Overview Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
This represents a major factor facilitating the growth of the global solar panels market.
The latest report by IMARC Group titled, “Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that theglobal solar panel market reached a volume of 98.8 GW in 2017, growing at a CAGR of 31% during 2010-2017. Solar energy can be harnessed in any part of the world and represents a sustainable energy source. A solar panel converts this energy into usable electricity which can be further used for various purposes. An efficient and unconventional source of electricity, it is an ideal solution for curbing environment issues like global warming and greenhouse gas emissions.
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Highlights of the global solar panel market:
Governments of various countries are encouraging the use of solar panels which remains a significant market driver.
Crystal silicon solar panels dominate the market, accounting for the majority of the shares.
Asia Pacific represents the largest market for solar panels.
Solar panels produce clean energy and have the potential to minimize collective dependence on fossil fuels and reduce carbon footprints. This has created a demand for these systems across the globe. Unlike the conventional sources of energy, solar panels do not release any harmful air or water pollution in the environment which can endanger human or animal health. As a result of this, governments of various nations are encouraging their use by creating awareness and providing incentives for solar energy projects. This has also encouraged investors to explore the solar energy market. The decline in the cost of solar power generation over the years has also led to an expansion in its applications. According to the report, the market is expected to continue growing robustly during the next five years.
On the basis of product type, the market is segmented into crystal silicon and thin film, wherein the crystal silicon panels dominate the market. Major end-use sectors of solar panels include commercial, residential, and industrial. Region-wise, Asia Pacific accounts for the majority of the total share, representing the largest market. This can be attributed to the easy availability of cheap labour and immense support provided by the government in the form of tax credits. Other major regions are North America, Europe, Middle East & Africa and Latin America.
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The report by IMARC Group has examined the global solar panel market on the basis of:
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