Solar Panel Market: Global Industry Trends, Share, Size, Growth, Report and Forecast Till 2024

Global Solar Panel Market Research Report and Forecast 2024

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Global Solar Panel Market Overview: According to the recent study by IMARC Group, titled “ Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024 �, the global solar panel market size reached 129.6 GW in 2018. Solar panels are active solar devices made up of photovoltaic or solar cells which are used to convert sunlight into electrical energy. They are installed on rooftops or surfaces with access to direct sunlight, require minimum to no maintenance and have a service life of twenty years or more. Their installation can significantly reduce dependence on conventional sources of electricity and help to minimize the carbon footprint. As a result, they are widely being utilized to generate electricity across the residential, commercial and industrial sectors across the globe.

Solar Panel Market Trends The increasing demand for renewable power sources is the key factor driving the growth of the market.

Renewable power sources like solar and wind energy do not cause pollution and are abundantly available in nature. Rising environmental concerns have also created demand for alternate energy sources that do not contribute to greenhouse gas emissions. In line with this, governments of various nations are encouraging the usage of solar panels by offering incentives for solar energy projects and spreading awareness among consumers through several programs and campaigns.

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157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

120.2 2011

2012

2013

2014

2015

2016

2017

2018

In Billion US$

in Billion US$

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180 160 140 120 100 80 60 40 20 0

160.0 2019

175.9

181.2

186.5

165.3

170.6

2020

2021

2022

2023

2024

Furthermore, technological advancements in the industry have led to the development of ultrathin solar panels that are relatively more flexible, efficient and cost-effective as compared to the glass-based panels. Significant fall in the prices of silver and polysilicon, along with rising energy costs, are some of the other factors that are positively influencing the growth of the market. On account of these factors, the market is projected to experience steady growth over the next few years.

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For instance, the Ministry of New and Renewable Energy (MNRE) of the Government of India is promoting the installation of solar PV systems in the country under the Jawaharlal Nehru National Solar Mission.

Key Market Segmentation: Market Segmentation by Product Type • • • • •

Crystal Silicon Monocrystalline Silicon Polycrystalline Silicon Thin Film Others

Based on the type, the market has been divided into crystal silicon, monocrystalline silicon, polycrystalline silicon, thin film and others. Amongst these, crystal silicon solar panels represent the most preferred type.

Market Segmentation by End Use

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Commercial Residential Industrial

On the basis of the end use, the market has been categorized into commercial, residential and industrial segments. At present, the commercial segment accounts for the biggest market share.

Market Segmentation by Region • • • • •

Asia Pacific Europe North America Middle East and Africa Latin America

On the geographical front, Asia Pacific holds the leading position in the market. Other major markets include North America, Europe, Latin America, and Middle East and Africa.

Competitive Landscape:

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The competitive landscape of the market has also been examined with some of the key players.

• • • • • • • • • •

Jinko Solar Trina Solar Canadian Solar JA Solar Hanwha Q-CELLS GCL-SI LONGi Solar Risen Energy Shunfeng Yingli Green

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