid), Region (North America, Europe, Asia-Pacific and Rest of World) – Global Forecast to 2023

Market Research Future published a Cooked Research Report on “Global  Solar Panel Market Research Report – Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Solar Panels Market is expected to grow with the CAGR of approximately 20.18% during the forecast period of 2017 to 2023.

Trina Solar Limited (China), Canadian Solar Inc. (Canada), Jinko Solar Holding Co., Ltd. (China), JA Solar Holdings Co., Ltd. (China), Hanwha Q CELLS Co., Ltd., (South Korea), ABROS green GmbH (Germany), Yingli Solar (China), SunPower Corporation (U.S.A), Abengoa Solar (Spain), eSolar, Inc. (U.S.A) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Solar Panel market.

Global Solar Panel Market   – Overview

Renewable energy is considered to be an important driver for low carbon growth and sustainable solution to issues related to electrification in remote locations. Due to carbon emissions and fuel related concerns in conventional sector, Government has shifted focus towards development of renewable energy sources. Increasing renewable resources will help economy in achieving energy security, reducing adverse environmental impact, lowering carbon intensity and realizing its aspirations for leadership in high-technology industries by contributing to a more balanced regional and global development.

A solar panel is a silicon based layered semiconductor module that can produce electricity from sun light. 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.

The market is driven by various factors such as increase in solar systems installations and generous government initiatives and policies that support solar energy generation. This is mainly because, solar panel power generation is less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Solar power generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the low power generation capacity of the solar panels and increasing stringent regulations on the land used for solar power generation sites.

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According to a recent study report published by the Market Research Future, The global market of Solar Panel is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a striking growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023). 

Solar Panel Market   – Competitive Analysis

Solar Panel market appears to be competitive with the presence of several large and small players operating in the Solar Panel market. These Key players compete based upon pricing, quality, Technology and reputation. Solar Panel market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further. Manufacturers operating in the Solar Panel market strive to respond to the growing demand for Solar Panel. Moreover, manufacturers mainly ensure to deliver the best quality products based on innovative technologies, and best practices. 

Industry News:

On June 11, 2017, Trina Solar’s PV modules have commenced operations in 455MW DC solar power plant in Andhra Pradesh, India. Developed by SB Energy, a joint venture between SoftBank Group, Bharti Enterprises and Foxconn Technology Group. This is the largest single order that Trina Solar has ever closed in India.

On October 14, 2016, Jinko Solar Holding Co., Ltd. was ranked 16th among Fortune magazine’s 100 Fastest-Growing Companies in 2016. Jinko Solar is the first Chinese PV manufacturer to pass intensive UV test according to IEC61345 from TUV Rheinland, which is the major international standard of the industry.

On March 20, 2015, JinkoSolar Holding Co., Ltd. had a strategic collaboration agreement with DuPont, which reflects the companies’ interests in furthering the growth and adoption of efficient and reliable solar generated electricity.

Solar Panel Market   – Segments:

Global Solar Panel Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.

  • Segmentation by Technology: Solar PV, Concentrated Solar Power (CSP)
  • Segmentation by module Type: Thin Film, Crystalline, Parabolic Troughs, Linear Fresnel Reflectors, Power towers, parabolic dishes
  • Segmentation by Application: Residential, Commercial, Utilities
  • Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.

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Solar Panel Market   – Regional Analysis

Geographically, there are five key regions in which the global Solar Panel market is spanned across. It includes Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Asia-Pacific is one of the largest markets for solar panels in the world. There is an increasing demand for energy because of the growing population and rising disposable income in the region. Moreover, these rapidly growing economies in this region are also the top polluters in the world. Solar energy is identified as the best replacement to other conventional fossil fuel energy sources and is used to reduce carbon emission by effectively meeting the electricity needs.

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