Solar Panel Market Size, Share and Forecast 2026
The Global Solar Panels market was valued at USD XX million in 2018 and expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2026.
(EMAILWIRE.COM, September 11, 2019 ) Market Overview
Solar Panel is an array of solar cells aligned in a rectangular structure that convert sunlight into electricity directly without any external source. Light shining on the solar cell produces both current and voltage to generate electric power. These are currently being used as a source of power generation in commercial, residential and utility sectors.
Market Dynamics
Growing installations of solar panels in the residential sector:
The rapid surge in demand for renewable energy and growing installations of solar panels in residential sectors across the globe are the factors driving the global solar panels market.
The decrease in prices of Solar panels and a shift in consumer preference towards renewable energy sources are the factors additionally driving the solar panel market during the forecast period.
Stringent government norms over the production of coal-based electricity and availability of subsidies by the government organizations for the installations of solar electricity generation fields are the factors additionally contributing to the growth of the market.
According to International renewable power generation agency in 2018, the total solar Photovoltaics power generation capacity globally increased from 292,021 MW in 2016 to 385, 674 MW in 2017 giving equal opportunity for the growth for the global solar panel market.
Restraint:
High cost associated with the installations and services associated with the solar panels and wide presence of conventional energy generation stations such as hydropower and wind power are the factors hindering the growth of global solar panels market.
Market Segmentation
By Application, global solar panels market is segmented into commercial, residential and utility. Commercial end-user segment dominates the global solar panels market owing to the increase in installations of commercial solar energy generation plants across the globe associated with an increase in subsidies by the government organization for such initiatives.
The residential sector is expected to grow at a higher CAGR owing to an increase in consumer interest towards renewable energy and cost savings associated with the technology compared with the conventional technology. According to the Solar Energy Industries Association in 2019, the annual residential installations of solar panels increased from 2100 MW in 2017 to 2350 MW in 2018 giving equal market growth to the solar panels market. According to the IEA in 2018, globally, the cumulative PV installations were increased from 304 GW in 2016 to 403 GW in 2017.
By product type, the global solar panels market is segmented into crystalline solar panels, thin-film solar panels, and smart solar panels. Crystalline solar panels dominate the global solar panels market owing to its extensive usage in commercial applications, high-efficiency rate over the rest of the solar panel products and high lifetime value associated with the panels.
Geographical Analysis
By geography, Global solar panels market is segmented into North America, South America, Asia Pacific, Europe, Middle-East and Africa. North America is expected to dominate the global solar panel market owing to growing installations of solar panels in residential, utility and commercial sectors growing stringent government norms over the usage of coal and thermal power plants for the power generation.
The United States is expected to grow at a higher pace owing to the high presence of developed economical structure, growing stringent government regulations over the usage of coal-based electricity generation systems and high subsidies on the installations of residential solar panels.
According to the Solar Energy Industries Association in 2018, the annual installations of solar panels are expected to increase from approximately 11,000 MW units in 2018 to 13,500 MW units in 2019. According to the Solar Energy Industries Association in 2018, the annual installations of new electric capacity in the United States compare with rest of renewable power resources the total share of solar power installations in the renewable energy market in the U.S is expected to increase from 29% in 2018 to 51% in 2019 Q1.
Competitive Trends
Global solar panels market is highly consolidated with very few major players (Canadian Solar, JA Solar, and Trina Solar) accounting for the major share in the industry. Major Players in the global solar panels includes Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q cells, and GCL System Integration.
Several key companies have adopted merger and acquisitions policies, geographic expansion, innovative product launches, and collaborations to help them to stand out as strong competitors in the market and also expand its sales in the global Solar Panels market.
For instance, On June 21st, 2019, UL has launched the first mobile PV Test laboratory in India to offer for the solar PV system owners.
On June 10th, 2019, IKEA partnered with Little Sun for the development of mini solar panel for residential and electronics applications with the project named Sammanlankad.
On June 4th, 2019, Waaree Energies launched two Bifacial PV Module for India Rooftop market with an individual capacity 400 wp.
In March 2019, Sun Power has launched next-generation solar panels 400-plus-watt home solar panels for the residential sector in America to meet the growing demand for residential specific solar panels.
In March 2019, Hanwha Q Cells launched new Q.Peak Solar modules in Shanghai new energy conference 2018.
