Increasing environmental awareness among customers, provision of government incentives and tax rebates to install solar panels, and significantly reducing prices of key components to make solar cells/modules, such as silver and polysilicon, are the key factors driving the growth of solar panel market globally.
A solar panel is a collection of solar cells spread over a large area to produce electricity by using sunlight. As the sunlight hits a cell, which is a semiconductor, the light is converted into electricity that flows through the circuit. The solar panels can be deployed for numerous applications, including remote power systems for cabins, telecommunication equipment, remote sensing systems, and residential and commercial solar systems.
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Solar panels find their application in residential, commercial, industrial and power utilities. The growth of solar panel market is expected to be considerable in residential end-se application, owing to the support by governments’ funding and initiatives.
Solar panel market has huge growth prospects in long-term, and it has been expected that the solar energy would be the dominant energy source in about a decade. Increasing installations of solar energy systems in the commercial and residential end-use applications are the factors providing lucrative growth opportunities in the market.
Growing demand for solar-driven vehicles and electrical appliances is leading to a surging demand for solar panels across the globe. Also, rising demand for PV installations, increasing adoption of storage grid, and a notable demand for solar panels in the residential rooftop applications are expected to fuel the solar panel market growth.
Some of the key players in the global solar panel market include First Solar, Canadian Solar, SunPower Corporation, Jinko Solar, Hanwha Group, ReneSola, Trina Solar, JA Solar Co., Ltd., LONGi Solar, and Sharp Corporation.
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The report will also provide a country-wise analysis. Some of the major countries that are covered in the report include the U.S., Canada, France, the U.K., Spain, Italy, Germany, Russia, Netherlands, Sweden, China, Japan, India, Indonesia, Australia, South Korea, Vietnam, Philippines, Saudi Arabia, U.A.E., South Africa, Brazil, Mexico, and Argentina.
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