Solar Panels Global Market to Grow at 20.18% CAGR | Industry Analysis Forecast to 2023

Solar panel market Research Report- Forecast to 2023

Solar Panels Global Market to Grow at 20.18% CAGR |

Industry Analysis Forecast to 2023

Page |1

Copyright Š 2017 Market Research Future.

Solar panel market Research Report- Forecast to 2023

1 Summary The solar panel 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.

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

Key Players: The key players of solar panel market are 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).

Page |2

Copyright Š 2017 Market Research Future.

Solar panel market Research Report- Forecast to 2023

2 Market Overview 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.

Solar Photovoltaic panels are coupled assembly of solar cells with a typical 6x10 dimension that generate and supply solar electricity for commercial and residential applications. They are also extensively used for powering electronic devices, individual gadgets, and vehicle batteries. Installing solar panels on a typical house roof can cut down the household’s carbon footprint by an average of 35,180 pounds of carbon dioxide per year.

Solar PV by Technology Segment is Expected to Grow at the Fastest Rate and hold the Largest Market Size in Forecast Period.

Solar cells, also known as photovoltaic cells, converts sunlight directly into electricity. Basically the name PV originates from the process of converting light (photons) to electricity (voltage), which is called the PV effect. The PV effect was discovered in 1954, when scientists at bell laboratories discovered that silicon created an electric charge when exposed to sunlight. Solar PV was later commercialized and brought up in the market, which are now widely used from powering space satellites to smaller items such calculators and watches. Solar photo-voltaic holds the largest share in the solar panel market with the highest installed capacity of 306.5 GW till 2016 around 2% of the world’s electricity demand. The levelized cost of electricity (LCOE) ranges between USD 0.11 and USD 0.12/kWh (in South and North America, respectively) to over USD 0.31/kWh (in Central America and the Caribbean). But for individual projects there are wide range of costs.

Page |3

Copyright Š 2017 Market Research Future.

Solar panel market Research Report- Forecast to 2023

3 Market Research Analysis 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.

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.

Page |4

Copyright Š 2017 Market Research Future.

Solar panel market Research Report- Forecast to 2023

Page |5

Copyright Š 2017 Market Research Future.