View full sample report: https://www.datamintelligence.com/research-report/solar-panel-market
Download free sample: https://www.datamintelligence.com/download-sample/research-report/solar-panel-market
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Solar Panel is an array of solar cells aligned in a rectangular structure that convert sunlight into electricity directly without any external source. Light shining on the solar cell produces both current and voltage to generate electric power. These are currently being used as a source of power generation in commercial, residential and utility sectors.
Market Dynamics
Growing installations of solar panels in the residential sector:
The rapid surge in demand for renewable energy and growing installations of solar panels in residential sectors across the globe are the factors driving the global solar panels market.
The decrease in prices of Solar panels and a shift in consumer preference towards renewable energy sources are the factors additionally driving the solar panel market during the forecast period.
Stringent government norms over the production of coal-based electricity and availability of subsidies by the government organizations for the installations of solar electricity generation fields are the factors additionally contributing to the growth of the market.
According to International renewable power generation agency in 2018, the total solar Photovoltaics power generation capacity globally increased from 292,021 MW in 2016 to 385, 674 MW in 2017 giving equal opportunity for the growth for the global solar panel market.
Restraint:
High cost associated with the installations and services associated with the solar panels and wide presence of conventional energy generation stations such as hydropower and wind power are the factors hindering the growth of global solar panels market.
Market Segmentation
By Application, global solar panels market is segmented into commercial, residential and utility. Commercial end-user segment dominates the global solar panels market owing to the increase in installations of commercial solar energy generation plants across the globe associated with an increase in subsidies by the government organization for such initiatives.
The residential sector is expected to grow at a higher CAGR owing to an increase in consumer interest towards renewable energy and cost savings associated with the technology compared with the conventional technology. According to the Solar Energy Industries Association in 2019, the annual residential installations of solar panels increased from 2100 MW in 2017 to 2350 MW in 2018 giving equal market growth to the solar panels market. According to the IEA in 2018, globally, the cumulative PV installations were increased from 304 GW in 2016 to 403 GW in 2017.
By product type, the global solar panels market is segmented into crystalline solar panels, thin-film solar panels, and smart solar panels. Crystalline solar panels dominate the global solar panels market owing to its extensive usage in commercial applications, high-efficiency rate over the rest of the solar panel products and high lifetime value associated with the panels.
Geographical Analysis
By geography, Global solar panels market is segmented into North America, South America, Asia Pacific, Europe, Middle-East and Africa. North America is expected to dominate the global solar panel market owing to growing installations of solar panels in residential, utility and commercial sectors growing stringent government norms over the usage of coal and thermal power plants for the power generation.
The United States is expected to grow at a higher pace owing to the high presence of developed economical structure, growing stringent government regulations over the usage of coal-based electricity generation systems and high subsidies on the installations of residential solar panels.
According to the Solar Energy Industries Association in 2018, the annual installations of solar panels are expected to increase from approximately 11,000 MW units in 2018 to 13,500 MW units in 2019. According to the Solar Energy Industries Association in 2018, the annual installations of new electric capacity in the United States compare with rest of renewable power resources the total share of solar power installations in the renewable energy market in the U.S is expected to increase from 29% in 2018 to 51% in 2019 Q1.
Competitive Trends
Global solar panels market is highly consolidated with very few major players (Canadian Solar, JA Solar, and Trina Solar) accounting for the major share in the industry. Major Players in the global solar panels includes Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q cells, and GCL System Integration.
Several key companies have adopted merger and acquisitions policies, geographic expansion, innovative product launches, and collaborations to help them to stand out as strong competitors in the market and also expand its sales in the global Solar Panels market.
For instance, On June 21st, 2019, UL has launched the first mobile PV Test laboratory in India to offer for the solar PV system owners.
On June 10th, 2019, IKEA partnered with Little Sun for the development of mini solar panel for residential and electronics applications with the project named Sammanlankad.
On June 4th, 2019, Waaree Energies launched two Bifacial PV Module for India Rooftop market with an individual capacity 400 wp.
In March 2019, Sun Power has launched next-generation solar panels 400-plus-watt home solar panels for the residential sector in America to meet the growing demand for residential specific solar panels.
In March 2019, Hanwha Q Cells launched new Q.Peak Solar modules in Shanghai new energy conference 2018.
View full sample report: https://www.datamintelligence.com/research-report/solar-panel-market
Download free sample: https://www.datamintelligence.com/download-sample/research-report/solar-panel-market
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Contact Information:
DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
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DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results