Solar Panels Market

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 continue to happen.

The market is driven by various factors such as increase in solar systems installations along with the 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.

The global solar panels market is expected to grow at 20.18% CAGR during the forecast period. In 2017, the market was led by Asia-Pacific, with a 48% share, followed by Europe and North America with shares of 35% and 13%, respectively.

Market Size

· 2017: USD 54,809.2 Million

· 2023: USD 165,126.6 Million

CAGR

· 20.29%

Key Geographies

· Asia-Pacific: 47.9%

· Europe: 35.3%

· North America: 13.3%

· Rest of the World: 3.5%

Key Leading Countries

· China

· Japan

· Germany

· U.S.

Key Market Drivers

· Growing solar power systems installations

· Government initiatives and policies

· Reduction in carbon emissions

Key Market Restraint

· Lower power generation capacity

· Land use constraints

Key Market Opportunities

· Scope of solar power as a source of power in remote regions

· Solar energy storage

Key Vendors

· Sun power corporation

· Yingli Solar

· JA Solar Holdings Co., Ltd.

· Trina Solar (China)

· Canadian Solar Inc.