According to IMARC Group’s latest report, titled “Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, 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.
A solar panel refers to a device that transforms the energy from the sun into electricity. It consists of multiple photovoltaic (PV) cells, which are made up of semiconductor materials, such as silicon. These cells absorb the energy from sunlight and generate a flow of electrons, which can be harnessed as electrical power. Solar panels are used to generate clean, renewable energy, and are an important component of solar energy systems. They can be installed on rooftops, in open fields or deserts, and even on spacecraft.
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Solar Panel Market Trends:
The increasing demand for clean and renewable energy sources represents a significant factor driving the growth of the market across the globe. Apart from this, favorable government policies and incentives promoting the adoption of solar energy are contributing to the market growth. Moreover, the expansion in the construction industry and ongoing infrastructure development are driving the market toward growth. The market is also being driven by the rising concerns regarding the increasing electricity costs, along with the growing need for sustainable way of development. Other factors, such as extensive research and development (R&D) activities, declining costs of solar panel technology, significant technological advancements, and increasing investments in solar energy, are creating a positive outlook for the market across the globe.
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 Solar
- Trina Solar
- Canadian Solar
- JA Solar
- Hanwha Q-CELLS
- GCL-SI
- LONGi Solar
- Risen Energy
- Shunfeng
- Yingli Green
Key Market Segmentation:
The report has categorized the market based on type, end use and Region.
Breakup by Type:
- Crystal Silicon
- Monocrystalline Silicon
- Polycrystalline Silicon
- Thin Film
- Others
Breakup by End Use:
- Commercial
- Residential
- Industrial
Regional 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)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If 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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