Solar Panel Market, Opportunities, Size, Share, Revenue, Competitive Analysis, Demand and Growth by 2024
The global solar panel market is driven by the increasing demand for renewable power sources, along with favorable government initiatives to promote the use of solar panels.
(EMAILWIRE.COM, July 23, 2019 ) According to the recent study by IMARC Group, titled “Solar Panel Market Research Report and Forecast 2019-2024”, the global solar panel market size reached 129.6 GW in 2018. Solar panels are active solar devices made up of photovoltaic or solar cells which are used to convert sunlight into electrical energy. They are installed on rooftops or surfaces with access to direct sunlight, require minimum to no maintenance and have a service life of twenty years or more. Their installation can significantly reduce dependence on conventional sources of electricity and help to minimize the carbon footprint. As a result, they are widely being utilized to generate electricity across the residential, commercial and industrial sectors across the globe.
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Global Solar Panel Market Trends:
The increasing demand for renewable power sources is the key factor driving the growth of the market. Renewable power sources like solar and wind energy do not cause pollution and are abundantly available in nature. Rising environmental concerns have also created demand for alternate energy sources that do not contribute to greenhouse gas emissions. In line with this, governments of various nations are encouraging the usage of solar panels by offering incentives for solar energy projects and spreading awareness among consumers through several programs and campaigns. For instance, the Ministry of New and Renewable Energy (MNRE) of the Government of India is promoting the installation of solar PV systems in the country under the Jawaharlal Nehru National Solar Mission. Furthermore, technological advancements in the industry have led to the development of ultrathin solar panels that are relatively more flexible, efficient and cost-effective as compared to the glass-based panels. Significant fall in the prices of silver and polysilicon, along with rising energy costs, are some of the other factors that are positively influencing the growth of the market. On account of these factors, the market is projected to experience steady growth over the next few years.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/solar-panel-market
Insights on Market Segmentation:
Market by Type :
1. Crystal Silicon
2. Monocrystalline Silicon
3. Polycrystalline Silicon
4. Thin Film
5. Others
Based on the type, the market has been divided into crystal silicon, monocrystalline silicon, polycrystalline silicon, thin film and others. Amongst these, crystal silicon solar panels represent the most preferred type.
Market by End Use:
1. Commercial
2. Residential
3. Industrial
On the basis of the end use, the market has been categorized into commercial, residential and industrial segments. At present, the commercial segment accounts for the biggest market share.
Performance of Key Regions:
1. Asia Pacific
2. North America
3. Europe
4. Latin America
5. Middle East and Africa
On the geographical front, Asia Pacific holds the leading position in the market. Other major markets include North America, Europe, Latin America, and Middle East and Africa.
Competitive Landscape:
The competitive landscape of the market has also been studied with some of the key players being Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q-CELLS, GCL-SI, LONGi Solar, Risen Energy, Shunfeng and Yingli Green.
Browse similar reports by IMARC Group:
Electric Insulator Market Research Report and Forecast: https://www.imarcgroup.com/electric-insulator-market
Solar Generator Market Research Report and Forecast: https://www.imarcgroup.com/solar-generator-market
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Request For Free Sample Pdf Copy @ https://www.imarcgroup.com/solar-panel-market/requestsample
Global Solar Panel Market Trends:
The increasing demand for renewable power sources is the key factor driving the growth of the market. Renewable power sources like solar and wind energy do not cause pollution and are abundantly available in nature. Rising environmental concerns have also created demand for alternate energy sources that do not contribute to greenhouse gas emissions. In line with this, governments of various nations are encouraging the usage of solar panels by offering incentives for solar energy projects and spreading awareness among consumers through several programs and campaigns. For instance, the Ministry of New and Renewable Energy (MNRE) of the Government of India is promoting the installation of solar PV systems in the country under the Jawaharlal Nehru National Solar Mission. Furthermore, technological advancements in the industry have led to the development of ultrathin solar panels that are relatively more flexible, efficient and cost-effective as compared to the glass-based panels. Significant fall in the prices of silver and polysilicon, along with rising energy costs, are some of the other factors that are positively influencing the growth of the market. On account of these factors, the market is projected to experience steady growth over the next few years.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/solar-panel-market
Insights on Market Segmentation:
Market by Type :
1. Crystal Silicon
2. Monocrystalline Silicon
3. Polycrystalline Silicon
4. Thin Film
5. Others
Based on the type, the market has been divided into crystal silicon, monocrystalline silicon, polycrystalline silicon, thin film and others. Amongst these, crystal silicon solar panels represent the most preferred type.
Market by End Use:
1. Commercial
2. Residential
3. Industrial
On the basis of the end use, the market has been categorized into commercial, residential and industrial segments. At present, the commercial segment accounts for the biggest market share.
Performance of Key Regions:
1. Asia Pacific
2. North America
3. Europe
4. Latin America
5. Middle East and Africa
On the geographical front, Asia Pacific holds the leading position in the market. Other major markets include North America, Europe, Latin America, and Middle East and Africa.
Competitive Landscape:
The competitive landscape of the market has also been studied with some of the key players being Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q-CELLS, GCL-SI, LONGi Solar, Risen Energy, Shunfeng and Yingli Green.
Browse similar reports by IMARC Group:
Electric Insulator Market Research Report and Forecast: https://www.imarcgroup.com/electric-insulator-market
Solar Generator Market Research Report and Forecast: https://www.imarcgroup.com/solar-generator-market
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Information:
IMARC Services Pvt. Ltd.
Richard Lewis
Tel: 6317911145
Email us
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IMARC Services Pvt. Ltd.
Richard Lewis
Tel: 6317911145
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results