Solar panels also referred to as photovoltaic or PV modules is a convergent assembly of solar cells that generate and supply solar electricity for residential, commercial and industrial applications. These panels can also be used for powering individual gadgets, electronic devices, and vehicle batteries.
Installation of solar panels on a house roof typically ensures a cut down of an average of 35,000 pounds of carbon dioxide per year in terms of the household’s carbon footprint. Along with providing the clean and renewable energy, another aspect of solar panel is its discreet functioning. Meaning, without the noise and CO2 emission, solar panels give the equal grid output as conventional energy resources such as coal, oil, and petroleum.
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All these aspects of solar panel commutatively drive its demand, sales and market size, further allowing solar panels to hold the hegemony in the renewable energy market. It is needless to say that the solar panel market is increasing pervasively, growing rapidly.
Acknowledging the kind of growth, the market is garnering currently, Market Research Future (MRFR) in its recently published study report, mentions that demonstrating the growth prospects worldwide, the global solar panels market will accrue enormously by 2023 registering a striking double digit CAGR of 20.18% during 2017 to 2023.
The market perceives a growing demand from the residential rooftop applications. Additional factors substantiating the market growth include dropping prices of some of the key components used in the manufacturing of solar cells such as silver and poly-silicon and the gradually falling prices of industrial commodities.
Besides, the steadily hiking-up prices in the electricity and the natural gas sector are one of the key driving forces acting as a tailwind to the solar panels market during the forecast period. Despite demonstrating huge potential opportunities and the growth prospects, the Solar Panel market still confronts some obstructions on its way to the glory. For instance;
The inability of Solar Panels to perform during the night hours without backup and the supply disturbance that can occur even during the daytime when the weather is cloudy. Factors as such are expected to affect the market growth negatively.
Furthermore, the high costs associated with the initial investment and the installation of the solar panel coupled with the stringent regulations on the land used for solar power generation sites; are some of the factors likely to impede the market growth during the review period.
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Global Solar Panels Market – Segmentation
The MRFR analysis is segmented into three key dynamics for the convenience of understanding;
By Technologies: Comprises Solar PV (Crystalline, Thin Film) and CSP (Parabolic Troughs, Linear Fresnel Reflectors, Power Towers, and Parabolic Dishes among others
By Applications : Residential, Commercial, and Utilities (Power Plants, Off Grid) among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World (RoW)
The global solar panel market is increasing tremendously in influence of major drivers such as global environmental concerns, future energy supply security, increasing investment in clean energy, and low operating cost of a solar power plant. In the last five years (2011-2016), solar PV registered 34.1% average annual growth rate and CSP achieved 22%. Currently, the market for solar PV is bigger than CSP, mainly due to huge investment, research and development, and initiatives taken by the government. However, CSP technologies are expected to grow at a faster rate in future as new markets such as China, India, Brazil, Canada, Germany, and France open up. At the end of 2016, cumulative installed capacities of CSP and solar PV were 4.8 GW and 303 GW, respectively.
Asia-Pacific is the biggest solar power market; followed by Europe and then North America. China alone shares almost 44% of new solar PV capacity. Spain remained the global leader in existing CSP capacity, with 2.3 GW till the end of 2016, followed by the United States with just over 1.7 GW. These two countries still accounted for over 80% of global installed capacity. The rest of the world (ROW) region is comprised of Brazil, Middle East, and Israel; which are gaining attention from the major players of the PV and the CSP market considering the potential that these regions hold.
Global Solar Panels Market – Geographical Analysis
The Asia Pacific region is expected to continue with its dominance over the global solar panel market throughout the forecast period. Factors substantiating the market growth in the region include the several ongoing & upcoming solar projects led by the increasing demand for power due to the ever-increasing population, urbanization, industrialization, and improving economic conditions. Simultaneously, the awareness about the advantages of solar panels in the region provides impetus to the market growth in the region. Also, the ample availability of Sun-light due to the geographic topology is certainly impacting the market growth positively, boosting it pervasively.
While technological advancements coupled with the presence of prominent market players in the region entitle Europe & North America as lucrative markets on the global front.
Solar panel market in the rest-of-the-world (RoW region) including the Middle East, Israel, and Brazil; is catching up the attention of the major CSP players and the PV market. Considering the potential that these regions hold, CSP technologies are expected to grow at a faster rate in future in the growing markets of India, China, Brazil, Germany, Canada, and France.
Global Solar Panels Market – Competitive Landscape
Several large and small players having regional and global presence form the competitive landscape in the market. These players compete on the quality, market reach, financial resources, and pricing, whereas, innovation, brand reinforcement, and mergers & acquisitions remain the prevalent trends for the leading players operating in the global solar panels market. The market will witness fierce competition due to the expected extensions in product & service and product innovations.
Prominent players at the forefront of the market competition are Canadian Solar Inc. (Canada), Trina Solar Limited (China), Jinko Solar Holding Co., Ltd. (China), Yingli Solar (China), and JA Solar Holdings Co., Ltd. (China). Profiling them in its analysis MRFR finds out the strategies helping them to sustain their positions in the market.
August 13, 2018 – Sono Motors (Germany), maker of the self-charging electric car – The Sion, published that it is set to launch its Solar panel car to go on sale in 2019. The development is in the final stages where the company is working on the charging system for this all-electric vehicle – the Sion car, which can be charged from conventional power outlets, solar power, or other Sions. The vehicle has 330 solar cells integrated onto the hood, side doors, and roof. That means these solar panels can top up the battery while on the go.
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