Solar panels use sunlight as a source of energy to generate direct current electricity with the help of solar panel technologies such as crystalline silicon, and thin film. It is an efficient form of nonconventional energy and a convenient renewable solution to mitigate the growing greenhouse emissions and global warming. The growth of the global solar PV panel market is primarily driven by gradual transition of energy industry from conventional to renewable sector. In addition, rise in awareness toward environmental pollution associated with pollutants from conventional power generation is projected to fuel the growth of solar photovoltaic panel market during the forecast period. In addition, government initiatives toward reducing carbon footprints and rise in investment toward renewable energy infrastructure are anticipated to provide lucrative growth opportunities for the solar photovoltaic panel market in the upcoming years.
MARKET SCOPE
The "Global Solar Panel Market Analysis to 2028" is a specialized and in-depth study of the clean energy with a special focus on the global market trend analysis. The report aims to provide an overview of the solar panel market with detailed market segmentation by technology, application, end-use industry and geography. The report provides key statistics on the market status of the leading solar panel market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
-On the basis of technology the market is segmented into crystalline silicon, thin film, and others
-On the basis of application the market is segmented into photovoltaic and concentrated solar power
-On the basis end-use industry, the market is segmented as residential, commercial and industrial, and utilities
Drivers
-Growing awareness for adopting cleaner source of energy
-The gradual transition of energy industry from conventional to renewable sector
- High cost of installation of the solar panel restraints the market growth
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 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The solar panel 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 trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the solar panel market in these regions.
IMPACT OF COVID-19 ON SOLAR PANEL MARKET
The emergence of the COVID-19 has severely impacted the renewable industries, which resulted decline in the demand for solar panels in the year 2020. The pandemic severely impacted the solar industry in countries such as China, India, and Japan. It has been observed that the energy price has a significant and negative impact on renewable energy production, particularly in the long-run, during the pandemic period. In addition, governments across the world were compelled to reduce the business activities, halt the manufacturing units, delay in projects in response to minimize the threat of coronavirus. Owing the decline in the business activities and shutdown of production units, it has further negatively impacted solar panel industry in the short term. Furthermore, project delays and and cancellation of orders has affected the key markets for renewable industry as a whole. The government should ideally adopt a short-term policy, while mid-term and long-term action plans should be formulated, so as to achieve the renewable energy targets in the future. For instance, the Indian government had introduced the policies in its Union Budget 2022-23, to further strengthen the domestic solar manufacturing ecosystem under its Atmanirbhar Bharat vision. Hence, from 2021, the ease in restriction and opening of manufacturing industries have fueled the market growth over the projected period.
MARKET PLAYERS
The report covers key developments in the solar panel market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in solar panel market are anticipated to get lucrative growth opportunities in the future owing supportive government regulations and policies for installation of solar panels.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the solar panel 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 3 years, the key development in the past five years.
-JA SOLAR Technology Co., Ltd.
-Shanghai Aiko Solar Energy Co., Ltd.
-First Solar
-Hanwha Group
-Jiangsu Runda PV Co., Ltd.
-Tongwei Group Co., Ltd.
-Trina Solar
-Yingli Solar
-Waaree Energies Ltd.
-Mysolar USA