Solar Panels Market Eyeing Phenomenal Growth at a healthy 20.18% CAGR | Market Research Future (MRFR)
The prominent players profiled include 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), among others.
Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Solar Panels Market Analysis/Solar Panels Market Outlook
The global solar panels industry is highly lucrative and predicted to witness significant growth at a healthy 20.18% CAGR over the forecast period, reveals the Market Research Future (MRFR) report. A solar panel is a panel that has been designed to absorb the rays of the sun as an energy source for generating electricity and heating. This cuts down the electricity that comes from fossil fuels via supplying the operations with renewable, clean energy from the sun. A solar panel is also known PV or photovoltaic modules as it converts sunlight directly into electricity.
Enhancing Features that Bolster Market Growth
As per the Market Research Future report, there are numerous factors that are propelling the solar panels market size. These include increasing environmental awareness among customers, the provision of tax rebates and government incentives to install solar panels, dramatically decreasing prices of chief components to make modules/solar cells like polysilicon and silver, growing need for electrical appliances and solar-driven vehicles, rise in the price of electricity, and the growing need for solar panels in the residential rooftop applications. Additional factors adding market growth include the growing need for renewable-based clean electricity and increasing environmental awareness.
On the contrary, the need for huge areas of land to develop utility-scale solar power generation may limit market growth over the forecast period.
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COVID-19 Analysis
The COVID-19 outbreak has hindered the solar panels supply chain for the increasing prices of panels, with manufacturers facing material supply shortages, labor shortages, and stagnant international trading that are impacting the export market. The delayed projects owing to disruption in the supply chain will limit the market growth. The pandemic has proven to be a key challenge for the renewable power industry leading to a shortage in the supply of hardware components. Owing to the lockdown implemented by the government across the globe, the development growth and solar construction are slowing down. China is the biggest market for the generation of solar energy. The slowdown in the economic growth of the country has impacted renewable energy investment and overall generation worldwide. China leads in terms of solar PV panel production and installations of solar photovoltaic installations. The US is dependent on China for the production of solar PV. The COVID-19 outbreak is likely to impact the solar panels market revenue.
The outbreak having begun in China resulted in the supply shortage in the United States. The manufacturers of solar panels are experiencing delays owing to a shortage of labor force and raw material, leading to delayed project schedules and shut down of businesses. The two key issues that this industry has faced include the shortage of labor to limit social contact and supply chain disruption of components like inverters and panels. Rooftop solar house owners have put huge investments on hold. Likewise, in India, the outbreak has caused delays in the procurement of inverts, panels, solar modules, and other components that is delaying the commissioning of solar projects. There has also been a fall in demand for electricity in India. All these are likely to impact the solar panels market share.
Market Segmentation
The Market Research Future Report provides an inclusive analysis of the solar panels market based on application, module type, and technology.
By technology, the global solar panels market is segmented into CSP and solar PV. Of these, the CSP segment will lead the market over the forecast period.
By module type, the solar panels market is segmented into parabolic dishes, power towers, linear Fresnel reflectors, parabolic troughs, thin film, and crystalline. Of these, the thin film segment will dominate the market over the forecast period.
By application, the global solar panels market is segmented into off-grid, power plants, commercial, and residential. Of these, the commercial segment will spearhead the market over the forecast period.
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Regional Segmentation
APAC to Spearhead Solar Panels Market
By region, the solar panels market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. The growing need for solar panels, the increase in solar panel residential rooftop applications, drop in the cost of key components like silver and poly-silicone used to fabricate solar cells, the advantages of solar panels such as no noise and its functioning without the emissions of harmful substances, the presence of leading market players, and favorable government policies offering financial incentives and subsidies to PV projects are adding to the global solar panels market growth in the region. Besides, the presence of several solar farms in China, China being the largest manufacturing hub of panels manufacturing, high exports of solar PV panels from China, the fall in the price of solar modules, increasing awareness about energy efficiency, supporting government regulations, favorable government initiatives like subsidies in feed-in-tariffs and PV systems, and capacity expansions are also adding market growth.
Europe to Hold Second-Largest Share in Solar Panels Market
In Europe, the solar panels market is predicted to hold the second-largest share over the forecast period. The presence of a decentralized energy generation model and increased government initiatives and funding in the UK & Germany are adding to the global solar panels market growth in the region.
North America to Have Notable Growth in Solar Panels Market
In North America, the global solar panels market is predicted to have notable growth over the forecast period. The increase in solar system installations, rise in generous government policies to support solar energy generation, the announcement of new utility projects, and the proliferating capacity of residential consumers are adding to the global solar panels market value in the region.
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Competitive Landscape
The prominent players profiled in the global solar panels market report include JA Solar Holdings Co., Ltd. (China), Jinko Solar Holding Co., Ltd. (China), Yingli Solar (China), Trina Solar Limited (China), and Canadian Solar Inc. (Canada). New product launches, strategic partnerships, research and development, and others are the key strategies that the key players have encompassed to create a foothold in the market.
Industry Updates
February 2021- LONGi, a leading Chinese solar panel manufacturer, has launched a new line of solar panels having three length options and standardized widths. It can be used on rooftops in commercial, industrial, and residential applications.
February 2021- Developers are seeking solar panel approval to be built across Walworth, Rock counties.
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