The rise in research and development activities related to photovoltaic cells has led to the development of hybrid solar panels. The global hybrid solar panel industry is likely driven by rising demand for renewable-based clean electricity, government policy tax refunds, and incentives to install solar panels. The rising demand for solar thermal collectors from various commercial, residential, and industrial applications is expected to boost the global hybrid solar panel market growth. The hybrid solar panels market is expanding due to the rise in population and demand for energy worldwide. Hybrid solar panels help reduce pollution and dependence on electricity for heat generation. The increase in government initiatives regarding hybrid solar panels in rural areas is also anticipated to boost the demand for these panels over the forecast period.
MARKET SCOPE
The "Global Hybrid Solar Panels Market Analysis to 2028" is a specialized and in-depth study of the manufacturing and construction industry with a special focus on global market trend analysis. The report aims to provide an overview of the hybrid solar panels market with detailed market segmentation by module type, mounting, installation, application, end user, and geography. The global Hybrid solar panels market is expected to witness rapid growth during the forecast period. The report provides key statistics on the market status of the leading Hybrid solar panels market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global Hybrid Solar Panels market is segmented by module type, mounting, installation, end user, and application.
- On the basis of module type, the market is segmented into Polycrystalline, Monocrystalline, Others.
- On the basis of mounting, the market is segmented into Ground Mounted, Rooftop.
- On the basis of installation, the market is segmented into On-grid, Off-grid.
- On the basis of application, the market is segmented into Hotels, Hospitals, Residential Buildings, Educational Institutions, Others.
- On the basis of end user, the market is segmented into Residential, Commercial, Industrial.
MARKET DYNAMICS
Drivers:
- The increase in research and development activities related to photovoltaic cells has led to the development of PERC solar panels.
- The Light Induced Degradation is an effect that causes a cell to lose a percentage of its production after the first exposure to light, which might hamper the market's growth over the forecast period.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive connector's market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive connector's market in these regions.
IMPACT OF COVID-19
The Covid-19 outbreak has impacted the hybrid solar panel market supply chain. Manufacturers have faced labor shortages, material supply limitations, and slow international trade, damaging the export market due to the pandemic. Delayed projects owing to supply chain issues hindered the market's growth. Furthermore, the world was hit hard by the COVID-19 breakout, which led the government to implement either a full or partial lockdown, causing the hybrid solar panel manufacturing business to be hampered in the first half of 2020-the majority of 2020 projects already received financial approvals in 201- The lockdown, however, hampered development and limited the availability of hybrid solar panels, causing project delays and reducing the hybrid solar panel market. The rising demand for renewable-based clean electricity, combined with government policy tax rebates and incentives to install solar panels, drove the hybrid solar panel market in the pre-Covid-19 period. Additionally, owing to their large-scale demand for green energy, commercial and industrial businesses are among the largest users of hybrid solar panels. Furthermore, economies of scale installation balance any loss in panel efficiency in many sectors, making hybrid solar systems profitable for large-scale power generation. In Post covid-19 period, increased environmental pollution and government incentives and tax refunds to install solar panels will drive the growth of the hybrid solar panel market. The demand for solar cells rises significantly owing to increased rooftop installations, followed by increased architectural applications. Furthermore, the declined water footprint of solar energy systems has propelled their demand in the power generation sector. The energy generation sector's demand for parabolic reflectors and solar power towers is expected to drive the hybrid solar panel market.
MARKET PLAYERS
The reports cover key developments in the Hybrid solar panels market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from Hybrid solar panels market are anticipated to lucrative growth opportunities in the future with the rising demand for Hybrid solar panels in the global market. Below mentioned is the list of few companies engaged in the Hybrid solar panels market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Hybrid solar panels market. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, the key development in the past five years.
- JinkoSolar
- JA Solar
- Canadian Solar
- Hanwha Q-CELLS
- Risen Energy
- GCL-SI
- First Solar
- Trina Solar
- LONGi Solar
- Talesun
- SunPower Corporation
- ReneSola
- Shenzhen Yingli New Energy Resources Co., Ltd