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Solar Panels Industry Insights:
The global Solar Panels Market is estimated to be worth USD 282.4 Billion by 2030, registering a 12.63% CAGR during the forecast period (2022- 2030).
Solar energy is the radiant energy emitted from the sun, which is exercised by utilizing various technologies such as photovoltaic cells, solar heating, and others. It’s an efficient form of unconventional energy and an affordable renewable solution toward growing greenhouse emigrations and global warming. A solar panel is a silicon-based layered semiconductor module that can convert electricity from sunlight. This photovoltaic effect is created by the flow of electrons inside the module, which can be maximized by the expanded hours of exposure to sunlight. In recent years, solar panels have been subordinating the renewable energy market due to solar power’s competence to reach grid parity as conventional energy resources and technological development utilizing sunlight as a source of energy to produce direct current electricity through photovoltaic cells.
Due to the culturing focus on reducing carbon emissions and the effects of generating electricity applying non-renewable sources, the demand for renewable energy solutions is anticipated to increase, including solar panels. Therefore, the escalating demand for energy generation from renewable energy sources is anticipated to drive the growth of the global solar panels market during the forecast period.
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This market is projected to grow at a revelatory CAGR during the forecast period. Factors like as substantial PV projects under construction and in the planning stage, combined with several government support measures, are anticipated to boost the cumulative installed capacity of solar energy during the projection period.
Key Players
The global Solar Panels Market’s prominent key players are,
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Solar Panels Market Drivers:
Environmental Concerns and Climate Change: Growing awareness of environmental issues and the need to reduce carbon emissions has been a significant driver for the solar panels market. Governments, businesses, and individuals have been increasingly adopting solar energy as a cleaner and more sustainable alternative to traditional fossil fuels.
Government Incentives and Policies: Many governments around the world have implemented supportive policies and incentives to promote the adoption of solar energy. These include tax credits, subsidies, feed-in tariffs, and other financial incentives that make solar installations more economically attractive.
COVID-19 Impact on Solar Panels Market:
Supply chain disruptions: The solar panels market heavily relies on global supply chains for the procurement of raw materials, components, and manufacturing equipment. The pandemic caused disruptions in these supply chains due to factory closures, transportation restrictions, and lockdown measures in various countries. These disruptions led to delays in production, shortages of key components, and increased costs.
Installation delays: COVID-19 safety protocols and restrictions on non-essential activities resulted in delays and cancellations of solar panel installations. Many construction projects were put on hold or slowed down, impacting the demand for new installations. This situation affected both residential and commercial solar markets, leading to a decline in new installations during the peak of the pandemic.
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Regional Analysis:
The global Solar Panels Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Asia Pacific is considered for the largest market share of 54.18% in terms of revenue, in 2021; it’s anticipated to remain dominant during the projection period. The amplifying demand for solar PV panels in the Asia Pacific is attributed to the uprising installation of solar power projects in China and India. These nations are the pivotal markets for solar panels both worldwide and in the Asia Pacific.
North America fascinated a significant market share in 2021. In North America, power generation from industrial sector solar cells has augmented over the years as more efficient solar cells are in the market. In addition, expanding buying power, improved access to digital technologies evolved penetration of the internet and augmented adoption of smart devices are some of the significant factors that have pushed the growth of the North American solar power market.
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Market Segmentation:
The global Solar Panels Market is segmented into the following types;
By Technology
By Module type
By Grid Connectivity
By Application
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
