Solar Panel Market Outlook
A solar panel is a collection of solar (or photovoltaic) cells that use natural sunlight to generate electricity. It is primarily manufactured by using boron, silicon, and phosphorus, which are arranged in a grid-like pattern on the surface.
The global solar panel market size reached 177.7 GW in 2021. Looking forward, IMARC Group expects the solar panel market to reach 536.9 GW by 2027, exhibiting a growth rate (CAGR) of 20.4% during 2022-2027.
The utilization of solar panels has increased substantially as their installation assists in combating the harmful emissions of greenhouse gases.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Solar Panel Market Trends:
Solar panels offer renewable power sources and assist in minimizing the amount of electricity produced from fossil fuels. Owing to this, governments in several emerging nations are providing tax relaxations and introducing various awareness campaigns to promote their installation.
Besides this, several key manufacturers are launching ultrathin solar panels, which are lighter and more flexible than the glass-based variants. These ultrathin variants are also superior to conventional solar panels in terms of efficiency and cost-effectiveness. Additionally, continuous innovations in the field of quantum physics and nanotechnology to increase solar panels' effectiveness are projected to further propel the market growth in the coming years.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major manufacturers in the market. Some of the leading players are:
Jinko SolarTrina SolarCanadian SolarJA SolarHanwha Q-CELLSGCL-SILONGi SolarRisen EnergyShunfengYingli GreenKey Market Segmentation:
The report has categorized the market based on type, end use and Region.
Breakup by Type:
Breakup by End Use:
CommercialResidentialIndustrialRegional Insights:
North America (United States, Canada)Europe (Germany, France, United Kingdom, Italy, Spain, Others)Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)Latin America (Brazil, Mexico, Others)Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)Ask Analyst for Customization and Explore full report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=372&flag=C
Key highlights of the report:
Market Performance (2016-2021)Market Outlook (2022-2027)Market TrendsMarket Drivers and Success FactorsImpact of COVID-19Value Chain AnalysisComprehensive mapping of the competitive landscapeIf you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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